Category: Economy and Markets
Sri Lanka Bank of Ceylon hires foreign banks to sell bond
Apr 17, 2012 (LBO) – Sri Lanka’s state-owned Bank of Ceylon has hired several foreign banks to arrange bond investor meetings in Asia, Europe and the US ahead of a planned new bond issue. It has hired Bank of America Corp. , Citigroup Inc. and HSBC Holdings to arrange bond investor meetings, Bloomberg news agency […]
Sri Lanka shares end down 0.4-pct
April 17, 2012 (LBO) – Sri Lankan shares closed weaker Tuesday with turnover beginning to pick up from low levels after a long holiday with interest still mainly on ‘penny stocks’, brokers said. Swarnamahal Financial Services, which has also been actively traded in recent days, closed flat at nine rupees. Seylan Developments also saw some […]
‘s CPC lose Rs94bn in 2011
Apr 17, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation lost 94 billion rupees in 2011 up from 27 billion rupees a year earlier, largely due to below cost sales to a power utility, official data showed. Sri Lanka’s Central Bank in its annual report said a key reason for the loss was sales […]
Sri Lanka shares end up 0.2-pct
April 16, 2012 (LBO) – Sri Lankan shares closed firmer Monday after a long weekend owing to traditional new year holidays last week with trading still at low levels and focussed on ‘penny stocks’, brokers said. The main All Share Price Index rose 0.15 percent (8.27 points) to 5,434.00, while the more liquid Milanka index […]
Sri Lanka expected global shock to slow credit: CB Governor
Apr 16, 2012 (LBO) – Sri Lanka expected a global slowdown to moderate credit in the second half of 2012 and did not tighten monetary policy but spent foreign reserves to maintain growth, a top official said. Reserve Risk Sri Lanka sterilized the balance of payments amid warnings from both the International Monetary Fund and […]
Sri Lanka policy uncertainty deterring investment: ADB
April 16, 2012 (LBO) – Private investment in post-war Sri Lanka has not risen as anticipated because it still lacks a “predictable policy environment” which creates uncertainties for businesses, the Asian Development bank has said. The outlook is for moderate but still strong growth in Sri Lanka in 2012, the bank forecast in its Asian […]
‘s
Apr 16, 2012 (LBO) – The resumption of a loan program with the International Monetary Fund is positive for Sri Lanka’s ‘B1’ credit rating, as it will help boost investor confidence, Moody’s Investors Service said. “The disbursement is credit positive because it will help restore investor confidence and shore up foreign exchange reserves, which had […]
‘s Lagarde
Apr 13, 2012 (LBO) – The world has to restore sound public finances, while some are forced to cut deficits fast others have to do it slowly, Christine Lagarde the managing director of the International Monetary Fund has said. Lagarde said loose monetary policy (money printing) could support where inflation remains in check but emerging […]
Sri Lanka shares end up 0.6-pct
April 11, 2012 (LBO) – Sri Lankan shares closed firmer Wednesday although trading remained low ahead of traditional new year holidays later in the week, brokers said. The main All Share Price Index rose 0.62 percent (33.39 points) to 5,425.73, while the more liquid Milanka index rose 0.65 percent (31.57) to close at 4,909.30. Turnover […]
Sri Lanka rupee weakens in intra-day trade
Apr 12, 2012 (LBO) – Sri Lanka’s rupee dipped close to 130 to the US dollar after opening around 127. 80/128.20 in the spot market, amid buying from foreign banks, dealers said. . The rupee was quoted as low as 129.50/130.00 in late morning trade but gained later with demand falling off, dealers said. Sri […]
Sri Lanka CEOonline resource centre launched
Apr 11, 2012 (LBO) – An online resource centre with the participation of prominent business leaders, chief executives, academics and economists has been launched in Sri Lanka allowing readers to interact with them and share ideas. portal (www.ceoonline.lk) allows readers to reach more than 50 senior corporate executives, academics and researchers who serve as honorary […]
Sri Lanka state enterprises urged to adopt market pricing
April 11, 2012 (LBO) – Sri Lanka’s central bank has called on loss-making state enterprises to ensure financial viability by better management and market pricing to reduce reliance on the budget and borrowings that cause macro-economic problems. It said that in 2011, policy measures were initiated by the government to improve the performance of SOEs […]