Category: Economy and Markets
No quick fixes for Sri Lanka economy, future sunny: CB Governor
Jul 28, 2016 (LBO) – Sri Lanka’s new Central Bank governor says that he aims to have stable policies with strong fundamentals as opposed to quick fixes. “May countries are trying to create artificial momentum and if you look closely this has not worked,” Indrajit Coomaraswamy, Central Bank Governor said Thursday. “We will try to […]
Sri Lanka’s Access Engineering net down 13-pct in June quarter
July 28, 2016 (LBO) – Profits at Sri Lanka’s Access Engineering group fell 13 percent to 524 million rupees in the June 2016 quarter from a year earlier amid higher expenses, interim accounts showed. The group posted earnings of 52 cents per share for the quarter, and the stock ended at 23.20 rupees on Wednesday. […]
Sri Lankan rupee edges down on importer dollar demand
July 27, 2016 (Reuters) – The Sri Lankan rupee edged down on Wednesday due to importer dollar demand as hopes of the currency’s appreciation after a recent sovereign bond inflow evaporated, dealers said. One-week rupee forwards, which have been acting as a proxy for the spot rupee, traded at 146.20/40 per dollar, slightly weaker than […]
Yaddehige obtains interim order against NDB Bank resolution
July 27, 2016 (LBO) – Dr Sena Yaddehige has obtained an interim order restraining NDB Bank from tabling a resolution that contravenes its corporate governance obligations and articles of association, his lawyers said. According to the order granted by the Commercial High Court, NDB cannot table the resolution to its shareholders that removes the requirement […]
PTL Watch: Yields dip, eyes on monetary policy
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China special investment zone to create 1mn jobs in Hambantota
Jul 26, 2016 (LBO) – The Chinese government has requested for 15,000 acres of land in Hambantota for a special economic zone that will create around one million job in this area, the Minister of Development Strategies and International Trade said Tuesday. “Apart from the Chinese Free Trade Agreement, Chinese officials are also in discussions […]
National Trade Union Center wants to defeat ETCA
July 27, 2016 (LBO) – The National Trade Union Centre on Tuesday started a program to deliver a million leaflets to inform the public about the issues of the proposed ETCA agreement India. At the program which commenced at the Colombo Fort Railway Station, Chairman of the Center Lal Kantha said the loss of local […]
Asian shares edge up on Wall Street lead, pre-Fed nerves limit gains
TOKYO, July 27 (Reuters) – Asian stocks edged up early on Wednesday following a relatively upbeat session overnight for U.S. and European stocks, with caution ahead of the Federal Reserve’s policy decision capping gains. The safe-haven yen sat atop large gains as hopes for a large fiscal stimulus package out of Japan faded. MSCI’s […]
Malik assures ETCA and other FTAs won’t impact local jobs
Jul 26, 2016 (LBO) – Sri Lanka is currently at the formulating stage of Free Trade Agreements with China and Singapore and an “Economic Technology Cooperation Agreement” with India but these agreements will not lead to locals losing jobs, a minister said. “The government will not consider Mode 4 of the general trade agreement on […]
POLL: Sri Lanka Central Bank expected to keep policy rates steady
July 26, 2016 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady for a fifth straight month on Thursday, a Reuters poll showed, despite signs that inflation and private sector credit growth are picking up. The central bank has tightened monetary policy twice since December to fend off pressure on the fragile rupee […]
Sri Lankan rupee steady; exporter dollar sales offset importer demand
July 26, 2016 (Reuters) – The Sri Lankan rupee traded steady on Tuesday in dull trade as importer demand for the dollar was offset by greenback selling by exporters, dealers said. One-week rupee forwards, which have been acting as a proxy for the spot rupee, were steady at 146.20/35 per dollar compared with Monday’s close […]
Sri Lanka’s Agalawatte employees agree to work with Browns
July 26, 2016 (LBO) – The Joint Employees’ Union for the Protection of Agalawatte Plantations has agreed to work with Browns who purchased 60 percent of Agalawatte shares from Mackwood Plantations. The union’s convener Lakshman Kumara told LBO that their main issue of job security has been taken care of during today’s discussions with Browns […]