Sri Lanka needs to increase the current savings rate from 23% to 30% of GDP by 2020 and get close to India or Thailand, said Aswin De Silva, Chairman National Savings Bank.“We as a responsible government owned institution will always look at ways and means of improving the financial and social inclusion of this country,” he opined speaking at the ‘NSB Reach’ launch event held in Colombo on Tuesday.De Silva said Sri Lanka’s savings rate is at 23% of the GDP. In India and Thailand the rate is 31%. In Malaysia it stands as 33%...
Wednesday, August 31, 2016
Sri Lanka freezes assets of Entrust Securities shareholders: CB Governor
ECONOMYNEXT - Authorities have frozen assets of shareholders of Entrust Securities, a primary dealer in gilts, that is alleged to have bilked billions of rupees of clients including the Central Bank itself amid a criminal probe, an official said.Affairs of Entrust Securities are now administered by state-run National Savings Bank.Central Bank Governor Indrajit Coomaraswamy told reporters in Colombo that there were discussion on bringing another bank to help overlook its operations.Meanwhile, some assets of shareholders had been...
Tire market in Sri Lanka expected to reach $ 488 m in 2016
Dublin: The tire market in Sri Lanka is expected to reach $ 488 million in 2016 on account of the consistent increase in sales of two wheelers and three wheelers, rising private sector investments in the country’s construction, agriculture and industrial sectors and the expanding fleet of commercial vehicles, a recently-released market research report says.Research and Markets in its report ‘Sri Lanka Tire Market Forecast and Opportunities, 2021’, says the tire industry in Sri Lanka has been growing over the last five years...
Sri Lanka Treasuries yields edge down
ECONOMYNEXT - Sri Lanka's 03-month and 01-year Treasuries yields edged down at Wednesday's auction, while 06-month yield was flat, data from the state debt office showed.The yield on 03-month T-Bills fell 01 basis point to 9.03 percent, while that on 12-month bills fell 02bps to 10.73 percent.The 06-month bill yield was flat at 9.94 percent.The debt office got bids worth Rs73.6 billion and sold Rs26.9 billion of bills, mostly of one-year tenor. http://www.economynext.com/Sri_Lanka_Treasuries_yields_edge_down-3-5998-3.h...
Asian shares ease, taking cue from Wall Street, oil slips
TOKYO, Aug 31 (Reuters) – Asian shares eased on Wednesday following modest losses on Wall Street, but were still on track for a monthly rise as investors waited to see if upcoming job data could prod the Federal Reserve into raising interest rates as soon as September.MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent as traders awaited Friday’s job report, but looked set for a near 2 percent gain in August.Japan’s Nikkei stock index added 0.9 percent, poised to rise 1.8 percent for the month, as...
World Bank positive about Sri Lanka's progress, wants to increase aid: Ravi K
Aug 31, 2016 (LBO) – Sri Lanka’s Finance Minister says multilateral donor World Bank is keen to increase its aid following Sri Lanka rapidly achieving its development goals which were set at the time loans were granted to it.“The World Bank is very happy with the progress made so far in the projects that are funded by the organization and the progress of the new government and the fiscal discipline that has been put into place,” Ravi Karunanayake, Finance minister said.“This is why they have pledged further support. They want...
Ceylinco Life's 6-month income up 14-pct to Rs 11 billion
(PRESS RELEASE) – Ceylinco Life has reported that total income grew 14 per cent to Rs 11.028 billion in the six months ending 30th June 2016, with robust growth in both gross written premium and income from investments enabling the life insurance leader to consolidate its position at the helm of the sector.Gross premium income at the end of the first half of the year totalled Rs 7.173 billion, reflecting a growth of 12 per cent over the corresponding six months of 2015, the company said.Investment income improved by a healthy...
