Category: Economy and Markets
Sri Lanka stocks close lower 0.03-pct
July 21, 2015 (LBO) – Sri Lanka’s stocks closed lower 0.03 percent on Tuesday with low investor activity, brokers said. The Colombo benchmark All Share Price Index closed 2.27 points lower at 7,145.59 down 0.03 percent. The S&P SL20 closed 2.38 points lower at 4,005.14 down 0.06 percent. Turnover was 334.8 million rupees, down from […]
6% GDP growth in 2015, a challenge; comparing rebased numbers technically wrong: CB
July 21, 2015 (LBO) – Sri Lanka’s Deputy Governor of the Central Bank says it would be difficult to maintain a 6 percent growth this year.“Looking at the last year’s quarter two, three and four growth rates which were higher or increasing; which means it’s a higher base,” “So it would be a challenge for […]
Sri Lanka needs to minimize tax exemptions to broaden tax base: Central Bank
July 21, 2015 (LBO) – Sri Lanka needs to minimize tax exemptions and improve direct taxation in order to broaden the tax base, Deputy Governor of the Central Bank said.“If you look at the tax exemptions, there are a large number of tax exemptions.” Deputy Governor Dr. Nandalal Weerasinghe said. Island’s Inland Revenue Act contains […]
Sri Lanka stocks close down 0.2-pct
July 20, 2015 (LBO) – Sri Lanka’s stocks closed down 0.20 percent on Monday with investors taking profit from the market, brokers said. The Colombo benchmark All Share Price Index closed 14.10 points higher at 7,147.86 down 0.20 percent. The S&P SL20 closed 6.23 points higher at 4,007.52 down 0.16 percent. Turnover was 646.7 million […]
Gold, platinum prices drop to 5 year low with speculation over US interest rate rise
July 20, 2015 (LBO) – World gold prices have fallen to its lowest in more than five years in anticipation of a US interest rate rise this year, foreign media reported.The price has fallen four percent to as low as $1,088.05 an ounce in Asian trade, the lowest since March 2010.“Talks of US interest rate […]
‘s Oil Production Could Rise Faster Than Expected
July 20, 2015 (LBO) – Iran’s oil production could increase faster than analysts predict, said an International Energy Agency official, after a nuclear deal with world powers lifted sanctions on oil exports. Most analysts expect Iran will take at least one year to reach the pre-2011 production level of 3.8 million barrels a day from […]
India Considers Road Bridge To Sri Lanka With ADB Funding
July 19, 2015 (LBO) – India is planning a feasibility study for a bridge that connects India and Sri Lanka which may cost .6 billion, Indian media reported. Nitin Gadkari, the Minister for Road Transport, Highways and Shipping, said he had discussed this with the chairman of Asian Development Bank and the development bank was […]
Sri Lanka signs USD1.1Bn currency swap agreement with India
July 17, 2015 (LBO) – Sri Lanka’s Central Bank on Friday signed the 1.1 billion US dollars worth currency swap agreement with Indian Reserve Bank in New Delhi. The Central Bank releasing a statement said this new facility will allow the Bank to further strengthen its position in the financial market and bring greater stability […]
Sri Lanka stocks close up 0.5-pct
July 17, 2015 (LBO) – Sri Lanka’s stocks closed up 0.53 percent on Friday with investor confidence gaining further and telecom and banking sector stocks continuing to show gains, brokers said. The Colombo benchmark All Share Price Index closed 37.82 points higher at 7,161.96 up 0.53 percent. The S&P SL20 closed 22.54 points higher at […]
Shopping Fashion Online: An enormous opportunity for entrepreneurs but are we ready yet?
July 17, 2015 (LBO) – Sri Lankan fashion entrepreneurs are open to vast opportunities in the digital space but will have to face a different set of challenges, a Sri Lankan entrepreneur said. “The number of opportunities in the digital domain as an entrepreneur is enormous,” Linda Speldewinde, Founder and Managing Director, AOD International Design […]
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July 17, 2015 (LBO) – Sri Lanka’s Fitch Ratings has assigned Bank of Ceylon’s proposed Basel II-compliant subordinated debentures of up to 8 billion rupees an expected national long term rating of ‘AA(lka)(EXP)’. The proposed issuance, which will have tenors of five and eight years and carry fixed and floating coupons, will be listed on the […]
Sri Lanka’s Hikkaduwa Beach Resort to borrow Rs480mn from Sampath Bank
July 17, 2015 (LBO) – Sri Lanka’s Hikkaduwa Beach Resort is to borrow 480 million rupees from Sampath Bank after mortgaging its land and building, the company said.The company will be calling for a shareholder meeting to seek necessary approval for the said borrowing and the mortgage of the property. “The entirety of the land […]