Category: Economy and Markets
Sri Lanka tea exporters to see a silver lining in dark cloud soon: Heladiv Chief
Aug 26, 2015 (LBO) – Sri Lanka’s tea exports will see positive signs in the market in near future with prospects of a settlement to the long drawn political tension between the USA and Iran and the stabilizing of the Russian Ruble, HVA foods, which exports ready to drink tea under “Heladiv” said. Sri Lankan […]
Sri Lanka should think carefully before any currency devaluation: Harsha de Silva
Aug 26, 2015 (LBO) – Sri Lanka should think carefully about devaluing the rupee as it may not be a good strategy to follow, even though other countries are trying to increase exports by weakening their domestic currencies, newly elected member of parliament and former deputy minister of policy planning Harsha de Silva said. “I, […]
Lanka IOC Q1 profit falls with lower oil prices
Aug 25, 2015 (LBO) – Fuel retailer Lanka IOC said profits in the three months to June fell to 171 million rupees from 1.2 billion rupees in the same period last year amid a sharp drop in international oil prices. Net profit plunged to 1.8 billion rupees in the full-year to March, from 4.8 billion […]
Some China researchers see yuan at 7 by year end: report
25, Aug 2015 (LBO) – Some research institutions in China are working on the assumption of the yuan weakening to 7 to the dollar by year end from the current 6.4135, a report said. Though these studies done by institutions in China have not yet been made public, they indicate analyst predictions of an eight […]
Asian markets volatile; China extends losses, ASPI drops 1 pct
Aug 25, 2015 (LBO) – Asian share markets temporarily bounced back before heading into the red with Chinese stocks diving, a day after their worst plunge since 2007. China’s benchmark Shanghai Composite was down 7.9 percent on Tuesday, after falling 8.5 percent on Monday. The sell-off was driven by fears that China’s slowing growth might […]
‘s new cabinet will face challenges with global market tumble: Policy maker
Aug 25, 2015 (LBO) – Sri Lanka’s new cabinet, which will be sworn in today, will face challenges with the uncertainty of global markets after China’s ‘black monday,’ economic policy legislator Harsha de Silva said.“It is a very unusual evening as we watch global markets tumbling, starting off with China with Shanghai index falling eight […]
Election Outcome Improves Ability to Pass Reforms: Moodys
Aug 24, 2015 (LBO) – Sri Lanka’s UNP-led national unity government which includes the Sri Lanka People’s Freedom Party, the second-largest political party in parliament, is credit positive for Sri Lanka because the government can now more easily enact policies that revive growth and address its large fiscal burden, rating agency Moodys said. “This would […]
Stocks close down 1.9-pct amid global market uncertainty
Aug 24, 2015 (LBO) – Sri Lankan stocks closed down 1.9 percent on Monday with index heavy stocks making losses and investors taking profits amid international market uncertainty, brokers said. Global markets took a beating on Monday after China’s Shanghai composite index tumbled 8.49 percent, erasing gains made so far this year. The London FTSE […]
Sri Lanka’s Fitch rates HDFC Bank at BBB
Aug 24, 2015 (LBO) – Sri Lanka’s Fitch Ratings on Monday assigned Housing Development Finance Corporation Bank of Sri Lanka a National Long-Term Rating of ‘BBB(lka)’ and a Stable Outlook. The full text of the rating announcement is reproduced below. Fitch Ratings-Colombo-24 August 2015: Fitch Ratings has today assigned Housing Development Finance Corporation Bank of […]
Sri Lanka’s CHC Investment buys 31-pct stake in Taprobane Holdings
Aug 24, 2015 (LBO) – Sri Lanka’s C H C Investment has bought a 31 percent stake in the diversified Taprobane Holdings at 5.50 rupees, a statement said. Taprobane Securities said in a stock exchange filling that C H C Investment bought 310.8 million shares of Taprobane Holdings worth 1,709.4 million rupees. As per the […]
Major Sri Lanka reforms in first six months: policy maker
Aug 24, 2015 (LBO) – Sri Lanka’s newly elected national unity government will make major reforms in the period of first six months to make the economy more competitive, Harsha de Silva, Member of Parliament and former deputy minister of policy planning and Economic affairs said.“Our competitiveness as a nation has fallen in recent years,” […]
Sri Lanka needs to remove taxes from exports: Harsha de Silva
Aug 22, 2015 (LBO) – Sri Lanka needs to remove taxes for exporters in order to increase exports which brings foreign earning to the country, Harsha de Silva, member of parliament and former deputy minister of policy planning and Economic affairs said. “I don’t understand why exports must be taxed,” de Silva said at the […]