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Sri Lanka needs human co-existence, institutions: Chamber boss
June 28, 2013 (LBO) – Sri Lanka has tremendous natural advantages to progress but needs human co-existence and better institutions of governance, a business chamber boss has said amidst rising nationalism and deteriorating institutions of liberty. Shah said Sri Lanka also needs to push exports for growth. He replaced Susantha Ratnayake as the head of […]
Sri Lanka stock market opening delayed over IT issue
June 28, 2013 (LBO) – Sri Lanka’s stock market trading is halted until a problem with client accounts in its automated trading system is resolved, the Colombo Stock Exchange said Friday. “We have found that a mismatch has arisen in certain client balances displayed on the Automated Trading System (ATS) during the pre-open session (9.00 […]
Sri Lanka says improving economic statistics
June 28, 2013 (LBO) – Sri Lanka is improving methods of compiling economic statistics but it was ‘grossly groundless’ to suggest that inflation is understated and gross domestic product overstated, the Central Bank said. The full statement is reproduced below:- A Clarification on Certain Media Reports on the Credibility of Statistics Published in the Central […]
Sri Lanka rupee fall unnecessary, no cause for concern: CB Governor
June 27, 2013 (LBO) – A sharp weakening of the rupee against the US dollar was unnecessary and there was no cause for concern Central Bank Governor Nivard Cabraal said as the rupee fell to one year lows.“There is no need for concern,” Cabraal said.“Those who buy at high prices will get hurt.” The Sri […]
Sri Lanka rupee reaches 130 to the dollar
June 27, 2013 (LBO) – Sri Lanka’s rupee was quoted as weak as 130.75/90 to the US dollar in the spot market Thursday, dealers said.In December the rupee traded at 130.55 levels, according to Bloomberg data. One week forwards were traded around 130.40/45 dealers said. The rupee steadily weakened amid excess liquidity in money markets […]
Expansion Idea
June 27, 2013 (LBO) – Sri Lanka’s People’s Leasing and Finance Plc, the island’s largest non-bank lender is studying investments in fast growing economies in South East Asia, shareholders were told.“We have already earmarked to penetrate into the growth centric Southeast Asia possibly Vietnam, Myanmar and Indonesia,” chief executive D P Kumarage said in the […]
Foreign Credit
June 27, 2013 (LBO) – Sri Lanka’s Hatton National Bank said it had inked a deal to raise 49 million US dollars from China Development Bank. Acting chief executive of Hatton National Bank, Jonathan Alles said it was the second loan given by CDB, indicating the confidence in the bank’s strength. State-run CDB has assets […]
New Rules
BRUSSELS, June 27, 2013 (AFP) – European finance ministers on Thursday agreed a draft deal on new rules for bank rescues that will only allow bailouts by taxpayers in exceptional cases and shift the burden onto bank owners, creditors and large depositors.The Irish presidency said it hoped the new rules would be finalised by early […]
‘s eyes banana, tuna fishing in Sri Lanka: ministry
June 27, 2013 (LBO) – Japan’s ITOCHU Corporation is looking at expanding trade and investment in banana and tuna fishing in the island, Sri Lanka’s economic development ministry said.The ministry said Kouhei Watanebe, Chairman, Japan – Sri Lanka Business Co-operation Council and adviser to ITOCHU Corporation had had talks with economic development minister Basil Rajapaksa […]
Sri Lanka President on state visit to Tanzania, Seychelles
June 27, 2013 (LBO) – President Mahinda Rajapaksa has left of Tanzania and Seychelles on the first by a Sri Lankan president to the countries, where he will meet national leaders and attend business forums, his office in Colombo said. Seychelles’ James Alix Michel had visited Sri Lanka last year. President Rajapaksa will attend the […]
”’ by S&P
June 26, 2013 (LBO) – Sri Lanka’s National Development Bank was given a ‘B+’ rating by Standard and Poor’s Rating Services, ahead of a planned international fund raising. “The ratings on NDB reflect the bank’s satisfactory business and revenue diversification and adequate risk management practices,” S & P analyst Amit Pandey said in a statement. […]
Sri Lanka Treasuries yield down after SRR cut
June 26, 2013 (LBO) – Sri Lanka’s Treasuries yields fell at Wednesday’s auction with the 12-month yield falling as much as 19 basis points to 10.66 percent, after a reserve ratio cut by the Central Bank. The debt office, which is a unit of the Central Bank said the 6-month yield fell 10 basis points […]