Category: Economy and Markets
Sri Lanka to set up a special unit for economic development
Sep 14, 2016 (LBO) – Sri Lanka’s cabinet has approved obtaining the assistance of the Mackenzie Institute of USA to set up a Central Programme Management Unit in Sri Lanka to aid with rapid development. “It is important to establish a separate unit to supervise and take corrective measures on development activities for achieving the […]
Stocks waver as policy uncertainty, weaker oil sap confidence
TOKYO, Sept 15 (Reuters) – Asian stocks wavered on Thursday as investors grappled with the seemingly diminishing ability of major central banks to stimulate growth, while a tumble in crude oil inflamed already heightened risk aversion. Global bond yields have risen in sympathy with depressed sentiment, adding to nervousness over when the Federal Reserve might […]
Sri Lankan rupee weaker on importer dollar demand
Sept 14, 2016 (Reuters) – The Sri Lankan rupee edged down on Wednesday as importer dollar demand surpassed mild exporter sales of the U.S. currency, dealers said. At 0608 GMT, the spot rupee was at 145.42/50 per dollar, slightly weaker from Tuesday’s close of 145.38/43. One-week forwards were at 145.65/75, compared with the previous day’s […]
Sri Lanka revises VAT threshold for wholesale & retail trade
Sept 14, 2016 (LBO) – Sri Lanka’s cabinet has approved a new draft bill revising the VAT liable threshold for wholesale and retail trade, a cabinet decision said. Under the new amendments, the threshold for VAT liability on wholesale or retail supply of goods has been revised to 12.5 million rupees for a quarter, or 50 […]
Axiata Group looks to trim stakes in overseas operations
Sept 14, 2016 (LBO) – Axiata Group Bhd., Malaysia’s biggest mobile-phone operator, is seeking to trim stakes in some of its overseas operations, a report said. The Kuala Lumpur-based company is seeking a buyer for about 11 percent of Indonesian unit PT XL Axiata, which has a market value of 2.2 billion, dollars according to […]
Asian stocks fall to 6-week lows as bond rout intensifies
TOKYO/HONG KONG, Sept 14 (Reuters) – Asian stocks fell to fresh six-week lows on Wednesday and the greenback stood strong against a broad swathe of currencies including the Japanese yen as concerns grew about the fading impact of the world’s major central banks to stimulate growth. Losses in stock markets across Asia deepened as rising […]
Sri Lanka budget deficit to be 4.7-pct in 2017, FinMin tells IMF
Sep 14, 2016 (LBO) – Sri Lanka’s Finance Minister said that the island plans on reducing the budget deficit to 4.7 percent in 2017. “We had a budget deficit of 6.7 percent of the GDP last year and this year’s target will be 5.4 percent. it will be further reduced to 4.7 percent in 2017,” […]
PTL Watch: Yields edge higher on local selling
[pdf-embedder url=”http://www.lankabusinessonline.com/wp-content/uploads/2016/09/PTL-Daily-Market-Report-13th-September-2016.pdf” title=”ptl-daily-market-report-13th-september-2016″]
Sri Lankan rupee trades weaker on importer dollar demand; stocks rise
Sept 13, 2016 (Reuters) – The Sri Lankan rupee edged down on Tuesday as importer dollar demand surpassed mild selling of the U.S. currency by exporters, dealers said. The spot rupee was trading at 145.40/50 per dollar, down from Friday’s close of 145.25/35 as of 0700 GMT. One-week forwards were at 145.55/65, compared with the […]
Sri Lanka’s cabinet approves VAT increase: State Finance Minister
Sept 13, 2016 (LBO) – Sri Lanka’s Cabinet has approved the VAT increase in principle as required by the Supreme Court judgment, State Finance Minister Lakshman Yapa Abeywardena said. The Supreme Court issued an interim order in July preventing the government from implementing the 4 percent VAT increase until the consent of the cabinet and […]
GAAM: Weekly foreign inflow of Rs186 mln into stocks
The Guardian Acuity Asset Management weekly report can be downloaded here [pdf-embedder url=”http://www.lankabusinessonline.com/wp-content/uploads/2016/09/Weekly-Report-GAAM-10-09-16.pdf” title=”weekly-report-gaam-10-09-16″]
Kotagala Plantations to subdivide shares after Rs800mn rights issue
Sept 13, 2016 (LBO) – Sri Lanka’s Kotagala Plantations is to raise 800 million rupees by way of a rights issue, subjected to exchange approval, the company said in a stock exchange filing. The company is to issue and list 80 million new ordinary shares at 10 rupees each in the ratio of two new […]