Category: Economy and Markets
Global economy to grow 3.3-pct led by US, emerging economies: IMF
Apr 17, 2013 (LBO) – The global economy will grow 3.3 percent in 2013 with the United States growing 1.9 percent, emerging and developing nations growing 5.3 percent and the Euro area contracting 0.3 percent, the International Monetary Fund has said. “What was until now a two-speed recovery, strong in emerging market and developing economies […]
Sri Lanka should be less dependent on foreign borrowings: Central Bank
Apr 17, 2013 (LBO) – Sri Lanka should depend less on foreign capital to bridge a savings investment gap, to make the economy more resilient to external shocks, the Central Bank has said.Sri Lanka had an investment ratio of 30.6 percent of gross domestic product in 2012 but domestic savings were only 17 percent. National […]
Sri Lanka Treasuries yield steady
Apr 17, 2013 (LBO) – Sri Lanka’s Treasuries yields eased 01 basis point across maturities at Wednesday’s auction with the 12-month yield at 11.34 percent the state debt office said. The 3-month yield was down 01 basis point at 9.24 percent and the six month yield was 10.24 percent also down 01 basis point. The […]
Sri Lanka stocks up 0.2-pct
Apr 16, 2013 (LBO) – Sri Lanka’s stocks closed up 0.2 percent with volumes boosted by a foreign strategic buying in Pan Asia Bank, brokers said. Nestle Lanka closed at 1769.00rupees down by 1.00 rupees. Dialog Axiata closed flat 9.30 rupees while Index heavy John Keells Holdings gained 0.70rupees to close at 248.50 rupees. Distilleries […]
Sri Lanka holds rates, expects growth from lower crowding out
Apr 16, 2013 (LBO) – Sri Lanka held policy rates steady amid heavy demand for bank credit from the state but expected economic activity to pick up after state borrowing reduce helped by an electricity tariff hike.“Inflation is expected to remain at these benign levels supported by prudent demand management policies, although the proposed revisions […]
Sri Lanka fiscal and monetary authorities in harmony: officials
Apr 16, 2013 (LBO) – Sri Lanka’s monetary and fiscal policy is in harmony with both authorities aiming for stability low inflation, and the presence of a Treasury official in the central bank was a not a threat to its independence, officials said.The secretary to the finance ministry is an ex-officio member of the Monetary […]
Sri Lanka and Burkina Faso looks for closer economic ties
Apr 15, 2013 (LBO) – Sri Lanka will train students from Burkina Faso and strengthen economic ties, the economic development ministry said following a ministerial delegation from the African nation.Burkina Faso is a member of the UN Human Rights Council. It was among the eight countries that abstained from voting on a UN resolution that […]
Sri Lanka water supply board plugs some leaks, ups profit
Apr 14, 2012 (LBO) – Sri Lanka’s state-run National Water Supply and Drainage Board, has increased provisional operating profits to 3.0 billion rupees in 2012, up from 1.9 billion rupees by raising tariffs and reducing leakages. Non revenue water had fallen from 31.3 percent of the total to 30.7 percent in the Greater Colombo Area, […]
‘s savings ratio to go up if state firms cut losses
Apr 12, 2013 (LBO) – Sri Lanka’s domestic savings ratio will be boosted if large losses in state enterprises are reduced, Central Bank deputy Governor Nandalal Weerasinghe said. In 2012, Sri Lanka had a domestic savings rate of 17.0 percent of gross domestic product with the central government running a current account deficit (dis-saving) of […]
Sri Lanka Hayleys to sell Rs2.0bn debt
Apr 12, 2013 (LBO) – Sri Lanka’s Hayleys Plc, a diversified group will sell 2.0 billion rupees of listed unsecured debt which will have been rated ‘AA-‘ by RAM Ratings Lanka. RAM said the group’s business was diversified with strong markets in gloves and activated markets. But the group’s debt had increased 30 percent year-on-year […]
‘s Hatton National Bank to sell Rs4bn debt
Apr i1, 2013 (LBO) – Sri Lanka’s Hatton National Bank Plc is planning to sell 4.0 billion rupees of subordinated debt, which has been rated ‘A+(lka)(EXP)’ one notch below its long term rating, Fitch Ratings said. Rating Action Rationale The proposed debentures are rated one notch below HNB’s National Long-Term rating of ‘AA-(lka)’ to reflect […]
” Fitch Rating
Apr 11, 2012 (LBO) – Singer Sri Lanka Plc, a consumer durables firm will sell 1.5 billion rupees of senior debt which has been given an expected ‘A(lka)’ rating, Fitch Ratings said. Fitch had also confirmed an ‘A(lka)’ rating of the company. The outlook is stable. Singer will use the money from the debenture to […]