Category: Economy and Markets
Federal Reserve will only cut rates once in 2019: Fitch Ratings
July 18, 2019 (LBO) – The Federal Reserve is likely to cut interest rates by less than financial markets expect over the rest of 2019 given robust jobs growth in the US, Fitch Ratings says. A 25bp cut now appears probable at either the July or September FOMC meeting but is unlikely to signal the […]
BOI inks agreement with edotco to equip Sri Lanka with Smart City Solutions
July 17, 2019 (LBO) – The Board of Investment (BOI) and edotco Sri Lanka, an integrated telecommunications infrastructure services company today entered into an agreement to invest in the latest Smart City solutions and energy-efficient systems. Under this agreement, the BOI grants edotco Sri Lanka the approval to deploy urban smart solutions throughout the country […]
SenzMate, the Internet of Things tech company born in Jaffna
By Jekhan Aruliah I visited SenzMate a few months ago, and am only now getting around to writing about them. The reason for my hesitation has been although this is a Jaffna born company it is no longer in Jaffna. My objective in these articles is to root for businesses to move North. SenzMate had […]
”; outlook stable
July 12, 2019 (LBO) – Fitch Ratings Lanka has downgraded Bimputh Finance PLC’s National Long-Term Rating to ‘BB-(lka)’ from ‘BB(lka). The Outlook is Stable. The downgrade stems from a sharp deterioration in Bimputh’s capital position, which they believe is no longer commensurate with its high-risk appetite. This is due to the significant decline in asset […]
Sri Lanka’s possible fiscal slippage, main argument for not relaxing policy: CBSL Chief
July 12, 2019 (LBO) – Sri Lanka’s possible fiscal slippage is the main argument against relaxing monetary policy, the Central Bank Governor Indrajit Coomaraswamy said. Speaking to journalists in Colombo after the monthly monetary policy announcement, he said the government’s revenue has come down with increased expenditure, opening doors for a possible fiscal slippage. Monetary […]
Sri Lanka reserves improve to USD 8.9bn by end June; YTD rupee appreciation 4.1-pct
July 11, 2019 (LBO) – Sri Lanka’s gross official reserves have reached 8.9 billion US dollars by end June 2019, following the receipt of 2 billion US dollars from the issuance of ISBs, providing an import cover of 5.1 months, the Central Bank said. The successful issuance of the International Sovereign Bonds (ISBs) in June […]
Sri Lanka Central Bank maintains policy interest rates at current levels
July 11, 2019 (LBO) – Monetary Board of Sri Lanka’s Central Bank at its monetary policy meeting has decided to maintain policy interest rates at their current levels. “Considering the current and expected macroeconomic conditions, the Monetary Board was of the view that there is ample space for market lending rates to adjust downwards in […]
John Keells empowers skills development of over 9200 youth in 2018/19
(PRESS RELEASE) “When I came home with my poor O/L results, my father asked me what I would do with my life now? He actually gave up on me. It was my mother who stood by me, pushed me and supported me when I decided to apply for the John Keells Vocational Training Programme last […]
BOI signs deal with Japanese company to set up Boutique Hotel with USD 8.4Mn investment
July 10, 2019 (LBO) – Sri Lanka’s Board of Investment recently signed a new investment agreement with Wakana JPN (Pvt) ltd. to construct and operate a 21-roomed new boutique hotel in Ahungalla, with an investment of 8.4 million US dollars. The Agreement was signed on behalf of the BOI by Chairman Mangala Yapa and on […]
Millennium Challenge Corp. committed to advancing Sri Lanka compact: New CEO
July 08, 2019 (LBO) – New CEO of the Millennium Challenge Corporation, Sean Cairncross says that they are committed to advancing the proposed 480 million dollars compact that the two governments have jointly developed to address major constraints in the Sri Lankan economy related to transport and land administration. Sending a letter to Sri Lanka’s […]
Monetary Policy to be maintained allowing impact of previous rate cut to materialize: FCR
July 08, 2019 (LBO) – Sri Lanka’s Monetary Board would continue the policy rates with no change, considering the fact that it is too early to assess the impact of the previous 50 bps rate cut, First Capital said in a research note. “We believe that Monetary Board may first consider, CBSL’s ability to implement […]
‘s capital markets
July 6, 2019 (LBO) – Foreign investors continue to be net sellers of Sri Lankan stocks and bonds with net outflows reaching their highs for the year. Net outflows from stocks and bonds hit a high of close to Rs30bn (US$170mn) for 2019. This comes on the back of net outflows of one Rs180bn (USbn) […]