Category: Economy and Markets
Sri Lanka’s Softlogic Finance rights oversubscription caters to private sector credit demand
Mar 26, 2015 (LBO)-Sri Lanka’s Softlogic Finance PLC’s said its rights issue which was over-subscribed by over 150 per cent with the new equity infusion of 401 million rupees, came at an opportune time with demand for credit by the private sector showing notable increases on the back of reduction of interest rates to multi-year […]
Sri Lanka gets US$400mn currency swap from Reserve Bank of India
Mar 26, 2015 (LBO) – Sri Lanka’s Central Bank yesterday signed a 400 million US dollar currency swap agreement with the Reserve Bank of India (RBI), where it would allow the Central Bank to draw funds in US dollar or Euro in multiple tranches, the RBI said in a media release. The agreement is valid […]
Sri Lanka venture engine call for fresh business proposals
Mar 26, 2015 (LBO) – Sri Lankan venture engine angel investor group in partnership Blue Ocean Ventures and the Indian Angel Network (IAN) called for fresh business proposals from start-ups who are looking for funding and mentoring support, a statement said.The company said, 15 new companies have been funded by the programme to the value […]
Sri Lanka sells Rs39.3bn in 4 and 8 year bonds
Mar 26, 2015 (LBO) – Sri Lanka has sold 39.3 billion rupees of four and eight year bonds after calling bids for 30 billion rupees of bonds, the state debt office said. The debt office sold 19.24 billion rupees of four year bonds maturing on 15 September 2019 at weighted average yield of 8.92 percent. […]
Sri Lanka’s Fitch withdraws rating on John Keells Holdings
Mar 25, 2015 (LBO) – Sri Lanka’s Fitch Ratings has withdrawn the rating on diversified conglomerate John Keells Holdings (JKH), the rating agency said in a statement. Prior to the withdrawal, JKH’s National Long-Term Rating was at ‘AA+(lka)’ with Stable Outlook. The rating has been withdrawn because there will be insufficient information to maintain the […]
Sri Lanka Treasuries bill rates fall
Mar 25, 2015 (LBO) – Sri Lanka’s Treasuries yields fell across maturities at Wednesday’s auction with the 3-month yield falling 19 basis points to 6.60 percent, data showed. The 6-month yield fell 17 basis points to 6.70 percent and the 12-month yield fell 19 basis points to 6.80 percent, data from the state debt office […]
Sri Lanka shares downturn continued following a mid-day crash
Mar 25, 2015 (LBO) – Sri Lanka’s shares dipped further on Wednesday with the benchmark index sinking below the 7,000 mark to a near seven-month low amid continuing political uncertainty, brokers said. The downturn in Sri Lanka’s stock market deepened with the Colombo benchmark All Share Price Index closing 24.90 points lower at 6,973.03, down […]
Sri Lanka’s govt. should start acting on LLRC recommendations soon to avoid international sanctions: State Minister
Mar 25, 2015 (LBO) – Sri Lanka is lucky it managed to postpone the vote at the Human Rights council and avoid possible international sanctions, newly appointed state Minister of Finance, Mahinda Samarasinghe said, Wednesday. “Some are saying the economy is down and the stock market is down, but they never think of the good […]
Sri Lanks’s stock market crashes in mid-day trading today
Mar 25, 2015 (LBO) -Today during mid-day trading All Share Price Index (ASPI) of Colombo Stock Exchange (CSE ) dropped below 7000.Informed sources say inconsistency in government policy and the fact that coalition partners do not seems to see eye to eye on many important matters are denting investor confidence.Analysts say the market dropped mainly […]
‘s govt. should start acting on LLRC recommendations soon to avoid international sanctions: State Minister
Mar 25, 2015 (LBO) Sri Lanka is lucky it managed to postpone the vote at the Human Rights council and avoid possible international sanctions, newly appointed state Minister of Finance, Mahinda Samarasinghe said, Wednesday. However he says, since transparency is the aim of the new government we should make these reports available for the people […]
Sri Lanka’s fashion retailer Odel buys Softlogic brands : Macro economic growth, tourism trend drives the decision
Mar 25, 2015 (LBO) – Sri Lanka’s Odel Plc, one of the island’s largest fashion retail outlets,acquired Softlogic group’s branded retailing unit for 599.9 million rupees looking at purchasing power of customers in the island, the company said in a stock exchange filling. The statement said, the action was taken in a move to integrate […]
Sri Lanka lacks skilled labor force to support socio- economic demands: Deputy Minister
Mar 25, 2015(LBO) – Sri Lanka needs to create a skilled labour force who will be able to compete with international markets in the phase of implementing new regime’s social market economy, Deputy Minister of Finance and Planning Harsha De Silva said.“We need a radical change in grade one admission in school and go beyond […]