Category: Economy and Markets
Sri Lanka top court rules parts of budget bill unconstitutional
Nov 07, 2012 (LBO) – Sri Lanka’s Supreme Court has ruled that sections of an appropriation bill for 2013 which lays the basic outline for a budget for next year is unconstitutional. The ruling was read out as the administration launched an impeachment process against Sri Lanka’s chief justice. The Supreme Court also ruled against […]
Sri Lanka Bank of Ceylon to sell 16-pct 5-year bonds
Nov 06, 2012 (LBO) – Sri Lanka’s state-run Bank of Ceylon is offering 5-year bonds with a fixed rate of up to 16.0 percent a year and a floating rate based on a premium to the six month Treasury bill yield, an offer document said. The securities have been rated AA(lka) by Fitch, a notch […]
Sri Lanka stocks close 0.31 pct higher
November 06, 2012 (LBO) – Sri Lanka stocks closed 0.31 percent higher Tuesday on the back of gains by John Keells Holdings. The Colombo All Share Index closed 17.28 points higher at 5,556.59 up 0.31 percent and the S & P SL 20 Index closed 7.23 points higher at 3012.98 up 0.24 percent. The day’s […]
‘ group raises budget issues, calls for better debate
Nov 06, 2012 (LBO) – Friday Forum, a Sri Lankan citizens group has asked for informed debate on the budget by parliamentarians instead of a slanging match, and has asked the administration to prioritize expenses and pay attention to a growing debt burden. The full statement is reproduced below: A PLEA FOR A BIPARTISAN BUDGET […]
Sri Lanka stocks close 0.13 pct higher
November 05, 2012 (LBO) – Sri Lanka stocks closed up 0.13 percent Monday posting a low turnover. AVIVA NDB Insurance PLC gained 5.00 rupees to close at 370.00 rupees up 1.37 percent. Colombo Dockyard PLC gained 0.10 cents to close at 217.70 rupees up 0.05 percent. Dialog Axiata PLC gained 0.20 cents to close at […]
Sri Lanka DFCC Bank net up 54-pct in Sept
Nov 05, 2012 (LBO) – Sri Lanka’s DFCC Bank said group profits rose 55 percent to 819 million rupees in the September 2012 quarter from a year earlier, and its commercial banking unit hit regulatory ceiling on credit growth. DFCC group performing loans grew 7.5 percent to 90.9 billion rupees from March, but chief executive […]
Sri Lanka stocks close 0.69 pct higher
November 02, 2012 (LBO) – Sri Lanka stocks closed up 0.69 percent Friday with several blue chips and banks gaining ground. The Colombo All Share Index closed at 5,532.32 up 37.78 points and the S & P SL 20 Index closed 23.80 points higher at 2997.95 up 0.80 percent. Turnover was a relative high at […]
‘s Leasing plans billion rupee CP sale
Nov 01, 2012 (LBO) – Sri Lanka’s People’s Leasing Company, the country’s largest leasing firm is planning a billion rupees commercial paper sale, which has been given a short term ‘F1+(lka) rating, Fitch Ratings said. People’s Leasing has a long term rating of ‘AA-(lka)’ from Fitch. The leasing firm is a unit of state-run People’s […]
”’ bond
Nov 01, 2012 (LBO) – Sri Lanka’s Dialog Axiata, a unit of Malaysia Axiata, said it was planning to sell a Malaysian Ringgit denominated ‘Sukuk’ Islamic financial instrument to raise about 51 billion rupees (366 million US dollars). The proposed ‘Sukuk Murabahah’ programme for 1.2 billion Malaysian ringgit will have a tenor of 15-years. The […]
Sri Lanka stocks close -0.3 pct lower
Nov 01, 2012 (LBO) – Sri Lanka’s stocks fell 0.35 percent Thursday dragged down by financial sector stocks despite gains by index heavy Dialog Axiata, brokers said while the ruling coalition moved to impeach the country’s chief justice. Hatton National Bank fell 7.20 to close at 140.80 rupees, Commercial Bank closed at 102.90 down 2.0 […]
Sri Lanka economy to grow 7.0-pct in 2013 but risks emerge: RAM Ratings
Oct 31, 2012 (LBO) – Sri Lanka’s economic growth is likely to recover to 7. 0 percent in 2013 after slowing to 6.5 percent in 2012, helped by Chinese loans and domestic consumption, while new risks are emerging, RAM Ratings, a rating agency has said. A key regressive policy is the expropriation of citizens and […]
‘s inflation eases to 8.9-pct in Oct
Oct 31, 2012 (LBO) – Consumer price inflation in Sri Lanka’s capital Colombo slowed to 8.9 percent in the 12 months to October from 9.1 percent a month earlier, data from the state debt office showed, as credit tightened after a balance of payments crisis. The statistics office said the Colombo Consumer Price Index, from […]