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‘s Commercial Bank to sell listed debt
Mar 14, 2012 (LBO) – Sri Lanka’s Commercial Bank of Ceylon said it is planning to raise at least a billion rupees through sale of listed debt, but may sell more debt if the demand is higher. Commercial Bank said in a stock exchange filing that wanted to sell at least 500,000 redeemable debentures of […]
Sri Lanka stocks close flat, rupee weaker
Mar 14, 2012 (LBO) – Sri Lanka’s stocks closed flat Wednesday, with foreign investors being net buyers and the rupee fell to a new low in forex markets, brokers and dealers said. The benchmark Colombo All Share Index closed down 5. 19 points at 5,418.07 points and the Milanka Index of liquid stocks gained 0. […]
Moral Suasion
Mar 14, 2012 (LBO) – Sri Lanka’s central bank has asked banks to limit credit to buy motor cars, in a bid to reduce imports, as the country faced balance of payments pressure and lost more than a quarter of its foreign reserves. The Central Bank said vehicle dealers had built up large inventories of […]
Sri Lanka devaluation seen improving tea export margins
Mar 14, 2012 (LBO) – The fall in the value of the Sri Lankan rupee following a snap devaluation last year has helped tea exporters improve profit margins and regain competitiveness, Finlays Colombo, a top exporter has said. Its chairman Kumar Jayasuriya said the firm had a difficult year in 2011 because of problems in […]
India plans 2G spectrum auction
NEW DELHI, March 14 (AsiaPulse) – India’s Department of Telecommunications plans to start auction of 2G spectrum by December 20 and allocate spectrum to players in March next year. “We will need time at least till December 20 to start auction of spectrum. There are various processes before it and will have to stick to […]
Sri Lanka 2012 economic growth downgraded to 7.2-pct
Mar 14, 2012 (LBO) – Sri Lanka’s economic growth for 2012 has been downgraded to 7.2 percent from an earlier projected 8.0 percent, but inflationary pressures may remain weak, the Central Bank said amid measures to counter a balance of payments crisis. The central bank raised policy rates in February, allowed a rupee peg to […]
Sri Lanka rupee falls to new low
Mar 13, 2012 (LBO) – Sri Lanka’s rupee was quoted at a new historic low of 123.45/60 against the spot US dollar in late trading Tuesday dealers said. The rupee opened around 121.80 to the US dollars. Analysts had warned that continued liquidity injections in to money markets to sterilize off-market forex interventions will result […]
Yard Fortunes
Mar 13, 2012 (LBO) – Sri Lanka’s Colombo Dockyard anticipates lower ship building and repair orders given the shipping industry downturn but is investing in equipment to improve efficiency and eyeing offshore oil industry work. “Geographically, Colombo Dockyard couldn’t be positioned in a better place than in Sri Lanka. It truly is an imperative in […]
‘s Mackwoods Energy plans hydro plants of 6.4MW
Mar 13, 2012 (LBO) – Mackwoods Energy Limited, a unit of Sri Lanka’s privately held Mackwoods group is is raising 350 million rupees from a public offer to build hydro power plants and expand existing business, officials said. The firm will sell energy through a flat-tariff power purchase agreement to state-run Ceylon Electricity Board. The […]
Sri Lanka overnight rates high amid liquidity shortages
Mar 12, 2012 (LBO) – Sri Lanka overnight cash rates topped 10 percent Monday for the third day running amid liquidity shortages pointing to heavy off-market forex interventions, dealers and analysts said. Sri Lanka’s foreign reserves fell to 5,957.7 US dollars in December 2011 from a peak of over 8.0 billion US dollars in July. […]
Sri Lanka to sell US$45mn in bonds
March 12, 2012 (LBO) – Sri Lanka is offering 45 million US dollars worth three and four year government bonds for sale to foreign investors and permitted domestic investors, ahead of a maturity of the same volume. The state debt office, which is a unit of the Central Bank said it is offering 35 million […]
Sri Lanka stocks close 0.6-pct lower
Mar 12, 2012 (LBO) – Sri Lanka’s stocks closed 0. 58 percent lower Monday with illiquid stocks falling in thin trade, though foreign investors were net buyers and some large caps stocks gained, dealers said. The benchmark Colombo All Share Index closed down 31. 8 points at 5,424.4 points and the Milanka Index of liquid […]