Category: Economy and Markets
Sri Lankan rupee steady; importer demand offsets exporter dollar sales
Oct 21, 2016 (Reuters) – The Sri Lankan rupee was trading steady on Friday, with dollar demand by importers offsetting conversions of the U.S. currency by exporters, said dealers. Rupee forwards were active, with the spot-next at 147.45/55 per dollar as of 0701 GMT, little changed from its previous close of 147.45/50. The spot rupee […]
Sri Lanka central bank considers revamping primary auctions
Oct 21, 2016 (LBO) – Sri Lanka’s Central Bank is considering revamping the Primary Auction system for government securities, sources said. The proposed system would overhaul the auction bidding process and introduce non-competitive bidding so as to create a level playing field. The move likely follows heavy profits made by one primary dealer from government […]
Strong growth for Sri Lankan telcos, despite higher taxes: Fitch
Oct 21, 2016 (LBO) – Fitch Ratings said Sri Lanka Telecom rating of B+/Negative/AAA(lka)/Stable and Dialog Axiata PLC AAA(lka)/Stable will remain steady despite higher taxes and large capex. “The ratings of both telcos benefit from high headroom capable of absorbing some margin dilution and lower cash generation,” the company’s rating statement said. The stable outlook […]
World Bank raises 2017 forecast for crude oil to USD55 per barrel
Oct 21, 2016 (LBO) – The World Bank is raising its 2017 forecast for crude oil prices to 55 US dollars per barrel from 53 per barrel following OPEC’s preparation to limit production. Energy prices, which include oil, natural gas and coal, are projected to jump almost 25 percent overall next year, a larger increase […]
Asia stocks slip as stronger dollar weighs on crude oil prices
TOKYO, Oct 21 (Reuters) – Asian stocks were mostly lower on Friday as the dollar climbed to seven-month highs against a basket of currencies and dragged down crude oil prices, cooling investor risk appetite. The greenback was boosted by a fall in the euro after the European Central Bank shot down talk it was contemplating […]
Sri Lanka allocates Rs1.8tn for 2017 in Appropriation Bill
Oct 20, 2016 (LBO) – Sri Lanka’s government has allocated 1,819 billion rupees to meet the estimated expenditure requirements of next year through the appropriation bill presented to the Parliament today. Presenting the bill, Finance Minister Ravi Karunanayake said the cabinet approval has duly been granted for the bill. As per the released bill, the […]
PTL Watch: Shorter term bond yields tick higher
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UNDP allocates USD 38mn to support dry zone communities in Sri Lanka
Oct 20, 2016 (LBO) – The United Nations Development Programme announced the commencement of a 38.1 million dollar project under the Green Climate Fund to improve agriculture-based livelihoods of farmers in the dry zone. “The project will allow assistance to be provided to 770,000 people in three river basins – Malwatu Oya, Yan Oya and […]
Sri Lankan rupee edges down on importer dollar demand, foreign bond sale
COLOMBO, Oct 20 (Reuters) – The Sri Lankan rupee edged down on Thursday on importer dollar demand and as foreign investors sold bonds in the absence of central bank intervention, said dealers. Rupee forwards were active, with the spot-next at 147.45/55 per dollar as of 0646 GMT, compared with its previous close of 147.40/50. The […]
Asian stocks ride US momentum, oil near 15-month high
SINGAPORE, Oct 20 (Reuters) – Asian stocks advanced on Thursday, propelled by strong U.S. earnings and oil prices near a 15-month high, as the third and final U.S. presidential debate before the Nov. 8 election got underway. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 percent. Japan’s Nikkei extended gains to 0.9 percent. […]
Sri Lanka’s HNB to raise Rs6bn from listed debenture
Oct 19, 2016 (LBO) – Sri Lanka’s Hatton National Bank is to raise 6.0 billion rupees from a listed debenture issue, the bank said in a stock exchange filing. The bank has decided to issue rated, subordinated, unsecured, redeemable debentures worth 5.0 billion rupees with an option to go up to 6.0 billion rupees. NDB […]
Sri Lanka Central Bank resolves four insolvent institutions
Oct 19, 2016 (LBO) – Sri Lanka’s Monetary Board says it has approved repayments to depositors and investors in four insolvent financial institutions. The Monetary Board approved repayment of depositors of three finance companies, The Standard Credit Finance Ltd., City Finance Corporation Ltd. and Central Investments and Finance PLC, and legitimate investors in government securities-linked […]