Category: Economy and Markets
John Keells floats debenture to pay off debts
September 11, 2006 (LBO) – Sri Lanka’s John Keells Holdings secured an AAA (lka) rating for the upcoming 2.0 billion rupee debenture, but Fitch Rating Lanka says the group depends too much on the transportation unit to generate cash revenues. The bluechip conglomerate is raising money to pay off short term debts built up during […]
’s tsunami hit coastline
September 8, 2006 (LBO) – Sri Lanka Friday flagged off construction work on a road project which links the tsunami hit coastlines from the south up to the east of the island. The Matara-Wellawaya road, jointly funded by ADB and the European Union, is closely linked to a network of tsunami-affected roads to be rehabilitated […]
Maldives easiest place to do business in South Asia, Sri Lanka trails in fourth place
Sept 06 (LBO) – The coral atoll of Maldives was the easiest place to do business in South Asia, followed by Pakistan and Bangladesh, while Sri Lanka trailed at fourth place, in a ranking by the World Bank. Maldive Islands earned first place in four out of ten topics the Bank had used to measure […]
Sri Lanka lags reforming nations in South Asia: Report
Sept 06 (LBO) – Once the leader in reform, Sri Lanka is now lagging other reforming economies in South Asia, and the country has become a more difficult place to do business, a World Bank report released today said. ‘Doing Business in 2007: How to Reform’ has found that only India and Pakistan had introduced […]
’s trade deficit ballooned in July as port strike hit exports
Sept 06 (LBO) – Sri Lanka’s trade deficit expanded by more than 50 percent in the seven months to July, spurred by rapid import growth and falling exports, the Central Bank said. In July exports fell by 7.9 percent to 516 million US dollars, after striking port workers interrupted exports, but oil imports which come […]
‘s inflation hits 15.3% in July
August 31, 2006 (LBO) – Sri Lanka’s consumer prices jumped to 15.3 percent in July, the Census & Statistics Department said Thursday, as prices of bread, fuel, cinema tickets rose to offset lower costs of vegetables. As a result the Colombo Consumer Price Index or CCPI ended at 4,650.0 in July. Prices of bread, wheat […]
Sri Lanka looks for investors to raise US$ 100 million
August 31, 2006 (LBO) – Sri Lanka Thursday announced plans to raise another 100 million dollars through a bond issue to pay for ongoing development projects. Prospective investors can send in their applications from Sept 5-12 and those selected have to pay up by Sept 20, the Central Bank said in a public notice. Investors […]
Senkadagala Finance retains BBB+(lka) rating from Fitch
August 30, 2006 (LBO) – Sri Lanka’s Senkadagala Finance Company Ltd retained its ‘BBB+(lka)’ rating from Fitch Ratings Lanka, the agency said Wednesday. The rating carries a ‘stable’ outlook and Fitch said they have also retained the same rating for Senkadagala’s four-year debenture ending in 2009. The rating reflects the family owned company’s good asset […]
DFCC Bank taps debt market for funds
August 30, 2006 (LBO) – Sri Lanka’s DFCC Bank plans to raise up to two billion rupees in debt capital to meet its long term credit expansion. The privately placed issue carries an AA-(lka) rating from Fitch Ratings Lanka with tenures ranging from five to 10 years. The unsecured subordinated redeemable debenture issue will be […]
Commercial Leasing Company secures A-(lka) rating
August 30, 2006 (LBO) – Commercial Leasing Company Ltd’s senior debt has been rated A-(lka) by Fitch Ratings Lanka Ltd, the agency said Wednesday. The rating outlook is ‘stable’, the agency said adding that it also rides on the strength of company’s key shareholders: • Commercial Bank – rated AA+(lka) • Chemanex Ltd • Singer […]
Deutsche Bank and Central bank respond to story on central bank independence
The Central Bank’s Senior Deputy Governor and the Deutsche Bank Head of Communications to the Asia Pacific Region have responded to our story headlined ‘Prudential Norms’ on August 27 on central bank independence. We can but echo the words of Marriner Eccles, a governor on the Federal Reserve board, in his congressional testimony on January […]
Sri Lankan rupee strengthens, 3-year bond yields rise sharply
August 29, 2006 (LBO) – Sri Lankan rupee firmed up against the U.S. dollar Tuesday, while share prices dipped as investors hunted for market leads, brokers said. Colombo’s benchmark All Share Price Index shed 2.81 points or 0.13 percent to 2,141.98, while the liquid Milanka Price Index, which tracks 25 stocks, slipped 10.40 points or […]