Category: Economy and Markets
Sri Lanka on track to wrap international offering by October
Aug 18, 2009 (LBO) – Sri Lanka will shortly call for bids from international investment banks to help raise debt from international markets, with the deal to be completed by October, a top official said. A team of government officials went on a ‘non deal’ global road show to major financial centres arranged by HSBC […]
Sri Lanka to push overseas investments
Aug 17, 2009 (LBO) – Sri Lanka is seeking to encourage local businessmen to venture overseas by establishing clear rules and reducing red tape, especially for capital outflows, seen as a key impediment, a senior official said. Kanchana Ratwatte, the new chairman of the National Enterprise Development Authority (NEDA), said a growing number of Sri […]
Sri Lanka core measure may have understated inflation: IMF study
Aug 17, 2009 (LBO) – An official core-inflation index for Sri Lanka may have understated underlying price pressures in 2008, but there is wide disagreement even among proponents of core measures about their calculation and usefulness, a new International Monetary Fund study has said. “Although not stated explicitly, it was implied that headline inflation would […]
Sri Lanka rupee shows life
Aug 17, 2009 (LBO) – The rupee strengthened against the greenback Monday with state banks that usually represent the monetary authority staying off the market amid a large dollar inflow, dealers said. Speculators hit a currency when a central bank tries to keep a ‘soft’ peg. A central bank (especially one with exchange controls) through […]
Sri Lankan shares close flat, rupee up
Aug 17, 2009 (LBO) – Sri Lankan shares closed flat Monday as investors took defensive positions on mostly blue chip stocks that took a beating last week owing to poor June quarter results, while the rupee strengthened against the dollar, brokers and dealers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.03 […]
US promotes Sri Lanka investment
Aug 14, 2009 (LBO) – The United States is holding a conference in Colombo in October, with participation of Sri Lankan officials for US firms to explore investment opportunities following the end of a 30-year war in the country. “This private-public conference will provide U.S. firms a unique opportunity to be among the first investors […]
Sri Lanka Mercantile Investments rating confirmed by RAM
Aug 14, 2009 (LBO) – RAM Ratings Lanka has confirmed the ‘A’ rating of Mercantile Investments Limited (MIL), a registered finance company in Sri Lanka. with a ‘negative’ outlook. “The negative outlook is premised on the Company’s rising delinquencies, which have been impinging on its financial performance,” RAM ratings said in a statement. “Nonetheless, the […]
Sri Lankan shares down 1.12-pct during week
Aug 14, 2009 (LBO) – Sri Lanka stocks closed weaker Friday, as a record loss by index heavy Dialog Telekom pulled the market down, while the rupee spiked in late trading, brokers and dealers said.The benchmark Colombo All Share Price Index (ASPI) closed down 0.38 percent to end at 2,501.19 (9.62 points), while the Milanka […]
Sri Lanka to issue US$500mn sovereign bond in Sept-Oct: report
Aug 13, 2009 (LBO) – Sri Lanka will issue a 500 million US dollar 5-year sovereign bond in late September or early October to international investors, a media report said.“Minimum benchmark size in the international capital market is $500 million,” Reuters news agency quoted C.J.P. Siriwardena, head of Sri Lanka’s government debt office as saying. […]
Sri Lankan stocks close flat as buyers take stock of earnings
Aug 13, 2009 (LBO) – Sri Lankan shares closed flat on Thursday as retail investors recovered from a spate of weak earnings the June quarter, while plantation stocks that had exposure to tea picked up in price, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed up 0.08 percent (1.95 points) to end […]
Sri Lanka Treasury bill yields bottom out
Aug 12, 2009 (LBO) – Sri Lanka 3-month Treasury bill yields showed signs of bottoming out at Wednesday’s auction with 6 and 12 month yields up marginally, despite the government’s debt office not accepting the entire offered volume from the market. Since a float of the currency ended a balance of payments crisis in March […]
Sri Lankan blue chip shares fall on weak earnings
Aug 12, 2009 (LBO) – Sri Lankan stocks closed down Wednesday, dragged lower by index heavy blue chips as retailers, worried about weak June quarter earnings, sold out to cut losses, brokers said. The benchmark Colombo All Share Price Index (ASPI) closed down 0.72 percent (18.07 points) to end at 2,506.85, while the Milanka index […]