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Sri Lanka stocks close down 0.2-pct
June 21, 2013 (LBO) – Sri Lanka’s stocks closed down 0.22 percent on Wednesday, due to index heavy stocks extending losses, brokers said. The benchmark Colombo All Share Index closed 13.54 points lower at 6,072.68 and the S&P SL 20 Index closed 07.60 points lower at 3,422.83 down 0.22 percent. Turnover was 2.2 million rupees […]
Tripartite Finance
June 26, 2013 (LBO) – Netherlands-based Triodos Bank will take a 10 percent stake to join Bangladesh’s BRAC in building micro financier, Sri Lanka’s Lanka Orix group said after taking over a listed finance company. Triodos has operations in finance, fund management and renewable energy. LOLC and BRAC Wednesday took control of Nanda Investment and […]
Peer Rate
June 26, 2013 (LBO) – A two percentage point cut in Sri Lanka’s bank reserve ratio to 6.0 percent will lower costs, expand funds available to be given as loans, allowing banks to bring down lending rates, Central Bank Governor Nivard Cabraal said.But the greater benefit will in the ongoing intermediate cost reduction and the […]
Lending Boost
June 26, 2013 (LBO) – Sri Lanka has cut the deposits that commercial banks have to keep with the central bank by 200 basis points to 6.0 percent to boost lending cut intermediation costs, the central bank said.The full statement is reproduced below Central Bank reduces Statutory Reserve Requirement (SRR) by 2 percentage points Since […]
New flame-headed bird species found in Cambodia capital
PHNOM PENH, June 26, 2013 (AFP) – A new species of bird with a distinctive orange-red coloured tuft of feathers on its head has been found in Cambodia’s populous capital city, conservationists said on Wednesday. The remarkable discovery of the Cambodian tailorbird, or orthotomus chaktomuk, in Phnom Penh — and several other locations including a […]
Sri Lankan teens at Allianz football camps in Germany, Thailand
June 26, 2013 (LBO) – Allianz Insurance Lanka said two Sri Lankan teenagers had been selected to take part in an international football camp in Germany sponsored by the insurer and another two will go to a camp in Thailand. Isuru Sandamal Weerasinghe, 14 and Roshen Subhash Pingho, 14 from Badulla and Payagala will go […]
Sri Lanka to mop up liquidity surge to temper forex effects
June 26, 2013 (LBO) – Sri Lanka will mop up a surge of liquidity from a 200 basis point reserve ratio cut to temper any pressure on the exchange rate, Central Bank Governor Nivard Cabraal said.The speed at which liquidity hits the forex markets depends on the degree of openness of the economy and the […]
Sri Lanka stocks close down 1-pct
June 25, 2013 (LBO) – Sri Lanka’s stocks closed down 1.03 percent Tuesday with the heavy index stocks continuing to slide while an equities research house forecasted the stock market to gain from mid 2012. In the banking sector, Sampath Bank closed at 202.70 rupees up 20 cents and Commercial Bank of Ceylon lost 2.00 […]
‘s large homes charged highest electricity tariff in the region
June 25, 2013 (LBO) – Larger households in Sri Lanka are charged the highest tariff in the region for electricity, but industrial and commercial charges are lower than some key countries in South and East Asia, analysis of published rates has shown. In Sri Lanka, very large households using 600 kiloWatt hours charged about 50.23 […]
Sri Lanka, India in talks on boosting trade, investments
June 25, 2013 (LBO) – Sri Lanka and India has held talk on doubling trade to 10 billion US dollars over the next three years, removing non-tariff barriers and reviewing negative lists, the island’s finance ministry said. India has allowed eight million pieces of garments under a quantity restriction.Sri Lanka has sought removing quantity restrictions […]
Sri Lanka rupee recent weakness will not hurt inflation: CB Governor
June 25, 2013 (LBO) – A recent weakness in Sri Lanka’s rupee is unlikely to worsen inflation as the currencies of key trading partners, especially India have fallen further, Central Bank Governor Nivard Cabraal said.Analysts say rupee has tended depreciated in recent weeks partly because sometimes it stayed out of from forex markets, when the […]
Sri Lanka bond yields move higher, rupee steady
June 24, 2013 (LBO) – Sri Lanka’s bond yields spiked further Monday as some foreign investors sought to shorten the maturity of their positions, dealers said but there were no significant outflows, officials said.The yield on a popular 5-year bond maturing on 2018 spiked to as much as 11.70 percent, from Friday’s 11.48 levels, before […]