Category: Economy and Markets
Sri Lankan shares hit more than 2-wk closing low led by banks
Dec 16, 2016 (Reuters) – Sri Lankan shares fell for a third straight session on Friday to close at their lowest in more than two weeks, as a dollar rally to a 14-year peak after an interest rate increase by the U.S. Federal Reserve earlier this week kept investors subdued. The 25-basis-point rate increase could […]
Sri Lankan rupee closes steady; state-controlled bank sells dollars
Dec 16, 2016 (Reuters) – The Sri Lankan rupee came off early falls to close almost steady on Friday as a state-controlled bank sold dollars, dealers said. The rupee is still under pressure as banks bought the greenback after the central bank raised the spot reference rate on Thursday and the U.S. Federal Reserve on […]
US Millennium Challenge selects Sri Lanka for 5-Year grant
Dec 16, 2016 (LBO) – Sri Lanka has been selected for the US Millennium Challenge Corporation’s (MCC) new five-year grant compact which aims at encouraging economic growth and reduce poverty. At its quarterly meeting on December 13, 2016, the MCC’s Board of Directors selected Sri Lanka, Burkina Faso and Tunisia for these new MCC compacts, […]
‘s economy grew 4.1-pct in third quarter
Dec 15, 2016 (LBO) – Sri Lanka’s economy grew 4.1 percent in the third quarter of 2016 with strong growth construction, a statement said. “During the third quarter of 2016, industrial activities recorded a significant increase in overall growth rate, at 6.8 percent, while the services activities have grown by 4.7 percent, compared to the […]
Teejay Lanka replaces Ceylinco Insurance in new S&P SL20 rebalance
Dec 15, 2016 (LBO) – Colombo Stock Exchange today announced changes to the S&P Sri Lanka 20 index made by S&P Dow Jones Indices at the 2016 annual index rebalance. As announced by S&P Dow Jones Indices, effective from 19 December 2016 (after the market close), Ceylinco Insurance will be removed from the S&P Sri […]
Colombo Stock Exchange lifts trading ban on Brac Lanka Finance
Dec 15, 2016 (LBO) – Sri Lanka’s securities watchdog, the Securities & Exchange Commission has instructed the Colombo Stock Exchange to lift the trading ban imposed on Brac Lanka Finance. The SEC earlier imposed a trading suspension on Brac Lanka Finance under section 246 of the Companies Act. The securities regulator thereafter specified a procedure […]
Sri Lankan rupee weakens as c.bank raises reference rate after Fed move
COLOMBO, Dec 15 (Reuters) – The Sri Lankan rupee edged lower on Thursday as the central bank raised the spot reference rate further, a day after the U.S. Federal Reserve hiked interest rates by 25 basis points, dealers said. The Fed raised interest rates on Wednesday and signalled a faster pace of increases in 2017 […]
Sri Lankan shares hit more than 2-wk closing low; Fed rate hike weighs
Dec 15, 2016 (Reuters) – Sri Lankan shares fell in line with regional bourses to close at their lowest in more than two weeks on Thursday, as a 25-basis-point interest rate increase by the U.S. Federal Reserve and hints of more to come next year kept investors on tenterhooks. The Fed signalled a faster pace […]
Sri Lanka vulnerable to direct and indirect effects of sustained capital outflows: Moodys
Dec 15, 2016 – Sri Lanka has been named as one of the countries that have the highest vulnerability to the direct and indirect effects of sustained capital outflows, according to a new report of Moody’s Investors Service. “Overall, vulnerability to the direct and indirect effects of sustained capital outflows is highest for Mongolia, Sri […]
Hong Kong, China stocks fall after Fed rate hike
SHANGHAI, Dec 15 (Reuters) – Hong Kong stocks slumped on Thursday morning along with other Asian markets, after the U.S. Federal Reserve raised interest rates and signalled a faster-than-expected pace of policy tightening, reducing the appeal of emerging market assets. Chinese shares, with less exposure to global market volatility due to strict capital controls, dropped […]
Central Bank approves Richard Pieris, Chilaw Finance amalgamation
Dec 14, 2016 (LBO) – Sri Lanka’s Central Bank has granted approval for the amalgamation of Clilaw Finance with Richard Pieris Finance, by taking over all the assets and liabilities of Clilaw Finance. Following the approval granted by the Central Bank on 05th December, the Board of Directors of Richard Pieris Finance has approved the […]
ADB Maintains Stable Outlook for Asia Despite Global Uncertainties
Dec 14, 2016 (LBO) – Economic growth in developing Asia remains broadly stable, but a slight slowdown in India has trimmed the region’s growth outlook for 2016, says a new Asian Development Bank (ADB) report. In a supplement to its Asian Development Outlook 2016 Update report, ADB has downgraded 2016 growth to 5.6 percent, below […]