Category:
Sri Lanka signal rate up
Nov 25, 2011 (LBO) – An effective signal interest rate in Sri Lanka has edged up over 30 basis points over the week with the monetary authority withdrawing excess liquidity through a cash auction a higher rate. The 3-month auction Treasury bill rate which is controlled by the monetary authority increased 44 basis points to […]
Sri Lanka stocks end down one-pct
Nov 25, 2011 (LBO) – Sri Lankan shares fell further Friday, following Thursday’s crash below the 6,000 point mark, with a trading halt caused by an error trade jolting investors already unnerved by uncertainty and margin calls, brokers said. The main All Share Price Index fell 1.04 percent (60.99 points) to 5,805.76, while the more […]
Asset Quality
Nov 25, 2011 (LBO) – RAM Ratings Lanka has upgraded LB Finance’s (LBF) long- and short-term financial institution ratings, from BBB+/P2 to A-/P2, with the long-term rating given a stable outlook. The rating agency has also revised upwards the long-term ratings of LBF’s debt issues, s statement said. “The upgraded ratings reflect LBF’s consistently expanding […]
Sri Lanka, Thai hotel venture to build beach property
Nov 25, 2011 (LBO) – Thailand’s Minor International is to build a 160-room beach hotel on Sri Lanka’s south-west coast in a partnership with the island’s Hemas Holdings group at a cost of 25 million US dollars. Abbas Esufally, group director of Hemas Holdings, said Minor group which operates hotels under the Avani and Anantara […]
Sri Lanka woos Sheraton India franchisee for hotel: report
Nov 25, 2011 (LBO) – Sri Lanka is in talks to with India’s ITC Ltd a franchisee of Starwood Hotels and Resorts’ Sheraton brand to build a 450 million US dollar hotel in a beachfront in the capital Colombo, a media report said. Reuters, a new agency quoted Sri Lanka’s Treasury Secretary as saying that […]
Sri Lanka tea prices fall
Nov 25, 2011 (LBO) – Sri Lankan tea prices fell at this week’s Colombo auctions with reduced demand and brokers saying the island is unlikely to match last year’s annual production owing to a slower recovery in crops. A key buyer also kept out of the first day of the auctions owing transport problems involving […]
India FDI up 41-pt to US$22.5bn to September
NEW DELHI, Nov 25 (AsiaPulse) – Foreign Direct Investment in India surged by 41 per cent to US$22.5 billion during the January-September period this year, despite the uncertain global economic environment. During January-September 201O, the country had attracted Foreign Direct Investment (FDI) worth US$15.97 billion. Experts maintained that the government should further streamline policies and […]
How not to do public policy: Messy visa changes in Sri Lanka
Nov 25, 2011 (LBO) – In most countries, visa fees are set through subordinate legislation. In Sri Lanka, it comes in the National Budget, read by the President, after more than a year of public vacillation. The end result is good, but the process was atrocious. It’s case study of how not to do public […]
Sri Lanka food processing, education, heath interests UAE: visiting minister
Nov 25, 2011 (LBO) – Sri Lanka’s food processing, education and health sectors and business process outsourcing sectors are of interest to the United Arab Emirates, visiting minister of foreign trade Lubna Al Qasimi has said. Minister Bathiudeen said Sri Lanka has free and preferential trade agreements with India and Pakistan and South Asia giving […]
Sri Lanka overnight rates hit two year high
Nov 24, 2011 (LBO) – Sri Lanka’s overnight gilt backed repos rose as much as 8. 35 percent and call rates hit a two year high of 9.25 percent Thursday, dealers said, as liquidity tightened amid defence of a dollar peg. Stocks closed 2.7 percent lower. Sentiment in Sri Lanka’s financial markets have also been […]
Sri Lanka should reveal data on interventions, forex reserves: civil activist
Nov 24, 2011 (LBO) – Sri Lanka should reveal data on interventions and foreign exchange reserves and the rationale for a step devaluation of the rupee instead of a market determined float, a civil society activist has said. Chandra Jayaratne, a former head of Sri Lanka’s largest business chamber, said the Central Bank should reveal […]
Sri Lanka stocks plunge, rates up
Nov 24, 2011 (LBO) – Sri Lankan shares tumbled Thursday, crashing below the 6,000 point mark amid uncertainty among investors about government policy after takeover of businesses and a snap devaluation of the rupee. The main All Share Price Index fell 2.79 percent (168.61 points) to 5,886.75, while the more liquid Milanka index fell 2. […]