Sep 30, 2016 (LBO) – Finance Minister Ravi Karunanayake said Sri Lanka is well on its way to achieving the fiscal target for 2016 as the Value Added Tax increase would be presented in Parliament next week. “Revenue collection is largely on target despite delays in passing the VAT amendments, and we are confident of meeting the 2016 Budget deficit target of 5.4 percent,” Ravi Karunanayake, finance minister said. “Of the total 410 Budget proposals presented last year, over 100 had been put into operation. Only 10 to 15 of the...
Friday, September 30, 2016
Asia stocks slip as Deutsche sours mood, Brent USD49.24 on OPEC pact
SINGAPORE, Sept 30 (Reuters) – Asian stocks followed Wall Street lower in early trade on Friday, while oil prices held close to the highest level in almost a month on optimism over an OPEC plan to curb output.MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, on track for a 0.4 percent drop for the week. It is poised for a 2.2 percent gain in September, and a 9.5 percent jump in the third quarter.Japan’s Nikkei retreated 1.5 percent after sluggish consumption data. It is down 1.7 percent for the month,...
Infrastructure: Sri Lanka's ministries should be aligned to be more effective
Sep 30, 2016 (LBO) – Sri Lanka’s budget allocations for national road development are high, but it needs to be attuned to needs, and ministries should be properly allocated, a senior official said. “The problem is that we have fragmented systems, especially transport and highways are two different ministries so it is very difficult for us to agree on one plan,” said Namalie Siyambalapitiya, director planning, Road Development Authority (RDA). “This is something for the government to think about – when allocating ministries....
Sri Lanka adds more taxes for smokers
Sep 30, 2016 (LBO) – Sri Lanka’s Cabinet has approved a 15 percent Value Added Tax (VAT) and 5.00 rupees production tax on cigarettes as well as an increase of cess on the import of “beedi” leaves, a statement said. “Cabinet has decided to impose 15 percent VAT on cigarettes again, increase the current production tax to Rs. 5/- for any size cigarette, and to increase the cess on import of beedi leaves from 2,000 rupees to 3,000 rupees and to take other actions to minimise the tobacco use in the country,” the Cabinet announcement...
Sri Lankan rupee edges up as tight liquidity prompts dollar sales
Sept 30, 2016 (Reuters) – The Sri Lankan rupee traded slightly firmer on Friday, after four straight sessions of losses, as tight rupee liquidity triggered dollar sales by some banks, dealers said.The spot rupee was at 146.75/90 per dollar at 0556 GMT, compared with Thursday’s close of 146.90/147.00.The rupee has fallen 0.58 percent so far this week.“A few banks are selling dollars due tight rupee liquidity following yesterday’s bond auction,” a currency dealer said asking not to be named.Sri Lanka’s central bank will conduct...
AGALAWATTE PLANTATIONS (AGAL) - CORPORATE DISCLOSURE
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DISTILLERIES COMPANY OF SRI LANKA (DIST) - CORPORATE DISCLOSURE
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Thursday, September 29, 2016
Asia stocks gains as crude oil surges after OPEC deal
TOKYO, Sept 29 (Reuters) – Asian stocks gained on Thursday in tandem with an oil price rally after OPEC members agreed to curb output – boosting investor risk appetite.MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6 percent.Commodity-heavy Australian shares advanced 0.6 percent and South Korea’s Kospi gained 0.7 percent. Japan’s Nikkei rose 0.9 percent after losing 1.3 percent the previous day.Overnight, European shares gained on a recovery in battered Deutsche Bank shares while the Dow rose 0.6 percent...
Sri Lankan rupee edge down ahead of bond auction
Sept 29, 2016 (Reuters) – The Sri Lankan rupee edged down on Thursday ahead of a bond auction as investors bought the local currency to buy bonds, and as importer demand for dollars exceeded greenback sales by exporters, dealers said.The spot rupee was trading at 146.75/85 per dollar, compared with Wednesday’s close of 146.62/70.“Investors want to be in cash to buy bonds at today’s auction,” a currency dealer said asking not to be named.“There is a strong speculation that today will be the last bond auction for this year. So...
