Category: Economy and Markets
Sri Lanka sells 4-year bonds to yield below market
Aug 06, 2013 (LBO) – Sri Lanka has sold 4-year Treasury bonds at an auction Wednesday to yield 10.87 percent, the state debt office said, which is lower than the secondary market rate. The debt office said it sold 1.6 billion rupees of bonds maturing on January 15, 2017. In the secondary market a bond […]
‘s sovereign rating can be upped on better fiscal, monetary policy: Fitch
Aug 07, 2013 (LBO) – Sri Lanka’s credit rating can be upgraded if fiscal and monetary policy improves leading to greater stability and steady growth and more foreign direct investment and less debt comes for investment, a senior Fitch Ratings official said.Sri Lanka has a ‘BB-‘ speculative rating, three levels below investment grade with a […]
Sri Lanka halts sale of baby formula, foreign milk power advertising
Aug 07, 2013 (LBO) – Sri Lanka has halted the sale of imported baby formula following a contamination scare over New Zealand made dairy products and media organizations will be asked to stop advertising milk products, a senior health official said.Heath services director general Palitha Mahipala said a food advisory committee that met yesterday had […]
Sri Lanka Treasuries yields edge up
Aug 06, 2013 (LBO) – Sri Lanka’s 12-month Treasuries yield edged up 05 basis points to 10.57 percent at Wednesday’s auction, the state debt office said. There were no offers or sales of three and six month bills. The debt office offered 12.0 billion rupees in bills for rollover and sold 17.6 billion rupees in […]
Sri Lanka stocks close up 0.1-pct
Aug 06, 2013 (LBO) – Sri Lanka’s stocks closed up 0.12 percent Tuesday with gains seen in the large cap stocks, brokers said. The benchmark Colombo All Share Index closed 0.12 points higher at 6,121.45 and the S&P SL 20 Index closed 05.57 points higher at 3,477.04 up 0.16 percent. Turnover was 531 million rupees […]
Sri Lanka debt sales to expand 3-fold in five years
Aug 06, 2013 (LBO) – Sri Lanka domestic and foreign currency issues will expand three fold over the next five years, Fitch Ratings said in Colombo. “The excitement in the bond market is a step in the right direction for Sri Lanka to become a financial hub for South Asia,” Maninda Wickramasinghe, chief executive of […]
Sri Lanka deficit to move down with lower rates, PPPs: CB Governor
Aug 06, 2013 (LBO) – Sri Lanka’s budget deficit will narrow and debt will slow with falling domestic interest rates and public private partnerships in infrastructure, Central Bank Governor Nivard Cabraal said. “We will see a huge reduction in interest costs,” Cabraal told a sovereign and banking forum organized by Fitch. In 2014 the budget […]
Sri Lanka stocks close down 0.7-pct
Aug 05, 2013 (LBO) – Sri Lanka’s stocks closed down 0.68 percent Monday with losses in the large cap stocks and banking stocks, brokers said. The benchmark Colombo All Share Index closed 0.68 points lower at 6,114.18 and the S&P SL 20 Index closed 19.10 points lower at 3,471.47 down 0.55 percent. Turnover was 288 […]
‘s faster growth bucking trend: Fitch
Aug 05, 2013 (LBO) – Sri Lanka’s economy is growing faster despite a slow global recovery, but the country needs more savings and foreign direct investments to reduce borrowings, senior rating analysts at Fitch said.Andrew Colquhoun, senior director and head of Asia Pacific sovereign ratings said a global recovery was still patchy, with the outlook […]
Sri Lanka stocks close flat
Aug 02, 2013 (LBO) – Sri Lanka’s stocks closed flat Friday with losses in the large cap stocks and banking stocks, brokers said. The benchmark Colombo All Share Index closed 0.78 points lower at 6,155.82 and the S&P SL 20 Index closed 13.00 points higher at 3,490.57 up 0.37 percent. Turnover was 399 million rupees. […]
Sri Lanka calls auctions to mop up liquidity
Aug 02, 2013 (LBO) – Sri Lanka has called auctions to mop 20 billion rupees overnight and sell 9.5 billion rupees in Treasury bills outright after liquidity spiked due to a debt repayment from central bank credit a day earlier. To the extent that liquidity is left sloshing around in the banking system overnight, the […]
Sri Lanka Softlogic appoints risk, retail chiefs
Aug 02, 2013 (LBO) – Sri Lanka ‘s Softlogic group said it had appointed two senior executives with domestic and international experience to head the group risk and audit function and its retail unit. After starting at KPMG Ford Rhodes Thornton & Company in 1981 he moved to Singer Industries (Ceylon) Ltd, and moved to […]