Category: Economy and Markets
New ministry to restructure rather than run public enterprises: Kabir Hashim
Jan 26, 2016 (LBO) – The mandate of Sri Lanka’s new Public Enterprise Development ministry is restructuring rather than running the country’s large portfolio of state-owned enterprises, Kabir Hashim, Sri Lanka’s minister of Public Enterprise Development, told the publishing and consultancy firm Oxford Business Group. “The main objective is to reduce the burden SOEs place […]
Sri Lanka remittances contract in 2015: Frontier Research
Jan 26, 2016 (LBO) – Sri Lanka has experienced a contraction in inward remittances after several years amidst falling oil prices and slower hiring in the Gulf nations, a top research firm said. 2015 remittance inflows have contracted 0.5 percent against the previous year, Frontier Research said. In 2014 remittances grew around 9.5 percent, which […]
Orient Finance IPO raises Rs987 mln on opening day
Jan 26, 2016 (LBO) – Orient Finance PLC’s initial public offering had received applications for shares worth 986.9 million rupees on Monday, the company said in a statement to the Colombo Stock Exchange. The company is offering 71.5 million voting shares at 15 rupees a share to raise 1,072.5 million rupees. The IPO received 262 […]
PTL Watch: Sri Lanka bond yield curve flat, activity thin
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Ceylon Chamber launches National Agenda Committees
Jan 26, 2016 (LBO) – The Ceylon Chamber of Commerce is launching a set of thought-leadership groups called National Agenda Committees (NACs) to put forward innovative solutions for key national economic challenges. The NACs will be multi-stakeholder groups functioning under the chamber, a statement said. “The Sri Lankan economy is at an important inflection point […]
Sri Lanka Monetary Board holds key rates unchanged
Jan 25, 2016 (LBO) – Sri Lanka’s Monetary Board held interest rates unchanged on Monday with inflation somewhat subdued in December, and the impact of last months’s SRR increase still being transmitted through the economy, a statement said. The Monetary Board noted that “the policy adjustments made on the monetary and external fronts are still […]
Sri Lanka stocks closed down 0.4-pct; Turnover at near 4 week low
Jan 25, 2016 (LBO) – Sri Lankan stocks closed down 0.43 percent with the negative sentiment of the investors continuing after two days of gains with losses in index heavy and banking stocks, brokers said. The Colombo benchmark All Share Price Index closed lower 27.41 points at 6,354.83 down 0.43 percent. S&P SL20 closed 11.44 […]
PTL Watch: Little movement, awaits four bond auctions
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Laugfs launches virtual shopping site in Sri Lanka
Jan 25, 2016 (LBO) – Sri Lanka’s Lfinity Pvt Limited, a subsidiary of Laughfs Holdings, announced the launch of a virtual hyper mall, ‘clickNshop.lk’, a statement said. This is the latest e-commerce site for Sri Lankan shoppers and offers a selection of over 2,000 products and services for everyday needs and guaranteed 2-3 day island-wide […]
Interview: Listing of Sri Lanka non-strategic investments may take a year, says Eran
Jan 25, 2016 (LBO) – Sri Lanka’s government is putting in place processes to list some of its non-strategic investments on the Colombo Stock Exchange, although this may not take place immediately, Eran Wickramaratne, deputy minister of Public Enterprise Development, told Lanka Business Online. “Within a year that’s possible. But whatever we are doing, we […]
PM holds meetings with Branson, other investors
Jan 24, 2015 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe and government officials met several business leaders and heads of state on the sidelines of the World Economic Forum. Richard Branson of the Virgin group, Cyrus Mistry, chairman of the Tata Group, Kevin Sneader of McKinsey and Company and Jean-Philippe Courtois, President of Microsoft […]
Korea EXIM Bank opens representative office in Sri Lanka
Jan 22, 2015 (LBO) – The Export-Import Bank of Korea, an official export credit agency of the Republic of Korea, announced Friday the opening of their representative office in Colombo. This new presence comes in response to increased bilateral ties between the governments of Korea and Sri Lanka, in trade, foreign direct investment, development assistance, […]