Category:
IMF backs Sri Lanka central bank stance
Feb 26, 2010 (LBO) – The International Monetary Fund, which put a deal with Sri Lanka on the shelf till at least May on a runaway budget, has backed the monetary policy stance of the island’s central bank. The central bank met its two performance criteria under the 2. 6 billion US dollar deal, a […]
Sri Lanka shares becalmed
Feb 25, 2010 (LBO) – Sri Lankan shares closed almost flat Thursday as many investors chose to hold and not trade with parliamentary elections due in April, brokers said. “The first full-year, post-war results would be comping out after the elections and the first quarter results. ” There were two private off-the-floor deals, one involving […]
Branch Expansion
Feb 25, 2010 (LBO) – Sri Lanka’s HSBC unit has opened a new branch in the capital Colombo pushing the total up to 15, within weeks of starting a new branch in the northern Jaffna peninsular. The new branch in Maitland Crescent in the upmarket Cinnamon Gardens or Colombo 7 area also has a ‘premier […]
Banking Fortunes
Feb 25, 2010 (LBO) – Sri Lanka’s Nation Trust Bank (NTB) group December quarter profits rose 5.0 percent to 181.1 million rupees from a year ago, and full year profits were up 16 percent 686.1 million rupees. For the year non-interest income was up 8.0 percent to 1.9 billion rupees, and non interest expenses were […]
Commercial Profits
Feb 25, 2010 (LBO) – Sri Lanka’s Commercial Bank said group December quarter profits rose 8.3 percent to 1,207 million rupees while full year profits were up 1.7 percent to 4,191 million rupees. Basic earnings per share for the quarter were reported at 4.84 rupees and the full year at 16.80 rupees. In the December […]
Arabian Call
Feb 25, 2010 (LBO) – Etisalat’s new Sri Lankan mobile subsidiary said it plans to expand coverage to cover the entire island, offer high speed links and use its international group network to give preferential rates to win customers. “We’re here to stay in Sri Lanka,” Etisalat group chief marketing officer Essa Al Haddad told […]
Sri Lanka IMF loan tranche held back on runaway budget
Feb 25, 2010 (LBO) – The International Monetary Fund (IMF) has held back the third tranche of a 2. 6 billion US dollar loan to Sri Lanka after the country’s budget went off track in the last quarter of 2009. The tranche of slightly over 300 million US dollars was expected in March after following […]
Sri Lanka to keep limit on foreign owned rupee debt for now
Feb 24, 2010 (LBO) – Sri Lanka will hold a 10 percent limit of foreign holdings of rupee Treasuries for the time being, Central Bank Governor Nivard Cabraal said, despite a widening fiscal deficit putting pressure on financial markets. Foreign investors were allowed to buy into bonds to the tune of about 30 million US […]
Sri Lanka short-end Treasuries edge up
Feb 24, 2010 (LBO) – Sri Lanka’s three, six and 12 month Treasury bill yields edged up at Wednesday’s auction, the government’s debt office said. This was higher than the 12.5 billion rupees of maturing bills. The 3-month yield edged up 09 basis points to 8. 26 percent, the 6-month yield was up 06 basis […]
Sri Lankan stocks close 0.14-pct higher
Feb 24, 2010 (LBO) – Sri Lankan shares edged up Wednesday, boosted by renewed buying interest on plantation, construction and insurance stocks, brokers said. The All Share Price Index closed at 3,775. 51, up 5.11 points, while the Milanka index of more liquid shares gained 0.39 percent (16.78 points) to close at 4,331.98. Turnover was […]
Rating Risk
Feb 24, 2010 (LBO) – A fresh risk evaluation of Sri Lanka by London insurers, considered critical in attracting investors after the end of its ethnic war, has been delayed by elections, official involved in the matter said. London underwriters have reduced the risk rating after the 30-year ethnic war ended in May 2009, with […]
Indian rail budget promises high-speed trains
NEW DELHI, February 24, 2010 (AFP) – India’s rail minister announced Wednesday plans for high-speed trains for Asia’s largest rail network as she kept fares unchanged — underscoring the government’s focus on “inclusive growth”. Indian Railways boasts a network of 109,000 kilometers (67,730 miles) that transports some 18.5 million people daily on 14,000 passenger and […]