Category: Economy and Markets
Sri Lanka at helm of South Asia free trade effort
Aug 26, 2013 (LBO) – South Asian nations have to cut negative lists to improve the people’s trade freedoms, a top regional official had said following a ministerial meet in the Island nation.Ahmed Salem, Secretary General of the South Asian Association for Regional Co-operation had said a goal was established at a 2011 regional summit […]
”’ rating confirmed: RAM
Aug 26, 2013 (LBO) – RAM Ratings has cut outlook on a ‘BBB’ rating of Sri Lanka’s Sanasa Development Bank Plc, a micro-financier based on a co-operative concept, to ‘stable’ from ‘positive’. “The revision reflects a trend of weakening asset quality amidst an accretion in non-performing loans (NPLs) as well as the Bank’s moderated performance,” […]
China firm seeks to investments in power, waste management in Sri Lanka
Aug 26, 2013 (LBO) – Aerospace Long-March International, a Chinese state firm is seeking joint ventures in power and waste disposal, Sri Lanka’s economic development ministry said.The company is already involved in Sri Lanka’s Lotus Tower project. A team led by the firm’s President Guo Zhaoping had met Sri Lanka’s economic development minister Basil Rajapaksa. […]
‘s aims high in becoming easier place for business: CB Governor
Aug 26, 2013 (LBO) – Sri Lanka aims to be among the 30 easiest places to do business in the world by 2016 and maintain stable economic conditions comparable to advanced nations, Central Bank Governor Nivard Cabraal said.Sri Lanka which was at one time ranked around 100 in a ease of doing business indicator compiled […]
”’ by Fitch
Aug 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank’s planned dollar denominated bond has been given an expected rating of ‘BB-‘ by Fitch Ratings. “Fitch believes that the issue of the notes by NSB is closely linked with government policy requirements,” the rating agency said. The proceeds are likely to be used to […]
‘s bond road show to begin on Aug 26
Aug 23, 2013 (LBO) – Sri Lanka’s state-run National Savings Bank will kick off a road show from August 26 to sell a dollar bond depending on market conditions, market sources said.Bloomberg newswires said investor meetings will be held in New York, Boston, Los Angeles, London and will wrap up on September 03 in Singapore. […]
Sri Lanka bourse to boost secondary debt trading
Aug 23, 2013 (LBO) – Sri Lanka’s Colombo Stock Exchange expects to allow primary dealers in gilts and other financial intuitions to deal listed corporate debt after August 29, which will increase secondary trading, officials said.Sellahewa said other financial institutions could also apply to be dealers, but they needed a 100 million rupee capital. CSE […]
‘s Softlogic to sell a billion rupees in debt
Aug 22, 2013 (LBO) – Sri Lanka’s Softlogic Holdings will sell up to a billion rupees in listed debt, the Colombo Stock Exchange said. The company will offer 5 million rupees of rated debt at 100 rupees each, with a option to issue another 5 million if the first tranche is oversubscribed. Subscriptions will open […]
S&’s RAM Ratings
Aug 22, 2013 (LBO) – US-based Standard and Poor’s Rating Services said it had increased a stake in RAM Holdings Berhad of Malaysia, the parent of RAM Ratings. S&P has raised its stake to 1.2 percent to 6.1 percent. S&P had first bought into RAM in 2011 with a 4.9 percent stake. .
Sri Lanka bond yields up
Aug 22, 2013 (LBO) – Sri Lanka’s bond yields spiked Thursday with a 5-year bond popular among foreign investors quoted as high as 11.70/75 percent, dealers said. Sri Lanka has also lost forex reserves amid looser monetary policy and some capital repayments but credit growth is weaker at the moment. The 5-year bond maturing on […]
ADB says Asian nations need at least 18-pct industry to be rich
SINGAPORE, August 21, 2013 (AFP) – Growth-hungry Asian economies which bypass industrialisation and leapfrog from agriculture to the services sector may fall into a “middle income trap”, the Asian Development Bank (ADB) cautioned Wednesday.ADB chief economist Changyong Rhee said the region’s low-income economies should focus on developing their manufacturing sectors, which would in turn generate […]
Sri Lanka stocks slide 1.7-pct on large caps
Aug 21, 2013 (LBO) – Sri Lanka’s stocks plunged 1.7 percent Wednesday as three large capitalized stocks that had taken the market up in recent weeks, lost ground, brokers said. The benchmark Colombo All Share Index closed 107.6 points lower at 6,116.67 down 1.73 percent and the S&L20 Index slid 1.7 percent to close at […]