Category: Economy and Markets
Sri Lanka stocks close down 0.4-pct
Sept 17, 2013 (LBO) – Sri Lanka stocks closed 0.43 percent lower on dull investor sentiments with losses in groups such as Carsons, Cargills and Ceylon Tobacco, brokers said. The benchmark Colombo ASPI closed 24.86 points lower at 5,705.26, down 0.43 percent, and the S&P SL20 closed 18.34 percent lower at 3,161.90 down 0.58 percent. […]
Sri Lanka holds policy rates, says lending rates easing
Sept 17, 2013 (LBO) – Sri Lanka’s central bank kept its policy rate band at 7.0 and 9.0 percent saying lower pressure from the state budget deficit is expected to bring down lending rates further.“Continued fiscal consolidation efforts by the government and greater financial discipline of public corporations are expected to reduce the public sector’s […]
‘s BOI launches online investment portal
Sept 19, 2013 (LBO) – Sri Lanka has launched Board of Investment launched an online portal for investors to submit applications making it even easier, investment promotions minister Lakshman Abeywardene said. “This makes it very easy for investors to submit applications,” he told reporters. “They can also pay the relevant fees.” An investor can create […]
Sri Lanka stocks close lower, rupee steady
Sept 16, 2013 (LBO) – Sri Lanka’s stocks closed 0.3 percent down in a broad sell-off led by a a tobacco monopoly, and the rupee was steady, brokers and dealers said. LBO’s economic analyst fuss-budget says the rupee can come under renewed pressure if the Central Bank buys the dollars from the loan, generates tens […]
Rail Connection
COLOMBO, September 14, 2013 (AFP) – A train linking the political home of Sri Lanka’s Tamil Tiger rebels with the rest of the island rolled into service on Saturday after a 23-year interruption, officials said.The Sinhalese-dominated government is under international pressure to promote ethnic reconciliation and investigate allegations of war crimes by its forces in […]
US nominee for South Asia post sees strong Indian economy
WASHINGTON, September 12, 2013 (AFP) – The nominee to be the top US diplomat for South Asia said Thursday that India’s economy remained strong despite recent concerns, and that further liberalization would strengthen relations. Biswal would replace Robert Blake, a former US ambassador to Sri Lanka who frequently urged the island to provide greater accountability […]
” rating confirmed: Fitch
Sept 13, 2013 (LBO) – Sri Lanka based Dialog Axiata’s ‘AAA(lka)’ rating has been confirmed by Fitch Ratings with a stable outlook. “Dialog’s rating reflects Fitch’s expectations that its 83 percent-parent, Axiata Group Berhad of Malaysia (Axiata), is likely to provide support if required, given operational and strategic linkages between the companies,” the rating agency […]
‘s economy grows 6.8-pct in 2Q 2013
Sept 13, 20132 (LBO) – Sri Lanka’s economy grew 6.8 percent in the June 2013 quarter from a year earlier, the state statistics office said.Government services grew 3.9 percent. The agriculture sector shrank 1.1 percent; industry grew 10.1 percent and services 6.6 percent. In agriculture tea had contracted 0.5 percent, rubber had grown 2.0 percent, […]
Sri Lanka external accounts stabilized by $750mn bond sale: CB Governor
Sept 13, 2013 (LBO) – Sri Lanka’s external accounts will be strengthened and the balance of payments will turn into surplus after 750 million US dollars were raised by a state-run bank, Central Bank Governor Nivard Cabraal said. National Savings Bank sold 5-year bonds at 8.875 percent Friday, over 350 basis points higher than the […]
Chinese Links
Sept 13, 2013 (LBO) – A top delegation from Sri Lanka’s banking sector headed by Central Bank Governor Nivard Cabraal had talks with key Chinese banks which are among the largest in the world. “We are establishing links with Chinese banks,” Cabraal told LBO in a telephone interview. “There has been a very good interaction. […]
Sri Lanka casino resort tax breaks firmed
Sept 13, 2013 (LBO) – Tax breaks for two casino resorts including one by Australia’s Crown group have been firmed with the cabinet of ministers giving the nod for tax breaks previously announced for large investments.Sri Lanka is pushing a casino strategy to draw high spending tourists, which can fill city five star hotel rooms […]
Pressure on Sri Lanka finances shown by high bond yield: opposition
Sept 14, 2013 (LBO) – Sri Lanka’s willingness to go as high as 9.00 percent a year to raise dollars from international markets shows the fiscal pressure brought on by high spending, an opposition legislator has said. Harsha de Silva, an economist said, dollar loan rates of around 9.00 percent was too high for people […]