Category: Economy and Markets
Sri Lanka’s Central Bank to sell USD200mn worth development bonds
Mar 01, 2016 (LBO) – The Central Bank will issue 200 million US dollars of development bonds with a tenor of 3 months, 5 months, 1 Year and 2 Years 1 month to local and foreign investors. The Debt Department said the subscription will be at a floating rate of 6 month LIBOR for USD […]
US calls on Sri Lanka to join Indo-Pacific Economic Corridor
Mar 01, 2016 (LBO) – United States called Sri Lanka to strengthen cooperation on issues of regional importance through multilateral organizations like the Indian Ocean Rim Association. “The United States encouraged Sri Lankan participation in its Indo-Pacific Economic Corridor initiative to increase economic connectivity among South Asian countries and with Southeast Asia, which is congruent […]
The Body Shop launches in Sri Lanka
Mar 01, 2016 (LBO) – The well-known British Cosmetics company, The Body Shop, has finally set foot in our paradise isle. “Gone are the days of relying on friends or relatives visiting from overseas to get our hands on a Body Shop pack. Now we Sri Lankans too can purchase our favourite products whenever necessary,” […]
Sri Lanka finds more hidden dues of past regime: Ravi Karunanayake
Mar 01, 2016 (LBO) – Sri Lanka has uncovered more dues of the past regime which will affect public finance, Finance Minister Ravi Karunanayake said. According to Karunanayake, Minister S.B. Dissanayake’s ministry has recently revealed that they have a burden on bills to pay an additional 5,423 million rupees. With this new addition government has […]
” on external debt
Feb 29, 2016 (LBO) – Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) one notch to ‘B+’ from ‘BB-‘. A Negative Outlook has been assigned to the IDRs. The issue ratings on Sri Lanka’s senior unsecured foreign- and local-currency bonds are also downgraded to ‘B+’ from ‘BB-‘. The Country […]
Seylan Bank net profit up 24.4 percent for full year
Feb 29, 2016 (LBO) – Seylan Bank reported a reported a record profit after tax of 3,831 million rupees for the year ended 31st December 2015, up 24.4 percent compared with the previous year, the bank said. Profit before tax increased 24.25 percent to reach 5,777 million rupees for the year. Earnings per share was […]
Colombo inflation accelerates 2.7-pct in February
Feb 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 2.7 percent in February 2016 from a year earlier, up from 0.9 percent in January 2016 with the inflation index dropping 0.6 percent in the month, the state statistics office said. As per the statistics office, this increase was mainly due […]
PTL Watch: Yields climb with Sri Lanka bond auction
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Potential IMF funding helps Sri Lanka fiscal consolidation: MOODY’S
Feb 29, 2016 (LBO) – Over the next three years, potential financing from the IMF can lead to an agreement to implement fiscal consolidation, Moody’s Investors Service said in a report. The statement said although this will lower Sri Lanka’s high fiscal deficits and debt, it will likely require a widening of the small tax […]
CT Properties acquires Keppel CT Developments for Rs550mn
Feb 29, 2016 (LBO) – CT Properties, a subsidiary of CT holdings has acquired Keppel C T Developments Private Limited (KCT) for 550 million rupees from Edmonton Private Limited, the company said in a stock exchange filing. CT Properties held a 40 percent shareholding prior to this acquisition, the company said. It has also obtained […]
Popular international stocks take a beating, say analysts
Feb 29, 2016 (LBO) – Popular stocks are taking a beating this year due to redemptions by sovereign and wealth funds, analysts say. These companies are victims of their own success as investors sell winners to meet redemptions, according to BNP Paribas Investment Partners. For instance, Amazon.com Inc. is down 18 percent in 2016 after […]
Investrust says its money market fund outperformed in 2015
Feb 29, 2016 (LBO) – Investrust Wealth Management Ltd, a member of Investrust Holdings Ltd, said its money market fund was the best performing for the year ended 2015. The Investrust Money Fund delivered a net after fee return of 8.60 percent p.a. while outperforming the Money Market Funds available in the market, according to […]