TOKYO, July 29 (Reuters) – Asian shares held near one-year highs while the yen hit a two-week high on Friday in nervous trade as investors waited to see if the Bank of Japan will come up with stimulus that would meet markets’ expectations.MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early trade while Japan’s Nikkei slipped 0.1 percent.The yen rose to as high as 103.30 to the dollar from 105.30 in late U.S. trade on Thursday, though market players said large moves were likely a result of “fat finger”...
Friday, July 29, 2016
No more debate on monorail vs. LRT, Japan confirms funding
Jul 29, 2016 (LBO) – Sri Lanka’s government confirmed that the Japanese government will fund the islands proposed Light Rail Transit (LRT), ending a debate on monorail vs. LRT following the conclusion of a high level delegation visit from Japan, Thursday.“The delegation, led by Hirofumi Katase the Vice Minister for Economy, Trade and Industry of the Government of Japan confirmed their government’s willingness to finance Sri Lanka’s landmark project on deeply concessional terms,” a statement from the Ministry of Megapolis...
Sri Lanka's rate hike partly due to fiscal slippage on VAT: Coomaraswamy
July 29, 2016 (LBO) – Sri Lanka’s 50 basis point rate hike on Thursday was partly due to fiscal slippage arising from a delay in hiking the value added tax, Governor Indrajit Coomaraswamy said. Sri Lanka budgeted for a two percentage points of GDP reduction in the budget deficit this year, but delays to a VAT increase may affect that target, he said.“Fiscal performance was very good (so far this year), but the delays that have been caused by some of the court cases related to the VAT adjustments means there will be some disruption...
Sri Lanka foreign reserves USD6.4 bln in July: CB official
July 29, 2016 (LBO) – Sri Lanka’s official reserves were 6.4 billion US dollars at the end of July, up from 5.27 billion US dollars at the end of June, a central bank official said on Friday. Reserves were boosted by a dual-tranche sovereign bond offering this month of 500 million dollars through 5.5-year sovereign bonds and one billion dollars through 10-year sovereign bonds. Official reserves have fallen from 8.2 billion dollars at the end of 2014, partly due to outflows from the government securities market tied to fiscal...
Sri Lanka *market update* ASPI almost flat, Turnover Rs.446mn
ASPI closed at 6,393.87, higher 1.72 points 0.03 percent gains in Sri Lanka Telecom and John Keels Holdings, brokers said. Turnover was 446 million rupe...
Sri Lanka's CCPI inflation down 0.5-pct points in July 2016
July 29, 2016 (LBO) – Consumer prices in Sri Lanka’s capital Colombo has accelerated 5.5 percent in July 2016 from a year earlier, down from 6.0 percent in June with the inflation index gaining 0.2 percent in the month, the state statistics office said.Year on year inflation of Food Group has decreased from 8.2 percent in June 2016 to 8.1 percent in July 2016 while Nonfood Group decreased by 4.0 percent to 3.0 percent during this period.For...
Media Release: Central Bank Governor Visits CSE
http://www.cse.lk/cmt/upload_cse_announcements/281469770716_....
KELANI TYRES - DIVIDEND ANNOUNCEMENT
KELANI TYRES PLC Company ID: - TYRE Date of Announcement: - 29.Jul.2016 Rate of Dividend: - Rs. 2.50 per share (Net) / Interim Dividend Financial Year: - 2016/2017 XD: - 09.Aug.2016 Payment: - 19.Aug.2016 Share Transfer Book O...
PEOPLE'S LEASING & FINANCE (PLC) - CORPORATE DISCLOSURE
http://www.cse.lk/cmt/upload_cse_announcements/8661469790797_....
Thursday, July 28, 2016
No quick fixes for Sri Lanka economy, future sunny: CB Governor
Jul 28, 2016 (LBO) – Sri Lanka’s new Central Bank governor says that he aims to have stable policies with strong fundamentals as opposed to quick fixes.“May countries are trying to create artificial momentum and if you look closely this has not worked,” Indrajit Coomaraswamy, Central Bank Governor said Thursday. “We will try to create a stable economic environment where fundamentals were strong, this is key, there are no quick fixes.”Speaking at the bell ringing ceremony at the Colombo Stock Exchange, he said Prime Minister...
