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Sri Lankan energy utilities lose Rs150bn in 2012, bank debt Rs245bn
Apr 10, 2013 (LBO) – Sri Lanka’s state energy utilities lost 150.9 billion rupees in 2012, which is equal to 2.0 percent of gross domestic product, while debt taken from banks to fund losses rose 53 percent to 245 billion rupees, official data shows. The Ceylon Electricity Board made an operational loss of 61.2 billion […]
Sri Lanka economic growth to pick up in 2013: ADB
Apr 10, 2013 (LBO) – Sri Lanka’s economic growth will pick up to 6.8 percent in 2013 from 6.4 percent and extend to 7.2 percent in 2014, the while there will also be positive export growth, the Asian Development Bank has said.Sri Lanka’s merchandise exports will pick up 4 percent in 2013 and 5 percent […]
Sri Lanka to publish accurate private savings number
Apr 10, 2013 (LBO) – Sri Lanka will consider publishing an accurate number for private savings from next year, separating out state enterprises which are lumped together as ‘private’ firms at the moment, officials said.Domestic savings are made up from central government savings, state enterprise and private entities. A deficit in the current account of […]
Sri Lanka aiming for low inflation, 7.5-pct growth in 2013: CB Governor
Apr 09, 2013 (LBO) – Sri Lanka’s interest rates and inflation would fall in the coming months in a virtuous cycle, helped also by market pricing energy which will lower credit pressure, Central Bank Governor Nivard Cabraal said. Sri Lanka’s inflation rose 7.5 percent in the 12 months to March 2013 but eased from 9.2 […]
Bank of Ceylon, Sri Lanka sells US$500mn bond at 5.3-pct
Apr 09, 2013 (LBO) – State-run Bank of Ceylon, Sri Lanka’s largest lender, said it had sold a 500 million US dollar 5-year bond at 5.325 percent attracting two billion dollars in orders from 140 European and Asian based investors.The bond was rated ‘BB-‘ by Fitch. Bank of Ceylon said the sale was done with […]
Rate Track
Apr 09, 2013 (LBO) – Sri Lanka’s interest rates will start to ease from May and June 2013 ongoing reforms as state energy enterprises take effect, Treasury Secretary P B Jayasundera said. The CEB is expected to raise prices this month and the CPC is expected to stop giving it subsidized furnace oil. Though the […]
Holding
Apr 09, 2013 (LBO) – Sri Lanka’s banks have experienced a moderate weakening in asset quality and capital ratios as the country recovers from a credit bubble, central bank data up to the third quarter of 2012 has shown. Gross non-performing loans rose to 4.0 percent from 3.8 percent in 2011, but the ratio is […]
Sri Lanka aiming for low inflation, 7.5-pct growth in 2013: CB Governor
Apr 09, 2013 (LBO) – Sri Lanka’s interest rates and inflation would fall in the coming months in a virtuous cycle, helped also by market pricing energy which will lower credit pressure, Central Bank Governor Nivard Cabraal said.Sri Lanka’s inflation rose 7.5 percent in the 12 months to March 2013 but eased from 9.2 percent […]
”BB-(EXP) by Fitch
Apr 08, 2013 (LBO) – A dollar denominated 5-year bond being issued by state-run Bank of Ceylon has been rated ‘BB-(EXP) by Fitch.“The notes will have a maturity of five years and coupon payments will be at a fixed rate on a semi-annual basis,” Fitch said. “The issue proceeds will be used for BOC’s refinancing […]
Sri Lanka rupee strong, bonds flat
Apr 08, 2013 (LBO) – Sri Lanka’s rupee strengthened to one year highs of as much as 125.20/30 in early trade Monday before weakening to 125.50/60 level amid seasonal conversions and weak demand, dealers said.A 5-year bond maturing on 01 April 2018 was quoted at 11.37/42 percent, dealers said. In April exporters covert dollars to […]
Bank of Ceylon international bond sale begins
Apr 08, 2013 (LBO) – An international bond of sale of Sri Lanka’s state-run Bank of Ceylon has got underway with an initial price guidance issued to investors by lead managers, a media report said. Bloomberg newswires, citing an un-named source said an initial guidance of 5.5 percent had been set. The price guidance may […]
Sri Lanka stocks close up 0.2-pct
Apr 08, 2013 (LBO) – Sri Lanka’s stock closed up 0.2 percent with interest shown in banking stocks amid thin trade, brokers said. Aitken Spence closed flat at 119.50 rupees after spiking to 120.90 rupees. Colombo Land & Development which last week got tax breaks for a 600 million rupee expansion closed up 4.30 rupees […]