Category: Economy and Markets
Nikkei falls 5 pct on negative interest rates, global growth
Feb 09, 2016 (LBO) – Japan’s Nikkei fell 5 percent on Tuesday on weaker banking shares after the Bank of Japan allowed negative interest rates, while a stronger yen dragged down stocks across the board. The Nikkei dropped fell to 16,139 points in mid morning trade while China and Hong Kong markets were closed for […]
Sri Lanka’s Access Engineering net up in December
Feb 08, 2016 (LBO) – Sri Lanka’s Access Engineering group, which has interests in construction, real estate and automobiles, said net profits in the December 2015 quarter was slightly up by 2.6 percent to 544.82 million rupees from a year earlier. The group posted earnings of 54 cents per share. The stock last traded at […]
Sri Lanka’s Distilleries December net up 10.7 pct
Feb 08, 2016 (LBO) – Net profits at Sri Lanka’s Distilleries Group, the island’s largest alcohol maker, rose 10.7 percent to 1.78 billion rupees in the December 2015 quarter form a year earlier, interim accounts showed. In the December quarter, total revenues rose 36 percent to 23.58 billion rupees and cost of sales rose at […]
Sri Lanka official reserves drop by USD1bn in January
Feb 08, 2016 (LBO) – Sri Lanka’s official reserves have dropped by one billion US dollars to 6,301. 25 million dollars in January 2016 from 7,303.64 million dollars from a month ago, Central Bank data showed. Sri Lanka’s reserves are categorized in terms of five main items namely: foreign currency reserves, IMF reserves, special drawing […]
PTL Watch: Attention on long term Sri Lanka maturities
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Labour cost not critical to attract multinationals: economist
Feb 08, 2016 (LBO) – Inter-country differences in labour cost do not seem to explain differences among developing countries in their success in joining global production networks, an economist said. Global production networks or GPN refer to interrelations among global firms specializing in different segments of a given product. These networks focus on vertically integrated […]
IMF urges Sri Lanka govt to narrow fiscal deficit
Feb 05, 2016 (LBO) – The International Monetary Fund urged the Sri Lankan government to narrow the fiscal deficit after a staff mission to Colombo this week to discuss economic developments. “The mission has advised the government to urgently make a stronger effort to narrow the fiscal deficit and put the public finances on a […]
Central Bank relaxed restrictions on remitting foreign currencies
Feb 05, 2016 (LBO) – The Central Bank has relaxed restrictions on remitting and transacting foreign currencies with immediate effect. With this new decision, foreign currencies can be remitted out of NRFC, RFC and RNNFC (Resident Non National Foreign Currency) accounts and FEEA (Foreign Exchange Earners’ Account) for any purpose and prior approval need not […]
Colombo Stock Exchange CDS partners with LankaPay
Feb 05, 2016 (LBO) – The Central Depository System (CDS), a fully owned subsidiary of the CSE, has partnered with LankaPay, the national payment network, to provide a fully-fledged digital experience to its settlement banks via the CDS – Digitalized Settlement Schedule Signing (DS3) online portal. This solution was enabled via LankaPay’s service arm, LankaSign, […]
PTL Watch: LKR20.7Bn accepted at Sri Lanka bond auction
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Megapolis plan aims for flexible working hours
Feb 05, 2016 (LBO) – Sri Lanka’s recently unveiled Megapolis plan of development envisages flexible working hours as one aspect of transport demand management to address Colombo traffic congestion. “Flexible working hours can be introduced in public and private institutions to spread peak load of traffic flow,” the Megapolis masterplan states. “Employees can adjust their […]
Interview: Sri Lanka needs to be brave and open up, says Harsha
Feb 03, 2016 (LBO) – Sri Lanka’s Deputy Minister of Foreign Affairs said that closing boarders in fear will not help small countries like Sri Lanka to move forward. “Look at Vietnam they are opening up and signing the Trans Pacific Partnership – they brought in close to 15 billion dollars in foreign direct investments […]