Sri Lanka rupee up on bank dlr sales; c.bank rate decision eyed
July 28, 2016 (Reuters) – The Sri Lankan rupee edged up on Thursday as banks’ dollar sales surpassed mild demand for the greenback from importers, ahead of the central bank’s monetary policy rate announcement later in the day, dealers said.The central bank is expected to keep its key interest rates steady for a fifth straight month on Thursday, a Reuters poll showed, despite signs that inflation and private sector credit growth are picking up. However, the possibility of a surprise rate hike is not ruled out.One-week rupee forwards,...
Mahendran takes up position as advisor to Sri Lanka's PM
July 28, 2016 (LBO) – Former Governor Arjuna Mahendran has taken up an appointment as an advisor to Prime Minister Ranil Wickremesinghe in the area of investments, a government official said. Mahendran did not seek re-appointment for the position of Central Bank governor last month as a COPE investigation into treasury bond issues had not been completed. President Maithripala Sirisena subsequently appointed Indrajit Coomaraswamy as the Governor of the Central Bank.&nb...
Sri Lanka *market update* ASPI close up 0.2-pct, Dialog highest contribution
The ASPI gained marginally due to price gains in stocks such as CT Holdings, Commercial Bank, Hemas Holdings, Distilleries Company and Lanka Orix Leasing Company. Index gains were restricted by price dips in Sri Lanka Telecom and John Keells Holdings.The day’s total turnover was recorded above the average twelve month daily turnover to which Dialog Axiata made the highest contribution. Dialog Axiata traded actively by way of four crossings and some block trades during the day. Foreign investors were net buyers during the day.The...
Sri Lanka's Central Bank increases policy rates by 50bps
July 28, 2016 (LBO) – The Monetary Board has decided to increase the main policy interest rates of the Central Bank, the Standing Deposit Facility Rate and the Standing Lending Facility Rate, by 50 basis points each to 7.00 percent and 8.50 percent respectively, effective from the close of business on 28 July 2016.“The Monetary Board was of the view that further tightening of monetary policy is required to curb excessive demand in order to pre-empt the escalation of inflationary pressures and to support the balance of payments,”...
John Keells Holdings net up 10-pct in June quarter
Jul 28, 2016 (LBO) – Sri Lanka’s diversified John Keells Holdings group profit after tax grew 10 percent to 2.6 billion rupees in the June quarter, from a year earlier with revenue climbing eight percent, the interim accounts showed.The consumer goods and transportation sectors posted strong growth of over 20 percent, while property, financial services and IT recorded negative growth for the quarter.The firm reported basic earnings of 1.74 rupees per share for the quarter, against 1.66 rupees reported a year earlier. The share...
CONVENIENCE FOODS (LANKA) - DIVIDEND ANNOUNCEMENT
CONVENIENCE FOODS (LANKA) PLC Company ID:- SOY Date of Initial Announcement:- 25.Jul.2016 Rate of Dividend:- Rs. 4.00 per share / First & Final Dividend Financial Year:- 2015/2016 Shareholder Approval:- Required AGM:- 24.Aug.2016 XD:- 25.Aug.2016 Payment:- 02.Sep.2016 Share transfer book o...
Wednesday, July 27, 2016
Asian shares edge up on Wall Street lead, pre-Fed nerves limit gains
TOKYO, July 27 (Reuters) – Asian stocks edged up early on Wednesday following a relatively upbeat session overnight for U.S. and European stocks, with caution ahead of the Federal Reserve’s policy decision capping gains.The safe-haven yen sat atop large gains as hopes for a large fiscal stimulus package out of Japan faded.MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 percent.Japan’s Nikkei climbed 1.1 percent and Australian shares added 0.3 percent. South Korea’s Kospi stood flat.On Tuesday, U.S. equity...
National Trade Union Center wants to defeat ETCA
July 27, 2016 (LBO) – The National Trade Union Centre on Tuesday started a program to deliver a million leaflets to inform the public about the issues of the proposed ETCA agreement India.At the program which commenced at the Colombo Fort Railway Station, Chairman of the Center Lal Kantha said the loss of local jobs if the ETCA signed will be unavoidable.But Minister of Development Strategies and International Trade Malik Samarawickreme insisted on Tuesday that the government will not allow foreigners to be given jobs at the...
