Category: Economy and Markets
Sri Lankan rupee slips on seasonal importer dollar demand
COLOMBO, Sept 26 (Reuters) – The Sri Lankan rupee ended weaker on Monday as seasonal demand for dollar from importers exceeded sales by exporters and banks, dealers said. The spot-next forwards, which were actively traded, ended at 146.38/48 per dollar, edging down from Friday’s close of 146.30/40. One-week forwards were at 146.50/68, weaker from Friday’s […]
Overseas Realty to raise Rs7.3bn in rights issue for Havelock City
Sept 26, 2016 (LBO) – Sri Lanka’s Overseas Realty is to raise 7.3 billion rupees by way of a rights issue, the company said in a stock exchange filing. The company is to issue 355 million new ordinary shares at 20.50 rupees each in the ratio of two new shares for every five shares held. […]
Fund flows into emerging markets at three-year high
Sept 26, 2016 (LBO) – After cash outflows over the last few years, money flowing back into emerging markets has hit a three-year high. Investors have chanelled more than 9 billion dollars into emerging market funds and the benchmark MSCI emerging market fund is up nearly 15 percent, CNBC reported. In a recent note to […]
Asian shares slip, U.S. presidential debate awaited
TOKYO, Sept 26 (Reuters) – Asian shares began the week under a cloud on Monday after losses on Wall Street, as investors’ attention turned from central banks to American politics ahead of the first U.S. presidential debate. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent in early trade, while Japan’s Nikkei […]
IMF mission says delay in VAT law may postpone review
Sept 23, 2016 (LBO) – The IMF mission currently in Sri Lanka says they may have to postpone their review a bit if the proposed VAT legislation will get delayed in Parliament. The mission head Jaewoo Lee however told reporters in Colombo that it will not be necessary under the current environment. “On the submission of […]
PTL Watch: Bond yields mostly lower by 10-15 bps
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ADB to give Sri Lanka USD24.2Mn for transport feasibility studies
Sep 23, 2016 (LBO) – The Asian Development Bank (ADB) will help Sri Lanka prepare studies and designs for new road, railway, and port projects to assure the islands transport system is ready to support economic growth in the medium term. “With 24.42 million US dollars in ADB technical assistance, the Road Development Authority will […]
Asian stocks hold near 14-month peak on Fed relief
TOKYO, Sept 23 (Reuters) – Asian shares edged closer to 14-month highs on Friday while the dollar was on the defensive as investors grew more convinced that the Federal Reserve is settling into a phase of very gradual interest rate hikes. MSCI’s broadest index of Asia-Pacific shares outside Japan was steady and within sight of […]
Sri Lanka’s CIFL awaits response from German investor for bailout
Sept 23, 2016 (LBO) – Sri Lanka’s troubled Central Investment and Finance Company says they are awaiting a response from a prospective German investor indicating their future plan of action to revive CIFL. In a stock exchange filing, the company said they submitted all clarifications to the investor delegation who visited the island recently. A […]
Sri Lankan rupee edges up on bank dlr sales; stocks up
COLOMBO, Sept 22 (Reuters) – The Sri Lankan rupee edged up on Thursday as dollar sales by a foreign bank helped currency forwards outpace importer dollar demand, but the market expects the rupee to be under downward pressure due to a rise in demand for imports, dealers said. Rupee forwards were actively traded and one-week […]
‘s Financial Intel Unit signs MOU with Singapore authority
Sept 22, 2016 (LBO) – The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU) has entered into a memorandum of understanding with the Suspicious Transaction Reporting Office of Singapore (STRO) to facilitate exchange of information on money laundering and terrorist financing. The MOU has been entered into “within the framework of each […]
Asian shares surge, dollar lags on slow-motion Fed
SINGAPORE/SYDNEY, Sept 22 (Reuters) – Asian shares surged on Thursday, taking their cue from Wall Street, after the Federal Reserve left U.S. interest rates unchanged and slowed the pace of future hikes, slugging the dollar and lifting commodity prices. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.9 percent in its sixth straight session […]