Category: Economy and Markets
IMF approves 36-month EFF facility of USD1.5 Bln to Sri Lanka
June 04, 2016 (LBO) – The Executive Board of the International Monetary Fund (IMF) has approved a 36-month Extended Fund Facility (EFF) to Sri Lanka for 1.5 billion dollars, to support the country’s economic reform agenda, the IMF said. The arrangement aims to meet balance of payments needs arising from a deteriorating external environment and […]
Sri Lanka’s Central Bank to sell USD200mn development bonds
June 03, 2016 (LBO) – The Central Bank will issue 200 million US dollars development bonds with a tenor of 1 year, 2 years, 3 years and 5 years to local and foreign investors. The Debt Department said the subscription will be at a floating rate of 6 month LIBOR for USD plus a margin […]
Ethics crucial to business, says SEC Chairman Karunaratne
June 03, 2016 (LBO) – Ethics is crucial to business in the context of redefining our social order, Thilak Karunaratne, the chairman of Sri Lanka’s Securities and Exchange Commission said, speaking to the Junior Chamber International Biz Meet. It is imperative that we “redefine the current social order and revitalize our actions and thoughts in […]
Sri Lanka’s LOLC March net up 46-pct amid growing incomes
June 03, 2016 (LBO) – Sri Lanka’s LOLC group, which has interests in financial services, insurance, plantations, trading and leisure, said net profit for the March quarter rose 46 percent to 2.3 billion rupees. The group reported earnings per share of 4.83 rupees for the quarter up from 3.31 from a year earlier and the […]
Sri Lanka Monetary Board statement on treasury bond auctions
June 02, 2016 (LBO) – Sri Lanka’s Monetary Board, in a statement, says a market based mechanism has been in place since February 2015 in auctioning of Treasury bills and bonds, in response to allegations of lack of transparency in processes followed. The full statement is below: This refers to the recent articles and discussions […]
Sri Lankan rupee forwards slightly firmer on bank dollar sales
June 2 (Reuters) – Sri Lankan rupee forwards edged up on Thursday as banks, led by state-owned lenders, sold dollars amid light demand for the U.S. currency from importers, dealers said. Dollar/rupee forwards, known as spot next, were at 147.85/148.05 per dollar at 0540 GMT with compared with Wednesday’s close of 148.25/40. Spot next, which […]
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 […]