Sri Lanka's growth expectation 5.5-pct this year: CB Governor
Aug 31, 2016 (LBO) – Sri Lanka’s growth expectation for this year is about 5 to 5.5 percent as things stand, Central Bank Governor Dr. Indrajith Coomaraswamy told reporters.Coomaraswamy said no additional foreign borrowings are expected for this year.“We don’t anticipate any additional external borrowings for this year apart from T-bills and bonds,” Coomaraswamy said.He said there is an uncertainty in terms of IMF loan disbursements because of VAT hike delay.“There is a IMF review in September, as of June we are very much on...
JICA pledges Rs14bn development loan to Sri Lanka
Aug 31, 2016 (LBO) – The Japan International Cooperation Agency (JICA) has agreed to provide a development policy loan of 14.4 billion rupees (JPY10,000mn) for Sri Lanka’s development agenda.These funds will be utilized for private sector development, governance improvement and fiscal consolidation.The loan is provided at a concessionary interest rate of 1.4 percent per annum with a repayment period of 25 years including 7 years of grace period.In order to improve fiscal sustainability, the cabinet has approved...
Sri Lanka *market update* Treasuries yields mixed
The yield on 03-month T-Bills fell one basis point to 9.03 percent, while that on 12-month bills rose 02 bps to 10.73 percent. The 06-month bill yield was flat at 9.94 percent. The debt office got bids worth Rs73.6 billion and sold 26.9 billion rupees of bills, mostly of one year ten...
Sri Lankan rupee steady after cbank chief allays fears of upward pressure
COLOMBO, Aug 31 (Reuters) – The Sri Lankan rupee traded steady on Wednesday, a day after the country’s Central Bank Governor Indrajith Coomaraswamy said the currency was not under upward pressure as capital inflows had not been of sufficient magnitude to exert such pressure.Dealers said the rupee could appreciate if the central bank does not buy the U.S. dollar from the market since capital inflows into government securities have started and also due to $1.5 billion sovereign bond inflows.Coomaraswamy told reporters late on...
LANKA ORIX LEASING COMPANY - CORPORATE DISCLOSURE
http://cse.lk/cmt/upload_cse_announcements/7871472620405_....
BROWNS HYDRO POWER - CIRCULAR TO SHAREHOLDERS
http://cse.lk/cmt/upload_cse_announcements/9651472639461_....
LAKE HOUSE PRINTERS AND PUBLISHERS - DIVIDEND ANNOUNCEMENT
LAKE HOUSE PRINTERS & PUBLISHERS PLC Company ID: - LPRT Date of Announcement: - 31.Aug.2016 Rate of Dividend: - Rs. 1.00 per share / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 27.Sep.2016 XD: - 28.Sep.2016 Payment: 06.Oct.2016 Share Transfer Book O...
BOGAWANTALAWA TEA ESTATES - CIRCULAR TO SHAREHOLDERS
http://cse.lk/cmt/upload_cse_announcements/8601472645645_....
HATTON NATIONAL BANK - CORPORATE DISCLOSURE
http://cse.lk/cmt/upload_cse_announcements/8181472647940_....
Tuesday, August 30, 2016
Asia stocks bounce, dollar dips on Fed hike doubts
SYDNEY, Aug 30 (Reuters) – Asian shares bounced on Tuesday as doubts the Federal Reserve really would hike rates as soon as September undermined the dollar, while investors continued to count on more policy stimulus elsewhere in the world.MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4 percent, recouping around half of Monday’s loss. Stocks in South Korea and Australia both rose around 0.6 percent.Japan’s Nikkei dipped 0.1 percent as the yen turned around and starting nudging higher once more.A raft of Japanese...
Sri Lankan rupee steady ahead of cenbank policy rate meeting
Aug 30, 2016 (Reuters) – The Sri Lankan rupee traded steady on Tuesday ahead of a central bank policy meeting later in the day, as exporter dollar sales offset mild importer demand for the greenback, dealers said.The central bank is expected to keep its key interest rates steady at the monetary policy rate meeting, after raising them by 50 basis points last month, a Reuters poll showed, amid signs of easing inflation and slower private sector credit growth.The spot rupee was steady at 145.60/65 per dollar at 0719 GMT, while...