China special investment zone to create 1mn jobs in Hambantota
Jul 27, 2016 (LBO) – The Chinese government has requested for 15,000 acres of land in Hambantota for a special economic zone that will create around one million job in this area, the Minister of Development Strategies and International Trade said Tuesday.“Apart from the Chinese Free Trade Agreement, Chinese officials are also in discussions with the Sri Lankan Government to secure 15,000 acres of land for a special investment zone. One million jobs we hope will created here,” Malik Samarawickrama, Minister of Development Strategies...
Yaddehige obtains interim order against NDB Bank resolution
July 27, 2016 (LBO) – Dr Sena Yaddehige has obtained an interim order restraining NDB Bank from tabling a resolution that contravenes its corporate governance obligations and articles of association, his lawyers said. According to the order granted by the Commercial High Court, NDB cannot table the resolution to its shareholders that removes the requirement of having an independent director as the bank’s chairman, Counsel Nishan Premathiratne said.NDB Bank in a statement said it cancelled its scheduled extraordinary general...
Sri Lankan rupee edges down on importer dollar demand
July 27, 2016 (Reuters) – The Sri Lankan rupee edged down on Wednesday due to importer dollar demand as hopes of the currency’s appreciation after a recent sovereign bond inflow evaporated, dealers said.One-week rupee forwards, which have been acting as a proxy for the spot rupee, traded at 146.20/40 per dollar, slightly weaker than Tuesday’s close of 146.10/30.The spot rupee is tightly managed by the central bank, and market participants use the forward market levels for guidance on the currency.The market has shrugged off...
Sri Lanka *market update* ASPI close down 0.1-pct, Treasuries yields down
The ASPI declined marginally mainly due to price dips in market heavy weights such as John Keells Holdings, Ceylon Tobacco Company, Sri Lanka Telecom, Bukit Darah and Aitken Spence. The day’s total turnover was recorded sharply below the average twelve month daily turnover to which Distilleries Company of Sri Lanka made the highest contribution. There were no crossings recorded for the day. The bourse saw net foreign buying for the day.The All Share Price Index lost 5.4 points to close at 6,382.4 (-0.1%), while the S&P SL20...
SWADESHI INDUSTRIAL WORKS - DIVIDEND ANNOUNCEMENT
SWADESHI INDUSTRIAL WORKS PLC Company ID: - SWAD Date of Announcement: - 27.Jul.2016 Rate of Dividend: - Rs. 1.00 per share / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 30.Sep.2016 XD: - 03.Oct.2016 Payment: - 12.Oct.2016 Share Transfer Book O...
Tuesday, July 26, 2016
Germany grants EUR13mn for Sri Lanka development projects
July 26, 2016 (LBO) – Germany has granted 13 million Euros to Sri Lanka to implement five development projects during this year.Finance Ministry said this grant was pledged to Sri Lanka during President Maithripala Sirisena’s official tour of Germany in February this month.Among the projects to be implemented under this grant are: Wilpattu National Park and its Buffer Zone Management Project, Small and Medium Scale Enterprises Development Project and Social Integration Project and Transformation Facilitation Project.Treasury...
Sri Lankan rupee steady; exporter dollar sales offset importer demand
July 26, 2016 (Reuters) – The Sri Lankan rupee traded steady on Tuesday in dull trade as importer demand for the dollar was offset by greenback selling by exporters, dealers said.One-week rupee forwards, which have been acting as a proxy for the spot rupee, were steady at 146.20/35 per dollar compared with Monday’s close of 146.20/40.The spot rupee is tightly managed by the central bank, and market participants use the forward market levels for guidance on the currency.“We saw some dollar selling in the market today. The demand...
POLL: Sri Lanka Central Bank expected to keep policy rates steady
July 26, 2016 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady for a fifth straight month on Thursday, a Reuters poll showed, despite signs that inflation and private sector credit growth are picking up.The central bank has tightened monetary policy twice since December to fend off pressure on the fragile rupee currency and curb inflation arising from cheap credit.The International Monetary Fund has welcomed the current policy stance and agreed that further...
