Category: Economy and Markets
‘s Vehicle Lanka given approval on legal advice from AG: Fin Min
Feb 13, 2017 (LBO) – Sri Lanka’s Finance Ministry says that Vehicle Lanka Pvt Ltd was given permission to engage in assembling of vehicles using spare parts on legal advice from the Attorney General. Eight containers containing used vehicle parts released from the Sri lanka Customs to its consignee who is engaged in vehicle assembling […]
IMF worried about elections in Europe, populist candidates
Feb 13, 2017 (LBO) – International Monetary Fund’s chief Christine Lagarde says elections in several countries in Europe, in the context of support for populist parties, is a cause for concern. Germany, France and the Netherlands will hold elections in coming months which may raise questions about the future of the European Union. “I am […]
Yen slips after Trump-Abe meet, Asian shares firm
TOKYO, Feb 13 (Reuters) – The dollar rose against the yen on Monday on relief that U.S. President Donald Trump set aside tough campaign rhetoric over security and jobs in a smooth meeting with Japanese Prime Minister Shinzo Abe, with no mention of currency policy. Asian stocks ticked up, helped by renewed optimism over Trump’s […]
Virtusa third quarter revenue up 3.4-pct
(PRESS RELEASE) – Revenue for the third quarter of fiscal 2017 was $217.2 million, an increase of 3.4% sequentially and 44.2% year-over-year. On a constant currency basis, (1)third quarter revenue increased 4.2% sequentially and 48.6% year-over-year. Virtusa reported GAAP income from operations of $6.5million for the third quarter of fiscal 2017, compared to $3.5 million […]
Fitch affirms Sri Lanka at B+; outlook revised to stable
Feb 09, 2017 (LBO) – Sri Lanka’s Fitch Ratings has affirmed Sri Lanka’s Long-Term Foreign- and Local Currency Issuer Default Ratings (IDR) at ‘B+’ and revised the Outlook to Stable from Negative. The Country Ceiling and issue ratings on Sri Lanka’s senior unsecured foreign- and local-currency bonds are also affirmed at ‘B+’. The Short-Term Foreign- and […]
Haycarb records turnover of Rs.9.4Bn and PBT of Rs.768Mn in Q3 2016/17
(PRESS RELEASE) – Haycarb PLC, the Sri Lankan multinational of Hayleys PLC reported revenue of Rs. 9.4 billion and profit before tax of Rs. 768 million for 9 months ending 31 December 2016. The profit after tax stood at Rs. 646 million. The turnover increased by 12%, while the profit before tax and after tax […]
Sri Lanka COPE reveals Rs110bn loss from 15 public institutions
Feb 08, 2017 (LBO) – Sri Lanka’s Parliamentary Committee on Public Enterprises today presented its third interim report to the Parliament. The interim report which covers the activities from 01 May 2016 to 31 August 2016 is based on the inquiries carried out in 15 state-owned institutions. COPE Chairman Sunil Handunnetti presenting the report before […]
‘s external situation manageable, but more FDI needed: Governor
Feb 08, 2017 (LBO) – Sri Lanka’s external debt situation is manageable. However, the current challenge is to increase inflows from exports and FDI, Central Bank Governor Indrajit Coomaraswamy said on Wednesday. “The external debt situation, in our view, is manageable. Sri Lanka has never defaulted on a payment. But the challenge for the country […]
Government of Finland keen to invest in Sri Lanka
The Ambassador of Finland to Sri Lanka Rauli Suikkanen says that he would call leading entrepreneurs of his country to commence investment in Sri Lanka. Ambassador Suikkanen announced this when he met Finance Minister Ravi Karunanayake at the Ministry for Finance yesterday (February 6). Finish Ambassador Rauli Suikkanen further said that there is a confidence […]
Nikkei edges down in choppy trade; glass sector outperforms
TOKYO, Feb 8 (Reuters) – Japan’s Nikkei share average edged down in choppy trade on Wednesday morning as stocks tracked the volatile currency market, while the glass manufacturing sector outperformed on brisk earnings results. The Nikkei dropped 0.1 percent to 18,892.69, having dabbled in positive territory earlier in the trading session. The dollar fell 0.2 […]
PTL Watch: Bond yields mostly lower after rate stance
[pdf-embedder url=”http://www.lankabusinessonline.com/wp-content/uploads/2017/02/PTL-Daily-Market-Report-07th-February-2017.pdf” title=”PTL Daily Market Report 07th February 2017″]
ADB to introduce new partnership strategy with Sri Lanka
Feb 06, 2017 (LBO) – Asian Development Bank is working on a new country partnership strategy with Sri Lanka’s government to address dynamic challenges with sustainable, inclusive and environmentally friendly solutions, an official said. During an event to mark 50 years of Sri Lanka’s partnership with ADB, director general of South Asia Regional Department of […]