Category: Economy and Markets
BOI takes to twitter to quell firestorm related to $ 3.85bn refinery project
March 21, 2019 (LBO) – A media firestorm has erupted over a US$3.85bn refinery project that was trumpeted by Sri Lankan government politicians as the largest FDI in the history of Sri Lanka. The Indian ‘Hindu’ newspaper reported on the deal yesterday: Following Reuters news story which reported a denial by the Oman Oil Company […]
‘s NBFIs pressured by weak economic growth and vehicle sales
Mar 21, 2019 (LBO) – Fitch Ratings expects Sri Lankan non-banking financial institutions (NBFI) to continue to face pressure on asset quality and profitability in the medium term. The ratings agency says a slowdown in Sri Lanka’s economic activities and lacklustre growth in the sector’s core vehicle-financing segment continue to weigh on NBFI’s financial profiles. […]
Sri Lanka GDP grows 3.2-pct in 2018
Mar 21, 2019 (LBO) – The Department of Census and Statistics (DCS) releasing the estimated Gross Domestic Product (GDP) data said the islands economic growth rate for the year of 20 18 has been estimated as 3.2 percent. The GDP for Sri Lanka for the year of 20 18 (January to December) at constant (2010) price […]
Ranil roasts Dhammika at DailyFT Fireside Chat
March 20, 2019 (LBO) – Building on the controversy and success of the Fireside Chat 2018 event organised by the Daily FT and the International Chamber of Commerce (ICC), Fireside Chat 2019 was launched with much fanfare and anticipation. The 2018 event generated much controversy with backlash against Sri Lanka’s most prominent businessmen who some […]
Sri Lanka rupee gains: Stocks marginally down
Mar 19, 2019 (LBO) – The Sri Lanka rupee ended firmer at 178.25/40 to the US dollar Monday compared to Friday’s close of 178.40/55 while shares were little changed, brokers said. ‘Inflows from a sale of US 2.4 billion dollar sovereign bond are expected to boost the rupee,’ brokers said. The rupee has climbed 2.4 percent […]
EU-Sri Lanka investor dialogue discusses liberalization of shipping sector
Mar 18, 2019 (LBO) – The 8th EU-Sri Lanka investor dialogue was held at the Ministry of Development Strategies and International Trade and many outstanding matters were resolved through dialogue and the joint efforts of the two sides. “I am very pleased that we have made considerable progress in resolving outstanding issues and building up our […]
Sri Lanka vehicle registrations slowed in Feb. 2019 on slowing demand
Mar 18, 2019 (LBO) – Sri Lanka recorded total car registrations at 2,347 units in the month of February 2019 significantly down from 3,147 units the previous month and significantly down from 5,024 units 12 months ago, new data shows. Brand new motor cars recorded 434 units in February marginally up from 429 units the […]
SLASSCOM People Summit 2019 to feature Bill Duane, Google’s ‘superintendent of wellbeing’
Mar 18, 2019 (LBO) – SLASSCOM’s 2019 People Summit sees a change in its traditional technologically themed content, to sound a more humanistic beat. Titled “Transcending Technology – The Human Factor”, the event is scheduled to take place on the 22nd of March at the Shangri-la and, will feature Google’s long standing ‘superintendent of wellbeing’ Bill […]
‘s banks aggressively raising capital without adequate disclosure?
March 17, 2019 (LBO) – Banking institutions over the last few months seem to be making an aggressive push to raise capital through rights and debenture issues. Almost all banks in Sri Lanka are in the midst of some capital raising exercise. LBO has reported extensively on the subject of rights issues in the following […]
HVA avoids trading suspension, takes Rs140mn provision to resolve accounting issues
March 15, 2019 (LBO) – Colombo Stock Exchange CSE listed HVA Foods (HVA) has avoided an impending trading suspension by resolving accounting issues flagged by the CSE. Shares were set to be suspended from trading next week. Shares spiked almost 40% on the news on a light Rs4mn in trading volume. The CSE released the […]
”’ Rating
Mar 14, 2019 (LBO) – Fitch Ratings has assigned a final rating of ‘B’ to the following bonds issued by Sri Lanka on 7 March 2019: USD1 billion 6.85% bond due 2024, USD1.4 billion 7.85% bond due 2029. This replaces the expected rating of ‘B (EXP)’ that Fitch assigned on 6 March 2019. KEY RATING DRIVERS […]
‘s new tourism advisory committee gets down to work
Mar 14, 2019 (LBO) – With an eye on achieving the targeted 3 million tourist arrivals this year, a newly constituted Tourism Advisory Committee has been appointed by Minister of Tourism Development, Wildlife and Christian Religious Affairs, John Amaratunga. The 14 member committee comprises of private sector tourism stakeholders and is headed by business magnate Harry […]