LANKA VENTURES - DIVIDEND ANNOUNCEMENTS
LANKA VENTURES PLC Company ID: - LVEN Date of Announcement: - 26.Jul.2016 Rate of Dividend: - Rs. 2.00 per share / Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 22.Sep.2016 XD: - 23.Sep.2016 Payment: - 03.Oct.2016 Share Transfer Book O...
ACL CABLES - DIVIDEND ANNOUNCEMENTS
ACL CABLES PLC Company ID: - ACL Date of Announcement: - 26.Jul.2016 Rate of Dividend: - Rs. 1.50 per share / Interim Dividend Financial Year: - 2016/2017 XD: - 04.Aug.2016 Payment: - 15.Aug.2016 Share Transfer Book O...
CHEVRON LUBRICANTS - DIVIDEND ANNOUNCEMENTS
CHEVRON LUBRICANTS LANKA PLC Company ID: - LLUB Date of Announcement: - 26.Jul.2016 Rate of Dividend: - Rs. 3.00 per share / Third Interim Dividend Financial Year: - 2016 XD: - 04.Aug.2016 Payment: - 15.Aug.2016 Share Transfer Book O...
COLOMBO CITY HOLDINGS - DIVIDEND ANNOUNCEMENTS
COLOMBO CITY HOLDINGS PLC (Amended Dates) Company ID: - PHAR Date of Initial Announcement: - 05.May.2016 Rate of Dividend: - Rs. 10.00 per share / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 06.Sep.2016 XD: - 07.Sep.2016 Payment: - 19.Sep.2016 Share Transfer Book O...
Monday, July 25, 2016
Sri Lankan rupee edges up on bank dollar sales; stocks slip
July 25, 2016 (Reuters) – The Sri Lankan rupee edged up on Monday as dollar selling by a state-run bank surpassed importer demand for the greenback, dealers said.One-week rupee forwards, which have been acting as a proxy for the spot rupee, were at 146.05/20 per dollar at 0623 GMT, compared with Friday’s close of 146.20/40.“The importer demand (for dollars) is there but a state bank is selling dollars,” said a currency dealer, asking not to be named.Central bank officials were not available for comment.Finance Minister Ravi...
Sri Lanka Mackwoods Chairman responds to SEC's directive
July 23, 2016 (LBO) – Chairman of Mackwoods Plantations Pvt Ltd, Dr Chrishantha Nonis, says the sale of 60.8 percent shares of Agalawatte Plantations PLC was carried out with due authorization and instructions being issued to the stock broker. On 14th of July, Browns Power Holdings (Private) Limited purchased 15,200,000 ordinary shares, or 60.3 percent, of Agalawatte Plantations PLC (AGAL.N.0000) on the Colombo Stock Exchange from Mackwood Plantations for 304 million rupees. Chris Nonis, in a statement, says the action by the...
TEXTURED JERSEY - DIVIDEND ANNOUNCEMENTS
TEXTURED JERSEY LANKA PLC Company ID:- TJL Date of Initial Announcement: - 17.May.2016 Rate of Dividend: - Rs. 1.00 per share / Final Dividend Financial Year: - 2015/2016 Shareholder Approval:- Required AGM:- 16.Aug.2016 XD: - 18.Aug.2016 Payment: - 26.Aug.2016 Share Transfer Book O...
CONVENIENCE FOODS - DIVIDEND ANNOUNCEMENTS
CONVENIENCE FOODS LANKA PLC Company ID:- SOY Date of Announcement: - 25.Jul.2016 Rate of Dividend: - Rs. 4.00 per share / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required Dates to be notif...
Thursday, July 21, 2016
Sri Lankan rupee edges up on dollar sales by state bank
July 21, 2016 (Reuters) – The Sri Lankan rupee edged up on Thursday as dollar sales by a state bank outpaced the importer demand for the greenback, a day after a top central bank official said proceeds from a $1.5 billion sovereign bond issue, which dealers say would lift the local currency, have flowed in.Dealers said the currency is under pressure again from importer dollar demand.Central Bank Deputy Governor Nandalal Weerasinghe on Wednesday told Reuters that the $1.5 billion raised from the bond issue last week has already...
