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Sri Lanka economy grew 6.7-pct in Q2 2015
Sep 16, 2015 (LBO) – Sri Lanka’s economy has grown 6.7 percent in the second quarter of 2015 against the 6.4 percent growth rate recorded in the first quarter, the statistics department said.Agriculture sub sector has grown by 5 percent, industry by 2 percent and services by 7.9 percent, the department said. After a re-basing […]
CEB announces new off peak tariff to charge electric vehicles
Sep 16, 2015 (LBO) – Sri Lanka’s Ceylon Electricity Board (CEB) is offering off peak power at 13.00 rupees a unit to charge electric cars at home, a statement said. “In order to facilitate electric vehicle charging, a low off peak tariff of Rs 13 per unit kWh has been offered for seven hours starting […]
Asia’s Bonds Pressured by Interest Rate, Currency Concerns – ADB Report
Sep 16, 2015 (LBO) – Bond markets in emerging Asia came under pressure in the past quarter amidst concerns over softer growth, depreciating currencies, and US interest rates, ADB says. “Asian bond markets were buffeted by strong headwinds, including anticipation of the US Federal Reserve rate hike, which has led to an outflows of funds […]
Hewlett-Packard to cut 30,000 jobs after split
Sep 16, 2015 (LBO) – Hewlett-Packard on Tuesday officially announced that 30,000 people will have to leave their newly forming company, a separate business primarily associated with enterprise services. HP has presented a plan to deliver 2.7 billion US dollars in ongoing annual cost reductions with the new separation plan. Releasing a statement Hewlett-Packard said […]
Asian stocks up helped by Wall Street rally
Sep 16, 2015 (LBO) – Asian markets opened positive on Wednesday following a day of positive trading in the US markets on Tuesday, foreign media reported. The US markets showed gains of over one percent as investors anticipated a positive two day Federal Reserve meeting that kicks off on Wednesday. However, analysts are still divided […]
Bank of Japan holds rates flat despite economic contraction
Sept 16, 2015 (LBO) – The Bank of Japan held interest rates unchanged on Tuesday despite calls for further monetary policy easing from the central bank after a 0.3 percent contraction of the Japanese economy in the second quarter. The contraction follows a similar 0.3 percent contraction in the third quarter of last year. “Japan’s […]
‘s vehicle import bill, says Murtaza
Sept 15, 2015 (LBO) – A rash of credit-fueled vehicle imports is affecting Sri Lanka’s balance of payments at the moment. But the bigger problem is not addressing fundamental monetary and fiscal policy issues, says Murtaza Jafferjee, the chief executive at Colombo-based JB Securities.“The primary factor fueling the demand for vehicles is credit. When the […]
Sri Lanka and India to sign a new trade agreement in 2016
Sep 15, 2015 (LBO) – Prime Ministers of India and Sri Lanka on Tuesday pledged to strengthen rapid economic development in both countries through a new agreement based on trade, economy, investment and technology. The statement issued by the Sri Lankan Prime Minister’s office said the draft agreement will be prepared in December this year […]
Sri Lanka sells 05, 07, 10 and 13 year treasury bonds at 9.58–10.88-pct
Sep 15, 2015 (LBO) – The issue of treasury bonds amounting to 16 billion rupees have been oversubscribed with 73 billion rupees of bids received from investors.The Central Bank has accepted 3.1 billion rupees of 05 year bonds maturing on 01 May 2020 at a weighted average yield rate of 9.58 percent. The bond auction […]
Lakshman Yapa assumes duties as State Minister of Finance
Lakshman Yapa Abeywardana, the State Minister of Finance assumes duties at the Ministry of Finance on 15.09.2015. President, Maithreepala Sirisena and Ravi Karunanayake, Minister of Finance graced this occasion.
Sri Lanka stocks close down 0.14-pct: Lack of direction for investors
Sep 15, 2015 (LBO) – Sri Lankan stocks closed down 0.14 percent on Tuesday following with low investor sentiment and losses in index heavy stocks, brokers said. The Colombo benchmark All Share Price Index closed down 10.01 points at 7,152.43 lower 0.14 percent. S&P SL20 closed 4.48 points lower at 3,915.15 down 0.11 percent. “There […]
Section of Colombo Outer Circular Expressway to open Sept 17: JICA
Sept 15, 2015 (LBO) – Sri Lanka’s Kaduwela to Kadawatha section of the Colombo outer circular expressway (E02) will be declared open on September 17, Japan’s development agency JICA said. Lakshman Kiriella, the minister for highways, Kenichi Suganuma, ambassador of Japan to Sri Lanka, and Hiroyuki Abe, senior representative of JICA, will attend the event. […]