CENTRAL INVESTMENTS & FINANCE (CIFL) - CORPORATE DISCLOSURE
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Wednesday, September 28, 2016
Sri Lanka Central Bank holds key interest rates unchanged
Sept 28, 2016 (LBO) – Sri Lanka’s Monetary Board held key interest rates unchanged with slow second quarter growth in the economy, despite credit growth to the private sector continuing to remain high.The economy grew provisional 2.6 per cent, year-on-year, during the second quarter of 2016 compared to the growth of 7.0 per cent recorded in the same period of 2015.“The growth of credit granted to the private sector by commercial banks was at 28.5 per cent, year-on-year, in July 2016, compared to 28.2 per cent in the previous...
Asia stocks inch up after Wall Street's gains, oil prices slide
TOKYO, Sept 28 (Reuters) – Asian stocks edged up early on Wednesday following an overnight rise for U.S. stocks, while reduced hopes that a meeting of major producers would reduce a oversupply weighed heavily on crude oil prices.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent.Australian stocks were up 0.5 percent while South Korea’s Kospi was flat. Japan’s Nikkei was last down 1.1 percent.Overnight, the Dow rose 0.7 percent and Nasdaq added 0.9 percent. A perceived win by Democrat Hillary Clinton...
Sri Lanka to see USD2 bln investments from India, ETCA discussed: minister
Sep 28, 2016 (LBO) – Sri Lanka will see investment of more than two billion US dollars in the next two to four years from India, a visiting Indian minister here to discuss the Economic Technology Cooperation Agreement, said. “We are looking at investment in the tune of 2-3 billion US dollars in the next two to four years,” Nirmala Sitharaman, Minister of (Independent Charge) for Commerce and Industry of India, said Tuesday. “Areas like real estate, industry, energy, infrastructure and housing are what we are looking at.” Sri...
ADB lowers Sri Lanka growth in 2016 to 5-pct from 5.3-pct
Sep 28, 2016 (LBO) – The Asian Development Bank (ADB) has lowered the economic growth forecast for Sri Lanka to 5.0 percent for 2016 from 5.3 percent saying growth prospects for Sri Lanka edge lower on weak industrial performance and fiscal consolidation.“ADB lowered the GDP growth rate to 5.0 percent for Sri Lanka in 2016 from the 5.3 percent it projected in March this year,” the bank said in its flagship annual economic publication, Asian Development Outlook 2016 (ADO 2016). “The growth in 2017 was lowered to 5.5% from the...
CB Governor says 2Q growth should be higher than 2.6-pct
Sept 28, 2016 (LBO) – Sri Lanka’s second quarter economic growth for this year should be higher than the published 2.6 percent, Central Bank Governor said.Governor Indrajit Coomaraswamy told reporters in Colombo that he would expect it to be higher than the current figure, once it gets revised.“If you look at proxies for growth like availability of cement for the construction sector, electricity consumption and credit growth, economic growth may not have slowed down as much as 2.6 percent,” Governor said.“Credit is growing at...
Tuesday, September 27, 2016
Asia stocks slip, yen gains on U.S. debate jitters
SYDNEY, Sept 27 (Reuters) – Uncertainty gripped Asian markets on Tuesday as investors braced for a potentially pivotal U.S. presidential debate, shunning stocks while favouring safe-haven bonds and the yen.Early jitters saw Japan’s Nikkei sink 1.4 percent to its lowest in seven weeks, while the dollar dropped to a one-month trough around 100.08 yen before steadying. A higher yen is seen as a threat to exporter sales and profits.MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.4 percent, with the technology and...
Sri Lankan rupee weaker on importer dollar demand
Sept 27, 2016 (Reuters) – The Sri Lankan rupee traded weaker on Tuesday as seasonal demand for dollar from importers exceeded sales by exporters and banks, dealers said.The spot rupee traded at 146.45/55 per dollar, compared with Monday’s close of 146.35/45.The spot-next forwards were at 146.56/60 per dollar, edging down from Monday’s close of 146.38/48. One-week forwards were at 146.65/80, weaker from last close of 146.50/68.“There is importer demand today and not much of exporter conversions or remittances to meet that...
CITRUS LEISURE , KALPITIYA BEACH RESORT , HIKKADUWA BEACH RESORT - GROUP RESTRUCTURE
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TRADE FINANCE & INVESTMENTS - DIVIDEND ANNOUNCEMENTS
TRADE FINANCE AND INVESTMENTS PLC Company ID: - TFIL Date of Announcement: - 27.Sep.2016 Rate of Dividend: - Rs. 2.00 per share / Interim Dividend Financial Year: - 2015/2016 XD: - 06.Oct.2016 Payment: 07.Oct.2016 Share Transfer Book O...
