Category: Economy and Markets
‘s Mercantile Investments to sell Rs1bn bonds
May 20, 2013 (LBO) – Sri Lanka’s Mercantile Investments and Finance Plc (MIF) plans to sell one billion rupees in senior unsecured debt which has been rated ‘BBB+’ by RAM Ratings Lanka. The full statement is reproduced below:- Mercantile Investment and Finance PLC’s LKR 1 billion Senior Unsecured Listed Debentures (2013/2018) assigned BBB+/P2. RAM Ratings […]
Sri Lanka business and universities forging closer links: Ceylon Chamber
May 19, 2013 (LBO) – Sri Lankan firms are collaborating with universities to make new and higher value products and services, and was also consulting on management development, a business chamber said.The management and finance faculty of the University of Colombo had done a salary survey and restructuring for a public quoted company and a […]
Sri Lanka trade deficit obsession misplaced: focus
May 18, 2013(LBO) – Sri Lanka’s obsession with trade deficits is misplaced because it ignores the broader exchanges including services that take place between citizens of one county and another, economists and officials have said. Saman Kelegama, head of the Institute of Policy Studies, a think tank, said the obsession was particularly strong in relation […]
Sri Lanka trade deficit obsession misplaced: focus
May 18, 2013(LBO) – Sri Lanka’s obsession with trade deficits is misplaced because it ignores the broader exchanges including services that take place between citizens of one county and another, economists and officials have said.Saman Kelegama, head of the Institute of Policy Studies, a think tank, said the obsession was particularly strong in relation to […]
‘s Bogala Graphite returns to profit
May 18, 2013 (LBO) – Sri Lanka’s Bogala Graphite Plc, a unit of Germany’s AMG Mining AG, returned to a profit of 15.6 million rupees in the March 2013 quarter despite a fall in revenues as forex losses last year reversed.The foreign exchange gain for the current period from a Euro loan was 8.5 million […]
Sri Lanka stocks close up 1.5-pct
May 17, 2013 (LBO) – Sri Lanka’s stocks closed up 1.49 percent on Friday, with heavy retail trading activity in the banking sector and interest continuing in index heavy John Keells Holdings, brokers said. The benchmark Colombo All Share Index closed 93.70 points higher at 6,380.70 up 1.49 percent and the S&P SL 20 Index […]
Ecuador stops Sri Lanka-US migrant smuggling ring
QUITO, May 16, 2013 (AFP) – A ring that smuggled immigrants from India and Sri Lanka into the United States through Ecuador has been broken up with the arrest of six people, Ecuadoran authorities said Thursday.Police, who said the arrests were made following a two-month investigation, seized documents, laptop computers and nearly $100,000 in cash. […]
Sri Lanka says minefields cleared for re-settlement
COLOMBO, May 16, 2013 (AFP) – Sri Lankan troops have completed clearing mines from all areas needed for re-settlement and farming in the island’s former war zone, the military said Thursday, nearly four years after crushing Tamil rebels.Sri Lanka’s army reported one soldier died and 15 were wounded during the mine clearing, while several civilians […]
Sri Lanka beckons foreign workers
May 17, 2013 (LBO) – Sri Lanka’s post-war economic revival and tightening labour markets are throwing up opportunities for workers from abroad, including those who had left the island, business and state officials said.Central Bank Governor Ajith Cabraal said at the launch of the website that soon after he qualified as an accountant in 1976, […]
Sri Lanka could improve GDP estimates, data standards: IMF
May 17, 2013 (LBO) – Sri Lanka can improve gross domestic product calculations to be more in line with international standards and the country does not yet comply with the highest data dissemination standards, the International Monetary Fund has said.“The national accounts suffer from insufficient data sources and undeveloped statistical techniques,” an IMF country report […]
Sri Lanka rupee strengthens amid tight liquidity
May 16, 2013 (LBO) – Sri Lanka’s rupee strengthened to 125.70/80 to the US dollars in the spot in mid morning trade Thursday, amid tight liquidity but a two week liquidity auction has been announced, dealers said. The Central Bank cut its policy interest corridor by 50 basis points to 7.00 and 9.00 percent last […]
Sri Lanka stocks close up 0.2-pct
May 15, 2013 (LBO) – Sri Lanka’s stock closed up 0.23 percent on Wednesday, ending a two days of losses, with sentiment helped by falling Treasuries yields amid strong foreign buying into motor stocks, brokers said. The benchmark Colombo All Share Index closed 14.53 points higher at 6,221.12 up 0.23 percent and the S&P SL […]