Category: Economy and Markets
Sri Lanka, finance, beer bonds oversubscribed
June 11, 2013 (LBO) – An offer to sell 5.0 billion rupees worth bonds in Lion Brewery (Ceylon) Plc and Central Finance has been oversubscribed on opening Tuesday, registrars to the sales said. High net worth investors and banks have been piling into the listed debentures, which have been made tax free. Small investors have […]
Sri Lanka stocks close up 0.5-pct
June 10, 2013 (LBO) – Sri Lanka’s stocks closed up 0.54 percent on Monday following a week of losses with gains in the heavy index stocks like JKH and CTC, brokers said. The benchmark Colombo All Share Index closed 33.85 points higher at 6,341.28 and the S&P SL 20 Index closed 23.98 points higher at […]
Sri Lanka lending rates to ease with lower state borrowing: Central Bank
June 7, 2013 (LBO) – Sri Lanka’s bank lending rates are expected to ease in the second half of 2013 with reduced bank borrowings by the state, the Central Bank said holding policy rates in June, after a cut last month. In May the monetary authority cut its policy rate corridor by 50 basis points. […]
Europe looking to take control of Libor: FT
LONDON, June 6, 2013 (AFP) – European Commission officials have drafted plans to take the scandal-hit key interest rate Libor from its current London base, the Financial Times reported on Thursday.It is calculated daily, using estimates from banks of their own interbank rates, and affects the pricing of more than 0-trillion of contracts across the […]
Sri Lanka economic forum to focus on export growth
June 05, 2013 (LBO) – An annual economic policy forum with the participation of businesses, academics and state officials this year will focus on strategies needed to boost the island’s flagging exports, its organizer, Ceylon Chamber of Commerce said.Sri Lanka’s exports fell 18.2 percent to 726.7 million US dollars in January 2013 from a year […]
‘s Treasuries yields ease
June 05, 2013 (LBO) – Sri Lanka’s Treasuries yields eased at Wednesday’s auction with the 6-month yield falling as much as 09 basis points to 9.81 percent, data from the state debt office showed.The 3-month yields fell 03 basis points to 8.70 percent and the 12-month yield fell 01 basis point to 10.85 percent. The […]
Sri Lanka stocks close flat
June 04, 2013 (LBO) – Sri Lanka’s stock closed flat Tuesday with investors continuing to take profit and losses in some index heavy stocks like JKH, DIST and NEST, brokers said. Softlogic Holding closed at 11.40 rupees down 30 cents and Vallibel One closed at 19.10 rupees down 60 cents. Sri Lanka Telecom closed at […]
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June 03, 2013 (LBO) – Fitch Ratings has given a ‘BBB+(lka)’ expected rating to a proposed 1.25 billion rupees senior debenture issue by Singer Finance (Lanka) Plc. Rating Sensitivities Any changes in Singer’s ability or willingness to extend extraordinary support, as reflected in a change to Singer’s rating, a material reduction in Singer’s ownership in […]
Sri Lanka needs quick, cost-based energy tariffs: Treasury
June 3, 2013 (LBO) – Sri Lanka needs quick cost-based energy pricing to avoid balance of payments pressure and stop bank credit being used for consumption, a finance ministry report has said.The overall national savings rate is further undermined by the deficit in the current account of the budget, where the state spends in current […]
Sri Lanka state bank dividends, levies boost revenues
June 03, 2013 (LBO) – Sri Lanka’s state banks and insurance funds have contributed 23 billion rupees or about 0.3 percent of gross domestic product to state revenues in 2012, official data showed. State enterprises such as Lak Sathosa also operate without paying value added tax. Corrected, revenues of 2013
Sri Lanka and Thailand ink deals on tourism, technology, business
May 31, 2013 (LBO) – Sri Lanka and Thailand inked agreements on tourism, technology, business during a visit by Thai Prime Minister Yinluck Shinawatra to the island, who had bilateral talks with President Mahinda Rajapaksa.Thai deputy Prime Minister Surapong Tovichakchaikul and Sri Lanka’s foreign minister G L Pieris, technology minister Patali Ranawaka inked the deals […]
Sri Lanka inflation accelerates to 7.3-pct on power tariff
May 31, 2013 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 7.3 percent in the 12 months to May 2013 accelerating from 6.4 percent in April mostly due a power tariff hike, data from the state statistics office showed. The Central Bank cut interest rates last month despite advice from the International Monetary […]