World Bank pledges USD55mn loan to develop Jaffna
July 21, 2016 (LBO) – The World Bank on Wednesday pledged a 55 million US dollars loan to improve urban services, preserve cultural and environment assets, and improve livability in Jaffna.The credit agreement for the project was signed by Treasury Secretary, Dr. R.H.S. Samarathunga and World Bank Country Director Françoise Clottes.The credit will add development of rapidly urbanizing Jaffna to the existing Strategic Cities Development Project which is supported by the World Bank and was originally approved in 2014.“Well planned...
Sri Lanka consumer prices NCPI soars 6.4-pct in June
July 21, 2016 (LBO) – Sri Lanka’s inflation climbed for the fifth straight month in June after recording a fall of 0.7 percent in January, according to the National Consumer Price Index introduced in October last year with 2013 as the base.According to the Census and Statistics Department, inflation was 6.4 percent in June from a year earlier, compared with a 5.3 percent increase witnessed in May 2016.This monthly change is due to the expenditure...
Wednesday, July 20, 2016
Operational aspects more important than startup valuation: Nissanka
July 20, 2016 (LBO) – Operational aspects of startup IT companies are more important than discussions over valuation, a venture capital expert said at a forum recently. “For each of the successes, there are tombstones that you don’t want to talk about,” Nissanka Weerasekera, a well known VC investor tied to Sunshine Holdings and the Abraaj Group, said. “None of the failures, where we lost a lot of money, has been due to getting the valuation wrong. The failures have always been, without exception, after getting the fundamental...
Sri Lankan rupee falls on importer dollar demand; stocks up
July 20, 2016 (Reuters) – The Sri Lankan rupee fell on Wednesday due to dollar demand from importers, even as a top central bank official said proceeds from a sovereign bond issue, which dealers say would lift the local currency, have flowed in.“Once the money comes in, it is obviously part of our reserves,” Central Bank Deputy Governor Nandalal Weerasinghe told Reuters on Wednesday, adding the $1.5 billion raised from the bond issue has already come into the country.Finance Minister Ravi Karunanayake said last week that the...
SEC blocks sale of Agalawatte Plantation shares in directive
July 20, 2016 (LBO) – Sri Lanka’s Securities and Exchange Commission (SEC) in a directive to Claridge Stockbrokers says the sales proceeds of 304 million rupees for 15.2 million shares of Agalawatte Plantations must be withheld pending an investigation. Nirmalie Samaratunga and M. J. Varma had complained to the SEC that 60.8 percent of the shares in Agalawatte Plantations PLC held by Mackwoods Plantations Private Limited had been sold by Dr. Chrishantha Nonis, without due authorisation and without the approval of the shareholders...
DIRECTIVE ISSUED IN TERMS OF SECTION 13 (C) AND SECTION 13 (P) OF THE SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ACT NO. 36 OF 1987 (AS AMENDED) RE: SALE OF 15,200,000 SHARES OF AGALAWATTE PLANTATION PLC
http://www.cse.lk/cmt/upload_cse_announcements/8711469009875_....
RENUKA HOLDINGS (RHL) - CORPORATE DISCLOSURE buy KAZO 69%
http://www.cse.lk/cmt/upload_cse_announcements/8561469016160_....
Monday, July 18, 2016
Sri Lanka Purchasing Managers' Index shows manufacturing upswing in June
July 18, 2016 (LBO) – Sri Lanka’s manufacturing sector showed an upswing in June, after a slowdown in the previous two months, based on the Purchasing Managers’ Index (PMI) released by the Central Bank.
“The Manufacturing PMI recovered to the positive territory in June 2016 registering 55.1 index points, from the contraction observed in the last two months, which is an increase of 7.2 index points from May 2016,” the Central Bank said in a statement.
“This improvement was bolstered by the significant increase observed in...
Lotus Renewable to make mandatory offer for Browns Hydro Power
July 18, 2016 (LBO) – Lotus Renewable Energy (Private) Limited says it will make a mandatory offerto buy shares of Browns Hydro Power PLC after purchasing 72.13 percent shares in the company. The company purchased 73,690,212 shares at seven rupees per share on July 13, leading up to the trading floor announcement under Rule 7 of the Company Take-overs and Mergers Code. Lotus Renewable Energy, incorporated in February this year, said it offers to purchase from the shareholders of Browns Hydro the remaining 30,397,900 issued shares...
