Category: Economy and Markets
PTL Watch: Treasury bond yields drop, liquidity in deficit
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Sri Lanka tea sees better demand for low growns
Jun 02, 2016 (LBO) – Sri Lanka’s tea at auction offerings saw good demand low grown with overall volumes increased, Forbes & Walker Tea Brokers said in their latest report. “Overall Auction volume increased further and totaled a 7.6M/kgs. There was fair demand mostly at easier rates,” the report said. “Overall quality of teas on offer […]
Sri Lanka’s Cargills net up 39-pct in March with improved margins
June 02, 2016 (LBO) – Profits at Sri Lanka’s Cargills group, with interests in retailing and fast moving consumer goods, rose 39 percent to 412 million rupees in the March quarter, the interim accounts showed. The group reported earnings of 1.84 rupees per share for the quarter against 1.33 rupees recorded in the previous year. […]
Access Engineering invests Rs800mn in property developer
June 01, 2016 (LBO) – Sri Lanka’s construction giant Access Engineering has invested 800 million rupees to buy 50 percent stake of a property developer to strengthen its presence in property development sector. Access Engineering said in a stock exchange filing that the developer, Blue Star Constructions private limited, is the beneficial owner of over […]
Sri Lankan rupee forwards edge down on importer dollar demand
June 1 (Reuters) – Sri Lankan rupee forwards fell on Wednesday due to dollar demand from importers amid fears the currency could weaken further if the government increased spending to deal with the country’s worst natural disaster since 2004, dealers said. Dollar/rupee forwards, known as spot next, were at 148.30/40 per dollar compared with Tuesday’s […]
Shangri-La opens 145-acre resort in Hambantota Sri Lanka
June 01, 2016 (LBO) – Shangri-La opened its 145-acre Hambantota Resort & Spa in the Southeast Sri Lanka on Wednesday, one of the major hotel chains to enter the island after the end of a war with Tamil Tiger separatists. The 300-room beachfront resort, which includes an 18-hole golf course and an artisan village, launched […]
SINGER ties up with Ministry of Higher Education to provide laptops to University students
Singer Sri Lanka PLC, the country’s premier consumer durables retailer, tied up with the Ministry of Higher Education to provide laptops for university students across the country as per the program to provide interest free loans for laptops by the government of Sri Lanka. As per the Government budget proposal 2016, the project is implemented […]
Emerging market currencies fall on chance of Fed rate hike
June 01, 2016 (LBO) – Emerging-market currencies fell this week on the possibility that the Federal Reserve may raise interest rates in June or July. Fed Fund futures predict a 23 percent chance of a U.S. rate hike in June, which rises to 59 percent by July, after Fed Chair Janet Yellen said the strengthening […]
Sri Lanka’s People’s Leasing eyes South East Asian market
May 31, 2016 (LBO) – Sri Lanka’s People’s Leasing and Finance, the country’s largest non-bank lender, is looking at expanding their operations into the South East Asian market, a senior official said. “You can expect an announcement soon, may be in the next two months,” D P Kumarage, Chief Executive, People’s Leasing told LBO. “We are […]
Sri Lanka’s Distilleries March net up 10-pct with beverage revenues
May 31, 2016 (LBO) – Net profits at Sri Lanka’s Distilleries Group, the island’s largest alcohol maker, rose 10 percent to 1.35 billion rupees in the March 2016 quarter from a year earlier, interim accounts showed. In the March quarter, revenues rose 33 percent to 25.61 billion rupees and sales related costs rose 28 percent […]
Colombo inflation accelerates 4.8-pct in May 2016
May 31, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 4.8 percent in May 2016 from a year earlier, up from 3.1 percent in April 2016 with the inflation index gaining 2.4 percent in the month, the state statistics office said. For the month of May, on year to year basis, […]
CEAT to invest Rs 800mn to increase radial capacity
May 31, 2016 (LBO) – CEAT Sri Lanka said it will invest 800 million rupees over the next 12 months to expand its radial tyre manufacturing capacity in the country to supply growing demand. “The investment would increase radial tyre production by 75 percent, from 40,000 tyres a month to 70,000,” the company said in […]