Category: Economy and Markets
Sri Lanka makes more reforms but slips in Doing Business ranking
Oct 29, 2013 (LBO) – Sri Lanka made the most changes in South Asia making it easier to do business, but the country slipped to 85 from 81 in a global ranking compiled by the World Bank group as several other nations raced ahead.The World Bank group’s ‘Doing Business 2014’ report said Sri Lanka was […]
Sri Lanka stocks closed down 0.3-pct, rupee weaker
Oct 29, 2013 (LBO) – Sri Lanka stocks closed 0.38 percent lower amidst speculative trades and the rupee weakened amid excess rupee liquidity in the banking system. The Colombo benchmark All Share Price Index closed 22.44 points lower at 5,906.53, down 0.38 percent, after reaching an intra-day high of 5,931.95. The S&P SL20 closed 1.14 […]
Sri Lanka stocks down 0.33-pct, rupee weaker
Oct 28, 2013 (LBO) – Sri Lanka stocks closed down 0.33 percent amidst heavy foreign selling and the rupee weakened against the US dollar on importer demand, brokers and dealers said. The benchmark Colombo All Share Price Index closed 19.78 points lower at 5,928.97, down 0.33 percent, after peaking at an intraday high of 5,953.39. […]
Sri Lanka has to cut budget deficit, boost rule of law, for growth: economists
Oct 26, 2013 (LBO) – Sri Lanka has to reduce its budget deficit to boost domestic savings and improve rule of law to create a better environment for investment, economists said.Reduction of budget deficits will increase domestic savings, reducing the dependency on foreign borrowings for investments, A V de S Indraratne, chairman of Sri Lanka […]
Sri Lanka DFCC says 9.6-pct dollar bond profitable
Oct 25, 2013 (LBO) – Sri Lanka’s DFCC Bank said 100 million US dollars from a 5-year bond sale at 9.6 percent was still profitable, and compared ‘very favourably’ with the cost of raising rupee funds.DFCC said it will use the 100 million US dollars to retire existing borrowings, on-lend to infrastructure development and key […]
‘s new trunk road
COLOMBO, October 24, 2013 (AFP) – Twenty-four elephants lined up for a race Thursday on Sri Lanka’s newest expressway, but thousands of spectators were left disappointed when organisers scrapped the event due to safety concerns. The animals and jockeys were jostling at the start line on the Chinese-built 25.8-kilometre (16 mile) four-lane expressway from the […]
Sri Lanka budget carrier to operate Boeing 737s from 2015
Oct 25, 2013 (LBO) – Sri Lanka’s state-run Mihin Air, will operate two Boeing 737-800 aircraft from 2015, chief executive officer Kapila Chandrasena said. The two aircraft is being leased from Air Lease Corporation. Chandrasena said the aircraft are expected to be delivered in June and July 2015. Mihin Lanka co-ordinates its operations with full-service […]
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 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 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 […]