ASSOCIATED MOTOR FINANC - DIVIDEND ANNOUNCEMENTS
ASSOCIATED MOTOR FINANCE COMPANY PLC Company ID: - AMF Date of Announcement: - 27.Sep.2016 Rate of Dividend: - Rs. 15.00 per share (Subject to 10% Dividend Tax) / Final Dividend Financial Year: - 2015/2016 XD: - 06.Oct.2016 Payment: 14.Oct.2016 Share Transfer Book O...
Monday, September 26, 2016
Asian shares slip, U.S. presidential debate awaited
TOKYO, Sept 26 (Reuters) – Asian shares began the week under a cloud on Monday after losses on Wall Street, as investors’ attention turned from central banks to American politics ahead of the first U.S. presidential debate.MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1 percent in early trade, while Japan’s Nikkei stock index slumped 0.5 percent against the headwinds of a stronger currencyWall Street logged weekly gains but ended with solid losses on Friday. The S&P 500 still managed to record its...
Fund flows into emerging markets at three-year high
Sept 26, 2016 (LBO) – After cash outflows over the last few years, money flowing back into emerging markets has hit a three-year high.Investors have chanelled more than 9 billion dollars into emerging market funds and the benchmark MSCI emerging market fund is up nearly 15 percent, CNBC reported.In a recent note to clients, Deutsche Bank’s chief global strategist Binky Chadha said that “over the medium term, we see substantial scope for further emerging market inflows, aided by a continued rotation out of European equities.”Despite...
POLL: CB to stand pat this wk, assessing impact of previous hikes
Sept 26, 2016 (Reuters) – Sri Lanka’s central bank is expected to keep its key interest rates steady on Wednesday, after cutting three times since December to fend off pressure on the fragile rupee currency and curb accelerating credit growth that has pushed up inflation.All 13 economists surveyed in a Reuters poll expect the central bank to keep its standing deposit facility rate (SDFR) steady at 7.00 percent, and its standing lending facility rate (SLFR) unchanged at 8.50 percent.Danushka...
OVERSEAS REALTY (CEYLON) (OSEA) - RIGHTS ISSUE 2 for 5 @ Rs. 20.50
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HIKKADUWA BEACH RESORT - DIVIDEND ANNOUNCEMENT
HIKKADUWA BEACH RESORT PLC Company ID:- CITH Date of Announcement:- 26.Sep.2016 Rate of Dividend: - Rs. 0.10 per share / First & Final Dividend Financial Year: - 2015/2016 XD:- 05.Oct.2016 Payment:- 14.Oct.2016 Share Transfer Book O...
Friday, September 23, 2016
ADB to give Sri Lanka USD24.2Mn for transport feasibility studies
Sep 23, 2016 (LBO) – The Asian Development Bank (ADB) will help Sri Lanka prepare studies and designs for new road, railway, and port projects to assure the islands transport system is ready to support economic growth in the medium term.“With 24.42 million US dollars in ADB technical assistance, the Road Development Authority will formulate an expressway development program and prepare priority projects, such as a port access road to link the Colombo port area to the highway network,” the Bank said issuing a statement. “The...
Asian stocks hold near 14-month peak on Fed relief
TOKYO, Sept 23 (Reuters) – Asian shares edged closer to 14-month highs on Friday while the dollar was on the defensive as investors grew more convinced that the Federal Reserve is settling into a phase of very gradual interest rate hikes.MSCI’s broadest index of Asia-Pacific shares outside Japan was steady and within sight of its highest levels since July 2015 that it hit in early September.Japan’s Nikkei dipped 0.2 percent, reflecting the yen’s gains during Japan’s market holiday on Thursday.On Wall Street, S&P 500 Index...
NAMUNUKULA PLANTATIONS - DIVIDEND ANNOUNCEMENT
NAMUNUKULA PLANTATIONS PLC Company ID: - NAMU Date of Announcement: - 23.Sep.2016 Rate of Dividend: - Rs. 0.50 per share / Interim Dividend Financial Year: - 2016/2017 XD: - 04.Oct.2016 Payment: 12.Oct.2016 Share Transfer Book O...
