Category: Economy and Markets
Sri Lanka to restrict revocation of deeds of gift
Nov 12, 2015 (LBO) – Sri Lanka plans to draft legislations to make provision for revocation of irrevocable deeds of gift to provide greater security for lending institutions who lends money using property as collateral, cabinet spokesman Rajitha Senaratne told reporters on Thursday.Health Minister Rajitha Senaratne said issues have been raised on the rights of […]
Sri Lanka to amend Fisheries act, increase penalties for offences in international waters
Nov 12, 2015 (LBO) – Sri Lanka will change the law on governing the operation of fishing vessels in international waters, cabinet spokesman Minister Rajitha Senaratne said. “Cabinet of Ministers has approved the amendment of the Fisheries’ and Aquatic Resources Act 02 of 1996 for the increase of penalties for the offences done in the […]
Sri Lanka receives USD450 mn from expat accounts: Finance Minister
Nov 12, 2015 (LBO) – Finance Minister Ravi Karunanayake said Sri Lanka has received 450 million dollars as deposits after the government encouraged Sri Lankan expats to bring back undeclared funds in places such as Switzerland. Two accounts were from Saudi Arabia and two from Qatar, he said speaking at the Foreign Correspondents Association in […]
Sri Lanka Treasury bill yields down
Nov 11, 2015 (LBO) – Sri Lanka’s 12-month Treasury bill yields were down by 6 basis points from 7 percent to 6.94 percent while the six months bill were rejected, data from the state debt office showed.The Central Bank offered 20 billion worth of Treasury bills today and the auction was oversubscribed by 4.4 times with […]
Sri Lanka stocks close down 0.4-pct: Banking losses
Nov 11, 2015 (LBO) – Sri Lankan stocks closed down at 0.44 percent on Wednesday with low investor activity ahead of next week’s budget with losses in some index heavy and banking sector stocks , brokers said. The Colombo benchmark All Share Price Index closed down 30.98 points at 7,019.23 lower 0.44 percent. S&P SL20 […]
PTL Watch: Bond spreads widen on thin volumes
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Sri Lanka’s Dialog Axiata net down 60 pct to Rs679mn
Nov 11, 2015 (LBO) – Profits at Sri Lanka’s Dialog Axiata, which has interests in mobile, fixed and pay television, declined 60 percent from a year earlier to 679 million rupees in the September 2015 quarter, interim accounts showed.Dialog said revenues grew 10.5 percent to 18.8 billion rupees in the September quarter from a year […]
Interview: State enterprise strategic plan in progress, management skill the biggest issue, says Eran
Nov 11, 2015 (LBO) – Sri Lanka is in the process of making plans to restructure the state owned enterprises and boosting management skill levels, Deputy Minister of State Owned Enterprises Eran Wickramaratne told LBO in an exclusive interview. “We have lots of plans and we are right at the beginning. We are in the […]
‘s Candor 5-year unit trust public offer oversubscribed
Nov 10, 2015 (LBO) – Candor Opportunities Fund, managed by Candor Asset Management, issue offer of 50 million units was oversubscribed with the issue reaching applications for over 500 million, the fund said.“Therefore we will exercise the subscription offer,” the company said in a stock exchange filling. The issue offered 50 million units at 10 […]
Sri Lanka’s Hayleys profits up 6 pct to Rs629mn
Nov 11, 2015 (LBO) – Profits at Sri Lanka’s diversified Hayleys group rose 6 percent to 629 million rupees in the September 2015 quarter from a year ago supported by its transportation, activated carbon and textiles business, interim accounts showed. “The transportation and logistics sector contributed a notable increase to the bottom line during the […]
‘s EPF move
Nov 11, 2015 (LBO) – Sri Lanka’s new move to separate Employee Provident Fund from the Central Bank would only ensure more security to the fund and end conflict of interest, Deputy Minister of Foreign Affairs Harsha De Silva told reporters on Monday. “If someone says the employee provident fund (EPF) is safe with Central Bank, […]
Asian stocks open lower with stronger Fed rate hike possibility
Nov 10, 2015 (LBO) – Asian stocks opened lower after global stocks fell on Monday on increased chances of a Fed rate hike this year. Probability that the Fed will hike interest rates this year have increased to 68 percent, from 50 percent a week ago and 39 percent last month, according to market data. […]