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Sri Lanka has to guard against external risks: IMF
Nov 20, 2013 (LBO) – Sri Lanka has expressed a commitment to keep the budget deficit down next year, but the country has to guard against external risks and boost its business climate, a top International Monetary Fund official said. Meanwhile Shinohara said a lower deficit would also reduce the need for future foreign borrowings. […]
‘s LB Finance Rs2.0bn debt oversubscribed
Nov 19, 2013 (LBO) – A 2.0 billion rupee debt sale by Sri Lanka’s LB Finance has been oversubscribed and close on its opening day, an official said.The offer is managed by Merchant Bank of Sri Lanka. LB Finance, a registered finance company offered debt paying 14 percent monthly ( annual effective rate of 14.93 […]
”’ by RAM
Nov 19, 2013 (LBO) – RAM Ratings Lanka said it has given a ‘BBB+’ rating to a proposed 2.0 billion subordinated debt issue by LB Finance, a notch below its ‘A-‘ domestic entity rating. As such the Company’s funding composition remained dominated by deposits increasing to 76.71% as at end-August 2013. In line with the […]
Sri Lanka stocks close down 0.2-pct
Nov 19, 2013 (LBO) – Sri Lanka stocks closed lower with tobacco and plantation stocks losing ground despite strong foreign buying, brokers said. Carson Cumberbatch closed 10 cents higher at 380.10 rupees and Sampath Bank closed 10 cents higher at 166.00 rupees. Dialog closed flat at 9.00 rupees and Ceylinco Insurance closed flat at 1,300.00 […]
Sri Lanka tourist arrivals up 27-pct in October
Nov 19, 2013 (LBO) – Sri Lanka’s tourist arrivals rose 27.9 percent to 102,805 in October 2013 from a year earlier, helped by surging arrivals from China, Maldives, India and Russia, official data showed. Middle Eastern arrivals were up 45.7 percent to 7,624, with visitors up to October up 12 percent to 49,250. East Asian […]
Sri Lanka stocks close up 0.2-pct
Nov 18, 2013 (LBO) – Sri Lanka stocks closed higher with diversified stocks picking up amid strong foreign buying, brokers said. The Colombo benchmark All Share Price Index closed 13.51 points higher at 5,824.48, up 0.23 percent. The S&P SL20 closed 25.63 points higher at 3,200.31, up 0.81 percent. Turnover was 936.44 million rupees, up […]
Yameen takes power in Maldives after vote turmoil
MALÉ, November 17, 2013 (AFP) – Maldivian President Abdulla Yameen was inaugurated Sunday, a day after his shock election victory that ended nearly two years of turmoil that threatened to turn the honeymoon islands into an international pariah.Yameen, the half-brother of the islands’ long-time strongman ruler, was sworn in by the chief justice at a […]
Commonwealth puts on united front after summit rifts
COLOMBO, November 17, 2013 (AFP) – Commonwealth leaders agreed Sunday on steps to tackle high debt and poverty as they staged a show of unity after a summit in Sri Lanka dominated by a bitter dispute over war crimes.Following a three-day meeting in Colombo, Sri Lankan President Mahinda Rajapakse announced that a communique had been […]
Sri Lanka consumer durables group, sales, profits drop
Nov 18, 2013 (LBO) – Profits and revenues at Singer (Sri Lanka) Plc, a top consumer durables seller dropped 67 percent to 62 million rupees in the September 2013 quarter from a year earlier, amid tight economic conditions.Furniture, transport and agro products also dropped. But communications sector rose to 871 million rupees from 338 million […]
Yameen to be sworn in as Maldives leader after shock win
MALÉ, November 16, 2013 (AFP) – Abdulla Yameen was to be sworn in as the Maldives new president Sunday after his shock win over former leader Mohamed Nasheed, drawing a line under a bout of turmoil on the paradise islands. Yameen secured 51.3 percent of the popular vote compared to 48.6 percent for ex-president Nasheed […]
Colombo Declaration after Sri Lanka Commonwealth summit
Nov 17, 2013 (LBO) – Leaders of Commonwealth nations have issued a declaration after meeting in Sri Lanka’s capital Colombo calling for ‘equitable’ growth, better education and inclusivity for women, youth and the disabled.The full statement is reproduced below:- Commonwealth Heads of Government Meeting (CHOGM) 15-17 November, 2013 Colombo Declaration on Sustainable, Inclusive and Equitable […]
Small states seek Commonwealth backing for cheap credit at Sri Lanka meet
Nov 17, 2013 (LBO) – Small states are seeking endorsement from Commonwealth leaders at a in their bid to regain access to cheap finance from multilateral lenders, at a summit meeting in Sri Lanka. Without the ability to depreciate the currency, rulers lose the principle ability to impoverish the population and their path is clear […]