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PTL Watch: Little activity ahead of bond auction
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“If required by MR, able to sell Mihin Air for one rupee” – Eran
Dec 17, 2015 (LBO) – Sri Lanka’s Deputy Minister of Public Enterprise Development Eran Wickramaratne proposed that if required by former President Mahinda Rajapaksa, the incumbent government is able to sell ‘Mihin Air’ over to him for a rupee. “Losses incurred by Mihin Air at present stands at Rs. 1600 million,” Wickramaratne said in a […]
US Fed raises rates by 25 bp, first hike since 2006
Dec 17, 2015 (LBO) – The US Federal Reserve has raised interest rates by 25 basis points, its first increase since 2006. Fed Chair Janet Yellen said the move would be followed by “gradual” tightening as officials watch for signs of higher inflation. The target for the Fed funds rate was unanimously set at 0.25 […]
Information Bank for economic diplomacy soon, says Harsha De Silva
Dec 16, 2015 (LBO) – Sri Lanka plans to launch a ‘Knowledge Platform,’ an online internet information bank to promote economic diplomacy, Deputy Minister of Foreign Affairs, Harsha de Silva said.The platform would be launched by the end of the first quarter of 2016. De Silva revealed this during the second meeting of the Inter […]
Ambassador Shannon meets PM
Under Secretary of State (Designate) Ambassador Shannon met Prime Minister Ranil Wickremesinghe today (16.12.2015) at Temple Trees. U.S Ambassador to Sri lanka Atul Keshap, Deputy Assistant Secretary of State for South and Central Asian Affairs Das Anand, Special Assistant Anupama Prattipati and Southern Development, Law and Order Minister Sagala Rathnayake also participated at this event.
S&P Dow Jones announces changes in S&P Sri Lanka 20 index
Dec 16, 2015 (LBO) – S&P Dow Jones Indices has announced the changes in S&P Sri Lanka 20 index constituents effective from December 21, 2015, the Colombo Stock Exchange said. Accordingly, Bukit Darah, Carson Cumberbatch, Lion Brewery Ceylon and Sri Lanka Telecom will be removed from the S&P Sri Lanka 20 index as they no […]
Customs strike delays flights at Bandaranaike International Airport
Dec 16, 2015 (LBO) – A strike action by the Customs officials at the Bandaranaike International Airport has led to a delay in several flights, All Ceylon Customs Services Union told LBO.“Three is an issue between the Customs officials and the Airport security. Security officials are now acting in a way that damages our dignity,” […]
Crowd funding real estate in Sri Lanka; pros and cons
In real estate, debt-based crowd funding is gaining attention, and quickly becoming a popular method of investment. While the stock exchange can be volatile, crowd funding offers investors the chance to purchase a stake in the project, gaining recognition and return on investment if the project is successful. Crowd funding is a means of raising […]
South Korea issues its first yuan-denominated sovereign bonds
Dec 16, 2015 (LBO) – The South Korean government has issued its first ever yuan-denominated sovereign bonds in China’s onshore bond market. This sovereign bond issue is expected to contribute to diversifying the currency composition of Korea’s foreign exchange reserves and further China’s efforts to open its capital markets to the world.“The bond issuance was […]
PTL Watch: Yields tick higher, T-bill yields up
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People’s Insurance IPO oversubscribed
Dec 16, 2015 (LBO) – An initial public offering of 50 million ordinary shares by People’s Insurance Limited, a subsidiary of People’s Leasing and Finance, to raise 750 million rupees was oversubscribed within hours on the opening day, a statement said.SSP Corporate Services, registrars to the issue, said in a stock exchange filing that the […]
China, US Rates Pressures Build for APAC Banks in 2016
Dec 16, 2015 (LBO) – Banking sectors within the Asia-Pacific (APAC) region are likely to face a more challenging year ahead as financial systems adjust to slowing growth in China and the prospect of higher US interest rates, says Fitch Ratings in the agency’s 2016 Outlook Report for the region.Earnings and capital buffers built up in […]