Sri Lanka *market update* ASPI close flat, Turnover Rs. 727mn
The ASPI gained marginally due to price gains in stocks such as Lanka Orix Leasing, Overseas Reality,The Lanka Hospital Corporation, Lanka IOC, and Access Engineering.The day’s turnover was recorded at moderate levels to which Ceylon Grain Elevators made the highest contribution assisted by three crossings.Two crossings were also recorded in John Keells Holdings (Voting). Foreign investors were net sellers during the day.The All Share Price Index gained 1.6 points to close at 6,541.8 (+0.0%), while the S&P SL20 Index lost...
Sri Lanka's Central Bank keeps policy rates steady
Aug 30, 2016 (LBO) – Sri Lanka’s Central Bank has decided to keep its key interest rates steady for a fourth straight month on Friday, despite rising inflation and high private sector credit growth.The full text of the statement is reproduced below.Monetary Policy Review – August 2016 Both headline and core inflation, measured on a year-on-year basis, edged down in July 2016. The normalisation observed in domestic supply conditions as well as the suspension of the revisions made to certain taxes moderated consumer price inflation....
MILLENNIUM HOUSING DEVELOPERS - DIVIDEND ANNOUNCEMENTS
MILLENNIUM HOUSING DEVELOPERS PLC Company ID: - MHDL Date of Announcement: - 30.Aug.2016 Rate of Dividend: - Rs. 0.275 per share / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 30.Sep.2016 XD: - 03.Oct.2016 Payment: 11.Oct.2016 Share Transfer Book O...
BROWN & COMPANY - DIVIDEND ANNOUNCEMENTS
BROWN & COMPANY PLC Company ID: - BRWN Date of Announcement: - 30.Aug.2016 Rate of Dividend: - Rs. 0.50 per share / Interim Dividend Financial Year: - 2016/2017 XD: - 08.Sep.2016 Payment: 21.Sep.2016 Share Transfer Book O...
Monday, August 29, 2016
Most Asia stocks slide on Fed officials' rate comments, dollar firms
SINGAPORE, Aug 29 (Reuters) – Most Asian share markets slipped on Monday while the U.S. dollar held firm on Monday after U.S. Federal Reserve Chair Janet Yellen indicated an interest rate increase remains on the cards for this year.MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.7 percent.Japan’s Nikkei, bucked the trend and climbed 2.2 percent as the yen weakened against the resurgent dollar.The case for a rate hike has strengthened in recent months, with a lot of new jobs being created, and economic growth...
Sri Lanka *market update* NSB PAT up 24-pct to Rs. 4.78bn, LB Fin declares dividend of Rs.7.50
LB Finance PLC declared a first and final dividend of Rs. 7.50 per share (par value of Rs 5.00) to the shareholders for the financial year 2015/16. This is an increase of 50% from the previous year, with a total dividend declaration exceeding Rs. 1 Billion. This is the highest dividend paid in the company’s history and stands as a testament to the company’s attitude towards providing the highest possible return to the shareholder.(PRESS RELEASE) – The National Savings Bank’s (NSB) Profit After Tax (PAT) for the first half stood...
World Bank looks at further collaboration in Sri Lanka: South Asia VP
Aug 29, 2016 (LBO) – The World Bank says it will further support Sri Lanka’s journey towards higher growth and prosperity and this will require progress across all provinces. “I hope to continue discussions that I have previously had with government to further our collaboration. We look forward to continue supporting Sri Lanka’s ambitious development agenda,” Anntte Dixon, vice president, World Bank South Asia Region said. She is on an official two day visit to Sri Lanka and will visit World Bank supported projects. “I look...
