Category: Economy and Markets
Sri Lanka’s Access Engineering to raise Rs5bn from listed debenture
Nov 02, 2015 (LBO) – Sri Lanka’s construction giant, Access Engineering is to raise 5.0 billion rupees from a listed debenture issue, the company said in a stock exchange filing.The company has decided to issue 30 million debentures at 100 rupees each with an option, to issue up to a further 20 million debentures in […]
Sri Lanka’s Carson Cumberbatch to purchase Equity One shares
Nov 02, 2015 (LBO) – Sri Lanka’s diversified Carson Cumberbatch on Monday said it intends to make an offer to purchase remaining Equity One ordinary shares at 77.50 rupees per share. Equity One announced today that they are to de-list its ordinary shares from the official list of the Colombo Stock Exchange subject to necessary […]
PTL Watch: Treasury bonds on high demand
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Finance Minister wants lower interest rates, IMF show of support
Nov 02, 2015 (LBO) – Sri Lanka’s Finance Minister has called for lower interest rates in the island and for the IMF to support the island’s development programme.Ravi Karunanayake said an IMF growth forecast of 5-5.5 percent for this year was too low, a media report from London said. He wants the Central Bank to […]
Interview: Three cases reopened, investigation division to expand in Nov, says SEC Chairman
Nov 02, 2015 (LBO) – The Securities and Exchange Commission of Sri Lanka has reopened three cases as part of probes that will be carried out by an expanded investigations and enforcement division, the SEC Chairman said.An SEC reorganization will be completed in November, and an upgraded surveillance system will be in place next year, […]
Norwegian sovereign fund invests in Sri Lanka equities
Oct 31, 2015 (LBO) – Norway’s central bank, which manages the world’s biggest sovereign wealth fund, has started buying shares in Colombo listed companies.Norges Bank has bought 7.5 million shares in knit fabric maker Textured Jersey Lanka, a media report said.The fund started investing in Textured Jersey around September.Norges Bank Investment Management has close to […]
PTL Watch: Thin activity, foreign holding increases in bonds
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Sri Lanka’s deflation turns to 1.7-pct inflation in October
Oct 30, 2015 (LBO) – Sri Lanka has recorded 1.7 percent inflation in October measured by Colombo Consumer Price Index after three consecutive months of deflation. The inflation year on year rose from negative 0.3 percent in September, mainly due to the lower base effect. The statistics department said this is due to the elimination […]
Sri Lanka sells Rs10.36bn in 04 and 14 year bonds
Oct 30, 2015 (LBO) – The issue of treasury bonds amounting to 9 billion rupees have been oversubscribed with 72 billion rupees of bids received from investors.The Central Bank has accepted 3.7 billion rupees of 04 year, 06 month bonds maturing on 01 May 2020 at a weighted average yield rate of 8.99 percent. The […]
Sri Lanka’s John Keells Hotels profits flat in September quarter
Oct 30, 2015 (LBO) – Sri Lankan hotel operator, John Keells Hotels Plc’s profits increased by only 2 percent to 350 million rupees in the September quarter 2015 despite a tourism boom in the Island, interim accounts showed. Earnings per share was flat at 24 cents per share for the quarter. The company’s revenue also increased […]
CB Governor slams CEB, CPC and SriLankan for dragging down state banks
Oct 30, 2015 (LBO) – Sri Lanka’s Central Bank Governor Arjuna Mahendran on Thursday slammed inefficient state-owned enterprises as they have created losses in state banks while giving a free ride to private banks. “We have two government-run banks funding very large state enterprises whether its airline, the electricity company or the petroleum company,” he […]
China ends decades old “one child” policy, now they can have two
Oct 30, 2015 (LBO) – China’s Communist Party has ended a decades-old ‘one child’ policy and married couples will now be allowed to have two children.This changes Deng Xiaoping’s policy from the late 1970s which was needed to ensure that “the fruits of economic growth are not devoured by population growth.” The Chinese government eased […]