Sri Lanka's Port City to apply its own economic, commercial laws: PM
July 18, 2016 (LBO) – The proposed Financial City better known as the Port City will function as a special jurisdiction area with its own economic and commercial laws to facilitate operations of global multinational corporations, Prime Minister said.Delivering the keynote address at the third South Asian Diaspora Convention, Prime Minister Ranil Wickremesinghe said the proposed city is ideal to fill the vacuum for a financial city along...
LANKA IOC - DIVIDEND ANNOUNCEMENT
LANKA IOC PLC Company ID: - LIOC Date of Announcement: - 18.Jul.2016 Rate of Dividend: - Rs. 1.25 per share / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 23.Sep.2016 XD: - 26.Sep.2016 Payment: - 04.Oct.2016 Share Transfer Book O...
EQUITY ONE (EQIT) - DE-LISTING OF THE ORDINARY SHARES OF EQUITY ONE PLC FROM THE OFFICIAL LIST OF THE COLOMBO STOCK EXCHANGE
http://www.cse.lk/cmt/upload_cse_announcements/1091468842840_....
HAYLEYS (HAYL) - CORPORATE DISCLOSURE
http://www.cse.lk/cmt/upload_cse_announcements/3111468843390_....
Friday, July 15, 2016
Chinese business delegation to visit for B2B meetings
July 15, 2016 (LBO) – A 16-member business delegation from China will be visiting Sri Lanka on the 29th July, 2016, in a visit organised by the Beijing Lansing Century Exhibition Company in association with Lanka Exhibition & Conference Services. The visit coincides with the Construction Expo 2016 to be held in Colombo.The Ceylon Chamber of Commerce said it will organize a Business Forum followed by a Business Networking Event on the same day at the Cinnamon Grand Hotel, Colombo.The visiting businessmen will look to meet...
Sri Lanka PM to meet Singapore's leadership at South Asia Convention
July 15, 2016 (LBO) – Prime Minister Ranil Wickremesinghe is scheduled to have bilateral discussions with Singapore’s president and premier during his three-day official visit to Singapore.Wickremesinghe will leave the country on Sunday principally to deliver the keynote address at the third South Asian Diaspora Convention which will be held in Singapore starting Monday.Among other distinguished speakers for the convention are Singapore’s Premier Lee Hsien Loong, US Assistant Secretary of State Nisha Biswal and India’s Minister...
LOLC client Browns Power buys 60.3 pct stake in Agalawatte
July 15, 2016 (LBO) – LOLC Securities, under rule 36 of the Company Takeovers and Mergers Code, has informed the Colombo Stock Exchange that their client Browns Power Holdings (Private) Limited has purchased 60.3 percent of Agalawatte Plantations PLC.Browns Power Holdings purchased 15,200,000 Voting ordinary shares of Agalawatte Plantations PLC(AGAL.N.0000) on 14th July 2016 from Mackwood Plantations (Pvt) Ltd for 304 million rupees. Rule 36 states: Any person or persons acting in concert with such person who acquire or hold...
BROWNS CAPITAL (FLCH) - CORPORATE DISCLOSURE
http://cse.lk/cmt/upload_cse_announcements/1151468553534_....
CEYLON HOTELS CORPORATION - CORPORATE DISCLOSURE
http://cse.lk/cmt/upload_cse_announcements/8151468557987_....
JOHN KEELLS HOTELS - DIVIDEND ANNOUNCEMENT
JOHN KEELLS HOTELS PLC Company ID: - KHL Date of Announcement: - 15.Jul.2016 Rate of Dividend: - Rs. 0.30 per share / Interim Dividend Financial Year: - 2016/2017 XD: - 27.Jul.2016 Payment: - 05.Aug.2016 Share Transfer Book O...
Thursday, July 14, 2016
Korea pledges USD300mn development loans to Sri Lanka till 2018
July 14, 2016 (LBO) – A framework arrangement enabling Sri Lanka to obtain soft loans from the government of Korea up to 300 million dollars till 2018 was signed on July 13, 2016, a statement said.“This Framework Arrangement is based on the agreement between the two governments signed in December 1995 concerning Loans from the Economic Development Cooperation Fund (EDCF).Under the newly signed framework arrangement, the two Governments expect to work closely to develop a diverse range of projects in such sectors as transportation,...
