Category: Economy and Markets
Sri Lanka missing the bus again?
June 25, 2012 (LBO) – If Sri Lanka is to achieve transformative, inclusive growth, it needs to have 7 percent plus growth for several consecutive years. It is well recognized by knowledgeable people, including key decision makers within government, that this would require around one billion dollars in new investment every year. This quantum cannot […]
Sri Lanka forex markets paralyzed
June 25, 2012 (LBO) – Sri Lanka’s interbank forex markets were paralyzed Monday with no active trading by late morning following heavy moral suasion by monetary authorities over deals made in the previous week, dealers said. The rupee was tentatively quoted around 133.15/40 but there were no firm bids, dealers said after regulators questioned some […]
Sri Lanka sells US229mn in 3-year bonds
June 25, 2012 (LBO) – Sri Lanka has sold 229.02 million US dollars in 3-year floating rate bonds which will pay an average of 410 basis points above the London Interbank Offered Rate every six months, the state debt office said. Bids were originally called for the sale of only 150 million US dollars of […]
Sri Lanka gets US$2.5bn dollars in China financing
June 24, 2012 (LBO) – Sri Lanka has notched up 2.53 billion US dollars in funding from China, since 2007 and 1,205 billion US dollars already disbursed into roads, power, ports and airports, a finance ministry report said. Sri Lanka’s Ceylon Electricity Board built its first 300 MegaWatt coal plant with Chinese financing and the […]
Sri Lanka banking system well capitalized, solid: officials
June 22, 2012 (LBO) – Sri Lanka’s banking system is sound and well capitalized officials said, though bad loans have started to pick up slightly as a developing credit bubble was rudely jerked to a halt by the island’s dollar peg. Data published by the Central Bank show that bad loans which peaked at 8. […]
Sri Lankan stocks down 0.05 percent
June 22, 2012 (LBO) – Sri Lankan stocks dipped 0.05 percent on Friday, despite big ticket deals in John Keells Holdings, Commercial Bank, Seylan Bank and Central Finance, brokers said. Central Finance PLC, one of the country’s oldest finance companies, fell 80 cents to 135.00 rupees on trades of 592,959 shares. A large parcel of […]
Sri Lanka’s battered currency might see some respite: report
June 22, 2012 (LBO) – Sri Lanka’s currency is expected to firm up later this year, while treasury yields could creep up on fiscal slippages, a report said, as the central bank looks for ways to tighten monetary policy. The Sri Lankan rupee has fallen by some 17 percent against the US dollar since the […]
Sri Lanka refugee boat capsizes off Australian island: report
June 21, 2012 (LBO) – A boat believed to have 200 people from Sri Lanka has capsized of Australia’s remote Christmas Island which reports day could become one of the worst refugee disasters in the country. Australia, a country of immigrants has tightened immigration barriers in recent years and followed a controversial policy of detaining […]
Sri Lanka stocks close down 0.7-pct
June 21, 2012 (LBO) – Sri Lanka stocks fell 0. 7 percent Thursday ending losing some of the gains made earlier in the week, while the rupee was steady against the US dollar, brokers said. The main All Share Price Index fell 0. 71 percent (35.99) to 5,042.07, while the more liquid Milanka index closed […]
Sri Lanka selects Bank of America, Citi, HSBC, Barclays to sell sovereign bond
June 21, 2012 (LBO) – Sri Lanka has selected Bank of America, Citi, HSBC and Barclays Capital to sell sovereign bond of up to a billion US dollars this year, the Central Bank which raises debt for the Treasury said. In October, Sri Lanka’s maiden 500 million US dollar sovereign bond is maturing. State-run Peoples’ […]
‘s real estate growth slowed by interest rates, inflation: report
June 20, 2012 (LBO) – Growth in Sri Lanka’s real estate sector may slow in the coming months, as rising interest rates and higher construction costs begins to bite, a new report has forecasted. Sri Lanka is in the midst of a post-war property boom, with key real estate drivers centered around the leisure and […]
Sri Lanka stocks up 0.3-pct
June 20, 2012 (LBO) – Sri Lanka’s stocks extended gains closing up 0.3 percent Wednesday building up from a 1.2 percent recovery a day earlier, brokers said. The benchmark Colombo All Share Index rose 18 points to close at 5,078. 06 points. The Milanka Index of more liquid stocks rose 40 points to close at […]