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Sri Lanka stocks slide 1.7-pct on large caps
Aug 21, 2013 (LBO) – Sri Lanka’s stocks plunged 1.7 percent Wednesday as three large capitalized stocks that had taken the market up in recent weeks, lost ground, brokers said. The benchmark Colombo All Share Index closed 107.6 points lower at 6,116.67 down 1.73 percent and the S&L20 Index slid 1.7 percent to close at […]
Credit Transition
Aug 21, 2013 (LBO) – Sri Lanka’s private sector credit utilization is higher than bank loan data suggest due to structural changes that are taking place this year, a senior central bank official said.During the first six months of the year credit to private business and individuals from commercial banks rose 74.6 billion rupees, down […]
Economic Pulse
Aug 21, 2013 (LBO) – Sri Lanka’s Cargills (Ceylon) Plc, which has interests in retailing, foods and restaurants said profits fell 49 percent to 121 million rupees in the June 2013 quarter amid narrower margins, but said the business environment was improving. Cargills also runs Sri Lanka’s KFC restaurant franchise. The company said prices have […]
Smarting
SEOUL, August 21, 2013 (AFP) – News that Samsung will unveil a “smartwatch” next month has sent rumour mills into overdrive within the tech community as it second guesses what the much-hyped gadget will offer. Wearable computing, including Google’s smart glasses, is considered the next frontier in consumer electronics following smartphones. Apple has long been […]
New alarmist IPCC report leaked as skepticism grows
WASHINGTON, August 21, 2013 (AFP) – Human activity is almost certainly the cause of climate change and global sea levels could rise by several feet by the end of the century, according to an Intergovernmental Panel on Climate Change (IPCC) report leaked to media on Tuesday.The draft summary of the report all but dismissed recent […]
Jumpy Vietnamese caterpillar shies the Sun: study
PARIS, August 20, 2013 (AFP) – The larva of a Vietnamese moth has devised a unique form of transport — constructing a leaf cone and thrashing about inside to make it jump, a study showed Wednesday.Even more remarkably, the tiny caterpillar manages to steer its leafy vehicle in a clear direction along the forest floor […]
‘s RBI to sterilize interventions with long-bond purchases
MUMBAI, August 21, 2013 (AFP) – India’s shares opened higher and bond yields eased Wednesday but its currency remained under pressure after the central bank announced moves to inject 80 billion rupees into the banking system. Banking stocks jumped on the new measures, pushing Indian shares 1.22 percent higher to 18,468.55 points, after falling nearly […]
ADB says Asian nations need at least 18-pct industry to be rich
SINGAPORE, August 21, 2013 (AFP) – Growth-hungry Asian economies which bypass industrialisation and leapfrog from agriculture to the services sector may fall into a “middle income trap”, the Asian Development Bank (ADB) cautioned Wednesday.ADB chief economist Changyong Rhee said the region’s low-income economies should focus on developing their manufacturing sectors, which would in turn generate […]
‘s rupee slips to new record low against dollar
MUMBAI, August 20, 2013 (AFP) – India’s rupee hit a new all-time low against the dollar on Tuesday on continuing fears that recent measures to stabilise the currency and kickstart the flagging economy will not work. Asia’s worst-performing currency this year slid to 64.11 rupees against the dollar, past its previous low of 63.22 the […]
Sri Lanka mulls listing dollar corporate bonds
Aug 19, 2013 (LBO) – Sri Lanka’s Securities and Exchange Commission is in talks with the central bank over permitting dollar denominated corporate bonds to be traded on the stock exchange, an official said. “We are talking to central bank to allow companies to issue dollar bonds,” SEC chairman Nalaka Godahewa told a forum organized […]
”’ rating confirmed: Fitch
Aug 19, 2013 (LBO) – Sri Lanka’s John Keells Holding’s ‘AAA(lka)’ rating has been confirmed by Fitch with a stable outlook, saying the group has cash reserves and low leverage. -Gross debt/EBITDA at holdco being sustained above 4.0x (FYE13: 0.86x) -Introduction of significant refinancing risk at holdco or group over the medium-term -Impaired business risk […]
Ship Building
Aug 19, 2013 (LBO) – Sri Lanka’s Colombo Dockyard Plc, a unit of Onomichi of Japan said profits fell 73 percent to 114 million rupees in the June 2013 quarter from a year earlier amid a drop in revenues. The firm reported profit of 572 million rupees from shipbuilding in the six months with 482 […]