Nov 29, 2016 (LBO) – Sri Lanka’s Monetary Board held interest rates unchanged after a monthly policy meeting with excessive credit growth beginning to slow and inflation remaining stable.The Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank remain unchanged at 7.00 per cent and 8.50 per cent, respectively.Credit extended to the private sector by commercial banks decelerated to 25.6 per cent in the month of September compared with 27.3 per cent in the previous month.This was...
Tuesday, November 29, 2016
Dollar steadies with bonds, oil anxious about OPEC
SYDNEY, Nov 29 (Reuters) – The U.S. dollar took a breather on Tuesday as global bonds steadied from their recent rout, while equities flatlined as political risk resurfaced in Europe ahead of a referendum in Italy this weekend.Oil prices remained jittery in the countdown to Wednesday’s OPEC meeting but industrial commodities continued to benefit mightily from Chinese demand, both real and speculative.The action in Asian stocks was guarded with Australia up 0.1 percent and Japan’s Nikkei off 0.2 percent.MSCI’s broadest index...
Sri Lanka budget deficit narrows in first nine months: CB
Nov 29, 2016 (LBO) – Sri Lanka’s budget deficit narrowed to 4.1 percent of GDP during the first nine months of the year helped by an increase in tax revenue, the Central Bank said on Tuesday.The budget deficit during the same period last year was 5.1 percent of GDP. Government revenue was 9.6 pct of GDP during the first nine months, up from 8.5 percent of GDP during the same period last year. However, government expenditure increased by a smaller amount. Government expenditure increased to 13.7 percent of GDP from 13.5 percent...
CCTV, new auction system among steps to strengthen bond trading: CB
Nov 29, 2016 (LBO) – Sri Lanka’s Central Bank has taken several steps to improve supervision and regulation of the government securities market, the Central Bank governor said on Tuesday. “The Central Bank has been trying to address some very difficult issues in these areas,” Governor Indrajit Coomaraswamy said.Among steps taken, the Public Debt Department has introduced pre-bid meetings with primary dealers, and since June a decision has been taken to not accept more than the offered amount at auctions, he added. The Bloomberg...
Sri Lankan rupee edges down on importer dollar demand; stx up
COLOMBO, Nov 29 (Reuters) – The Sri Lankan rupee traded marginally weaker on Tuesday, hurt by dollar demand from importers amid fears that economic policies of U.S. President-elect Donald Trump may lead to a rise in the greenback and trigger foreign fund outflows.The market shrugged off the central bank’s key monetary policy decision on Tuesday to keep rates unchanged. Dealers said investors are yet to digest the impact of the decision.At the post-monetary policy media briefing, central bank Governor Indrajith Coomaraswamy said...
Sri Lanka *market update* ASPI close down, Crossings dominate turnover
The market closed today posting a turnover of LKR 1,008,911,360 (USD 6.8mn) with the indexes moving down. ASPI closed at 6231.87 down 7.00 points (-0.11%) while the more liquid SP SL20 index closed at 3456.90 down 2.96 points (-0.09%). Crossings accounted for 50% of the turnover with two crossings in TJL.N (LKR 148mn; USD 997k), one crossing in JKH.N (LKR 52mn; USD 348k), one crossing in HNB.N (LKR 43mn; USD 292k) and five crossings in SPEN.N (LKR 264mn; USD 1,775k). Diversified sector was the highest contributor towards the...
Monday, November 28, 2016
Asian markets mixed, December rate hike eyed
Nov 28, 2016 (LBO) – Japanese stocks traded weaker on Monday after seven straight sessions of gains, with Asian markets mixed, as the U.S. dollar pulled back from decade highs. The chances of a U.S. rate hike in December, seen at 93.6 percent for a 50 to 75 basis point hike, and 6.5 percent for a 25 to 50 basis point hike, also impacted markets, analysts said. Japan’s Nikkei 225 fell 0.82 percent, likely due to the yen strength, which is seen as a negative for Japanese export-oriented stocks, CNBC reported. The Shanghai composite...
Opinion: Changing nature of work necessitates a universal basic income
We have a crisis of work. The secure, well-paid jobs of the past — many of them in manufacturing — are disappearing. What is replacing them is insecurity and uncertainty. Low-paid, part-time, temporary and seasonal work. The “feast or famine” of self-employment. The so-called “sharing economy”, where people rent out their possessions for a pittance. The “gig economy”, where people are paid performance by performance — or piece by piece. “Piecework”, we used to call it. Perhaps we should rediscover this name.Piecework has been...
Sri Lanka *market update* ASPI close down, Thin trades
The market closed today posting a turnover of LKR 386,347,532 (USD 2.6mn) with the indexes moving down. ASPI closed at 6238.87 down 13.25 points (-0.21%) while the more liquid SP SL20 index closed at 3459.86 down 16.88 points (-0.48%). Crossings accounted for 47% of the turnover with two crossings in DFCC.N (LKR 159mn; USD 1,068k), one crossing in CFIN.N (LKR 22mn; USD 144k). Bank Finance and Insurance Sector was the highest contributor towards the turnover at LKR 266mn followed Diversified Sector and Manufacturing sector generating...
