Category: Economy and Markets
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 […]
Sri Lanka seeks to connect tax payers with revenue office online
Oct 30, 2015 (LBO) – Sri Lanka is looking at the possibilities of connecting the island’s revenue collection office with tax payers directly to streamline tax payments. Central Bank Governor Arjuna Mahendran said they are considering SWIFT payment gateway as a one option. “Internet payment solution system called SWIFT can link up the tax payer with […]
We need a political strategy to empower state enterprises, reduce tax payer burden: Eran
Oct 30, 2015 (LBO) – Sri Lanka needs to have a political strategy to support the implementation of reforms and restructurings of state owned enterprises to reduce the burden on the treasury or the tax payer, deputy minister of state owned enterprises (SOEs) said.“We have a situation in which the tax payer at large is paying […]
Sri Lanka stocks close down 0.3-pct: Net foreign out flow 319mn
Oct 29, 2015 (LBO) – Sri Lankan stocks closed down at 0.34 percent on Thursday with losses in index heavy stocks after a two week high, brokers said. The Colombo benchmark All Share Price Index closed down 23.96 points at 7,070.13 lower 0.34 percent. S&P SL20 closed 12.11 points lower at 3,827.89 down 0.32 percent. […]
Sri Lanka to obtain arid climate resistant fruit species from Egypt
Oct 29, 2015 (LBO) – Sri Lanka will enter into a memorandum of understanding between the ministry of agriculture of Sri Lanka and the ministry of agriculture and land reclamation of Egypt to obtain arid climate resistant fruit species, particularly planting materiel of orange species, along with the technology applicable. Accordingly it has been planned […]