Category: Economy and Markets
‘s interest rates kept higher to help savers: Treasury Secretary
Mar 08, 2014 (LBO) – Sri Lanka’s interest rates have been kept higher than underlying conditions required, in order to protect savers, Treasury Secretary P B Jayasundera said.Jayasundera said price reforms in state energy utilities, transport and water distribution had resulted a public sector deficit reversal of around 2 percent of gross domestic product. “And […]
‘s fastest growing firms to join US-based AllWorld Network
Mar 07, 2014 (LBO) – Sri Lanka firms and start-ups could gain wide visibility which will win them more business and financial backing after the island joined the AllWorld Network, a grouping of fast-growing companies, officials said.“Those companies are not growing at 5 percent,” Anne Habiby, co-founder of AllWorld Network told a forum in Colombo […]
Sri Lanka stocks close flat
Mar 07, 2014 (LBO) – Sri Lanka’s stocks close 0.07 percent higher Friday with index heavy John Keells Holdings extending gains amid thin foreign activity, brokers said. The Colombo benchmark All Share Price Index closed 4.13 points higher at 5,966.06 up 0.07 percent. The S&P SL20 closed 10.94 points higher at 3,244.99, up 0.34 percent. […]
Sri Lanka stocks close up 0.4-pct
Mar 06, 2014 (LBO) – Sri Lanka’s stocks close 0.43 percent higher Thursday with index heavy John Keells Holdings extending gains, brokers said. Ceylon Tobacco Company closed flat at 1,120.00 rupees and Distilleries closed 80 cents lower at 204.20 rupees. DFCC bank closed 1.90 rupees higher at 144.10 rupees and NDB Bank ended 1.00 rupee […]
” rating confirmed: Fitch
Mar 05, 2014 (LBO) – Fitch Ratings said it had confirmed a ‘BBB(lka)’ rating of Sri Lanka’s HDFC Bank, a mortgage lenders, with stable outlook. Fitch said the rating reflected a 51 percent ownership of the state which is expected to bring support. The ratings could be affected if it is merged or acquired by […]
Sri Lanka stocks close flat; rupee pegged
Mar 05, 2014 (LBO) – Sri Lanka’s stocks close flat Wednesday with index heavy stocks ending on thinner gains and the rupee was kept pegged at 130.60/65 preventing an appreciation, brokers and dealers said. The Colombo benchmark All Share Price Index closed 0.19 points lower at 5,936.43. The S&P SL20 closed 4.45 points lower at […]
Sri Lanka Treasuries yields steady
Mar 05, 2014 (LBO) – Sri Lanka’s short term Treasuries yields eased slightly while the 12-month yield was unchanged at 7.07 percent at Wednesday’s auction, data from the state debt office showed. The debt office sold 01 billion rupees of 3-month bills, 7.7 billion rupees of 6-month bills and 18.2 billion rupees in 12-month bills […]
‘s First Capital sells Rs500mn debentures
Mar 05, 2014 (LBO) – Sri Lanka’s First Capital Holdings Plc said it had raised 500 million rupees from a debt issue which was oversubscribed on the opening day. The company offered 5 million senior, unsecured, redeemable debentures of 100 rupees each. “We are greatly encouraged by the investor confidence implicit in the extremely positive […]
Sri Lanka central bank plugs IFRS disclosure hole
Mar 04, 2014 (LBO) – A directive by Sri Lanka’s central bank has plugged a hole in newly introduced International Financial Reporting Standards (IFRS) which made accounts of banks opaque and confused the general public and even analysts. Under IFRS, banks which were earlier disclosing total non-performing loans and deposit with break downs to the […]
Free trade deal will open new avenues for BIMSTEC region: Sri Lanka President
Mar 04, 2014 (LBO) – A free trade deal that is being negotiated in countries bordering the Bay of Bengal, will open new avenues for co-operation, Sri Lanka’s President Mahinda Rajapaska said meeting of the regional grouping.ASEAN is usually looked upon as an example of a successful regional organization. ASEAN (the Association of South East […]
Sri Lanka stocks close up 0.4-pct
Mar 04, 2014 (LBO) – Sri Lanka’s stocks close 0.38 percent higher Tuesday with index heavy John Keells Holdings and Ceylon Tobacco Company extending gains, brokers said. The Colombo benchmark All Share Price Index closed 22.61 points higher at 5,936.62, up 0.38 percent. The S&P SL20 closed 7.53 points higher at 3,221.42, up 0.23 percent. […]
” local rating may be hurt by acquisition: Fitch
Mar 04, 2014 (LBO) – Fitch Ratings said it was confirming ‘AAA(lka)’ domestic and ‘BB’ international ratings of Sri Lanka Telecom, but the local rating could be downgraded if a debt funded acquisition goes through. Sri Lanka Telecom is in talks to acquire Hutchison Telecommunications Lanka (Pvt) Ltd, which has 800,000 subscribers. Fitch said leverage […]