Category: Economy and Markets
” as government support weakening
Jan 24, 2019 (LBO) – Fitch Ratings has downgraded the National Long-Term Rating and senior unsecured debentures of Housing Development Finance Corporation Bank (HDFC Bank) to ‘BB+(lka)’ from ‘BBB-(lka)’ reflecting the weakening of the sovereign’s ability to provide support. “The downgrade reflects Fitch’s assessment of HDFC Bank’s standalone strength, as we believe timely support from the […]
Sri Lanka obtains USD200Mn from WB for primary health care system
Jan 23, 2019 (LBO) – Sri Lanka is to obtain USD 200 million from the International Bank for Reconstruction and Development (IBRD) of the World Bank to implement the primary health care system strengthening project. The development objective of the proposed project is “to increase the utilization and quality of primary health care services, with an […]
SriLankan Airlines posts Rs40bn net loss for 9 months amid rising fuel prices
Jan 23, 2019 (LBO) – SriLankan Airlines said the net loss for the nine months ended 31 December 2018 was 40 billion rupees (USD135mn) against the loss for the corresponding period of previous year stood at 11 billion rupees (USD66mn). During this period, SriLankan’s net traffic revenue from core airline operations has increased to 120 […]
Sri Lanka inflation decreased to 0.4-pct in December 2018
Jan 21, 2019 (LBO) – Headline inflation measured by the National Consumer Price Index has decreased to 0.4 percent in December 2018 from 1.0 percent in November 2018, the Central Bank data showed. The Central Bank said the decrease observed in year-on-year inflation in December is driven by the decrease of prices of items in […]
Fitch-rated frontier markets saw 13 positive, 6 negative rating actions in 2018
Jan 21, 2019 (LBO) – Fitch-rated frontier markets saw more positive than negative sovereign rating actions in 2018 with 13 positive rating actions compared to six negative actions, Fitch Ratings said. Out of the 30 Fitch-rated frontier markets, the majority were outlook changes and the mix of upgrades and downgrades was balanced at four each. However, […]
Foreign institutions dump over $ 100mn of Sri Lanka bonds to start 2019
January 18, 2019 (LBO) – Foreign institutional investors have continued to sell Sri Lanka’s bonds and stocks, even after Sri Lanka’s constitutional crisis has been resolved. Figures up until the 18th of January 2019 show Rs19bn (US$100mn) in net foreign selling out of Sri Lanka’s government bond markets. Equity markets showed net outflows of Rs2.3bn […]
SriLankan fleet has one Airbus not in use; one engine fitted to another aircraft
Jan 18, 2019 (LBO) – SriLankan Airlines revealed that its fleet has one Airbus A330-200 aircraft bearing the serial number MSN-1008 and CAASL registration number 4R ALS that is not currently being used due to several reasons. The airline said they have removed one of the engines from this aircraft and fitted it to another […]
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Jan 18, 2019 (LBO) – Fitch Ratings has affirmed SriLankan Airlines Limited’s 175 million US dollars 5.3 percent government guaranteed bonds due 2019. The rating agency, however, said that the rating is not derived from its issuer’s standalone credit profile and is therefore not comparable with that of industry peers.Fitch has rated SriLankan Airlines’s US dollar-denominated […]
Govt calls for exploration bids in block M2, Mannar Basin
Jan 18, 2019 (LBO) – Sri Lanka’s government has called for international competitive bids for exploration and development activities in Block M2, Mannar Basin, the Petroleum Resources Development Secretariat said.The M2 Block covering approximately 3,500 km2, has two gas discoveries, Dorado 91H/1z and Barracuda 1 G/1 and a number of un-drilled prospects, it added.The bidders are expected […]
Sri Lanka manufacturing activities decrease in Dec 2018
Jan 19, 2019 (LBO) – Manufacturing activities increased at a slower rate in December compared to November mainly driven by the slowdown in employment and production, especially in manufacturing of textiles, wearing apparels, leather and related activities, the Central Bank said. “A significant decline in employment was experienced as some employees moved to seasonal jobs for […]
President signs USD455mn loan agreements with ADB for education, transport
Jan 17, 2019 (LBO) – Sri Lanka’s President Maithripala Sirisena made his first visit to the Asian Development Bank headquarters today while conducting a state visit to the Philippines and met with ADB President Takehiko Nakao. During the visit, Sirisena and Nakao have discussed development challenges faced by Sri Lanka and ADB’s role in helping address […]
Sri Lanka enters into five MOUs with Philippines
Jan 17, 2019 (LBO) – Sri Lanka and Philippines signed five Memorandum of Understanding (MOUs) on education, tourism, agricultural and economic corporation.Further strengthening the bilateral relations between the two nations the agreements come with President Maithripala Sirisena’s ongoing four-day state visit to the Philippines.The President arrived in Philippines on 15 January for a five-day State visit following an […]