Category: Economy and Markets
Sri Lanka opposition legislator slams fiscal prudence: report
Dec 03, 2013 (LBO) – A prominent opposition legislator in Sri Lanka has slammed attempts by the current administration to prune state expenditure, especially subsidies to special interest groups, which have to be financed by more taxes on the people.Farmers get fertilizer subsidies and also tax protection from imports, keeping Sri Lanka’s food prices higher […]
” by Fitch
Dec 03, 2013 (LBO) – A two billion rupee debt issue by Sri Lanka’s Abans Limited, which has interests in consumer durables has been rated ‘A-(lka)’, Fitch Ratings said.The rating is the same as the senior debt of the company. The full statement is reproduced below:- Fitch Rates Abans’s Debentures Final ‘A-(lka)’ 02 Dec 2013 […]
Sri Lanka post program assessment by IMF
Dec 03, 2014 (LBO) – Sri Lanka’s inflation is easing and has weathered recent external turbulence well but the country has to be careful about external borrowing and effects of recent rate cuts, the International Monetary Fund has said. In the first post-program monitoring discussion with Sri Lanka, the IMF has also warned against a […]
Sri Lanka stocks close lower
Dec 03, 2013 (LBO) – Sri Lanka stocks closed lower with diversified and oil stocks losing ground, brokers said. Aitken Spence closed 70 cents lower at 106.20 rupees and Aitken Spence Hotel Holdings closed flat at 66.70 rupees. Commercial Bank closed 40 cents lower at 115.60 rupees and HNB closed 20 cents higher at 143.50 […]
‘s third integrated resort to have foreign investment
Dec 03, 2013 (LBO) – Sri Lanka’s third integrated resort in Colombo with a 300 million US dollar investment will have 80 percent foreign investment, officials said.Tax breaks for the two projects were delayed following protests. Sri Lanka’s Rajapaksa administration has come under fire for lowering gaming taxes to 5 percent and lifting value added […]
Sri Lanka gets US$1.2bn in FDI by November: provisional data
Dec 03, 2013 (LBO) – Sri Lanka is estimated to have received about 1. 2 billion US dollars of foreign direct investment by November 2013, investment promotions minister Lakshman Abeywardene said. For 2013 Sri Lanka targeted 2.0 billion US dollars of investments and it is not clear whether the target will be met. The data […]
Sri Lanka seeks manager for central counterparty project
Dec 02, 2013 (LBO) – Sri Lanka is seeking a manager and consultant to establish a central counterparty for financial transactions, which is expected to minimize credit risks in settling financial transactions.At the moment listed private securities and government debt are cleared and settled through independent mechanisms. An expression of interest was jointly called by […]
Sri Lanka stocks close lower
Dec 02, 2013 (LBO) – Sri Lanka stocks closed lower with telco and diversified stocks losing ground amid foreign selling, brokers said. The Colombo benchmark All Share Price Index closed 0.99 points lower at 5,774.10, down 0.02 percent. The S&P SL20 closed 8.75 points lower at 3,165.88, down 0.28 percent. Turnover was 835.08 million rupees, […]
‘s MCSL to sell Rs500mn subordinated debt
Nov 29, 2013 (LBO) – Sri Lanka’s MCSL Financial Services is planning a 500 million rupee subordinated debt issue, which has been rated ‘BBB-(lka)’ Fitch ratings said. MFSL’s National Long-Term Rating could be revised in the event of a change in the willingness and/or ability of BOC to support the company. This would include any […]
Sri Lanka foreign lenders led by China, export credits up
Nov 28, 2013 (LBO) – Sri Lanka has 1.9 billion US dollars of new bilateral and multilateral commitments up to September 2013 led by China with export credit from other countries also showing increases, a finance ministry report showed. The Exim Bank of China has given 283 million US dollars for railway track, 155.4 million […]
Sri Lanka biz chamber recognizes corporate good works
Nov 27, 2013 (LBO) – Sri Lanka’s Ceylon Chamber of Commerce has announced the winners of its ‘Best Corporate Sustainability Awards’ which encourages firms to get more involved in environmental and social work. Best Corporate Citizen Sustainability Award 2013 Winners- Category A 1. Diesel & Motor Engineering PLC 2. Sampath Bank PLC 3. Aitken Spence […]
‘s Treasuries yields ease
Nov 27, 2013 (LBO) – Sri Lanka’s Treasuries yields fell across maturities at Wednesday’s auction with the 12-month yield falling 06 basis points to 9.69 percent. The 3-month yield fell 04 basis points to 8.06 percent and the 6-month yield fell 05 basis points to 8.80 percent. The debt office offered 11.0 billion rupees of […]