Category: Economy and Markets
Sri Lanka foreign reserves at USD5.3 billion by end June: Central Bank
July 08, 2016 (LBO) – Sri Lanka’s official reserves were 5.27 billion US dollars at the end of June, down from 5.64 billion US dollars end of May, latest Central Bank data showed. Foreign currency reserves were 4.25 billion dollars, and reserves in Gold were 0.94 billion dollars. Finance Minister Ravi Karunanayake however told Parliament […]
ADB to increase funding up to USD2bn in next three years
Jul 08, 2016 (LBO) – Asian Development Bank said it will scale up lending to Sri Lanka to 2 billion US dollars in loans and equity in 2017 through 2019, a senior official said. “ADB is re-orienting our operations internally and as a result have more capacity for lending programmes,” Wencai Zhang, Vice President (Operations […]
Sri Lanka’s DIMO, Uni of Moratuwa unveils formula student race car
Jul 08, 2016 (LBO) – Diesel & Motor Engineering (DIMO), an automobile company together with the engineering students from the Mechanical Engineering Department of University of Moratuwa, unveiled “D-Mora P1,” a car to compete in world’s biggest student motorsport competition. “The University of Moratuwa is the one of the main hubs of engineering and technical […]
‘s internally displaced: cabinet
July 08, 2016 (LBO) – Sri Lanka will set up a task force for the resettlement of “Protracted Internally Displaced Persons” in the Northern Province, a cabinet statement for this week said. “IDPs were seen since the 1980s due to the conflict situation. These include Tamil as well as Sinhala and Muslim families in the […]
Asia stocks steady, look to US jobs to soothe Brexit anxiety
July 8 (Reuters) – Asian shares were steady in early Friday trade as investors brace for U.S. jobs data to see if the world’s no. 1 economy is resilient enough to weather the fallout from the Brexit vote. MSCI’s broadest index of Asia-Pacific shares outside Japan were down 0.1 percent while Japan’s Nikkei was up […]
Sri Lanka foreign reserves up after Brexit, USD6.1bn now: Ravi K
July 07, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake told Parliament Thursday that the country has seen an upward movement in foreign reserves after Brexit. Finance Minister pointed out that the country now has reserves sufficient for 4 months of imports. “We can see that there is an advantage in Brexit to Sri […]
Ceylon Hotels Corp to reduce capital to clear carry forward losses
July 07, 2016 (LBO) – Ceylon Hotels Corporation has called an EGM in September to seek shareholder approval for the reduction of its stated capital to wipe off their carry forward losses. The directors have proposed to reduce the stated capital of the company from 1.22 billion rupees to 198.5 million rupees while setting off […]
Fed delays rate hike expectations over Brexit
July 07, 2016 (LBO) – The U.S. Federal Reserve has expressed reservations about hiking interest rates again, given an uncertain economic outlook tied to the Brexit, according to minutes released of the June meeting. Fed governor Daniel Tarullo said Wednesday the central bank should wait for more convincing evidence that inflation is closer to the […]
Asia stocks bounce, upbeat U.S. data soothes nerves
July 7 (Reuters) – Asian share markets crept cautiously higher early on Thursday after upbeat U.S. economic data took the sting out of losses in European equities and lifted Wall Street to a firmer finish. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.5 percent, having shed 1 percent on Wednesday when fears […]
CB Governor’s appointment for 6 year term, Dep Governor clarifies
July 06, 2016 (LBO) – Deputy Governor of Sri Lanka’s Central Bank P Samarasiri clarifying media reports said the tenor of the new Governor is 6 years except under certain instances. Samarasiri said the Monetary Law Act does not provide for interim appointments for a Central Bank Governor, speaking during a media conference on Tuesday. […]
No urgent need to adjust Sri Lanka interest rates: CB Governor
July 06, 2016 (LBO) – Sri Lanka’s newly appointed Central Bank Governor Indrajit Coomaraswamy says the monetary authority is closely watching interest rates, and the transmission impact of previous tightening takes 12 to 18 months. “We still haven’t seen the full effects of what has already been done,” he told reporters on Tuesday. “The slight […]
CB Governor awaits COPE outcome; bond market transparency to improve
July 05, 2016 (LBO) – Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy told reporters Tuesday that he will look at the outcome of the COPE investigation before taking any action with regard to the alleged bond scam. Meeting reporters in Colombo for the first time after the new appointment, Coomaraswamy said the Central Bank will […]