Category: Economy and Markets
Sri Lankan rupee firmer on exporter dlr sales; stocks edge lower
Nov 04, 2016 (Reuters) – The Sri Lankan rupee edged up on Friday as dollar selling by exporters surpassed the demand for the greenback from importers, dealers said. Rupee forwards were active, with one-week forwards trading at 148.30/40 per dollar at 0604 GMT, compared with Thursday’s close of 148.80/90. “Exporter conversions are exceeding the importer […]
Sri Lanka October tea prices reach record levels
Nov 04, 2016 (LBO) – Sri Lankan tea prices at the Colombo auctions were at an new monthly high in October 2016 as volumes fell but demand picked up. “Auction averages reached record levels in the backdrop of a sharp decline in availability,” Forbes & Walker Tea brokers said in their October report. “Auction average […]
Asian shares slip, dollar nurses losses as US election looms
TOKYO, Nov 4 (Reuters) – Asian shares slipped on Friday and the dollar nursed losses in a week marked by growing uncertainty about the outcome of the U.S. presidential election. Investors have been unnerved in recent days by signs that the U.S. presidential race between Democrat Hillary Clinton and Republican Donald Trump was tightening just […]
Sri Lankan rupee falls on importer dollar demand; stocks firm
Nov 03, 2016 (Reuters) – The Sri Lankan rupee traded lower on Thursday on dollar demand from importers and as foreign investors sold government securities, dealers said, with the market shrugging off comments by the central bank chief on the stability of the currency. Central Bank of Sri Lanka Governor Indrajit Coomaraswamy said late on […]
Sri Lanka to establish independent agency for tenders
Nov 03, 2016 (LBO) – Sri Lanka’s cabinet has given the nod to streamline the process and transparency on all state tenders by establishing an independent centralised procurement institution, a statement said. “The new Independent Centralized Procurement Agency is to comprise five members including the following holders of office, representing women and major ethnic groups […]
Haycarb records turnover of Rs.5.9Bn and PBT of Rs.458Mn for 1H 2016/17
(PRESS RELEASE) – The Sri Lankan multinational Haycarb PLC reported a revenue of Rs. 5.9 billion and profit before tax of Rs. 458 million for the six months ending 30th September 2016. The profit after tax stood at Rs. 374 million. The turnover increased by 8%, while the profit before tax and after tax recorded […]
Sri Lankan rupee weaker on importer dollar demand
Nov 02, 2016 (Reuters) – The Sri Lankan rupee was weaker on Wednesday due to dollar demand from importers, dealers said, while the market shrugged off central bank chief Indrajit Coomaraswamy’s comment on the currency’s stability in the near future. Coomarswamy late on Tuesday said he expected the rupee to stabilise when the billion sale […]
GSP+ final decision by May 2017, tangible progress needed: EU
Nov 02, 2016 (LBO) – National reconciliation, the empowerment of women and Sri Lanka’s application for the General System of Preferences (GSP+) were the main focus of discussions of the four member delegation of the European Parliament. On GSP+, they stressed that the decision on Sri Lanka’s application will also need the approval of the […]
Monetary policy could still be considered accomodative: Central Bank
Nov 02, 2016 (LBO) – Sri Lanka’s Central Bank said on Tuesday that despite a tightening in interest rates this year, that monetary policy could still be considered accomodative. Growth in credit to the private sector could slow to around 20 percent by the end of the year, from the 27.3 percent in August, Assistant […]
Asian shares, dollar rattled by U.S. election uncertainty
TOKYO, Nov 2 (Reuters) – Asian shares stumbled and the U.S. dollar was on the defensive on Wednesday as signs that Republican U.S. presidential candidate Donald Trump could be closing the gap with his Democratic rival Hillary Clinton spooked investors. Anxiety in markets has deepened over a possible Trump victory given uncertainty on the Republican […]
Asia stocks, dollar wrestle with US political risk
SYDNEY, Nov 3 (Reuters) – Asia shares eased on Thursday while the U.S. dollar stayed on the defensive as a tightening U.S. presidential race saw the S&P 500 suffer its longest losing streak in five years as investors fled to safer harbours. Sovereign bonds, gold, the yen and Swiss franc were all in favour, and […]
Sri Lankan shares hit fresh 3-mth closing low ahead of budget
Nov 01, 2016 (Reuters) – Sri Lankan shares extended losses for a third straight session to close Tuesday at a fresh three-month low as investors shrugged off the central bank’s decision to keep rates unchanged. The central bank held the benchmark interest rates on hold late on Monday, as expected, saying its monetary policy stance […]