Category: Economy and Markets
Sri Lanka’s Dipped Products acquires Italian glove marketer for Rs535mn
May 25, 2016 (LBO) – Dipped Products, a subsidiary of the Hayleys Group, today announced that it acquired the remaining stake of Italian glove marketer Icoguanti SpA for 535 million rupees. With this purchase, Icoguanti, which was a 6O percent owned subsidiary, has now become a wholly owned subsidiary of Dipped Products, the company said […]
PTL Watch: Bonds mixed, mid tenors tick higher
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Sri Lanka’s Hayleys net up 49-pct in March 2016 quarter
May 25, 2016 (LBO) – Profits at Sri Lanka’s diversified Hayleys group surged 49 percent to 1.3 billion rupees in the March 2016 quarter amid strong net income growth, interim accounts showed. The group reported earnings of 17.57 rupees per share for the quarter, up from 11.83 rupees per share from a year earlier. Group […]
Sri Lanka’s John Keells Holdings to subdivide ordinary shares
May 24, 2016 (LBO) – Sri Lanka’s diversified John Keells Holdings has decided to subdivide ordinary shares of the company while making an adjustment to its warrants. The company said in a stock exchange filing, the directors have recommended a share subdivision where by every seven existing ordinary shares will be subdivided to eight ordinary shares. […]
PTL Watch: Bond yields stagnant ahead of auction
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Fitch Ratings has affirmed Sri Lanka’s Dialog Axiata PLC’s (Dialog) ‘AAA(lka)’ National Long-Term Rating, a statement said. The Outlook is Stable. KEY RATING DRIVERS We upgraded Dialog’s standalone credit profile to ‘AAA(lka)’ from ‘AA+ (lka)’, based on its improving financial profile backed by its continued market leadership in Sri Lanka’s growing mobile and pay-TV segments. […]
Sri Lanka inflation accelerates 4.3-pct in April 2016
May 23, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose 4.3 percent in April from the 2.2 percent inflation reported a month earlier on year-on-year basis, data from the state statistics office showed. Year-on-year inflation of Food Group reported for the month of April 2016 was 4.9 percent […]
EOIs called for geophysical surveys off Mannar, Cauvery Sri Lanka
May 23, 2016 (LBO) – Sri Lanka has called for expressions of interest from geophysical exploration companies to conduct gravity, gradiometry and magnetic surveys over the offshore Mannar and Cauvery basins of Sri Lanka. The Petroleum Resources Development Secretariat (PRDS) is seeking further data to strengthen its database of geophysical information on upstream petroleum sites […]
Twilight of the Petrostate and the rise of alternatives
May 23, 2016 (LBO) – Russian billionaire Petr Aven and two Moscow economists have published an article titled the “Twilight of the Petrostate” warning of alternative energy sources and cheaper extraction techniques that could hurt revenues of oil exporting nations. “The influence of the Petroleum Leviathan — the handful of producing countries with the ability […]
Sri Lanka holds rates unchanged after policy meeting
May 20, 2016 (LBO) – Sri Lanka’s monetary board held interest rates unchanged after a monthly policy meeting taking into account among other things the Extended Fund Facility expected from the IMF and the others, that would enhance the country’s resilience to external shocks and improve investor confidence in the economy. The full statement is below: The […]
PTL Watch: Yields tick slightly higher for third week
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Ravi K says Japan agrees USD2.5bn development loan to Sri Lanka
May 19, 2016 (LBO) – Finance Minister Ravi Karunanayake told Parliament Thursday that Japan has agreed to provide about 2.5 billion US dollars worth development policy loan to Sri Lanka. This has been revealed yesterday when Japanese Prime Minister Shinzo Abe’s Special Representative Hiroto Izumi called on Prime Minster Ranil Wickremesinghe, Finance Minister said.“Mr. Izumi also […]