Category: Economy and Markets
Sri Lankan rupee 1-wk forwards trade steady amid cbank moral suasion
June 17 (Reuters) – Sri Lankan rupee one-week forwards traded steady on Friday, but dealers said the local currency was under pressure due to lack of exporter dollar conversions and moral suasion by the central bank, which is holding the currency at current levels. One-week dollar/rupee forwards, which have been acting as a proxy for […]
PTL Watch: Bond yields mixed, net foreign buying
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Meeting IMF criteria key to improve ratings: Fitch Ratings
June 17, 2016 (LBO) – Sri Lanka still needs to refinance close to 3 billion US dollars for the rest of 2016 and remains vulnerable to shifts in investor sentiment, Fitch Ratings said. Delivering a presentation at a forum, Associate Director of Fitch APAC Sovereigns Sagarika Chandra emphasized that progress on IMF program criteria will […]
Sri Lanka’s listed Shalimar and Indo Malay to sell two estates
June 16, 2016 (LBO) – Sri Lanka’s listed Shalimar and Indo Malay have entered into a deal to sell two estates to a Malaysian company subject to certain conditions. Following the shareholder approval obtained at the EGM held last month, the directors have executed a sale and purchase agreement with Euro-Asia Brand Holding Company, a […]
Asian shares face weekly losses, sterling rebounds in Brexit turmoil
TOKYO, June 17 (Reuters) – Asian shares rose on Friday, but remained on track for weekly losses in a week dominated by fears that British voters will opt to leave the European Union in next week’s referendum. Campaigning for the upcoming vote, which overshadowed this week’s central bank meetings, was temporarily halted after a […]
Sri Lanka CDS to introduce electronic voting and IPO facility this year
June 16, 2016 (LBO) – Sri Lanka’s Central Depository Systems is looking forward to introduce a fully-fledged electronic IPO and voting system during this year. During an interview, Head of CDS, Nalin Fonseka said the E-IPO system will facilitate inward and outward payments from investors efficiently and will offer other benefits such as facilitation of […]
Türk Exim Bank to allocate USD350mn credit line to Sri Lanka
June 16, 2016 (LBO) – Türk Exim Bank is to allocate a credit line of 350 million US dollars to the Sri Lankan government with a view to further enhancing relations through financial cooperation. A MoU between Sri Lanka and Turkey will be signed in the near future in this regard, the Foreign Minister Mangala […]
PTL Watch: Treasury bond yields edge up, volumes thin
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‘s business chamber calls for awards applications
June 16, 2016 (LBO) – Sri Lanka’s Women’s Chamber of Industry & Commerce (WCIC) has called for applications for the ‘Woman Entrepreneur of the Year Awards.’ In its 9th year, the awards will recognize high flyers in micro, small, medium and large industry categories, as well as new categories: Woman Exporter of the Year, Most […]
Global treasuries plunge on Brexit, safe haven demand
June 16, 2016 (LBO) – The prospect of Britain leaving the European Union is boosting demand for safe haven assets, with bond yields falling to new lows, as the Fed suggests that low yields could be a more longer term phenomenon. Benchmark 10-year yields are plunging across the globe. Japan fell to minus 0.21 percent. […]
Sri Lanka GDP expands 5.5-pct in first quarter 2016
June 15, 2016 (LBO) – Sri Lanka’s economy expanded 5.5 percent in the first quarter of 2016 from a year earlier, led by industry and services, the state statistics office said. In the first quarter of 2016, gross domestic product reached up to 2,088,024 million rupees against 1,978,609 million rupees recorded first quarter of 2015. […]
Sri Lanka’s BOI signs 37 new ventures from logistics to IT
June 15, 2016 (LBO) – Sri Lanka’s Board of Investment said they entered into 37 new investment agreements during the period of April to May 2016 with a total estimated investment of 579 million US dollars that will generate 6,000 direct employments opportunities. The newly established one stop shop has made it easy to invest […]