Category: Economy and Markets
Sri Lanka interim budget data revealed according to law: opposition
July 03, 2013 (LBO) – Sri Lanka’s finance ministry has revealed budget data conforming to a fiscal responsibility law for the first time in years, opposition legislator Harsha de Silva has said. De Silva had also charged that changes to the fiscal responsibility law to allow the central government to increase the limit on guarantees […]
China top Sri Lanka top lender up to April 2013, Japan follows
July 03, 2013 (LBO) – China has given 165.28 million US dollars for projects financed in Sri Lanka in the first four month of 2013, though Japan has committed more new funding in the period, official data show. The World Bank has disbursed 95.7 million US dollars (0.84 million in grants) in the period, coming […]
Sri Lanka income taxes collections up following lower rates
July 03, 2013 (LBO) – Sri Lanka’s income tax collection have risen sharply in the first few months of the year, despite a slowing economy after rates were brought down as part of tax reforms in 2011, according to a finance ministry report.The finance ministry said it reflected “a favourable consolidation of the impact of […]
Sri Lanka budget deficit 3.9-pct of GDP up to April 2013
July 02, 2013 (LBO) – Sri Lanka has posted a budget deficit of 3.9 percent of gross domestic product for the first four months of 2013, against a full year target of 5.8 percent of GDP, finance ministry data showed. State revenues for the first four months was 326.6 billion rupees, up from 313.9 billion […]
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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 stocks close up 0.1-pct
July 02, 2013 (LBO) – Sri Lanka’s stocks closed up 0.13 percent on Tuesday making gains for the third straight day helped by diversified and consumer companies, brokers said. The benchmark Colombo All Share Index closed 08.04 points higher at 6,140.79 and the S&P SL 20 Index closed 14.77 points higher at 3,462.51 up 0.43 […]
Sri Lanka money market fund by Asset Trust
July 02, 2013 (LBO) – Sri Lanka’s Asset Trust Management (Pvt) Ltd, a fund management company said it has launched a money market mutual fund, which will invest in government and private fixed income securities.Among the people behind the firm is Wickrema Weerasooria, Mangala Boyagoda and Eastman Narangoda. Asset Trust Management is already managing a […]
‘s Hayleys debenture subscribed
July 02, 2013 (LBO) – A debenture offer by Sri Lanka’s Hayleys Plc, a diversified group has been oversubscribed with more than 2.0 billion rupees in applications, the registrars said.Hayleys offered 1.5 billion rupees of debentures and a further 500 million rupees if the first tranche was oversubscribed. The sale is managed by NDB Investment […]
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 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 […]