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Sri Lanka must get finances in order: IMF
June 14, 2016 (LBO) – Sri Lanka needs to put its fiscal house in order, the International Monetary Fund said, revealing details of the 1.5 billion dollar 36-month support programme. “There is a clear need to put tax revenues on an upward path as part of a growth-friendly phase of fiscal consolidation and debt reduction,” […]
Sri Lanka foreign reserves at USD5.6 billion end May
June 14, 2016 (LBO) – Sri Lanka’s official reserves were 5.62 billion dollars at the end of May, down from 6.07 billion dollars end of April, Central Bank data showed. Foreign currency reserves were 4.6 billion dollars, and reserves in Gold were 0.8 billion dollars. The IMF’s first disbursement of SDR 119.894 million (168.1 million […]
Foreign Minister commits to strengthening relations with Czech Republic
Foreign Minister Mangala Samaraweera on a visit to the Czech Republic from 9-11 June, at the invitation of the Minister of Foreign Affairs of the Czech Republic, Lubomir Zaoralek, reaffirmed Sri Lanka’s commitment to strengthen relations between the two countries. Discussions with Foreign Affairs Minister Zaoralek included reviewing ongoing bilateral cooperation and identifying new areas […]
Microsoft to acquire LinkedIn for USD26.2bn
June 14, 2016 (LBO) – Microsoft is to acquire social networking site LinkedIn for 196 US dollars per share in an all-cash transaction valued at 26.2 billion US dollars, inclusive of LinkedIn’s net cash. LinkedIn is the world’s largest and most valuable professional network and continues to build a strong and growing business. Over the […]
Oil futures fall as global growth, Brexit concerns weigh
TOKYO, June 14 (Reuters) – Crude oil futures fell in Asian trade on Tuesday, as investors ignored signs of market tightness to focus on concerns over global growth and overnight declines in stocks on the impending vote on Britain’s possible European Union exit. Brent crude oil futures slipped below $50 a barrel, falling 50 […]
Sri Lanka sells USD250mn one-year development bonds
June 13, 2016 (LBO) – The issue of Sri Lanka development bonds amounting to 200 million US dollars has been oversubscribed with over 516 million US dollars of bids received from investors. The central bank has accepted 250.04 million US dollars in one year bond at a floating rate of six month LIBOR (94 bp) […]
ADB, Sri Lanka sign USD2mn grant for flood and landslide relief
Jun 13, 2016 (LBO) – The Asian Development Bank (ADB) said they would grant US 2 million dollars to finance relief efforts in the country following the recent floods and landslides which claimed around 100 lives and damaged the homes and livelihoods of thousands more. “Considering the scope of the damage in Sri Lanka and […]
PTL Watch: Yields tick higher, foreign holding up
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British High Commissioner discusses constitutional change with Wigneswaran
British High Commissioner to Sri Lanka H.E James Dauris visited the North and East last week. He heard about progress and challenges facing communities in these areas. He met a range of politicians, government officials, religious leaders, civil society organisations, business leaders, resettled communities and journalists. During his visit to the East he met with […]
People’s Bank unveils solar power loan scheme
June 13, 2016 (LBO) People’s Bank has launched a solar power loan scheme to promote the use of solar energy as part of its drive towards being a carbon conscious bank. Launched on World Environment Day which falls on 5th June 2016, People’s Bank now offers loans to customers who would like to install solar […]
Foreign Employment Bureau collects Rs56mn from illegal job agencies
June 13, 2016 (LBO) – Sri Lanka Bureau of Foreign Employment has conducted 56 raids during the first five months of this year and collected 56 million rupees illegally collected by job agencies. The cash collected through these investigations have already handed over to the respective individuals who have paid for agencies for different activities. […]
Russia cuts base rates by 50bps for first time in 12 months
June 13, 2016 (LBO) – Russia’s central bank has decided to cut the base rate by 50 basis points to 10.50 percent, the first rate cut since July last year, taking into account the positive trends in inflation. Releasing a statement, the Board of Directors of Bank of Russia noted the positive trends of more […]