Category: Economy and Markets
Sri Lanka gets natural disaster credit from World Bank
Apr 24, 2014 (LBO) – Sri Lanka has been given a 102 million US dollar credit line that can be drawn immediately after a natural disaster, as well as another 110 million dollars for measures to cut disaster risk, the World Bank said. The lender said Sri Lanka is the first county in South Asia […]
Sri Lanka stocks close higher
Apr 22, 2014 (LBO) – Sri Lanka’s stocks close 0.08 percent higher with index heavy stocks gaining amid net foreign buying, brokers said. Ceylon Tobacco Company closed 20.40 rupees higher at 1,118.20 rupees, contributing most to the index gain. Aitken Spence Hotel Holdings closed 2.40 rupees higher at 75.90 rupees and Asian Hotels and Properties […]
Sri Lanka rates unchanged; lower state borrowings to boost credit: Central Bank
Apr 22, 2014 (LBO) – Sri Lanka’s central bank held policy rates unchanged in April saying reduced central government and state enterprise borrowings has created conditions for private credit to pick up. Rice taxes have been relaxed ahead of the drought though prices are now up. Meanwhile traders have been slapped with price controls. Sri […]
Sri Lanka Italy businesses in forum with Harsha
Apr 22, 2014 (LBO) – Sri Lanka-Italy Business Council, of the Ceylon Chamber of Commerce said it is hosting a forum on ‘post war dividends’ where Harsha de Silva, an economist and legislator will speak. De Silva, who is the key economic spokesman at Sri Lanka’s United National Party, will speak on “The Road to […]
Sri Lanka inspiring entrepreneur: innovation comes from within
Apr 22, 2014 (LBO) – An inspiring Sri Lankan entrepreneur who broke into a global supply chain in precision tech components for the automobile industry says innovation comes from within.“I am usually not a person that complains,” Rohan Pallewatte, head of Lanka Harness Company (Pvt) Ltd, a precision manufacturing firm that makes impact sensors for […]
Sri Lanka stocks close up 0.1-pct
Apr 21, 2014 (LBO) – Sri Lanka’s stocks close higher Monday with index heavy stocks gaining amid net foreign buying on the exchange, brokers said. The Colombo benchmark All Share Price Index closed 6.27 points higher at 6,187.03 up 0.10 percent. The S&P SL20 closed 6.92 points higher at 3,394.94, up 0.20 percent. Turnover was […]
‘s Richard Pieris to sell Rs3.5bn in debt
Apr 17, 2014 (LBO) – Sri Lanka’s Richard Pieris Company Ltd, has been given the nod to sell 3. 5 billion rupees in debt, the Colombo Stock Exchange said. The firm will offer 30 million unsecured redeemable debentures of 100 rupees each with an option to sell a further 5 million in case the first […]
Sri Lanka could have credit upgrade on lower budget deficit, external debt: Fitch
Apr 16, 2014 (LBO) – Sri Lanka’s sovereign credit could be upgraded on a steadily narrowing budget deficit and a lower external debt burden, which were weaker than similarly rated countries, Fitch Ratings has said. Among Fitch rated Asia Pacific sovereigns, Mongolia had a ‘B+’ rating with a negative outlook, Vietnam ‘B+/positive’, Philippines and Indonesia […]
Sri Lanka firms short of workers, over 10,000 working on tourist visas: President
Apr 13, 2014 (LBO) – Sri Lankan firms are asking to employ more foreign workers to fill labour shortfalls, with over 10,000 working in the country on tourist visas, President Mahinda Rajapaksa said.“Some companies come and say, allow us to bring workers from abroad, from India,” President Rajapaksa told a business forum where the annual […]
Sri lanka Softlogic Holdings downgraded by Fitch
Apr 11, 2014 (LBO) – Sri Lanka’s Softlogic Holdings Plc, has been downgraded by one notch from ‘A-(lka)’ to ‘BBB+(lka)’ which is still in the investment grade, with a ‘stable; outlook by Fitch. “The downgrade reflects Fitch’s expectation of a sustained weakness in SHL’s financial profile at the holding company level, primarily because of debt-funded […]
Sri Lanka shoemaker downgraded after VAT
Apr 11, 2014 (LBO) – Sri Lanka’s DSI Holdings Plc, which owns a tariff protected shoe business has been downgraded to ‘BBB(lka)’ from ‘BBB+(lka)’ weaker cashflows after the imposition of value added tax on retail sales. At the new level, which is still in the investment grade, the outlook was stable, Fitch said. “DSIHL’s leverage […]
Sri Lanka stocks close up 0.3-pct
Apr 11, 2014 (LBO) – Sri Lanka’s stocks close up 0.28 percent higher with index heavy stocks gaining amid net foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 17.29 points higher at 6,092.34 up 0.28 percent. The S&P SL20 closed 1.92 points higher at 3,346.92, up 0.06 percent. Turnover was 540.86 […]