Economy and Markets – Page 587 – Lanka Business Online

” rating confirmed

Mar 19, 2013 (LBO) – Fitch Ratings said it has confirmed the ‘B+(lka)’ rating of Sri Lanka’s Multi Finance Plc, a registered finance company, but has cut its outlook to ‘negative’ from ‘stable. “The revision of the Outlook reflects MFP’s weakening liquidity profile and net losses due to higher borrowing costs and increased operating expenses […]

”s Leasing wraps up largest listed bond issue

Mar 19, 2013 (LBO) – Sri Lanka’s People’s Leasing and Finance Plc, the country’s largest non-bank lender said it had sold 6.0 billion rupees in bonds, which a joint manager said was the largest listed debenture sale so far. The company said the oversubscribed issue was closing today and the basis of allocation would be […]

Sri Lanka sells US$129mn in floating rate bonds

Mar 19, 2013 (LBO) – Sri Lanka has sold 129 million US dollars in 3-year dollar denominated bond at an average yield of 400 basis points above the London interbank offered rate, the public debt office said.Styled ‘Sri Lanka Development Bonds’, the dollar denominated instruments are sold to banks and other domestic investors who are […]

Sri Lanka planned land rights legislation queried

Mar 19, 2013 (LBO) – A law to apparently improve people’s absolute property rights while another declared policy is aimed at taking away existing liberties has raised queries whether the moves are intended to benefit interest persons, a legislator has said. Under feudal rule, land was mostly owned by the king. Citizens held and used […]

‘s

Mar 16, 2013 (LBO) – Retaining the confidence of external portfolio investors in key to maintaining stability in the exchange rate and balance of payments, Mood’s Investors Services has said. In 2012 central bank also transferred its year-end profit to the Treasury not as rupee liquidity but as a book entry against maturing Treasuries, again […]

Sri Lanka offers tax-free zone at new airport

MATTALA, Sri Lanka (AFP) – Sri Lanka is turning its newest international airport opening Monday into a tax-free zone to attract aviation-related industries, a top official said.Mattala was initially planned as an expansion of the small Wirawila military airstrip, but Wickremasuriya said they shifted the location 25 kilometres (16 miles) away to ensure no disruption […]

Sri Lanka casino tax cut under fire

Mar 16, 2013 (LBO) – A proposal to lift a series of taxes from casinos and impose only a five percent tax has drawn fire from Sri Lanka’s main opposition, as basic goods including foods are taxed at much higher rates.Such firms get income tax holidays, relief from economic services charge, port and airport levy […]

Sri Lanka legislative change would promote fiscal irresponsibility: legislator

Mar 15, 2013 (LBO) – Proposed changes to law aimed at restraining excessive spending by Sri Lanka’s rulers will promote fiscal irresponsibility and also understate the actual budget deficit, a legislator has warned. Disclosures made under the fiscal responsibility law showed that 83 billion rupees in new guarantees or about 1.1 percent of GDP had […]

Sri Lanka GDP grew 6.4-pct in 2012: census dept

Mar 15, 2013 (LBO) – Sri Lanka’s gross domestic product grew 6.4 percent in 2012, slowing from 8.2 percent in 2011, with industry growing 10.3 percent, agriculture 5.8 percent and services 4.6 percent, the state statistics office said.In the December quarter the economy was estimated to have grown 6.3 percent from a year earlier, against […]

” rating confirmed: RAM

Mar 13, 2013 (LBO) – RAM Ratings Lanka said it had confirmed an ‘A-‘ rating on Lankem Ceylon Plc, with a ‘stable’ outlook.Its short-term ‘P2’ rating was also confirmed. “The ratings are supported by its diversity in business operations, dominant market positions in most of its business lines, the resilient demand for agrochemicals, and above […]

Sri Lanka Treasuries yields up

Mar 13, 2013 (LBO) – Sri Lanka’s Treasuries yields edged up across maturities at Wednesday’s auction with the three month yield rising 05 basis points to 9.16 percent, data from the state debt office said.The 6-month yield rose 05 basis points to 10.15 percent and the 12-month yield rose 05 basis points to 11.19 percent. […]

‘s

Mar 13, 2013 (LBO) – Sri Lanka is facing higher external pressure due to lack on a program with the International Monetary Fund and also slower growth, Moody’s Investors Service, a rating agency said.“Although the government will likely continue to make gradual progress in reducing its deficit, the debt burden will remain high,” Moody’s said. […]