Category: Economy and Markets
Sri Lanka tourist arrivals up 2.2-pct in Jan 2019
Feb 12, 2019 (LBO) – The total number of international tourist arrivals to Sri Lanka during January 2019 was 244,239. In comparison to January 2018, there is a growth of 2.2 percent as the last year January tourist arrivals were 238,924, Sri Lanka Tourism Development Authority stated in a press release. Last month, the largest source […]
Central Bank clarifies issues on sale of ETI Finance Ltd
Feb 12, 2019 (LBO) – Sri Lanka’s Central Bank says it has come to the notice of the Bank that some misinformation is circulating pertaining to ETI Finance Ltd (ETIF) disposing its subsidiaries, sub-subsidiaries and investment properties, and the involvement of CBSL therein. With regard to the said transaction, CBSL wishes to clarify the following: […]
Sri Lanka stocks wake up, foreigners active but still net sellers
February 11, 2018 (LBO) – The Sri Lankan stock market has at least for today, awoken from its seemingly endless slumber. The Colombo Stock Exchange (CSE) recorded unusually heavy trading on the day with Rs3.3bn (USmn) worth of trading turnover.Foreigners were unusually active, perhaps as a result of Sri Lanka’s stabilising currency. The Sri Lankan […]
Opinion: JKH board is duty bound to evaluate takeover defence/restructuring
February 11, 2019 (LBO) – John Keells Holdings (JKH) and its management seem to be asleep at the wheel.Whether the board of the most important company in Sri Lanka realises it or not, their company and its shareholders are under threat. Sri Lanka’s billion dollar stock market bellwether now has 3 shareholders who own in […]
‘s bonds
February 9, 2019 (LBO) – Foreign institutional bond investors have started to aggressively re-enter Sri Lanka’s government bond market after a rapid exodus in 2018.In the last 3 weeks, foreign investors have invested close to a net of US0mn into Sri Lanka’s bonds.This comes on the back of close to a billion dollar outflow in […]
Sri Lanka official reserves down to USD 6.1 billion by end January: Central Bank
Feb 08, 2019 (LBO) – Sri Lanka’s official reserve assets were 6.14 billion US dollars by the end of January this year, down from 6.92 billion US dollars by December last year, latest Central Bank data showed. By the end of January, the reserve position in the IMF was 67.0 billion dollars, SDRs were 1.25 billion, […]
Foreign selling of JKH continues to plague Colombo bourse
February 8, 2019 (LBO) – The Colombo Stock Exchange (CSE) continued this week to suffer from foreign selling of stocks.For the week ended today, net foreign selling was approximately Rs900mn, this is up from Rs400mn net foreign selling in the previous week. The foreign selling figures do not include significant foreign selling that would have […]
Hemas 3Q profits up 50-pct primarily driven by seasonal demand for Atlas
Feb 08, 2019 (LBO) – Profit attributable to the equity holders of Hemas Group has reported a 50 percent growth primarily due to the strong performance at Atlas, during the third quarter. The quarter recorded a revenue and operating profit of 18.0 billion rupees and 1.9 billion rupees, a YoY growth of 46.8 percent and 92.6 […]
UK based Flexicare sings up with BOI to manufacture disposable medical devices in Sri Lanka
Feb 08, 2019 (LBO) – Flexicare (Group) Limited, a UK manufacturer has gained BOI approvals to begin laying the foundation for its newest state of the art manufacturing facility in Sri Lanka. The project which will be located in Bandaragama is expected to represent an investment in excess of U$10,000,000 over the course of the […]
Teejay reports 9-month net profit of Rs 1.26Bn
Feb 08, 2019 (LBO) – Teejay Lanka PLC has achieved its fifth consecutive quarter of top and bottom line growth in the third quarter of 2018-19, demonstrating its resilience during a period of higher raw material and utility costs. Reporting revenue of Rs 23.0 billion for the nine months ending 31st December 2018, a growth […]
Eminent lawyer K Kanag-Isvaran highlights need for Tax Ombudsman
Feb 07, 2019 (LBO) – President’s Counsel Dr. K. Kanag-Isvaran, who is one of the country’s most respected lawyers highlighted the need for a “Tax Ombudsman” in Sri Lanka. He highlighted this delivering the keynote speech at the 22nd Annual Tax Oration of CA Sri Lanka on “The Tax Collector and The Rights of the […]
SEC charges a person before Magistrate for failing to appear when summoned
Feb 07, 2019 (LBO) – Securities and Exchange Commission of Sri Lanka has charged a person named Vidanalage Juvenal Aruna Melan Soysa at Fort Magistrate Court on 25th January 2019. The person has been charged for not appearing before the SEC when he was summoned to record a statement with respect to certain transactions that […]