Category: Economy and Markets
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 […]
Sri Lanka’s Aitken Spence March net down 56-pct amid lower revenues
May 31, 2016 (LBO) – Profits at Sri Lanka’s Aitken Spence group which has interests in tourism, logistics and power generation fell 56 percent to 608 million rupees in the March 2016 quarter, interim accounts showed. The group reported earnings of 1.50 rupees per share for the quarter against 3.41 rupees per share reported a […]
Sri Lankan rupee forwards weaker on importer dollar demand
May 30 (Reuters) – Sri Lankan rupee forwards fell on Monday due to dollar demand from importers amid fears the currency could weaken further if the government increases spending following the country’s worst natural disaster since 2004, dealers said. Dollar/rupee forwards, known as spot next, were at 147.80/148.00 per dollar, weaker compared with Friday’s close […]
Sri Lanka’s MTD Walkers losses up on rising costs
May 30, 2016 (LBO) – Sri Lanka’s infrastructure solutions provider MTD Walkers posted losses of 266 million rupees in the March 2016 quarter, up 333 percent from a year earlier, amid engineering segment losses with rising sales and finance costs, interim accounts showed. The troubled firm reported losses of 1.59 rupees per share against the […]
Japan extends 38 billion yen development loan to Sri Lanka
May 28, 2016 (LBO) – Japanese Prime Minister has offered a 38 billion yen (USD344 million) development assistance loan to Sri Lanka for water purification projects for Kidney diseases and establishment of electricity transmission lines connecting the entire country. Prime Minister Abe has also thanked President Sirisena for raising Asia’s voice and explaining the Asian perspective […]
Sri Lanka increases taxes for cars over 1000cc
May 27, 2016 (LBO) – Prices of vehicles above 1000 cubic centimeter engine capacity will increase following the increase of the minimum unit tax from today, the Vehicle Importers Association said. “Prices may go up by about 100,000 to 150,000 rupees while larger cars and Sports Utility range will see a steeper rise,” the association […]
World Bank team concludes visit to Sri Lanka
May 27, 2016 (LBO) – The World Bank Board of Executive Directors completed a five-day visit including site inspections on work being implemented under the Bank supported projects in the island. During the five-day visit, the team met with President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe and Minister of Finance Ravi Karunanayake to understand the current […]