Category: Economy and Markets
Sri Lanka forex reserves rise to US$7.0bn in September
Sept 25, 2013 (LBO) – Sri Lanka’s forex reserves rose to 7.0 billion US dollars by September 23, 2013 up from 6.3 billion in July, boosted by capital inflows, the Central Bank said. Sri Lanka’s state-run National Savings Bank raised 750 million US dollars in September. In money market excess rupee reserves of banks rose […]
Sri Lanka stocks close lower, rupee stronger
Sept 25, 2013 (LBO) – Sri Lanka’s stocks closed 0.19 percent lower on Wednesday and the rupee gained some ground on dollar selling, while moral suasion was also present, brokers and dealers said. The central bank also accepted more bids at today’s Treasuries auction than the volume offered. If the Central Bank sells down a […]
Sri Lanka exporters moving beyond labour arbitrage
Sept 25, 2013 (LBO) – Sri Lanka’s high end apparel and information technology firms are moving beyond labour arbitrage to leverage knowledge and supply chain efficiencies, officials said.“Labour arbitrage is not necessary, the way we see it,” Udena Wickramasuriya, group director at Brandix a top Sri Lanka based apparel group that also has operations in […]
Sri Lanka should keep policy on hold, make structural changes: IMF
Monetary Stance Sept 25, 2013 (LBO) – Sri Lanka should keep monetary policy on hold but make structural change to boost growth, an International Monetary Fund official said. Todd Schneider, head of a monitoring mission to Sri Lanka said external conditions have worsened with impending Federal Reserve action, and budget revenues were flat though inflation […]
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Sept 24, 2013 (LBO) – A proposed US dollar bond by Sri Lanka’s DFCC Bank has been given an expected ‘B+ (EXP)’ rating by Fitch. The ratings agency said DFCC has a satisfactory risk profile, good project finance track-record and strong capital ratios. DFCC is expected to sell a 250 million US dollar bond in […]
Protests as Maldives Supreme Court suspends elections
MALÉ, September 23, 2013 (AFP) – The Supreme Court of the Maldives on Monday suspended presidential elections due this weekend following a legal challenge, sparking protests and fears of fresh instability in the troubled Indian Ocean archipelago.“The Elections Commission got the opportunity to argue out their case and establish the credibility of the process,” he […]
Sri Lanka stocks up, rupee edges lower
Sept 24, 2013 (LBO) – Sri Lanka stocks closed 0.20 percent higher on Tuesday in a broad rally helped by foreign buying while the rupee lost ground, dealers said. Analysts say the liquidity will put severe downward pressure on the rupee peg, unless it is vigorously defended in the future with unsterilized dollars sales by […]
”B+(EXP) by Fitch
Sept 24, 2013 (LBO) – A proposed bond by Sri Lanka’s National Development Bank has been given an expected ‘B+ (EXP)’ rating by Fitch. National Long-Term Rating AA-(lka)’; Stable Outlook Outstanding Subordinated debentures ‘A+(lka)’ The rating agency said NDB had a satisfactory track record as a project financing institution with historically stronger capitalization asset quality […]
Sri Lanka has to fix primary schools as well as universities
Sept 24, 2013 (LBO) – Sri Lanka has to fix its primary school system where up to half the students are failing their junior high school exam, as well as universities, researchers and productive sector officials said. “Sri Lanka has to invest more in primary schooling,” Sujatha Gamage, an educational specialist from LirneAsia, a regional […]
”’ by Fitch
Sept 24, 2013 (LBO) – A planned debt 2.0 billion rupee debt sale by Sri Lanka’s Abans Limited has been given an expected ‘A-(lka) (EXP)’ rating by Fitch Ratings. The firm plans sell three, four and five year fixed rated senior debt to re-finance a part of its short term debt and lower interest rate […]
‘s Nawaloka debenture offer taken up
Sept 24, 2013 (LBO) – A one and a half billion rupee listed debenture offer by Sri Lanka’s Nawaloka Hospitals has been fully subscribed. The offer will close at 4.30 pm, registrars to the sale, said in a stock exchange filing. NDB Investment Bank was the financial advisor to the issue .
Airbus predicts 29,000 new planes needed by 2032
LONDON, September 24, 2013 (AFP) – Airbus predicts that the world will need more than 29,000 new commercial planes over the next 20 years to respond to higher traffic and replace older models, the European planemaker said Tuesday.Delivering its 20-year outlook, Airbus said air travel through 2032 will be fuelled by traffic to and from […]