Sri Lanka's Volkswagen project temporarily halted: Minister
Aug 29, 2016 (LBO) – The proposed project to set up a Volkswagen car plant in Sri Lanka has temporarily been halted, Deputy Minister of Public Enterprise Development Eran Wickramaratne said.“Due to the international issues they had to face, they have decided not to invest in this project in Sri Lanka for now,” Wickramaratne told a local TV station.Sri Lanka’s Board of Investment in April said they helped to secure land for the setting up of the Volkswagen assembly plant with a total investment of 26.5 million dollars.The project...
SERENDIB LAND - DIVIDEND ANNOUNCEMENTS
SERENDIB LAND PLC Company ID: - SLND Date of Announcement: - 29.Aug.2016 Rate of Dividend: - Rs.25.00 per share / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 29.Sep.2016 XD: -30.Sep.2016 Payment: - 10.Oct.2016 Share Transfer Book O...
LEE HEDGES - DIVIDEND ANNOUNCEMENTS
LEE HEDGES PLC Company ID: - SHAW Date of Announcement: - 29.Aug.2016 Rate of Dividend: - Rs. 1.20 per share (would be subject to dividend tax of 10%) / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 27.Sep.2016 XD: - 28.Sep.2016 Payment: - 06.Oct.2016 Share Transfer Book O...
BUKIT DARAH - DIVIDEND ANNOUNCEMENTS
BUKIT DARAH PLC Company ID: - BUKI Date of Announcement: - 29.Aug.2016 Rate of Dividend: - Rs. 1.00 per share (would not be subject to a withholding tax of 10%) / First Interim Dividend Financial Year: - 2016/2017 XD: - 07.Sep.2016 Payment: 19.Sep.2016 Share Transfer Book O...
Friday, August 26, 2016
Asia stocks tentative, dollar slips before Yellen's rates signal
SINGAPORE/TOKYO, Aug 26 (Reuters) – Asian stocks were steady on Friday with modest losses in some markets and gains in others reflecting nervousness before a keenly anticipated speech by U.S. Federal Reserve Chair Janet Yellen.MSCI’s broadest index of Asia Pacific shares outside Japan was little changed as investors awaited some direction from Yellen on whether the Fed might raise interest rates this year at the annual gathering of central bankers in Jackson Hole, Wyoming.The Asia-Pacific benchmark is on track for a 0.25 percent...
JKH reduces Keells Food Products stake for minimum float
Aug 26, 2016 (LBO) – Diversified John Keells Holdings says subsidiaries of the company have sold around 2 percent of shares in Keells Food Products to meet the SEC’s minimum public float rule. 413,408 shares were disposed at 160 rupees per share at August 25th amounting to 2 percent of the company’s ultimate shareholding in Keells Food Products, a statement to the Colombo Stock Exchange said. &nb...
Sri Lankan rupee stronger on foreign bank dollar sales
Aug 26, 2016 (Reuters) – The Sri Lankan rupee traded stronger on Friday as a foreign bank sold dollars while importers buying greenback slowed down as they awaited further appreciation, dealers said.The rise also comes as the government is increasing its three-year loan to $700 million from an initial target size of up to $500 million, in the country’s largest syndicated facility.At 0800 GMT, the spot rupee was at 145.65/75 per dollar, firmer from Thursday’s close of 145.80/90, while one-week rupee forwards were at 145.85/90...
Excise duty on diesel increased to Rs13 a litre; LIOC down 9.7 pct
Aug 26, 2016 (LBO) – Sri Lanka’s government has raised excise duty on diesel by 10 rupees a litre to 13 rupees, the Finance Ministry said in a statement. Although the excise duty on diesel was raised three days ago, no public announcement was made until Friday.The share price of LIOC fell to 37.80 rupees, down 9.7 percent, on the Colombo Stock Exchange Friday with 215 million rupees of shares traded, raising questions whether the announcement had been made to the market before the shares were sold. Bartleet Religare Securities...
