Category: Economy and Markets
Sri Lanka’s Seylan Bank profits Rs1 bln, flat in June quarter
Aug 01, 2016 (LBO) – Sri Lanka Seylan Bank group recorded a net profit of one billion rupees in the June 2016 quarter up 1 percent from the same period last year, a filing with the stock exchange showed. The group reported earnings of 3.08 rupees per share for the quarter up 1 percent from […]
Deshal explains what is wrong with Sri Lankan economy
Aug 01, 2016 (LBO) – Sri Lanka’s most urgent economic risk is external debt sustainability and it has been one driving factor behind macroeconomic volatility in the country, a young economist said. Deshal de Mel delivering a public lecture hosted by the think tank Advocata Institute said the legacy of access to long term concessional […]
‘s economic reforms
Aug 01, 2016 (LBO) – The World Bank Board has approved a 100 million dollar credit from the International Development Association (IDA) to support the Government of Sri Lanka’s economic reform program. “Sri Lanka has been making steady progress on economic reforms, with the government aiming to create one million new jobs through a reform […]
Mobitel explores acquisition of Etisalat: report
Aug 01, 2016 (LBO) – Sri Lanka’s Mobitel intends to explore acquisition of Etisalat, after the Cabinet Committee on Economic Matters said it could carry out a due diligence prior to negotiations between the mobile companies, a media report said. A Committee is already looking into the proposed acquisition of Hutch, the fourth mobile phone […]
‘s Merchant property sale for amalgamation
July 29, 2016 (LBO) – Sri Lanka’s People’s Leasing and Finance says it will amalgamate with People’s Merchant Finance within this financial year subject to two conditions, the company said. In a stock exchange filing, People’s Leasing and Finance said the first condition is the sale of People’s Merchant Finance property located at Nawam Mawatha, […]
Sri Lanka’s CCPI inflation down 0.5-pct points in July 2016
July 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 5.5 percent in July 2016 from a year earlier, down from 6.0 percent in June with the inflation index gaining 0.2 percent in the month, the state statistics office said. Year on year inflation of Food Group has decreased from 8.2 […]
Sri Lanka foreign reserves USD6.4 bln in July: CB official
July 29, 2016 (LBO) – Sri Lanka’s official reserves were 6.4 billion US dollars at the end of July, up from 5.27 billion US dollars at the end of June, a central bank official said on Friday. Reserves were boosted by a dual-tranche sovereign bond offering this month of 500 million dollars through 5.5-year sovereign […]
‘s rate hike partly due to fiscal slippage on VAT: Coomaraswamy
July 29, 2016 (LBO) – Sri Lanka’s 50 basis point rate hike on Thursday was partly due to fiscal slippage arising from a delay in hiking the value added tax, Governor Indrajit Coomaraswamy said. Sri Lanka budgeted for a two percentage points of GDP reduction in the budget deficit this year, but delays to a […]
Textured Jersey Lanka net up 93-pct to Rs399 mln in quarter
Press Release: The TJL Group (TJ) has reported eight straight quarters of strong quarterly profit growth. The Q1 2016/17 performance has proved to be the Group’s best first quarter recorded to date, posting a consolidated net profit of Rs. 399 Million, representing a YoY growth of 93 percent. The Group has made significant progress in […]
No more debate on monorail vs. LRT, Japan confirms funding
Jul 29, 2016 (LBO) – Sri Lanka’s government confirmed that the Japanese government will fund the islands proposed Light Rail Transit (LRT), ending a debate on monorail vs. LRT following the conclusion of a high level delegation visit from Japan, Thursday. “The delegation, led by Hirofumi Katase the Vice Minister for Economy, Trade and Industry of […]
Asian shares flat, yen hits 2-week high ahead of BOJ
TOKYO, July 29 (Reuters) – Asian shares held near one-year highs while the yen hit a two-week high on Friday in nervous trade as investors waited to see if the Bank of Japan will come up with stimulus that would meet markets’ expectations. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early […]
Sri Lanka’s Central Bank increases policy rates by 50bps
July 28, 2016 (LBO) – The Monetary Board has decided to increase the main policy interest rates of the Central Bank, the Standing Deposit Facility Rate and the Standing Lending Facility Rate, by 50 basis points each to 7.00 percent and 8.50 percent respectively, effective from the close of business on 28 July 2016. “The […]