Category: Economy and Markets
ICRA Lanka assigns BBB- rating for Sanasa Development Bank
Sep 01, 2015 (LBO) – ICRA Lanka Limited, a wholly owned subsidiary of ICRA Ltd, a group company of Moody’s Investors Service has assigned the Issuer rating of BBB- with a Positive outlook to Sanasa Development Bank. The full text of the rating release is reproduced below. ICRA Lanka assigns [SL]BBB- rating with Positive outlook […]
Sri Lanka Markets: liquidity at Rs25 Bn; USD/LKR 134.50
Sept 01, 2015 (LBO) – The liquidity surplus in Sri Lanka’s money market was 25 billion rupees compared with 46 billion rupees last week, while the rupee traded at 134.50 against the dollar inching lower from last week’s level.The central bank was offering 15 billion rupees through its OMO auction on Tuesday to meet bank […]
Oil prices volatile after OPEC comments, now down 3 pct
Sept 01, 2015 (LBO) – Oil prices remained volatile in Asian trade on Tuesday plunging three percent after an eight percent rally earlier on reports that OPEC was willing to talk to other producers to achieve reasonable oil prices.A downward revision of U.S. output data had propelled a sharp three-day rally. Brent Crude was quoted […]
Colombo City Center on track, 54 pct apartments booked: Abans
Sep 01, 2015 (LBO) – Sri Lanka’s Abans group says their joint venture Colombo City Center, which began with a 150 million dollar investment, is on track and piling works have been completed. The joint venture between the local retail giant Abans PLC, and Singapore’s Silverneedle Hospitality, that operates hotels and resorts across the globe, […]
Sri Lanka key interest rates held unchanged in monetary policy review
Aug 31, 2015 (LBO) – Sri Lanka’s Monetary Board held key interest rates unchanged on Monday citing low inflation, steady foreign remittances and earnings from tourism. Dollar inflows expected to bolster foreign reserves contributed to the decision, the monetary authority said. The Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of […]
Sri Lanka sells 04, 05 and 10 year treasury bonds at 9.35–10.34-pct
Aug 31, 2015 (LBO) – The issue of treasury bonds amounting to 30 billion rupees have been oversubscribed with 79.4 billion rupees of bids received from investors. The Central Bank has accepted 5.5 billion rupees of 04 year and 08 month bonds maturing on 01 May 2020 at a weighted average yield rate of 9.35 […]
Sri Lanka stocks close down 0.6-pct: Low investor activity
Aug 31, 2015 (LBO) – Sri Lankan stocks closed down 0.59 percent on Monday with low investor activity and losses in the index heavy stocks, brokers said. The Colombo benchmark All Share Price Index closed down 43.58 points at 7,306.42 down 0.59 percent. S&P SL20 closed 23.72 points lower at 4,025.43 down 0.57 percent. “There […]
Sri Lanka’s August deflation unchanged at 0.2-pct
Aug 31, 2015 (LBO) – Sri Lanka has reported a deflation in August 2015 of 0.2 percent for the second consecutive month after March 1995, statistics department said. Year on year inflation of Food Group has decreased from 2.5 percent in July 2015 to 2.2 percent in August 2015 while Non‐food Group increased by ‐2.5 […]
Coca Cola Sri Lanka license suspended until it addresses contamination: CEA
Aug 31, 2015 (LBO) – The environmental protection license of Coca Cola’s Sri Lanka unit will remain suspended until the company responds to an oil seepage into the Kelani river, an official of the Central Environmental Authority said. “Their operations are halted until they respond appropriately to the situation,” Sunil Udukula, the deputy director media […]
US may hike rates in Oct, SL seen holding steady
Aug 31, 2015 (LBO) – There is a little more than fifty percent chance of the United States hiking interest rates in October for the first time in more than a decade, traders say. Quotes on overnight indexed swaps reveal a 56 percent chance of an October rate increase. Dennis Lockhart, a voting member on […]
‘ Chief
Aug 31, 2015 (LBO) – The assembly plant investment by the German automaker Volkswagen in Sri Lanka needs to be transparent and all other motor companies who wish to invest should get the same facilities, an official of the Ceylon Motor Traders’ Association said. “I think they have to be very transparent in the Volkswagen […]
Rare positive correlation between stocks and bonds in US, China
Aug 29, 2015 (LBO) – A rare positive correlation was seen between equities and bonds this week with China’s equities plunging and demand for 30-year US treasuries falling at the same time. On Tuesday and Wednesday, when US equity markets were tumbling, demand for 30-year US Treasury bonds fell, the opposite of what happens when […]