Category: Economy and Markets
Sri Lanka stocks close up 2-pct
Aug 01, 2013 (LBO) – Sri Lanka’s stocks closed up 1.98 percent Thursday following a week of losses with heavy activity in a plantation stock, some gains in the large cap stocks and banking stocks, brokers said. In the banking sector, Hatton National Bank closed at 110.80 up 0.70 rupees, Pan Asia closed at 18.00 […]
”’ rating confirmed by S&P; warns on debt, institutions
Aug 01, 2013 (LBO) – Standard and Poor’s has confirmed Sri Lanka’s ‘B+’ sovereign rating with a stable outlook but warned on government debt and weak institutions. Sri Lanka’s external liquidity remains exposed to international liquidity conditions. Through 2015, we project that Sri Lanka’s gross external financing needs will exceed 120% of current account receipts […]
Sri Lanka raises hard alcohol, beer taxes
July 31, 2013 (LBO) – Sri Lanka has raised taxes on hard alcohol by 75 rupees a litre and beer by 10 rupees per litre along with cigarettes which will help keep revenue targets on track, an official said. The mid-year tax hike will not bring in additional revenue above budget projections but simply keep […]
‘s inflation up 6.1-pct in July 2013
July 31, 2013 (LBO)- Consumer prices in Sri Lanka’s capital Colombo rose 6.1 percent in July 2013 from year earlier easing from 6.8 percent in June, with the index gaining 0.2 percent in the month, the state statistics office said. But this time policy has been loosened aggressively, the exchange rate has been weaker and […]
Sri Lanka sovereign and banking forum by Fitch
July 31, 2013 (LBO) – Fitch Ratings will hold a sovereign and banking roundtable forum in Colombo on August 06, where senior analysts from the rating agency and representatives of the financial sector will participate. Sri Lanka’s central bank Governor Nivard will be chief guest. The full statement is reproduced below: Fitch to Host First […]
Sri Lanka raises fag taxes to boost revenues
July 31, 2013 (LBO) – Sri Lanka has raised taxes on cigarettes to bring in an additional 1.4 billion rupees in revenues for the rest of the year, an official said. Treasury Secretary P B Jayasundera said tax revenues were picking up with an improvement seen in customs collections. The price of cigarettes based on […]
Sri Lanka 12-month Treasuries yield falls
July 31, 2013 (LBO) – Sri Lanka’s 12-month Treasuries yield fell 04 basis points to 10.52 percent at Wednesday’s auction, data from the state debt office said. In the secondary market 3-month bills were quoted at 8.65/85 percent levels and 6-month bills were quoted around 9.65/75 percent levels, dealers said. The 12-month bill was quoted […]
Sri Lanka stocks close flat
July 30, 2013 (LBO) – Sri Lanka’s stocks closed flat Tuesday for a second consecutive day with activity seen in the large cap stocks and some banking stocks, brokers said. Distilleries Company closed flat at 190.50 rupees while Aitken Spence closed at 124.50 up 50 cents. Sri Lanka Telecom closed flat at 39.30 rupees. . […]
Sri Lanka tax revenues picking up: Treasury Secretary
July 30, 2013 (LBO) – Sri Lanka’s tax revenues are picking up helped by stronger customs collections, Treasury Secretary P B Jayasundera said.Sri Lanka’s state revenues were 51 billion rupees below target in the first four months Jayasundera said revenues were better in June and July with a pick in vehicle imports also contributing. Sri […]
Sri Lanka 15-year bond yield falls at auction
July 30, 2013 (LBO) – Sri Lanka’s 15-year bond yield fall at auction by 11 basis points to 12.10 percent from the last auction while the a 30-year bond was unchanged at 12.50 percent, data from the state debt office showed. A large volume of 79 billion rupees in bonds matures on August 01. Sri […]
Sri Lanka FDI flows reach $430mn in first half 2013
July 29, 2013 (LBO) – Foreign direct investment flows to Sri Lanka in the first half of 2013 reached 430 million US dollars and the full year was expected to bring 2.0 billion US dollars, investment promotion minister Lakshman Abeywardena said. The money had come mainly from Chinese and Hong Kong based companies with top […]
‘s Nanda Investment on positive rating watch: RAM
July 29, 2013 (LBO) – Nanda Finance Investment Plc, a small finance company that was recently acquired by Bangladesh-based BRAC micro finance group and Sri Lanka’s LOLC group has been placed on positive rating watch on a possible upgrade by RAM Ratings.RAM said the firm was small, lacked of a clear strategic direction. “However, given […]