Category: Economy and Markets
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July 02, 2013 (LBO) – Moody’s Investors Service has cut the outlook on Sri Lanka’s ‘B1’ credit rating to ‘stable’ from ‘positive’ on rising bank foreign debt and continuing budget deficits and high state debt.Related to the debt level was slowing economic growth. After growing 8.1 percent in 2010 and 2011, economic growth had since […]
Sri Lanka kills some liquidity ahead of cash flood
July 01, 2013 (LBO) – Sri Lanka’s central bank has killed billions of rupees in excess liquidity ahead of a flood of new cash into the interbank money markets from a reserve ratio cut on July 01. Dollar sales by a central bank fails to strengthen an exchange rate and further weakens a currency peg […]
New Bank of England boss Carney faces stimulus battle
LONDON, June 30, 2013 (AFP) – Canadian Mark Carney begins his job as governor of the Bank of England on Monday, joining an institution divided on whether to pump out more cash stimulus to boost Britain’s fragile economic recovery.Carney, who made his name as head of the Bank of Canada where he helped to guide […]
Sri Lanka urban inflation index up 7.1-pct in June
July 01, 2013 (LBO) – Sri Lanka’s consumer prices rose 7.1 percent in the 12-month to June 2013 from a year earlier, slowing from 9.6 percent in May, an index compiled by a private research house showed.The CAL Urban Index, fell 1.3 percent absolutely during the month, CAL Research, a unit of Sri Lanka’s Capital […]
Sri Lanka stocks close up 0.2-pct
July 01, 2013 (LBO) – Sri Lanka’s stocks closed up 0.19 percent on Monday continuing its upward trend with diversified and consumer companies showing gains, brokers said. The benchmark Colombo All Share Index closed 11.74 points higher at 6,132.75 and the S&P SL 20 Index closed 16.00 points higher at 3,447.74 up 0.47 percent. Turnover […]
Sri Lanka stocks close up 0.1-pct, trading hit by technical glitch
June 28, 2013 (LBO) – Sri Lanka’s stocks closed up 0.16 percent on Friday, with diversified and consumer companies showing gains, brokers said in shortened trading day hit by technical glitches at the exchange. The benchmark Colombo All Share Index closed 09.65 points higher at 6,121.01 and the S&P SL 20 Index closed 05.26 points […]
Sri Lanka says improving economic statistics
June 28, 2013 (LBO) – Sri Lanka is improving methods of compiling economic statistics but it was ‘grossly groundless’ to suggest that inflation is understated and gross domestic product overstated, the Central Bank said. The full statement is reproduced below:- A Clarification on Certain Media Reports on the Credibility of Statistics Published in the Central […]
Sri Lanka stock market opening delayed over IT issue
June 28, 2013 (LBO) – Sri Lanka’s stock market trading is halted until a problem with client accounts in its automated trading system is resolved, the Colombo Stock Exchange said Friday. “We have found that a mismatch has arisen in certain client balances displayed on the Automated Trading System (ATS) during the pre-open session (9.00 […]
Sri Lanka needs human co-existence, institutions: Chamber boss
June 28, 2013 (LBO) – Sri Lanka has tremendous natural advantages to progress but needs human co-existence and better institutions of governance, a business chamber boss has said amidst rising nationalism and deteriorating institutions of liberty. Shah said Sri Lanka also needs to push exports for growth. He replaced Susantha Ratnayake as the head of […]
Sri Lanka inflation up 6.8-pct in June 2013
June 28, 2013 (LBO) – Sri Lanka consumer prices rose 6.8 percent in the 12-months to June 2013, slowing from 7.3 percent in May, but prices rose 1.3 percent during the month, data from the state statistics office showed. The annual rate fall came from a so-called statistical base effect as last June’s inflation also […]
‘s plans 10-year Rs3.0 deep discount debenture
June 28, 2013 (LBO) – Fitch Ratings has given an ‘AA-(lka)’ expected rating to a 3.0 billion rupee deep discount debenture to be sold by Sri Lanka’s Hatton National Bank. HNB expects to list the debentures subject to regulatory approvals.The final rating is contingent upon the receipt of final documentation conforming to information already received. […]
Sri Lanka rupee fall unnecessary, no cause for concern: CB Governor
June 27, 2013 (LBO) – A sharp weakening of the rupee against the US dollar was unnecessary and there was no cause for concern Central Bank Governor Nivard Cabraal said as the rupee fell to one year lows.“There is no need for concern,” Cabraal said.“Those who buy at high prices will get hurt.” The Sri […]