Category: Economy and Markets
Sri Lanka firm in record asset securitization
Oct 28, 2010 (LBO) – Sri Lanka’s People’s Leasing Company (PLC) has raised 1.4 billion rupees by selling lease-backed securities, which the largest such deal in the country so far its structuring agent, NDB Investment Bank said. PLC has a 24-branch network at and the funds will be used to expand lending and its branch […]
Sri Lanka stocks close up 0.2-pct
Oct 28, (LBO) – Sri Lanka’s stocks closed up Thursday, with index heavy stocks recovering lost ground from buying by foreign and high net worth investor buying, brokers said. Dialog Axiata also closed flat today at 12.30 rupees, with 1.6 million shares traded. The Colombo All Share Index rose 0.29 percent (18.74 points) to 6,575.74 […]
Sri Lanka exports up 7.0 percent, trade expands
Oct 28, 2010 (LBO) – Sri Lanka exports grew 7.0 percent to 760.3 million US dollars in August 2010, with industrial exports up 7. 8 percent to 574 million dollars though apparels continued to weaken, official data showed. Imports were up 36.9 percent to 8,669 million US dollars with consumer goods up 45.1 percent to […]
Sri Lanka LOLC buys into construction firm
Oct 28, 2010 (LBO) – Sri Lanka’s listed LOLC group and Browns Investments, a private firm, have bought into the island’s Sierra group which has interests in construction, cable manufacturing and fertilizer in a 1.6 billion rupee deal. LOLC, a financial firm had earlier also bought a hotel group. The two firms had bought a […]
Sri Lanka has too much foreign reserves: CB Governor
Oct 28, 2010 (LBO) – Sri Lanka has higher than ‘optimum’ foreign reserves, Central Bank Governor Nivard Cabraal said as a wide interest rate differential with the island’s anchor currency, official borrowings and International Monetary Fund injections boosted reserves. As long as sterilization continues (rupee injections), economic participants get unlimited ammunition to hit the exchange […]
Sri Lanka to regulate OTC debt
Oct 27, 2010 (LBO) – Sri Lanka will regulate over-the-counter debt securities by specifying disclosure requirements, a regulatory official said, amid warnings that liquid markets and low interest rates were increasing risk taking. “We are very mindful of the need to regulate the unlisted securities market,” director of capital market development at the Securities and […]
Sri Lanka seen slightly less corrupt
Oct 27, 2010 (LBO) – Sri Lanka has marginally improved its score in a global corruption index but governance is still so bad that it ranks among other countries seen to be very corrupt, a statement said. “The score indicates that these countries continue to have a serious corruption problem in their public sector.” In […]
Sri Lanka stockbroker stirs up storm by calling for end to dissent: report
Oct 27, 2010 (LBO) – A call by a stockbroking firm to immediately identify and eliminate “traitors” who may question a “noble” government goal of making the “motherland” a financial hub of South Asia, has stirred up a storm, a media report said. Sri Lanka’s Daily FT business daily said the call was contained in […]
Sri Lanka mulls IT use in tax reforms
Oct 27, 2010 (LBO) – A report on reforms to Sri Lanka’s complex national and regional taxes has recommended using information technology to make it easier to charge and pay taxes, a statement from the president’s office said. The report by the presidential commission on taxation was handed over to President Mahinda Rajapaksa Tuesday after […]
Sri Lanka stocks close up 0.17-pct
Oct 27, 2010 (LBO) – Sri Lanka’s stocks closed up Wednesday, recovering from a dip in mid-morning trade, brokers said. There were 93 gainers and 88 losers, today. The Colombo All Share Index rose 0. 17 percent (10.84 points) to 6,557.00 points, while the Milanka Index of more liquid stocks dipped 0.23 percent (16.05 points) […]
Sri Lanka lifts price controls on rice
Oct 26, 2010 (LBO) – Sri Lanka has lifted price controls on rice originally imposed to prevent a sharp price spike caused by low harvests and state controls that prevented imports from coming in to stabilize prices. The government’s information office said the consumer affairs authority has lifted a 70 rupee per kilogram price cap […]
Sri Lanka stocks close down 1.31-pct
Oct 26, 2010 (LBO) – Sri Lanka stocks closed down, dragged down by index heavy stocks like John Keells Holdings and Aitken Spence, brokers said. JKH closed at 295.90 rupees, down 6.10 (2.02 percent) while Aitken Spence closed at 182.20 rupees, down 0.50 (0.27 percent). Corrected – Sampath Bank share price There were 33 gainers […]