Category: Economy and Markets
Investment Summit: Sri Lanka bonds attractive in Asia, say officials
Singapore, Mar 18, 2016 (LBO) – With Sri Lanka never defaulting on sovereign debt, rupee bonds are an attractive proposition within the bond offerings in Asia, presenters said at the Sri Lanka Investment Summit held in Singapore this week. Although devaluation of the yuan, and increase in Fed rates led to capital outflows, those outflows […]
PTL Watch: Dull trade in bonds, more foreign selling
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PTL Watch: Yields tick higher with bond auction
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European Commission announces Euro 38 mn for development in Sri Lanka
Mar 16, 2016 (LBO) – The European Commission co-signed two new support programmes worth 38 million Euros in the field of rural development and trade with Sri Lanka, a EU statement said. “Now our focus is on providing long-term support towards poverty reduction and local economic development,” Neven Mimica, EU Commissioner for International Cooperation […]
Carl Cruz assumes duties as Chairman of Unilever Sri Lanka
With effect from March 1, 2016, Carl Cruz assumed duties as Chairman of Unilever Sri Lanka, taking the helm from his predecessor, Shazia Syed who has returned to Pakistan to assume her duties as the Chief Executive Officer of Unilever Pakistan. Carl arrived in Sri Lanka from the Philippines, where he last served as […]
Sri Lanka foreign reserves at USD6.6bn; IMF support by mid 2016
Mar 16, 2016 (LBO) – Sri Lanka’s gross official reserves were estimated at 6.6 billion US dollars by today, Special Assignments Minister Sarath Amunugama said. Speaking at a media briefing Amunugama said it is sufficient for 4 months of imports. “It is recommended to keep at least 3 months of imports. So we are at […]
‘s GSP+ process on the right track: EU Commissioner
Mar 16, 2016 (LBO) – The European Union has noted progress made by Sri Lanka on GSP+ criteria and supports renewed application, a senior EU official said. With the election of the new government Sri Lanka intends to apply for tariff preferences provided under the special incentive arrangement for sustainable development and good governance (GSP+) […]
Aitken Spence Hotel Holdings invests Rs1.67bn in Ahungalla Resorts
Mar 15, 2016 (LBO) – Sri Lanka’s Aitken Spence Hotel Holdings has invested 1.67 billion rupees in 36 million shares in its subsidiary, Ahungalla Resorts Limited, the Company said in a stock exchange filing. The investment has carried out under the shareholders agreement entered between Aitken Spence Hotel Holdings, Riusa Ned BV, Riusa II S.A. […]
Sri Lanka’s economy grew 4.8-pct in 2015: Census Department
Mar 15, 2016 (LBO) – Sri Lanka’s economy has grown 4.8 percent in 2015 against the 4.9 percent growth recorded in the previous year, the statistics department said. The Gross Domestic Product (GDP) of Sri Lanka for the year of 2015 (January to December) has reached up to 8,622,825 million rupees. The GDP value reported […]
Sri Lanka’s Hayleys acquires 75-pct stake in Fentons for Rs963mn
Mar 15, 2016 (LBO) – Sri Lanka’s Hayleys has acquired 75 percent of the equity stake of Fentons Limited for 963 million rupees, the Company said in a stock exchange filing. Fentons, established in 1921 is a leading electrical and mechanical engineering solutions provider for Building Systems and ICT Infrastructure. “The management of Hayleys believes […]
Sri Lanka on cusp of growth, say officials at Singapore Investment Summit
Highlights – Agreement with IMF possible mid April: Governor Central Bank – GDP growth seen at 6.5 pct, budget deficit at 5.9 pct vs 6.0: Governor – USD10 mln investment going into East, says Brandix – Initial discussion on FTA with Japan: Finance Minister Singapore, Mar 15, 2016 (LBO) – The Sri Lanka Investment Summit, […]
Sri Lanka gives official go ahead for China Port City; CHEC welcomes approval
Mar 15, 2016 (LBO) – Sri Lanka’s government officially informed the Chinese investors of resuming the construction of the Port City project in capital Colombo, yesterday one year after its suspension, a foreign news agency reported. According to China’s state media, Xinhua Sri Lanka’s Ministry of Ports and Shipping, in an official letter to the CHEC Port […]