Category: Economy and Markets
Sri Lanka expects USD671mn BOP surplus for 2016: Finance Minister
Aug 11, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake told Parliament Thursday that the government expects 671 million US dollars worth surplus in the overall balance of payment account for 2016. Karunanayake said the government forecasts around 11,374 million US dollars of foreign exchange earnings and 10,703 million US dollars foreign exchange payments […]
Sri Lankan rupee up on bank dlr sales, c.bank spot rate
COLOMBO, Aug 11 (Reuters) – The Sri Lankan rupee edged up on Thursday as exporter dollar sales by a local bank and downward adjustment of the currency by the central bank were outpaced by importer demand for the U.S. currency, dealers said. The spot rupee was trading at 145.50/53 per dollar at 0707 GMT, up […]
‘l Airlines
Aug 11, 2016 (LBO) – SriLankan Airlines has entered into a “wet lease” agreement with Pakistan International Airlines (PIA), owned by the government of Pakistan, whereby an Airbus A330-300 aircraft will be leased by SriLankan to PIA on Aircraft Crew Maintenance & Insurance (ACMI) basis. This means that the aircraft will remain under SriLankan registry and […]
Sri Lanka’s Hemas Holdings profits surge 68-pct in June quarter
Aug 11, 2016 (LBO) – Sri Lanka’s Hemas Holdings which has interests in FMCG, leisure and healthcare, has posted a equity holder profit of 696 million rupees in the June 2016 quarter, up 68 percent from a year earlier, interim accounts showed. The group reported basic earnings of 1.22 rupees per share for the quarter, […]
Sri Lanka adopts Swiss procedure to handle unsolicited proposals
Aug 11, 2016 (LBO) – Sri Lanka’s cabinet on Tuesday decided to include the “Swiss challenge” procedure in the government procurement guidelines to be followed on unsolicited proposals. A Swiss challenge is a form of public procurement which requires an authority which has received an unsolicited bid to publish the bid and invite third parties […]
Sri Lanka’s HNB net up 41-pct in June quarter amid income growth
Aug 11, 2016 (LBO) – Group profits at Sri Lanka’s Hatton National Bank surged 41 percent to 3.3 billion rupees in the June 2016 quarter from a year earlier amid strong income growth, interim accounts showed. The group reported basic earnings of 8.56 rupees per share for the quarter, up from 6.19 rupees per share […]
Sri Lanka’s Distilleries June net up 10-pct with beverage revenues
Aug 11, 2016 (LBO) – Profits at Sri Lanka’s Distilleries group, the island’s largest alcohol maker, rose 9.55 percent to 1.9 billion rupees in the June 2016 quarter from a year earlier, interim accounts showed. In the June quarter, net revenues rose 35 percent to 25.9 billion rupees and sales related costs rose 25 percent […]
‘ rising streak, oil slips
HONG KONG, Aug 11 (Reuters) – Asian shares fell on Thursday, reversing recent gains as investors took profits after Wall Street declined overnight, and oil prices tumbled on news of a surprising jump in U.S. government stockpiles. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.2 percent in early Asian trade. It hit a […]
Sri Lanka cabinet approves Special Deposit Account Act for foreign nationals
Aug 10, 2016 (LBO) – Sri Lanka’s cabinet has decided to approve the Special Deposits Account Act to grant residency visas for foreign individuals who bring a large amount of foreign exchange into the country, a statement on cabinet decisions said. “Under the proposed act individual who remits 300,000 US dollars will be granted 10 […]
Sri Lankan rupee trades steady on state bank dollar buying
Aug 10, 2016 (Reuters) – The Sri Lankan rupee traded steady on Wednesday as exporter dollar sales were offset by purchases of the U.S. currency by state-run banks, dealers said. The spot rupee was trading at 145.60/63 per dollar at 0653 GMT, hardly changed from Tuesday’s close of 145.60/65. The spot rupee is usually managed […]
Asian shares near 1-year high, dollar slips after soft U.S. data
TOKYO, Aug 10 (Reuters) – Asian shares held near one-year highs on Wednesday as investors pared expectations slightly for a Federal Reserve interest rate increase following weak U.S. productivity data, which drove the dollar and Treasury yields lower. MSCI’s broadest index of Asia-Pacific shares excluding Japan rose 0.1 percent, staying near a one-year high hit […]
Sri Lanka Supreme Court blocks bill raising VAT
Aug 09, 2016 (LBO) – Sri Lanka’s Supreme Court has ordered parliament to stop considering a bill to raise value-added tax (VAT) because the drafting of the proposed legislation had not followed due process, the assembly speaker said on Tuesday. The failure to raise the tax could put in jeopardy the government’s ambitious fiscal consolidation […]