Category: Economy and Markets
Colombo City Center on track, 54 pct apartments booked: Abans
Sep 01, 2015 (LBO) – Sri Lanka’s Abans group says their joint venture Colombo City Center, which began with a 150 million dollar investment, is on track and piling works have been completed. The joint venture between the local retail giant Abans PLC, and Singapore’s Silverneedle Hospitality, that operates hotels and resorts across the globe, […]
Sri Lanka key interest rates held unchanged in monetary policy review
Aug 31, 2015 (LBO) – Sri Lanka’s Monetary Board held key interest rates unchanged on Monday citing low inflation, steady foreign remittances and earnings from tourism. Dollar inflows expected to bolster foreign reserves contributed to the decision, the monetary authority said. The Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of […]
Sri Lanka sells 04, 05 and 10 year treasury bonds at 9.35–10.34-pct
Aug 31, 2015 (LBO) – The issue of treasury bonds amounting to 30 billion rupees have been oversubscribed with 79.4 billion rupees of bids received from investors. The Central Bank has accepted 5.5 billion rupees of 04 year and 08 month bonds maturing on 01 May 2020 at a weighted average yield rate of 9.35 […]
Sri Lanka stocks close down 0.6-pct: Low investor activity
Aug 31, 2015 (LBO) – Sri Lankan stocks closed down 0.59 percent on Monday with low investor activity and losses in the index heavy stocks, brokers said. The Colombo benchmark All Share Price Index closed down 43.58 points at 7,306.42 down 0.59 percent. S&P SL20 closed 23.72 points lower at 4,025.43 down 0.57 percent. “There […]
Sri Lanka’s August deflation unchanged at 0.2-pct
Aug 31, 2015 (LBO) – Sri Lanka has reported a deflation in August 2015 of 0.2 percent for the second consecutive month after March 1995, statistics department said. Year on year inflation of Food Group has decreased from 2.5 percent in July 2015 to 2.2 percent in August 2015 while Non‐food Group increased by ‐2.5 […]
Coca Cola Sri Lanka license suspended until it addresses contamination: CEA
Aug 31, 2015 (LBO) – The environmental protection license of Coca Cola’s Sri Lanka unit will remain suspended until the company responds to an oil seepage into the Kelani river, an official of the Central Environmental Authority said. “Their operations are halted until they respond appropriately to the situation,” Sunil Udukula, the deputy director media […]
US may hike rates in Oct, SL seen holding steady
Aug 31, 2015 (LBO) – There is a little more than fifty percent chance of the United States hiking interest rates in October for the first time in more than a decade, traders say. Quotes on overnight indexed swaps reveal a 56 percent chance of an October rate increase. Dennis Lockhart, a voting member on […]
‘ Chief
Aug 31, 2015 (LBO) – The assembly plant investment by the German automaker Volkswagen in Sri Lanka needs to be transparent and all other motor companies who wish to invest should get the same facilities, an official of the Ceylon Motor Traders’ Association said. “I think they have to be very transparent in the Volkswagen […]
Rare positive correlation between stocks and bonds in US, China
Aug 29, 2015 (LBO) – A rare positive correlation was seen between equities and bonds this week with China’s equities plunging and demand for 30-year US treasuries falling at the same time. On Tuesday and Wednesday, when US equity markets were tumbling, demand for 30-year US Treasury bonds fell, the opposite of what happens when […]
DFCC Vardhana Bank shareholders approve amalgamation with DFCC
Aug 28, 2015 (LBO) – Shareholders of DFCC Vardhana Bank and DFCC Bank have approved the proposed amalgamation of DFCC Bank with DFCC Vardhana Bank at an extraordinary general meeting held today.The amalgamation will be effective on 01 October 2015 and a payment of 52 rupees for every one ordinary voting share held in Vardhana Bank to […]
Sri Lanka’s Heladiv to go after Chinese and Indian markets
Aug 28, 2015 (LBO) – Sri Lanka’s HVA foods, which exports ready to drink tea under its “Heladiv” brand, says the company plans to expand more in to Chinese and Indian markets with ready to drink teas to gain a strong foothold. “Whilst our Chinese operations have progressed to 55 tea cafes and outlets, further […]
Sri Lanka stocks close up 1-pct: JKH gains
Aug 28, 2015 (LBO) – Sri Lankan stocks closed up 1.06 percent on Friday for the third consecutive session despite foreign selling as the bargain hunters dominated the market activities as index heavy stocks made gains, brokers said. The Colombo benchmark All Share Price Index closed up 89.08 points at 7,362.22 up 1.22 percent. S&P […]