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Sri Lanka’s Fitch affirms Abans at BBB+, revises outlook to Stable
Fitch Ratings has affirmed Sri Lanka-based retailer Abans National Long-Term Rating at ‘BBB+(lka)’ and revised its Outlook to Stable from Negative. Fitch has also affirmed the National Long-Term Rating on Abans’ unsecured redeemable debentures at ‘BBB+(lka)’ and its outstanding commercial paper at National Short-Term Rating of ‘F2(lka)’. The Outlook revision reflects improvements in Abans’ net […]
Sri Lanka currency now competitive after float: CB Governor
Sept 28, 2015 (LBO) – Sri Lanka’s currency is now competitive after being floated last month and will support export growth, the central bank governor told media on Monday. “Like other currencies in emerging markets, the Sri Lankan currency has also adjusted to become slightly weaker against the U.S. currency,” Arjuna Mahendran, the central bank […]
Sri Lanka luxury property market under threat: OBG
Sep 28, 2015 (LBO) – Sri Lanka’s high end residential property market is at a possible risk as supply is set to overtake demand, a recent real-estate update by the Oxford Business Group said. The supply of luxury apartments in the commercial capital could reach 6000 units by 2018-19, according to a recent report by […]
Sri Lanka RDA engineers write to PM over DG demotion
Sept 28, 2015 (LBO) – Sri Lanka’s Road Development Authority Engineers’ Association (RDAEA) has written to the Prime Minister regarding the demotion of the Director General of the RDA as they have not yet received a response from the President’s office, a union official said. “We have written to the President, and we had a […]
Sri Lanka’s island-wide blackout a technical fault: CEB
Sep 28, 2015 (LBO) – Sri Lanka’s Power Minister Ranjith Siyambalapitiya has ordered CEB to investigate the reason behind the island wide power failure experienced last midnight.CEB Chairman Anura Wijepala told LBO that the investigation is currently underway.“It happened last midnight. However by 4’o clock in the morning we restored the power supply.” Wijepala said. […]
‘s move away from pacifism closely watched by region
Sept 28, 2015 (LBO) – Japan’s move away from pacifism under Prime Minister Shinzo Abe will have regional repercussions, as the country looks towards an expanded military role, analysts say.Thousands of people protested in Tokyo as controversial bills that relaxed a ban on arms exports, aimed to develop weapons and increase the defense budget passed […]
Sri Lanka’s dream as a Maritime Hub has associated challenges
Sep 28, 2015 (LBO) – Sri Lanka’s first ever international maritime conference concluded over the weekend leaving policy makers an array of thoughts on how to transform the island into a Maritime Hub. The country legislated Colombo and Hambanthota ports as Free Ports two years ago but criticism over its prologue echoed at the recently […]
Sri Lanka shipping can play a vital role in economy: Pandithage
Sep 27, 2015 (LBO) – Sri Lanka’s maritime industry can boost and support the islands efforts in international trade and investments to enable further long-term growth, a senior official said. “Sri Lanka has to be a hub for more than South Asia to realize the full potential of our valuable ports and shipping,” Mohan Pandithage, […]
Sri Lanka Customs to implement Single Window System by end 2015
Sep 27, 2015 (LBO) – Sri Lanka Custom’s Single Window System is to be implemented by the end of this year, Finance Ministry said in a statement.The system enables the economic operators and trading partners to submit all import, export and transit information required by regulatory agencies via a single electronic gateway. Single window operation […]
Sri Lanka welcomes largest container vessel to Colombo port
Sep 25, 2015 (LBO) – Sri Lanka has welcomed the largest container vessel to Colombo port today morning, the ports and shipping ministry said.The UK registered vessel ‘Marco Polo’ has 16,020 containers of cargo carrying capacity.The vessel is 396 meters by the length and 29.9 meters of height and it was the world’s largest vessel […]
Central bank holds rates unchanged; private sector credit up 21 pct
Sept 25, 2015 (LBO) – Sri Lanka’s central bank held key interest rates unchanged on Monday despite credit to the private sector rising 21 percent due to low interest rates amid a further drop in foreign reserves. The Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank were […]
Foreign holding in govt securities falls by USD68 mn in last week
Sept 25, 2015 (LBO) – The holding of Sri Lanka government securities by foreign investors fell to 333.2 billion rupees in the week to September 23, from 342.8 billion rupees in the previous week, information from the central bank showed. This reflects an outflow of 9.6 billion rupees (68 million dollars) for the week, and […]