Category: Economy and Markets
Sri Lanka’s organizations should recognize minority shareholder interest and pay sufficient dividends
Aug 03, 2015 (LBO) – Sri Lanka’s organizations should recognize minority shareholder interest and pay sufficient attention and dividends, a former head of Sri Lanka’s main business chamber and a company chairman said.“In my view, the most important stakeholder is the shareholder,” Charitha P de Silva, a former chairman of the Ceylon Chamber of Commerce, […]
Sri Lanka’s Bansei Royal Resort to build a food village in Hikkaduwa to boost revenue
Aug 03, 2015 (LBO) – Sri Lanka’s Bansei Royal Resort, managed by resort chain Jetwing leisure group is planning to build a ‘food village’ in Hikkaduwa, a small beach town on the south coast of Sri Lanka located in the Southern Province.Given the vibe of Hikkaduwa, the company has identified the impetus for tourists and […]
Sri Lanka’s budget 2016 targets budget deficit of 5.5 pct- of GDP
Aug 03, 2015 (LBO) – Sri Lanka wants to reduce the budget deficit to 5.5 percent of gross national production over 2016 to 2018, maintaining the state investment at around 6 to 8 percent of GDP, Cabinet Spokesman Minister Rajitha Senaratne said.The Finance Ministry had informed the cabinet that it has begun preparations for the […]
” with stable outlook
July 31, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Lion Brewery (Ceylon) national long-term rating at ‘AA-(lka)’ with a stable outlook. The agency also affirmed Lion’s senior unsecured rating and the rating on its debentures at ‘AA-(lka)’. The full text of the announcement is reproduced below. Fitch Affirms Lion Brewery at ‘AA-(lka)’; Outlook Stable […]
Sri Lanka records a deflation of 0.2-pct in July after two decades
July 30, 2015 (LBO) – Sri Lanka has experienced a deflation of 0.2 percent for July 2015, for the first time after March 1995. The main contributor for this decline was the major decrease in non food prices, statistics department said. “This was mainly due to the decrease of electricity and water bills, LP gas, […]
Polonnaruwa to become a metro city at cost of Rs16 bn
July 30, 2015 (LBO) – Sri Lanka’s north central heritage city Polonnaruwa to develop as a metro city at a cost 16,650 million rupees, cabinet spokesman Rajitha Senaratne said at a media briefing held Thursday. Polonnaruwa town and its nodal points known as Polonnaruwa, Kaduruwela and New Town are growing fast as Heritage City, Commercial […]
‘s outstanding public debt stands at Rs7.9 trillion
July 30, 2015 (LBO) – Sri Lanka’s total outstanding public debt including debt taken by state enterprises was 7,959,939 million rupees as at the beginning of the month of July 2015, cabinet spokesman Rajitha Senaratne said.Treasury Bonds stands at 3,629,903 million rupees where as treasury bills was 796,031 million rupees.Domestic debt was 5,313,713 million rupees […]
” with stable outlook
July 30, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Continental Insurance Lanka’s national insurer financial strength rating and national long-term rating of ‘A-(lka)’ with a stable outlook. KEY RATING DRIVERS The ratings reflect CILL’s satisfactory capitalization in terms of regulatory solvency, relatively short operating history and modest market share. The ratings also reflect the […]
Sri Lanka’s Dankotuwa Porcelain to raise Rs722mn through rights issue
July 30, 2015 (LBO) – Sri Lanka’s tableware exporter Dankotuwa Porcelain is to raise 722 million rupees by way of a rights issue, the company said in a stock exchange filing.Subject to the necessary approvals, the company is to issue 90.31 million ordinary shares at 8.00 rupees each in the ratio of 5 for every […]
Sri Lanka’s Cargills profits surged in June quarter
July 30, 2015 (LBO) – Profits at Sri Lanka’s Cargills (Ceylon), with interests in retailing and fast moving consumer goods, jumped to 390.6 million rupees in the June quarter against a loss of 145 million rupees reported a year earlier, the interim accounts showed. The group reported earnings of 1.74 rupees per share for the […]
Fed keeps key interest rates unchanged after policy meeting
July 30, 2015 (LBO) – The United States Federal Reserve on Wednesday stayed quiet on key rate hike saying economic conditions warrant keeping the target federal funds rate below levels the Fed views as normal in the longer run. “The Committee anticipates that it will be appropriate to raise the target range for the federal […]
Sri Lanka rating supported by growth, constrained by govt finances: Moody’s
July 30, 2015 (LBO) – Sri Lanka’s credit outlook could improve if the government debt and interest payment ratios were to stabilize at considerably lower than current levels, Moody’s Investors Service said in a recent credit outlook report. Sri Lanka’s state credit is rated ‘B1’ below investment grade, by the rating agency. “Sri Lanka’s B1 […]