Category: Economy and Markets
Adam Investments (AINV) warned of CSE trading suspension from October 29th
October 22, 2018 (LBO) – The Colombo Stock Exchange (CSE) has notified the marketplace of an enforcement action against listed Adam Investments (AINV). “Trading of securities of the following company, which is on the watch list, will be suspended with effect from 29th October 2018 in terms of Rule 7.5 (d) (l) (9) of the […]
MTD Walkers Executive Deputy Chair Jehan Amaratunga resigns from Peoples Bank board
October 20, 2018 (LBO) – Newsfirst is reporting that Jehan Amaratunga has resigned from the board of Peoples Bank. His resignation as reported by Newsfirst, although handed over on October 18th, is said to be effective August 31, 2018. Amaratunga, Executive Deputy Chairman of CSE listed MTD Walkers (KAPI), has been a subject of controversy […]
‘s request – Hemasiri Fernando
October 20, 2018 (LBO) – Hemasiri Fernando, Chairman of Peoples Bank, has said that he and the rest of the board of directors of People’s Bank are ready to offer their resignations as per the Presidents request. In a call broadcast on Newsfirst, Fernando stated that the President has requested the respective line ministers to […]
September quarterly results for Industrial Asphalts (ASPH), Tea Smallholder Factories (TSML)
October 20, 2018 (LBO) – The first quarterly results posted by CSE listed companies for the September quarter have been by Industrial Asphalts (ASPH) and Tea Smallholder Factories PLC (TSML).ASPH saw a 220% increase year over year in revenue for the quarter, however despite this increase the company reported close to breakeven earnings. ASPH controlling […]
Foreign outflows from stocks/bonds Rs7.6bn/week, $ 1bn loan from China to prop reserves
October 20, 2018 (LBO) – Net foreign outflows from Sri Lanka’s stock/bond markets continued at a brisk pace this past week.The government securities market saw outflows of Rs5.3bn, while the stock market saw outflows of Rs2.3bn for the week. Stock market outflows were exacerbated by a Rs1.4bn foreign sale of Singer Sri Lanka (SINS).Year to […]
High Court issues interim order against Dr. Ali Gulamhusein and Malayandi Jeyapragash
October 19, 2018 (LBO) – Colombo Stock Exchange (CSE) listed Ceylon & Foreign Trades (CFT) recently released a disclosure with regard to its legal matters. In the disclosure it states that the Hight Court has issued : “an interim order against the 1st to 3rd Respondents from disposing, alienating, and/or encumbering and of the assets […]
Govt. will support retail sector to make Sri Lanka a regional shopping destination: Fin Min
Oct 19, 2018 (LBO) – Opportunities for the retail sector will continue to expand with Sri Lanka recently crossing the US 4,000 dollar GDP per capita threshold, the Minister of Finance said. Mangala Samaraweera told a retail forum in Colombo, Thursday. “Tourist arrivals this year have crossed the 2 million mark with growth of 11.6 percent, creating […]
Mangala reveals fuel pricing formula
Oct 18, 2018 (LBO) – Sri Lanka’s Finance Minister Mangala Smaraweera reveled to media the recently introduced fuel price formula calculation method following repeated calls for it. “The Maximum Retail Price (MRP) of auto fuels has been established as follows MRP = V1 + V2 + V3 + V4,” he told reporters in Colombo a short while […]
BOI rejects reports about resignation of its Director General
Oct 18, 2018 (LBO) – Sri Lanka’s Board of Investment on Thursday rejected media reports that its Director General Duminda Ariyasinghe has tendered his resignation. BOI Media Director, Dilip Samarasinghe in a statement requested media to refrain from baseless speculation, especially on matters that have implications on investor confidence. Releasing another statement in the afternoon, International […]
‘s Leasing board, amid litigation/floundering listed companies
October 17, 2018 (LBO) – Controversial Colombo Stock Exchange (CSE) investor Dr. Ali Asgar Shabbir Gulamhusein has resigned as an independent non-executive director of listed state controlled leasing giant Peoples Leasing and Finance (PLC). According to a stock exchange disclosure the resignation is “effective from August 31st in terms of section 5 of the Finance Companies […]
”s Bank
October 17, 2018 (LBO) – Media and political sources say the announcement of the dissolution of the boards of directors of the Board of Investment (BOI), Bank of Ceylon (BOC) and Peoples Bank is imminent. These actions have come as a surprise move on behest of President Maithripala Sirisena. The Chiarman of the BOI is […]
Sri Lanka secures USD1Bn Foreign Currency Term Financing Facility
Oct 17, 2018 (LBO) – Sri Lanka has secured 1,000 million US dollars from the China Development Bank (CDB) under the Foreign Currency Term Financing Facility (FCTFF) with a maturity period of eight years.The Central Bank said in a statement that interest cost is highly competitive and linked to 6 Month USD LIBOR with a grace […]