CEYLON TEA SERVICES - DIVIDEND ANNOUNCEMENTS
CEYLON TEA SERVICES PLC Company ID:- CTEA Date of Announcement:- 26.Aug.2016 Rate of Dividend:- Rs. 12.50 per share / Final Dividend Financial Year:- 2015/2016 Shareholder Approval: - Required AGM:- 28.Sep.2016 XD:- 29.Sep.2016 Payment:- 07.Oct.2016 Share Transfer Book O...
ON'ALLY HOLDINGS - DIVIDEND ANNOUNCEMENTS
ON'ALLY HOLDINGS PLC Company ID:- ONAL Date of Announcement:- 26.Aug.2016 Rate of Dividend:- Rs. 2.00 per share / Final Dividend Financial Year:- 2015/2016 XD:- 06.Sep.2016 Payment:- 19.Sep.2016 Share Transfer Book O...
ELPITIYA PLANTATIONS - DIVIDEND ANNOUNCEMENTS
ELPITIYA PLANTATIONS PLC Company ID:- ELPL Date of Announcement:- 26.Aug.2016 Rate of Dividend:- Rs. 0.50 per share / First & 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...
Thursday, August 25, 2016
Sri Lanka must plug into global production networks: Harsha de Silva
Aug 25, 2016 (LBO) – Sri Lanka needs to get into the game of global production networks and needs to treat trade agreements seriously, a government minister said.Deputy Foreign Minister Harsha de Silva outlined Sri Lanka’s future path as a trading nation at a panel discussion organized by the Young Professionals Organization of UNP.“Sri Lanka has always been a trading place with imports and exports both. Imports are actually the other side of the coin of exports,” de Silva said.“For instance, In Hong Kong, exports to GDP is...
Sri Lanka clarifies reports on McKenzie consultancy
Aug 25, 2016 (LBO) – Sri Lanka’s National Policy and Economic Affairs Ministry has clarified certain newspaper reports saying they were aimed at sabotaging the economic development strategy of the government.Releasing a statement the ministry said negative reports have appeared in the newspapers on the engagement of internationally reputed consultancy firms by the Government.The statement says the Cabinet Committee on Economic Management decided to engage the services of Mr Yuvanjan Wijeyatilake, former Attorney General, to...
Sri Lankan rupee down on importer dollar demand
Aug 25, 2016 (Reuters) – The Sri Lankan rupee traded weaker on Thursday led by importer dollar demand while the central bank appeared to have stopped giving a reference level for the spot currency, dealers said.The rupee has been steady for more than a week as dealers hesitated to trade the local currency below 145.50 per dollar in anticipation of central bank intervention to defend the rupee.At 0704 GMT, the spot rupee was at 145.75/85 per dollar, edging down from Wednesday’s close of 145.55/58, while one-week rupee forwards...
PTL Watch: Sri Lanka bond yields lower, follows auction
http://www.lankabusinessonline.com/wp-content/uploads/2016/08/PTL-Daily-Market-Report-25th-August-2016.pdf&nb...
CEYLON HOTELS CORPORATION (CHOT) - CIRCULAR TO SHAREHOLDERS
http://www.cse.lk/cmt/upload_cse_announcements/121472122373_....
Wednesday, August 24, 2016
Asia stocks cement gains after recent rally, oil slips
HONG KONG, Aug 24 (Reuters) – Asian stocks consolidated recent gains on Wednesday, helped by Wall Street’s rise overnight, even as oil prices slid after a surprise build in U.S. crude stocks.MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 percent in early trade. It has risen more than 14 percent since late June to hit a 1-year high last week.Japan’s Nikkei rose 0.4 percent.Elsewhere in the region, Hong Kong slid as investors sold financials, while mainland China markets inched higher.“China’s stock markets...
