Category: Economy and Markets
Corporate Code
Sept 26, 2013 (LBO) – Sri Lanka’s chartered accountants and the Securities and Exchange Commission has launched a revised ‘Code of Best Practice on Corporate Governance.’ “Good corporate governance is fundamental to an organization’s competitiveness, growth and most importantly its sustainability,” The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) said in a […]
‘s NDB begins bond road show: report
Sept 26, 2013 (LBO) – Sri Lanka’s National Development Bank has begun a road show to sell a 250 million US dollar bond in international markets.DFCC Bank is also expected to go the market soon. Bloomberg newswires said investor meetings were being held in Hong Kong, Singapore, and London to starting from this week. Barclays, […]
Sri Lanka cautioned against high yield foreign debt by IMF
Sept 26, 2013 (LBO) – Sri Lanka has to be careful of borrowing from abroad at high rates, amid low growth and flat state revenues, an International Monetary Fund official said.Todd Schneider who headed an IMF mission in the wake of a successful 2.6 billion US dollar bailout, said Sri Lanka’s public debt dynamics were […]
Sri Lanka stocks flat, rupee steady
Sept 26, 2013 (LBO) – Sri Lanka stocks were flat Thursday with interest in diversified companies and some speculative trading, brokers said, while the rupee was steady in forex markets, dealers said. A liquid five year Treasury bond was quoted at 11.71/75 percent during late trading, down from 11.75/78 percent levels yesterday. Excess liquidity in […]
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 […]
”’
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 […]
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 […]
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 Treasuries yields steady
Sept 25, 2013 (LBO) – Sri Lanka’s Treasuries yields eased on shorter maturities at Wednesday’s auction despite more than the offered amount being sold to bidder, data from the state debt office showed.The 3-month yield eased 01 basis point to 8.60 percent, the 6-month also edged one basis point lower to 9.63 percent and the […]
”’ 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 .