Category: Economy and Markets
Innovation part of corporate DNA: 3M regional chief at Sri Lanka forum
May 11, 2013 (LBO) – Listening to the unarticulated voice of the customers of 3M has helped the firm drive innovation, which is central to its corporate culture, a top regional official of the US-based multi-national said in Colombo. The company makes more than 55,000 products are year, adding new ones continuously. “It’s easy if […]
Sri Lanka has to watch inflation, banks, taxes and draw more FDI: IMF
May 10, 2013 (LBO) – Sri Lanka has to watch inflation, bank credit, tax revenues, keep monetary policy tight and avoid guaranteeing bank forex borrowings and instead create an environment for foreign direct investments, the International Monetary Fund has said.The executive board of the IMF in a review of Sri Lanka’s economy said Sri Lanka’s […]
Sri Lanka cuts rates to boost credit – Update
May 10, 2013 (LBO) – Sri Lanka has cut its policy interest rate corridor by 50 basis points to 7.0 and 9.0 percent to boost credit, saying inflationary pressures were in check, amidst warnings by the International Monetary Fund to be careful. “[T]here is now a need to stimulate the domestic economy, particularly in the […]
Sri Lanka stocks close up 0.18-pct
May 10, 2013 (LBO) – Sri Lanka’s stocks closed up 0.18 percent on Friday helped by retail and institutional buying, brokers said. The benchmark Colombo All Share Index closed 11.29 points higher at 6,250.00 up 0.18 percent and the S&P SL 20 Index closed 04.39 points higher at 3,530.90 up 0.12 percent. Turnover was 1.4 […]
‘s forex reserves pick up in March
May 09, 2013 (LBO) – Sri Lanka’s forex reserves picked up 30 million US dollars to 6,689 million US dollars, ending two months of declines and is estimated to have increased further in April, the Central Bank said.Domestic credit rose partly due to borrowings by state energy firms to subsidize fuel and electricity.The rupee fell […]
Sri Lanka Treasuries yields edge lower
May 08, 2013 (LBO) – Sri Lanka’s Treasuries yields edged lower across maturities Wednesday with the 12 month yield falling 03 basis points to 11.29 percent, the state debt office said. The debt office offered 12.0 billion rupees of bills for roll over and sold 16.08 billion worth bills. The 3-mont yield fell 02 basis […]
Sri Lanka stocks close up 0.14-pct
March 08, 2013 (LBO) – Sri Lanka’s stock closed up for the third straight day, with index heavy John Keells and banks extending gains, though some profit taking was coming in, brokers said. Lending rates are now high due to heavy government borrowing to finance excessive spending including the hiring of unemployed graduates in a […]
Sri Lanka stocks surge 1.8-pct
Apr 29, 2013 (LBO) – Sri Lanka’s stock surged up 1.8 percent Monday adding 40 billion rupees to stock values partly helped improved sentiment from a 2.9 billion rupee ceramic sector acquisition, brokers said. Commercial Leasing and Finance gained 0.30 rupees to close at 4.90 rupees The stock exchange said top contributors to the index […]
Sri Lanka forex reserves ease to US$6.67bn in Feb
May 05, 2013 (LBO) – Sri Lanka’s forex reserves fell 185 million US dollars to 6.659 billion US dollars in February 2013 from a month earlier, and was down 3.1 percent from the beginning of the year, official data showed. The IMF has said Sri Lanka’s reserves have generally been stable. “We don’t think there […]
” final rating: Fitch
May 4, 2013 (LBO) – Fitch Ratings said it had given a final rating of ‘A(lka)’ to a 1.5 billion rupee tranche of fixed interest rate unsecured debentures to which it had previously given an expected rating. “The issue proceeds are to be used to lengthen the maturity profile of existing debt, thereby improving Singer’s […]
Japan ready to continue support for Sri Lanka: Finance Minister
Apr 03, 2013 (LBO) – Japan will continue to support Sri Lanka if peace is maintained and with the economy also on a growth path, visiting Japanese deputy prime minister and finance minister Taro Aso said.“Considering that the Sri Lankan economy keeps on the current growth trajectory and given that peace and security would be […]
Sri Lanka has scope for easing policy: CB Governor
May 03, 2013 (LBO) – Sri Lanka has scope to ease policy, because credit growth is slowing and the Central Bank has been selling down its Treasuries stock, Governor Nivard Cabraal said. When its Treasuries are sold down, through a ‘quantity tightening’ policy can be tight, analysts say, regardless of the actual policy rate. T-bill […]