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‘s lower inflation, narrowing budget deficit to boost growth: ADB
Apr 01, 2014 (LBO) – Sri Lanka’s current relatively low inflation and a narrowing budget deficit will boost investment and growth helped by recovering exports and domestic demand, the Asian Development Bank said.Last year Sri Lanka gross domestic product was estimated to have grown by 7.3 percent in the middle of recovering from a balance […]
‘s NDB raises US$125mn with IFC backing
Mar 31, 2013 (LBO) – International Finance Corporation, a World Bank unit has helped syndicated a 125 million US dollar loan for Sri Lanka’s NDB Bank with a further 70 million US dollars to be provided by June 2014. HSBC was the ‘strategic advisor’ the syndication, the two firms said. About 75 percent of the […]
Sri Lanka stocks close flat
Mar 31, 2014 (LBO) – Sri Lanka’s stocks close flat Monday with thin foreign activity on the bourse, brokers said. The Colombo benchmark All Share Price Index closed 3.86 points lower at 5,968.31 down 0.06 percent. The S&P SL20 closed 1.25 points higher at 3,279.92, up 0.04 percent. Turnover was 464.39 million rupees, down from […]
Sri Lanka tea production drops 10-pct in February
Mar 31, 2014 (LBO) – Sri Lanka’s tea production has dropped 10 percent to 22.4 million kilograms in February 2014 from a year earlier, and the March crop is also expected to be fall amid a drought, a tea brokerage has said. In 2014 tea prices have been firmer. The national sales average rose to […]
‘s IPCC issues dire warnings amid 15-year pause in global warming
Mar 31, 2014 (LBO) – A UN panel on climate change has warned of dire consequences ranging from hunger to war from climate change amid a 15 year plus ‘pause’ in global warming that scientists are struggling to explain. “Increasing magnitudes of warming increase the likelihood of severe, pervasive, and irreversible impacts,” AFP a news […]
Sri Lanka power utility making large losses: report
Mar 31, 2014 (LBO) – Sri Lanka’s state-run Ceylon Electricity Board has lost over 24 billion rupees in the past quarter with low rainfall hitting hydro power, a media report said, raising concerns over credit expansion and exchange rate stability.The Sunday Times newspaper quoting a letter written by CEB General Manager Shavi Fernando said CEB […]
Sri Lanka inflation unchanged at 4.2-pct in March
Mar 31, 2014 (LBO) – Sri Lanka’s consumer prices rose 4.2 percent in the 12-months to March from a year earlier, with inflation unchanged from the 4.2 percent a month earlier, data from the state statistics office showed. Sri Lanka’s inflation has been muted amid weak credit growth following the end of a balance of […]
Sri Lanka ruling party wins provincial election with lower margin
COLOMBO, March 30, 2014 (AFP) – Sri Lanka’s ruling party won local elections, but with smaller than expected margins in a crucial mid-term test for President Mahinda Rajapakse, official results showed Sunday.The president campaigned for polls held Saturday for southern and western provincial councils, both in the ethnic majority Sinhalese heartland, which account for more […]
Sri Lanka ruling party set for local election win
COLOMBO, March 30, 2014 (AFP) – Sri Lanka’s ruling party was headed for victory in local elections but with smaller than expected margins in a crucial mid-term test for President Mahinda Rajapakse, early results showed Sunday.The ruling party had tried to turn Saturday’s vote into a referendum on a UN Human Rights Council’s resolution last […]
‘s HNB Assurance separates general insurance
Mar 29, 2014 (LBO) – Sri Lanka’s HNB Assurance Plc said it will set up a separate unit to take over its general insurance business under a regulatory decision to split all composite insurers.HNB Assurance is a unit of listed Hatton National Bank. The firm’s shareholders had approved a resolution to transfer assets and liabilities […]
Sri Lanka stocks close down 0.3-pct
Mar 28, 2014 (LBO) – Sri Lanka’s stocks close 0.34 percent lower Friday with tobacco and insurance stocks losing ground amid strong foreign selling, brokers said. Piramal Glass Ceylon closed 10 cents lower at 3.40 rupees and George Steuart Finance closed 16.30 rupees lower at 49.80 rupees, attracting most number of trades during the day. […]
Forex Cover
Mar 28, 2014 (LBO) – BRAC Lanka Finance Plc, said it had hedged the foreign exchange risk of a two million US dollar loan from its parent by creating a forex deposit and borrowing rupees against it.BRAC International Holdings BV has given 3-year 2 million US dollar loan to BRAC Lanka at 7.0 percent a […]