Category: Economy and Markets
Cutting energy subsidies will slash carbon emissions: IMF
Mar 30, 2013 (LBO) – Cutting energy subsidies will slash carbon emissions while releasing resources for education and health, and helping boost the balance of payments of many countries, the International Monetary Fund has said. An IMF study Energy Subsidy Reform: Lessons and Implications has estimated that direct energy subsidies totaled about 480 billion US […]
‘s Bank of Ceylon to sell up to US$500mn in bonds
Mar 28, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon would sell plans to sell between 300 to 500 million US dollars of bonds in the international market, a media report said. Bloomberg newswires said UBS has been hired to manage the sale. Fitch Rating has given a BB- expected rating to the securities […]
”’ rating confirmed: Fitch
Mar 28, 2013 (LBO) – Sri Lanka’s state-run Bank of Ceylon had high exposure to the state enterprise with Ceylon Petroleum Corporation making up 20 percent, though some of the loans were guaranteed, Fitch Ratings said. Bank of Ceylon’s capitalization has weakened with dividend payouts by dividend payouts, and high loan growth. “While slowing loan […]
‘s inflation eases to 7.5-pct in March
Mar 28, 2013 (LBO) – Consumer prices in Sri Lanka’s capital Colombo rose 7.5 percent in March 2013 from a year earlier, down from 9.8 percent in February, data from the state statistics office said. The non-food sub-index rose 3.5 percent from a year earlier. The index grew 0.3 percent in the month. The price […]
‘s Softlogic to sell Rs750mn in bonds
Mar 27, 2013 (LBO) – Sri Lanka’s Softlogic group is to sell up to 750 million rupees in three year fixed rate debentures, which will be used to re-finance short term debt, Fitch Ratings said. Fitch has given the debentures an ‘A-l(ka)(EXP)’ rating pending final documentations. Softlogic itself has been given an ‘A-(lka)’ rating. Fitch […]
” by UN-ESCAP: Central Bank
Mar 25, 2013 (LBO) – Sri Lanka has been classed as ‘less indebted’ in five out of six debt indicators which assesses external debt vulnerability of a country, by the United Nations Economic Commission for Asia and the Pacific, the Central Bank said. There have been concerns over Sri Lanka’s rising commercial foreign debt, as […]
Sri Lanka Treasuries yields up
Mar 25, 2013 (LBO) – Sri Lanka’s Treasuries yields rose at this week’s auction, held on Monday with the 12 month yield rising 11 basis points to 11.35 percent, data from the state debt office said. . The 3-month yield rose 04 basis points to 9.26 percent. Bids for 6-month bills have been rejected.Last week […]
Sri Lanka needs freedom not authoritarianism for growth, knowledge: economist
Mar 22, 2013 (LBO) – Sri Lanka needs freedom to think, develop knowledge, secure property rights and rule of law, which leads of sustainable growth and prosperity rather than authoritarianism which may show temporary gains, an economist has said.“Authoritarianism will bring a quick acceleration in economic growth because everyion is forced to work harder than […]
Sri Lanka should act on efficient water use early: IWMI
Mar 22, 2013 (LBO) – Urbanization, industrialization and agriculture is straining Sri Lanka’s water resources, with a post-waar economic revival in Jaffna seen to be threatening its fragile groundwater system.Sri Lanka’s economy is expanding faster, and tourism is also on the rise. “With population, urbanization and increasing industrial growth, there are competing demands on water, […]
Merchant Bank of Sri Lanka wraps up debenture
Mar 21, 2013 (LBO) – Merchant Bank of Sri Lanka, a unit state-run Bank of Ceylon said it had raised 2.0 billion rupees from listed debenture which was oversubscribed on the opening day. “The money raised from the issue will be utilized to increase the lending portfolio and for the settlement of short term borrowings […]
Sri Lanka Sampath Bank raises US$100mn from syndicated loan
Mar 20, 2013 (LBO) – Sri Lanka’s Sampath Bank Plc, said it had raised 100 million US dollars from loan syndicated by HSBC, with Middle Eastern lenders being among top subscribers.Sampath chief executive Aravinda Perera said lenders mainly came from the Middle Eastern, followed by India and some EU banks. The current loan which was […]
Sri Lanka to see focus change in future Japan aid
Mar 20, 2013 (LBO) – Japan may gradually shift its aid to Sri Lanka from basic infrastructure to areas such as disaster management, health and education and per capita income rises in the future, officials said.Japanese aid has been concentrated so far in providing basic infrastructure including roads and bridges, but Sri Lanka’s per capita […]