Markets recover post Brexit, but political uncertainty remains
Aug 24, 2016 (LBO) – U.K. retail sales data have posted a positive outcome post-Brexit supporting markets even though some political uncertainty remains. From the FTSE’s low of 5,806 points immediately after the Brexit vote, the index has rallied some 18.38 percent. Other European indexes and the STOXX 600 have also recovered, with the STOXX 600 up 8.7 percent since its lowest point on Friday, June 24, CNBC reported.Two months on, analysts say markets have recovered with a focus back on economic momentum. Sterling has not been...
Sri Lankan rupee steady; importer dollar demand offsets exporter selling
COLOMBO, Aug 24 (Reuters) – The Sri Lankan rupee was steady for an eighth session on Wednesday as exporter dollar sales were offset by importer demand for the greenback, with dealers hesitating to trade the local currency below 145.50 per dollar in anticipation of central bank intervention to defend the rupee, dealers said.The spot rupee was unchanged at 145.50/55 per dollar, while one-week rupee forwards were at 145.75/80 per dollar at 0815 GMT, compared with Tuesday’s close of 145.76/80.“There are exporter (dollar) sales....
Sri Lanka *market update* ASPI close down 0.2-pct, Turnover Rs. 1.3bn
The ASPI declined sharply mainly due to price dips in stocks such as John Keells Holdings, Ceylon Cold Stores and Asiri Hospital Holdings.The day’s turnover crossed LKR 1.3bn mark to which National Development Bank made the highest contribution (c.16% to total turnover). Crossings were recorded in Ceylon Tobacco Company and TokyoCement Company Lanka (Voting).The bourse saw net foreign selling during the day.The All Share Price Index lost 15.5 points to close at 6,588.3 (-0.2%), while the S&P SL20 Index lost 14.2 points to...
SANASA DEVELOPMENT BANK - CLARIFICATION TO A NEWSPAPER ARTICLE
http://www.cse.lk/cmt/upload_cse_announcements/2711472014016_....
THE COLOMBO FORT LAND & BUILDING - DIVIDEND ANNOUNCEMENT
THE COLOMBO FORT LAND AND BUILDING PLC Company ID: - CFLB Date of Announcement: - 24.Aug.2016 Rate of Dividend: - Rs. 0.30 per share / First & Final Dividend Financial Year: - 2015/2016 Shareholder Approval: - Required AGM: - 29.Sep.2016 XD: - 30.Sep.2016 Payment: - 10.Oct.2016 Share Transfer Book O...
Tuesday, August 23, 2016
The Guardian Acuity Asset Management weekly
http://www.lankabusinessonline.com/wp-content/uploads/2016/08/Weekly-Report-GAAM-20-08-16....
Asia stocks edge up, dollar dips as markets await Fed clues
SYDNEY, Aug 23 (Reuters) – Asia shares inched ahead while the dollar slipped on Tuesday as a dearth of major data left markets with little to do but second guess whether the Federal Reserve will raise U.S. interest rates this year.MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent, with South Korea and Australia adding similar amounts.Japan’s Nikkei went the other way and eased 0.4 percent as the yen gained on the dollar.The whole world seems to have hushed ahead of comments from Fed Chair Janet...
Sri Lankan rupee trades steady; dollar selling by foreign investors eases pressure
Aug 23, 2016 (Reuters) –The Sri Lankan rupee held steady for a seventh straight session on Tuesday, with dealers hesitating to trade in the local currency below 145.50 per dollar anticipating central bank intervention to defend the currency, dealers said.Foreign investors were seen selling the U.S. currency, which helped ease pressure on the rupee due to demand for dollars by importers, dealers said.The spot rupee was at 145.50/55 per dollar at 0618 GMT, unchanged from Monday’s close.One-week rupee forwards were at 145.74/75...
