Category: Economy and Markets
Sri Lanka energy SOE losses projected at 1.0-pct of GDP
July 28, 2012 (LBO) – Sri Lanka’s state energy enterprises will make losses of about one percent of gross domestic product, a lower than 1.75 percent GDP loss made in 2011, an International Monetary Fund report has said. Though the IMF program had a requirement to make energy enterprises break-even it was not a performance […]
Sri Lanka rupee weakens, liquidity high
July 27, 2012 (LBO) – Sri Lanka’s rupee weakened to 132. 20/30 levels Friday after opening around 131.20/50 as excess liquidity remained at record after tens of billions of rupees were dumped on money markets a day earlier. On Thursday excess liquidity rose to 58 billion rupees as part proceeds of a dollar bond was […]
Sri Lanka stocks up 1.17 pct
July 27, 2012 (LBO) – Sri Lanka’s stocks closed 1.17 percent Friday, Aviva NDB Insurance gaining on take-over speculation, while the rupee weakened in intra-day trading brokers and dealers said. The spot US dollar topped 132.0 rupees after the proceeds of a billion US dollar bond by passed the market and rupee liquidity was created […]
Sri Lanka citizen activist calls for more budget transparency
July 27, 2012 (LBO) – A Sri Lankan citizen and former top business executive, has called for greater transparency in disclosing budget numbers including present values of future liabilities and an overall public deficit figure. Chandra Jayaratne, a former head of Sri Lanka’s Ceylon Chamber of Commerce said better disclosures should be made by the […]
Sri Lanka could borrow more abroad; has to manage risk: Fitch
July 27, 2012 (LBO) – Sri Lanka could borrow abroad more on the back of strong interest for sovereign bonds and active encouragement by authorities but the government and companies have to manage risks, Fitch, a rating agency has said. “There is a cost benefit in sourcing external debt for most issuers, but risks need […]
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July 27, 2012 (LBO) – Sri Lanka’s Seylan Bank has rated given a ‘BBB+(lka)’ rating for a proposed 2.0 billion rupee subordinated bond rated one notch below the bank’s ‘A-(lka)’ national rating. “Seylan’s National Long-Term Rating is driven by implied extraordinary support from the State of Sri Lanka during financial distress, given the bank’s systemic […]
Sri Lanka banking system liquidity up on bond sales
July 26, 2012 (LBO) – Sri Lanka’s central bank has announced a record repo auction of 58 billion rupees to drain excess liquidity from the banking system dealers said, indicating that proceeds sovereign bond had been used to repay short term bank debt. The liquidity also indicates that over 400 million US dollars from a […]
Sri Lanka stocks close down 0.16 pct, rupee weaker
July 26, 2012 (LBO) – Sri Lanka’s stocks fell 0.16 percent Thursday, with strong interest in ODEL which was taken over by a foreign department store at a price below today’s market price, brokers said. The Colombo All Share Price Index fell 7.69 points to 4,876.19 and the S&P 20 Index of large cap stocks […]
‘s business climate and free trade can soften Eurozone effect: envoy
July 26, 2012 (LBO)- Sri Lanka can further improve its business climate to propel growth, attract more investors while freeing trade could ease also soften the impact of a Eurozone crisis, a diplomat has said. British high commissioner (ambassador) John Rankin, told an annual meeting of Sri Lanka’s Ceylon Chamber of Commerce that greater protectionism […]
Sri Lanka short term Treasuries yields ease
July 25, 2012 (LBO) – Sri Lanka’s Treasuries yields edged lower across maturities at Wednesday’s auction, with the six month yield falling most data from the state debt office showed, though longer term bond prices remained steady. The 3-month yield fell 01 basis point to 11.35 percent, the 6-month yield fell 06 basis points to […]
Sri Lanka gets US$437mn in FDI up to May: Central Bank
July 25, 2012 (LBO) – Sri Lanka is estimated to have received about 437 million US dollars in foreign direct investments up to May 2012, while 187 million US dollars have flowed into stocks in the first half of the year, the Central Bank said. FDI is equity, loans from parents and re-investment by foreign […]
‘s war torn image still hurting economic prospects: diplomat
July 25, 2012 (LBO) – Sri Lanka needs to improve its image overseas and promote a stable macroeconomic environment to help build bilateral trade links and attract more foreign investors, a Dutch diplomat said. Bas Van Noordenne, Netherland’s deputy head of mission in Sri Lanka told a business forum that people still associate Sri Lanka […]