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Sri Lanka will not sell sovereign bond this year: CB Governor
Dec 12, 2012 (LBO) – Sri Lanka has decided not to sell a sovereign bond in 2013, Central Bank Governor Nivard Cabraal said, urging commercial banks to tap the international capital market more. “Government will not be taking direct loans from abroad,” Cabraal told bank directors at a forum in Colombo. “Commercial borrowing from the […]
Sri Lanka stocks close up 1.8-pct
Dec 12, 2012 (LBO) – Sri Lanka stocks closed up 1.8 percent Wednesday after the Central Bank cut rates by 25 basis points, driven mostly by domestic buying, brokers said. Asian Alliance Insurance said it had been investing 177 million rupees in commercial paper of Softlogic Capital Ltd, a related party and earned interest of […]
Group Risk
Dec 12, 2012 (LBO) – Sri Lanka’s financial regulators will monitor banks connected to conglomerates closely in the future as firms and the financial sector becomes bigger in the future, Central Bank Governor Nivard Cabraal said. “I know many of you are not only looking at the banking sector but you have other businesses as […]
Sri Lanka cuts interest rates to boost credit
Dec 12, 2012 (LBO) – Sri Lanka has cut its main policy rate at which money injected to banks by 25 basis points to 9. 50 percent to boost loans and the Central Bank said a credit ceiling would expire by the end of this month. “The Central Bank has been carefully monitoring the developments […]
Sri Lanka firms to benefit from widening diversity
Dec 12, 2012 (LBO) – Sri Lankan firms can benefit from being more inclusive, and while comprehensive diversity policies were still rare, many were making a start by promoting equal opportunity and combating sexual harassment, top executives said. Kasturi Chellaraja Wilson, managing director, Transportation Sector, Hemas Holdings recalled an instance where a new person who […]
Sri Lanka stock close up 0.2-pct
Dec 11, 2012 (LBO) – Sri Lanka’s stocks closed up 0.2 percent Tuesday, helped by gains in Nestle and CTC while forex markets saw import demand later in the day, brokers and dealers said. NDB Capital Holdings closed at 460.00 down 39.80 rupees, Hunters fell 44.90 to close at 294.50, Kelani Valley Plantations fell 7.80 […]
Top Rating
Dec 11, 2012 (LBO) – Fitch Ratings has confirmed a ‘AAA(lka)’ rating of HSBC Sri Lanka with a stable outlook, on the strength of its parent. The full statement is reproduced below: Fitch Affirms HSBC Sri Lanka Branch at ‘AAA(lka)’; Outlook Stable Fitch Ratings-Colombo/Seoul/Singapore-10 December 2012: Fitch Ratings Lanka has affirmed HSBC Sri Lanka Branch’s […]
Sad Employers
Dec 11, 2012 (LBO) – Sri Lanka’s Employer’s Federal of Ceylon (EFC) an industry body representing large firms said it was disappointed over a delay in two key labour law reforms that were agreed upon earlier. The EFC has been making representations through the National Labour Advisory Council, a body representing the state, unions and […]
India may ask Sri Lanka to cut automobile tariffs: report
Dec 11, 2012 (LBO) – India is mulling asking Sri Lanka to reduce import duties which had been raised twice last year hitting small car imports and three wheeler vehicles in particular, a media report said. Another report said Chinese manufacturers are being allowed to set up assembly plants in Sri Lanka which could potentially […]
Sri Lanka credit ceilings served their purpose: Deputy Governor
Dec 11, 2012 (LBO) – Credit ceilings imposed on Sri Lanka’s commercial banks had served their purpose and were part of temporary measures to stabilize the economy, deputy Central Bank Governor Nandalal Weerasinghe said. In February 2012 Sri Lanka raised interest rates, imposed an 18 percent cap on commercial bank credit growth and partially floated […]
Liquid Bank
Dec 10, 2012 (LBO) – Sri Lanka’s ICICI Bank, a branch of an Indian bank with the same name, has seen its [SL] AAA credit rating confirmed by ICRA, a rating agency on support from the parent, comfortable capitalization and high sovereign asset holdings. “The credit strengths are partially offset by small scale of the […]
Banking Secrecy
Dec 10, 2012 (LBO) – Sri Lanka’s banking secrecy laws may not be worth the paper it is written on and confidential information of customers could be easily obtained, a senior government minister said over the weekend. Fisheries Minister Raajitha Senaratne said the 117 ruling party legislators who signed the impeachment motion against Chief Justice […]