Sri Lanka *market update* ASPI close up 0.1-pct, 13wk high
The ASPI gained sharply to close above its 13-week high mainly due to the number of advances (88) outpacing the number of declines (59). Index gains were supported by price gains in stocks such as Asiri Hospital Holdings, Softlogic Holdings, Sampath Bank, Tokyo Cement and Overseas Reality.The day’s turnover crossed LKR 1.8bn mark to which Ceylon Grain Elevators made the highest contribution. Crossings were recorded in Chevron Lubricants Lanka, Commercial Bank (Voting),John Keells Holdings (Voting) and Sampath Bank.The bourse...
Chinese bank to set up South Asian branch in Sri Lanka: PM
Aug 23, 2016 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe told Parliament today that a Chinese bank has agreed to set up their South Asian branch here in Sri Lanka.“China agreed to set up the branch here in Colombo at the proposed financial city,” Wickremesinghe said.Prime Minister said the concept paper and proposal for the financial city is being discussed and it could be revealed before the end of this year.“We expect to have discussions about the proposal with China.”Megapolis Ministry on behalf of the government...
BROWNS BEACH HOTELS (BBH) - RIGHTS ISSUE 5 for 12 @ Rs. 25.85
http://www.cse.lk/cmt/upload_cse_announcements/6251471924140_....
Monday, August 22, 2016
Secondary market bond yields increase following auction announcements
Secondary market bond yields increased yesterday on the back of moderate volumes, following the announcement of three Treasury bond auctions to the tune of Rs. 45 billion. Yields on the 01.08.24, 01.08.25 and 01.08.26 maturities were seen increasing to intraday highs of 12.30%, 12.55% and 12.60% respectively against its opening lows of 12.23%, 12.50% and 12.53%. In addition, 2018 maturities were seen changing hands within the range...
Sri Lanka scores as South African tourists begin avoiding terror attack countries
Travel to Belgium‚ France‚ Tunisia and Turkey declined in the first six months of the year following terror attacks in these countries‚ according to statistics from Flight Centre Travel Group.Flight Centre ticket sales indicate that travel to Belgium – the target of three co-ordinated terror attacks in March in which 32 people were killed – between January and July this year is down 16% compared to the same period last year.Travel to France is down 29%‚ for the first six months of the year. France has been hit by a wave of terror...
Insurance industry grows by 15% in 1Q
The insurance industry has recorded a growth of 14.59%, in terms of Gross Written Premium (GWP), during the first quarter of year 2016 when compared to the same period in the year 2015. The Insurance Board of Sri Lanka said GWP for Long Term Insurance and General Insurance Businesses for the first quarter ending 31 March 2016 was Rs. 33,293 million compared to the first quarter of 2015 amounting to Rs. 29,054 million. The...
Govt. begins preliminary work on 2017 Budget preparation
The Government has begun preliminary work on formulating the budget proposals for 2017, according to the Finance Ministry officials. This will be the second budget of the Unity Government.The relevant circular with guidelines to prepare budget estimates has already been sent to the Secretaries to the Ministries, Heads of the Departments and to other relevant officials, the Ministry officials said. Meanwhile, Minister of Finance Ravi Karunanayake has said that the 2017 Budget proposals will be presented to the Parliament on 10...
Inflation up 5.8% in July
The rate of inflation, as measured by the National Consumer Price Index (NCPI), rose 5.8% in July from a year earlier, slowing for the first time in six months, the Department of Census and Statistics said on Monday. Point-to-point inflation hit its highest since July last year, the period from which Government data is available. It rose five straight months to hit 6.4% in June, according to the NCPI index, which was introduced in...
World Bank to improve transparency with new procurement system in Sri Lanka
Aug 22, 2016 (LBO) – The World Bank in keeping pace with global trends has introduced a new procurement framework in South Asia including Sri Lanka to improve development impact and transparency.The new system helps its partner countries that procure goods and services under Bank-financed projects make the best use of their public spending, strengthen their national procurement policies, and improve their development objectives.Unveiling the new framework in Colombo, World Bank Director for governance global practice Robert...
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