Category: Economy and Markets
Businessman Dhammika Perera buys Beach Resorts for Rs330mn
Dec 27, 2016 (LBO) – Sri Lankan business tycoon Dhammika Perera has bought control of Beach Resorts limited for 330 million rupees, Amaya Leisure said. The Board of Directors of Amaya Leisure announced to the Colombo Stock Exchange that it has taken a decision to divest its entire shareholding in The Beach Resorts Ltd, a […]
Sri Lankan shares hit more than 8-mth closing low; turnover slumps
Dec 27, 2016 (Reuters) – Sri Lankan shares closed at their weakest in more than eight months in typical year-end holiday-thinned trading on Tuesday, with turnover slumping to a near 33-month low as investors stayed away. The Colombo stock index ended 0.22 percent lower at 6,202.83, its lowest close since April 6. It has shed […]
Sri Lanka Hayleys eyes 55-floor Twin Tower development project
Dec 27, 2016 (LBO) – Sri Lanka’s diversified Hayleys has approved in principle a property development project in Colombo for commercial office space. The venture would see the construction of “A” Grade Twin Towers, with 55 floors each, having a total floor area of 3.8 million square feet of space. The Board of Directors of […]
Sri Lankan rupee falls on light dollar demand
Dec 27, 2016 (Reuters) – The Sri Lankan rupee fell on Tuesday on thin importer dollar demand after a long weekend as the market waited for direction from the central bank after it said depreciation of the currency was not necessarily negative for the economy, dealers said. The central bank said on Friday that “it […]
Sri Lanka’s Fortress Resorts to build Rs2.1bn 5-star hotel in Weligama
Dec 27, 2016 (LBO) – Sri Lanka’s Fortress Resorts through its fully owned subsidiary La Forteresse private limited has made an initial investment of 364 million rupees to set up a five Star Hotel in Weligama. The hotel project is undertaken by Alila Hotels & Resorts private limited owned by La Forteresse at an estimated […]
Sri Lanka to improve public transportation in 2017: Fin Min
Dec 23, 2016 (LBO) – Several steps have been taken to improve public transportation with the building of new roads, upgrading railway, deploying priority bus lanes and building light rail, Sri Lanka’s finance ministry said on Friday. Plans are underway to construct two new roads, one between New Kelani Bridge and Athurugiriya and, the second […]
Sri Lankan shares rise after eight sessions of falls in thin trade
Dec 23, 2016 (Reuters) – Sri Lankan shares edged up on Friday, snapping eight straight sessions of falls and moving away from a more than eight-month closing low hit in the previous session, while turnover was low in holiday-thinned trade as investors stayed away from markets ahead of the Christmas weekend. The Colombo stock index […]
Sri Lankan rupee ends firmer on dollar selling by state bank
Dec 23, 2016 (Reuters) – The Sri Lankan rupee closed higher on Friday as dollar selling by a state-run bank helped the local currency gain in lacklustre trading ahead of a long weekend, amid little demand from importers for the U.S. currency, dealers said. Rupee forwards were active, with one-week forwards closing at 149.75/90 per […]
Asia stocks pressured by Wall Street, dollar holds below 14-yr peak
SINGAPORE, Dec 23 (Reuters) – Asian stocks stepped back in subdued trade on Friday as Wall Street took a breather from its relentless rise since the U.S. election, while the dollar hovered below the 14-year high set earlier this week. MSCI’s broadest index of Asia-Pacific shares outside Japan , which touched a five-month low […]
Market Watch: Central Bank tightens stance, sovereign yield rises
Dec 22, 2016 (LBO) – Sri Lanka’s Central Bank effectively tightened its monetary stance on Thursday by conducting a repo auction at 7.47 percent, above the Standing Deposit Facility Rate (SDFR) of 7 percent. The repo auction for around seven billion rupees absorbed excess liquidity in the market, which may signal an upward tick in […]
Sri Lankan rupee falls on importer dollar demand
Dec 22, 2016 (Reuters) – The Sri Lankan rupee fell on Thursday as importer demand for the greenback outpaced inflows from remittances and dollar conversions by exporters, dealers said. Also, weighing on sentiment were dollar purchases by state-controlled banks, they added. The rupee forwards were active, with one-week forwards trading at 150.95/151.00 per dollar, compared […]
Strong safeguards must accompany Asia’s infrastructure drive: ADB
Dec 21, 2016 (LBO) – Asia’s spending on growth-boosting infrastructure is set to get a tailwind from development financing while the safeguard systems used by the Asian Development Bank (ADB) and other development banks as conditions for their loans are under international scrutiny. More financing for infrastructure is becoming available from established and new lenders […]