Category: Economy and Markets
Sri Lanka Hilton Hotel state grip tightened
Mar 10, 2011 (LBO) – Sri Lanka’s economic development minister Basil Rajapaksa had told parliament that the state had ‘fully taken over’ a city hotel that is now managed by Hilton, an international chain. The Colombo Hilton is operated on a building owned by Hotel Developers Lanka, a state-controlled firm in which a majority stake, […]
Sri Lanka Hilton to hold talks on management deal
Mar 10, 2011 (LBO) – Hilton Hotels and Resorts says it will continue to manage Sri Lanka’s Colombo Hilton until discussions start with owners following a government move to take over the land on which the hotel is located. Hotel Developers is a majority state controlled firm, which has not filed accounts with the stock […]
Sri Lanka Treasuries yields steady
Mar 09, 2011 (LBO) – Sri Lanka’s Treasuries yields stayed flat at the weekly auction with the government rolling over 11 billion rupees in maturing bills, a statement said. The government’s debt office, which is a unit of the Central Bank, said the three-month yields remained at 6.97 percent, six-month yields at 7. 05 percent […]
Sri Lanka shares fall for third straight day
Mar 09, 2011 (LBO) – Sri Lankan shares fell for the third straight day Wednesday as investors raised cash for new issues and settled broker credit with a correction expected after the market hit record highs, brokers said. The All Share Price Index closed at 7,343.45, down 1.38 percent (102.45 points) while the more liquid […]
Sri Lanka UK post-war trade gets trade credit cover boost
Mar 09, 2011 (LBO) – Britain is seeing more inquiries from firms who want to do business with Sri Lanka and is standing by to back deals with export credit cover which has been enhanced after the end of a 30-year war, an official said. ECGD gives political risk insurance to cut the risk of […]
Sri Lanka moves to cut taxes
Mar 09, 2011 (LBO) – Sri Lanka’s cabinet of ministers has approved changes to several laws reducing taxes paid by companies and individuals to give effect to proposals in the government’s 2011 budget, a statement said. “With the introduction of these changes, the number of taxes payable by a person will get reduced, resulting in […]
Sri Lanka sells US$192mn in floating rate bonds
Mar 08, 2011 (LBO) – Sri Lanka has sold 192 million US dollars in three and four year dollar denominated bonds mainly targeting local investors, rolling over existing maturing debt issued at much higher rates. In March 2009 in the midst of a balance of payments crisis, Sri Lanka had to pay 540 basis points […]
Sri Lanka Seylan Bank reveals restructuring measures
Mar 08, 2011 (LBO) – Sri Lanka’s Seylan Bank, being restructured under regulatory supervision has revealed to shareholders some of action it is taking to change processes, trim staff costs and revamp credit policies. Its interest rate spread had increased to 6. 0 percent from 5.18 percent. The bank said its cost-to-income ratio worsened to […]
Sri Lanka holds policy rates amid high inflation
Mar 08, 2011 (LBO) – Sri Lanka’s central bank said it is holding policy rates steady in despite inflation rising to 7. 8 percent in the 12-months to February, one of the highest in Asia, as it expected food prices to fall in the next two months. Sri Lanka’s central bank also has one of […]
Sri Lanka has lower social unrest risk from inflation: S&P
Mar 08, 2011 (LBO) – Sri Lanka is among Asian countries that had lower risks of social unrest from high inflation due to popular administrations, higher growth and lower unemployment, Standard and Poor’s Corporation, a rating agency said. S & P said in a sovereign rating review of the Asia Pacific region that inflation has […]
Sri Lanka stocks extend losses
Mar 08, 2011(LBO) – Sri Lankan stocks extended losses Tuesday falling 1. 8 percent amid a broad sell-off and some retailers collecting cash for upcoming initial public offerings, brokers said. Turnover was 1.9 billion rupees. Brokers said there were some forced selling of credit backed portfolios. In November 2010, the Securities Exchange Commission said it […]
Sri Lanka had net inflows into capital markets in 2010: CentralBank
Mar 07, 2011 (LBO) – Sri Lanka’s has seen a net capital inflow of 51.8 billion rupees (459 million US dollars) into the country through approved securities investments accounts the Central Bank said. The central bank’s exchange control department in 2010 there had been an inflow of 215.9 billion rupees (1,910 million US dollars in […]