Fitch rates Sri Lanka's USD Bond 'B+(EXP)'
July 14, 2016 (LBO) – Fitch Ratings has assigned Sri Lanka’s upcoming US dollar-denominated bonds an expected rating of ‘B+(EXP)’.The ratings agency said the expected rating is in line with Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘B+’ with a Negative Outlook.“The rating would be sensitive to any changes in Sri Lanka’s Long-Term Foreign-Currency IDR,” Fitch Ratings said.“In February 2016, Fitch downgraded Sri Lanka’s Long-Term Foreign-Currency IDR and Local-Currency IDR to ‘B+’ with a Negative...
Sri Lanka *market update* USD/LKR 1wk fwd firmer at 146.10/25
USD/LKR 1wk fwd was up Thursday at 146.00/05 per dollar, firmer than Wednesday’s close of 146.10/25, dealers said. Spot next ended at 145.95/146.15 per dollar on Wednesday, firmer than Tuesday’s close of 146.20/30..Asian shares were trading up on Thursday following gains in other international markets. MSCI’s broadest index of Asia-Pacific shares outside Japan were down 0.1 percent in early trade but stood near its eight-month peak hit on Wednesday. Japan’s Nikkei was flat. U.S. stocks ticked up on Wednesday.In...
Sri Lanka tea sees better demand at auction
Jul 14, 2016 (LBO) – Sri Lankan tea prices rose at this week’s Colombo auction with some prices up by 20-30 rupees, Forbes & Walker Tea Brokers said in their latest report.“Overall quality of teas, both from the Western and Eastern planting districts showed an improvement and consequently recorded a price appreciation of Rs. 20/- per kg and more as the sale progressed,” the report said.“Western BOP’s where quality was improved gained Rs. 20-30/- per kg and more whilst the others were firm and dearer to a lesser extent.”The...
Wednesday, July 13, 2016
Sri Lanka *market update* Asian share up, USD/LKR close weaker at 146.30/40
Asian shares were trading higher on solid U.S. growth and accommodative economic policy in major markets, media reports said. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent to 427.83. Japan’s Nikkei gained 1 percent. Australian stocks added 0.3 percent and South Korea’s Kospi rose 0.6 percent. New Zealand shares were little changed with the Shanghai advancing 0.3 percent. MSCI’s broadest gauge of the world’s stock markets has recovered all the losses after Britain’s referendum...
Dialog Axiata names Supun Weerasinghe in CEO succession plan
July 13, 2016 (LBO) – Telecommunications blue chip Dialog Axiata PLC, in a release to the Colombo Stock Exchange, said company has commenced preparation for the succession of its Group Chief Executive at year end 2016. “The announcement of succession follows Dr Hans Wijayasuriya, the Group Chief Executive of Dialog, taking on additional regional responsibilities in the capacity of the Regional CEO for South Asia of the Axiata Group, earlier this year,” a statement said. “The Company accordingly informed the CSE that its Board...
Sri Lanka govt finances on track as per budget: Ravi K
July 13, 2016 (LBO) – Sri Lanka’s government finances this year are on target as estimated in the last budget, Finance Minister Ravi Karunanayake said. “Our revenues are on target as per the last budget. Excise collections are up 40 percent,” Karunanayake told reporters without giving details. Sri Lanka has revised down the 2016 budget deficit target to 5.4 percent of GDP, 0.5 percentage points lower thanthe original budget target, in commitments made to the IMF under an extended fund facility. Sri Lanka promised to introduce...
Sri Lankan rupee firms on dollar selling by foreign bank; stocks rise
July 13, 2016 (Reuters) – The Sri Lankan rupee rose on Wednesday as a foreign bank sold dollars on behalf of investors keen to buy local bonds after Finance Minister Ravi Karunanayake said the currency would rise on expected inflows from a sovereign bond issue, dealers said.Sri Lanka raised $1.5 billion in its first sale of dual-tranche eurobonds on Monday, although at a lower borrowing cost than initially expected, as yield-hungry global investors put in over $5.5 billion in offers.On Tuesday, Karunanayake said the rupee would...
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