Category: Economy and Markets
Sri Lanka too reliant on foreign borrowings: Fitch
Oct 24, 2013 (LBO) – Sri Lanka is too reliant on government foreign borrowings and foreign currency risks are also rising for borrowers who may not have forex revenues, Fitch Ratings has said.Sri Lanka has been unable to attract high levels of foreign direct investments since the end of a war with FDI averaging 1.2 […]
Sri Lanka stocks up 0.6-pct, rupee gains
Oct 24, 2013 (LBO) – Sri Lanka stocks ended a three day losing streak to close 0.60 percent higher and the rupee continued to strengthen against the US dollar amid inflows, dealers said. Colombo Dockyard closed 6.90 rupees lower at 190.20 rupees. Speculative trading continued in Touchwood, closing 20 cents lower at 4.20 rupees, with […]
Sri Lanka stocks down 0.4-pct, rupee up
Oct 23, 2013 (LBO) – Sri Lanka stocks continued to sustain losses closing down 0.41 percent with the rupee gaining against the US dollar on export conversions and foreign inflows into the debt and equities market, dealers said. The benchmark Colombo All Share Price Index fell 24.32 points to 5,900.90, down 0.41 percent, after peaking […]
Sri Lanka opposition lauds move to amend casino approvals
Oct 23, 2013 (LBO) – Sri Lanka’s main opposition United National party hailed a move by the administration to delay final approval for tax breaks, for casino resorts which had come under fire.“We are happy to note the hard fought victory for the people of Sri Lanka in round one of the ongoing battle to […]
Sri Lanka Treasuries yields drop
Oct 23, 2013 (LBO) – Sri Lanka’s Treasuries yield dropped sharply at Wednesday’s auction after a 50 basis point rate cut a week earlier, data from the state debt office showed.The state offered 10 billion rupees in bills for roll-over and accepted only 7.8 billion rupees of bids. The 12-month yield dropped 47 basis points […]
Sri Lanka DFCC bond decision later today
Oct 23, 2013 (LBO) – A decision on a dollar denominated bond offered by Sri Lanka’s DFCC Bank is likely to be made later today, market sources said.State-run NSB, which has almost sovereign risk had to pay 8.8 percent on a bond, sharply higher than the rate of a little over 6 percent paid for […]
Sri Lanka stocks down 0.36-pct, rupee steady
Oct 22, 2013 (LBO) – Sri Lanka stocks closed 0.36 percent lower dragged down by tobacco and diversified stocks. The benchmark Colombo All Share Price Index fell 21.43 points lower at 5,925.22, down 0.36 percent, after reaching an intraday high of 5,952.01. The S&P SL20 closed 14.95 points lower at 3,272.58, down 0.45 percent. Turnover […]
Sri Lanka begins budget process for 2014
Oct 22, 2013 (LBO) – Sri Lanka is kicking off the budget process for 2014 presenting spending limits or appropriations for ministries in parliament Tuesday. Among key spending amounts set for ministries include 253 billion rupees for defence and urban development down from 289 billion rupees a year earlier, ports and highways 144 billion rupees […]
‘s DFCC launches bond: report
Oct 22, 2014 (LBO) – Sri Lanka’s DFCC Bank has launched a 5-year dollar denominated bond in international markets, a media report said. DFCC is rated ‘B’ by S&P and ‘B+’ by Fitch. Bloomberg Newswires said initial price guidance has been set at around 9.6 percent. DFCC is a listed private bank. Sri Lanka’s state-run […]
Sri Lanka stocks down 0.50-pct, rupee steady
Oct 21, 2013 (LBO) – Sri Lanka stocks closed 0.50 percent lower with heavy trading in diversified and banking stocks amidst speculative play, brokers said. The benchmark Colombo All Share Price Index closed 29.86 points lower at 5,946.65, down 0.50 percent, after peaking at an intraday high of 5,979.23, provisional data showed. The S&P SL20 […]
Allianz Lanka supports Paralympic movement in Sri Lanka
Oct 17, 2013 (LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said it was supporting the Paralympic movement in Sri Lanka. Allianz has a partnership with the International Paralympic Committee since 20006 has tied up with Sri Lanka’s National Federation of Sports for the Disabled (NFSD). Surekha Alles, Allianz Lanka chief executive […]
‘s Sampath Bank to sell Rs5.0bn in debt
Oct 17, 2013 (LBO) – Sri Lanka’s Sampath Bank said it planned to sell 5.0 billion rupees of debt listed on the Colombo Stock Exchange. The bank will offer 25 million debentures of 100 rupees each, and another 25 million if the first tranche is oversubscribed. Interest earned on listed debentures is tax free. .