Thursday, September 22, 2016
Asian shares surge, dollar lags on slow-motion Fed
SINGAPORE/SYDNEY, Sept 22 (Reuters) – Asian shares surged on Thursday, taking their cue from Wall Street, after the Federal Reserve left U.S. interest rates unchanged and slowed the pace of future hikes, slugging the dollar and lifting commodity prices.MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.9 percent in its sixth straight session of gains, just 1.1 percent off its one-year high touched earlier this month.Australian shares rose 0.9 percent, while South Korea’s KOSPI advanced 1 percent.Asia’s strong...
Sri Lanka's Financial Intel Unit signs MOU with Singapore authority
Sept 22, 2016 (LBO) – The Financial Intelligence Unit of the Central Bank of Sri Lanka (FIU) has entered into a memorandum of understanding with the Suspicious Transaction Reporting Office of Singapore (STRO) to facilitate exchange of information on money laundering and terrorist financing.The MOU has been entered into “within the framework of each Authority’s national legislation, to facilitate the exchange of information related to investigations and prosecutions of money laundering and terrorist financing on September 01,...
Sri Lankan rupee edges up on bank dlr sales; stocks up
COLOMBO, Sept 22 (Reuters) – The Sri Lankan rupee edged up on Thursday as dollar sales by a foreign bank helped currency forwards outpace importer dollar demand, but the market expects the rupee to be under downward pressure due to a rise in demand for imports, dealers said.Rupee forwards were actively traded and one-week forwards were at 146.30/40 at 0645 GMT, firmer from Wednesday’s close of 146.60/70.“The one-week forwards traded at 146.55 in early trade. But they appreciated due to dollar sales by a foreign bank, possibly...
CENTRAL INVESTMENTS & FINANCE (CIFL) - CORPORATE DISCLOSURE
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Wednesday, September 21, 2016
Asia stocks pull ahead, investors on edge before BOJ verdict
HONG KONG, Sept 21 (Reuters) – Asian shares got off to a tentative start on Wednesday, while the yen was steady as investors braced for the outcome of the Bank of Japan’s policy meeting amid heightened speculation the central bank will make crucial changes to its massive easing programme.The BOJ is expected to make negative interest rates the centrepiece of a new policy framework – widely seen as a desperate attempt to show it still has the firepower to lift Japan out of years of stagnation.Ahead of the decision, MSCI’s broadest...
US Pacific Command partners with Sri Lanka on oil spill management
Sept 21, 2016 (LBO) – Experts from the U.S. Pacific Command have provided training for disaster response counterparts from Sri Lanka and Maldives on responses to potential oil spills that could impact the local environment. Both civilian and military participants shared experiences from recent oil spill response efforts, with hands-on field exercises that included a live demonstration at sea, a statement said.“Protecting the well-being of the Indian Ocean region is one of the reasons why it’s so important to develop regional...
New markets needed to offset Sri Lanka Tea downturn: OBG
Sept 21, 2016 (LBO) – Adverse weather conditions, combined with rising costs and greater competition, threaten to weaken Sri Lanka’s position in the global tea industry, though efforts to develop new markets could help offset downturns in exports and revenue, the Oxford Business Group said in a note on the economy.Flooding in mid-May struck a number of tea-producing regions and led to the inundation of several tea export facilities around Colombo, causing widespread disruption and compounding losses from El Niño-related drought...
Sri Lankan rupee down on importer dollar demand; forwards active
Sept 21, 2016 (Reuters) – The Sri Lankan rupee fell on Wednesday on importer dollar demand, while currency forwards were actively traded in the absence of the spot rupee trading, dealers said, a day after the central bank’s moral suasion capped the rupee’s fall.Traders were unwilling to trade the spot rupee below 146.00 , the level desired by the central bank, on Tuesday, dealers said.“The spot rupee has not been trading because of the fears of the central bank’s moral suasion, but forwards were actively traded,” a currency...
Sri Lanka *market update* ASPI gains 0.3-pct, Net foreign inflow Rs. 28.9Mn
The ASPI gained sharply due to price increases in John Keells Holdings, Sri Lanka Telecom, Ceylinco Insurance, Teejay Lanka and Dialog Axiata. The day’s total turnover crossed the LKR 1.4bn mark to which National Development Bank contributed the majority with the assistance of three crossings. Crossings were also recorded in John Keells Holdings (Voting) and Hatton National Bank (Voting). The Bourse saw net foreign buying during the day.The All Share Price Index gained 21.7 points to close at 6,451.6 (+0.3%), while the S&P...
