Category: Economy and Markets
Sri Lanka’s CHC Investment buys 31-pct stake in Taprobane Holdings
Aug 24, 2015 (LBO) – Sri Lanka’s C H C Investment has bought a 31 percent stake in the diversified Taprobane Holdings at 5.50 rupees, a statement said. Taprobane Securities said in a stock exchange filling that C H C Investment bought 310.8 million shares of Taprobane Holdings worth 1,709.4 million rupees. As per the […]
Major Sri Lanka reforms in first six months: policy maker
Aug 24, 2015 (LBO) – Sri Lanka’s newly elected national unity government will make major reforms in the period of first six months to make the economy more competitive, Harsha de Silva, Member of Parliament and former deputy minister of policy planning and Economic affairs said.“Our competitiveness as a nation has fallen in recent years,” […]
Sri Lanka needs to remove taxes from exports: Harsha de Silva
Aug 22, 2015 (LBO) – Sri Lanka needs to remove taxes for exporters in order to increase exports which brings foreign earning to the country, Harsha de Silva, member of parliament and former deputy minister of policy planning and Economic affairs said. “I don’t understand why exports must be taxed,” de Silva said at the […]
Stock markets fall most in 4 Years on worries about China
Aug 22, 2015 (LBO) – International markets took a beating on Friday on worries about China’s economy. The Dow Jones Index fell 3.1 percent to finish at 16,459 points. The market is down 10 percent from its all-time high in May after its 1,000 point drop this week. This has been the dow’s worst week […]
Ceypetco To
22 Aug, 2015 (LBO) – Sri Lanka’s Ceylon Petroleum Corp will seek to, a report said.“There has been a change in the refinery process and it’s now more profitable for (Ceypetco) to,” a source told Reuters.“There is a higher yield of value-added oil products like middle distillates and gasoline and the sulphur is low.” Sri […]
Sri Lanka stocks close up 0.3-pct
Aug 21, 2015 (LBO) – Sri Lankan stocks closed up 0.29 percent on Friday with index heavy stocks making gains, brokers said. The Colombo benchmark All Share Price Index closed up 21.35 points at 7,471.17 up 0.29 percent. The S&P SL20 closed 3.09 points higher at 4,148.68 up 0.07 percent. Turnover was 959 million rupees, […]
Sri Lanka to prioritize food production, environment and drug eradication in first cabinet meeting
Aug 21, 2015 (LBO) – Sri Lanka’s President Maithripala Sirisena says he will present proposals for national programs to be implemented for local food production, environmental preservation and drug eradication, at the first meeting of the new cabinet.According to the proposal, local food production programmes which make the country self-sufficient will be implemented in several […]
Asia Capital Q1 loss lower at Rs92 million
Aug 21, 2015 (LBO) – Sri Lanka’s financial services firm Asia Capital PLC reported a loss of 92 million rupees for the first quarter to June, down from a loss of 120 million rupees in the same quarter last year, in interim results released to the Colombo Stock Exchange.Annual revenue rose to 1.6 billion rupees […]
Sri Lanka’s exports declined 4.2 pct in June while imports up: Central Bank
Aug 21, 2015 (LBO) –Sri Lanka’s exports earnings recorded a decline of 4.2 per cent, year-on-year, to 944 million US dollars in June 2015, led by lower earnings from tea, textiles and garments, rubber products and seafood exports.Total imports rose 13.5 percent to 1.33 billion dollars led by imports of vehicles for personal usage and […]
Sri Lanka stocks close down 0.6-pct
Aug 20, 2015 (LBO) – Sri Lankan stocks closed down Thursday with volatility returning to the market as it lost steam amid on-going discussions among the two major political parties to form a national government, brokers said. The Colombo benchmark All Share Price Index closed down 48.96 points at 7,449.82 down 0.65 percent. The S&P […]
Sri Lanka’s Browns & Co plans tourism industry expansion
Aug 20, 2015 (LBO) – Sri Lanka’s household goods retailer Brown & Company wants to build two hotels in Maldives and expand from its current 308 operational rooms to approximately 1,000 in the near future, the company said. “As the tourism industry continues to grow rapidly, Browns will partner by contributing approximately 1,000 rooms in […]
Softlogic net surges 35 pct on ICT, retailing post-ODEL acquisition
Aug 20, 2015 (LBO) – Sri Lanka’s Softlogic Holdings PLC, with diversified interests, reported a 35 percent rise in net profit to 304 million rupees for the three months to June, on revenues of 13 billion rupees, driven by stronger ICT and retailing activities. Earnings per share was 0.11 rupees for the quarter, up from […]