Category: Economy and Markets
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 […]
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 […]