Textured Jersey changes its name to Teejay Lanka
Sept 21, 2016 (LBO) – Sri Lanka’s Textured Jersey, a leading knitted fabric company, has officially changed its name to Teejay Lanka with effect from 15th September 2016.The company said in a stock exchange filing that the name change had the shareholder approval through a special resolution at the Annual General Meeting.&nb...
Sri Lanka nationwide inflation declines to 4.5-pct in Aug 2016
Sept 21, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index declined to 4.5 percent in August from the 5.8 percent reported a month earlier on an yearly basis, data from the state statistics office showed.In August 2016, the contribution to the inflation from food group and non-food group are 1.84 percent and 2.61 percent respectively.NCPI has been calculated as 113.3 for August 2016 and it shows a decrease...
Tuesday, September 20, 2016
Asia stocks waver as investors nervously await Fed, BOJ
TOKYO, Sept 20 (Reuters) – Asian shares edged lower on Tuesday as investors nervously waited on the outcomes of the Federal Reserve and Bank of Japan policy meetings that begin later in the session.Global markets have been blowing hot and cold in recent weeks over the Fed’s intentions, not helped by both hawkish and dovish comments from several Fed officials over this period.The consensus is that the Fed will leave interest rates unchanged at the end of its two-day meeting, with investors focusing on the statement as well as...
No liberalization of professionals under upcoming FTAs: Kelegama
Sept 20, 2016 (LBO) – Sri Lanka’s bilateral free trade agreements that are currently being considered have no liberalization of professionals, a senior official confirmed.Sri Lanka is currently negotiating with India to deepen the existing Indo-Lanka FTA via Economic and Technology Cooperative Agreement (ETCA), and is talks with China and Singapore to sign bilateral free trade agreements to improve trade and investments.Executive Director of the Institute of Policy Studies, Dr Saman Kelegama, who advises the government on these...
Sri Lankan rupee edges up on state bank dollar sales
Sept 20, 2016 (Reuters) – The Sri Lankan rupee gained slightly on Tuesday as a state bank sold dollars after the local currency fell due to importer greenback demand, with traders unwilling to trade the rupee below the level desired by the central bank, dealers said.The spot rupee was at 145.80/146.00 per dollar at 0638 GMT, slightly firmer from Monday’s close of 145.90/146.00. One-week forwards were at 145.95/146.15, compared with the previous close of 146.12/22.The spot rupee is usually managed by the central bank and...
New Zealand pledges to develop milk production in Sri Lanka
Sep 20,2016 (LBO) – New Zealand says that it will extend its full assistance to develop the milk production sector in Sri Lanka, the finance ministry said in a statement.“New Zealand expects to provide Sri Lanka new technology, industry expertise and certain grants to enable the island to improve its milk production,” Grahame Morton, New Zealand High Commissioner to Sri Lanka said.The High Commissioner made these comments following a meeting with Finance Minister Ravi Karunanayake, Monday.The Minister also pointed out that the...
Interview: Sri Lanka stock earnings +6 pct in June quarter, valuations improve
Sept 20, 2016 (LBO) – Sri Lankan listed companies posted earnings of 49.9 billion rupees in the quarter to June, up six percent from the same quarter last year, according to Acuity Stockbrokers.Together with a depressed market, this means valuations have improved. Lanka Business Online spoke to Chethana Ellepola, head of research at Acuity Stockbrokers, to get the inside scoop.“If you compare current sector PEs to the Bloomberg consensus estimate for the market PE in 2016 (10.64x), then sectors such as Bank, Finance, Insurance,...
AMW CAPITAL LEASING AND FINANCE - DIVIDEND ANNOUNCEMENT
AMW CAPITAL LEASING & FINANCE PLC Company ID: - AMCL Date of Announcement: - 20.Sep.2016 Rate of Dividend: - Rs. 0.76 per share / Final Dividend Financial Year: - 2015 XD: - 29.Sep.2016 Payment: 30.Sep.2016 Share Transfer Book O...
Monday, September 19, 2016
Asia stocks hold central bank vigil, oil bounces
SYDNEY, Sept 19 (Reuters) – Caution gripped Asian shares on Monday ahead of central bank meetings in the United States and Japan this week, while oil prices bounced on talk of an OPEC deal on output and reports of fighting around Libyan oil ports.Bombings in New York City and New Jersey and a stabbing at a Minnesota shopping mall added to a general air of risk aversion.While U.S. officials are investigating the attacks as potential “acts of terrorism,” they stopped short of characterizing the motivation behind any of them until...
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