Sri Lankan rupee falls on importer dollar demand; stx flat
COLOMBO, Nov 28 (Reuters) – The Sri Lankan rupee edged down on Monday, hurt by demand for dollar from importers on fears that economic policies of U.S. President-elect Donald Trump may lead to a rise in the greenback and trigger foreign fund outflows.Dealers said foreign investors might pull out of emerging markets, including Sri Lanka, if the U.S. Federal Reserve raises interest rates next month.The dollar and U.S. bond yields fell on Monday as investors reversed a “Trumpflation” trade that has gripped markets since the U.S....
LANKA ORIX LEASING COMPANY - CORPORATE DISCLOSURE
https://cdn.cse.lk/cmt/upload_cse_announcements/1121480328348_....
Friday, November 25, 2016
Sri Lanka to welcome first National Cooperative Policy framework
Nov 25, 2016 (LBO) – Sri Lanka is set to welcome its first National Cooperative Policy framework backed by the International Labour Organisation (ILO).There are almost 14,500 cooperatives-in various productions services, SMEs, women’s development, rural banking, insurance and farming sectors-active in Sri Lanka. Through “Coop City” shops, cooperatives are also now present in the country’s FMCG retail sector.“I thank the ILO for the support extended to our cooperatives sector,” Minister of Industry and Commerce Rishad Bathiudeen...
Sri Lanka must aim for sustainable, inclusive growth: Governor
Nov 25, 2016 (LBO) – Sri Lanka must aim for sustainable as well as inclusive growth, Central Bank Governor Indrajit Coomaraswamy said on Thursday, speaking to corporate leaders.“If we are to have sustained growth, socially and politically stable growth, as we have an aspirational society now, this whole process has to be inclusive,” he said.“It is not just growth but quality of growth that matters.” Coomaraswamy was speaking at the Best Corporate Citizen Sustainability Awards for 2017, organized by the Ceylon Chamber of Commerce....
Asian stocks pull ahead as dollar edges back, US yields resume climb
SINGAPORE, Nov 25 (Reuters) – Asian stocks advanced on Friday as the Thanksgiving break in the United States helped slow a relentless surge in the dollar that has sucked capital out of most emerging markets.The respite for Asian assets may be short-lived, however, with U.S. Treasury yields resuming their climb after the holiday as investors bet that President-elect Trump will adopt policies that increase spending and debt, as well as spur higher growth and inflation.MSCI’s broadest index of Asia-Pacific shares outside Japan...
Chartered accountants to adopt new code to combat crimes
Nov 25, 2016 (LBO) – The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) has decided to adopt the “Responding to Non Compliance with Laws and Regulations” (NOCLAR) standard with effect from 15th July 2017 to ensure Sri Lanka is in line with the latest international ethics standards.It sets out a first-of-its-kind framework to guide professional accountants (PA) in what actions to take in the public interest when they become aware of a potential illegal act, known as non-compliance with laws and regulations, or...
Anthony Shanil Fernando appointed to the CSE Board
(PRESS RELEASE) – The Colombo Stock Exchange (CSE) announces the appointment of Mr. Anthony M. Shanil Fernando as a Director of the CSE Board.Mr. Fernando, Attorney-at-Law, Solicitor, MBA, is a Senior Partner at Anton Fernando Associates Law firm. He is also the Chairman of AFA Corporate Services Limited and the Director of World Express (CMB) Limited. Mr. Fernandohas been a board member of the Urban Development Authority and Paliyagoda...
Sri Lankan rupee edges down on importer dollar demand; stx up
COLOMBO, Nov 25 (Reuters) – The Sri Lankan rupee was trading weaker on Friday due to dollar demand from importers who fear the economic policies of U.S. President-elect Donald Trump could lead to a rise in the greenback and interest rates.Dealers said foreign investors might pull out of emerging markets, including Sri Lanka, if the U.S. Federal Reserve raises interest rates next month.The dollar index, which tracks the greenback against a basket of six major global peers, was steady at 101.68 on Friday, down from its Thursday...
HATTON NATIONAL BANK - DIVIDEND ANNOUNCEMENT
HATTON NATIONAL BANK PLC Company ID:- HNB (Voting and Non-Voting) Date of Announcement:- 25.Nov.2016 Rate of Dividend:- Rs. 1.50 per share / Interim Dividend Financial Year:- 2016 XD:- 06.Dec.2016 Payment:- 16.Dec.2016 Share Transfer Book O...
Thursday, November 24, 2016
Dollar firms after upbeat U.S. data raises rate hike expectations
TOKYO, Nov 24 (Reuters) – The dollar firmed in Asian trading on Thursday after news of a pickup in U.S. economic growth early in the fourth quarter increased the chances of the Federal Reserve tightening monetary policy.The dollar index, which tracks the greenback against a basket of six major peers, rose 0.1 percent to 101.79, pushing back toward its overnight high of 101.91, its highest in nearly 14 years.U.S. markets will be closed Thursday for the Thanksgiving holiday, while Tokyo markets were closed for a public holiday...
Sri Lankan rupee steady as exporter dollar sales offset importer demand
Nov 24, 2016 (Reuters) – The Sri Lankan rupee was steady on Thursday as dollar selling by exporters offset demand for the U.S. currency by importers who fear the economic policies of U.S. President-elect Donald Trump would lead to a rise in the dollar and interest rates.Dealers said foreign investors might pull out of emerging markets, including from Sri Lanka, if the U.S. Federal Reserve raises interest rates next month.Minutes from the Fed’s Nov.1-2 meeting, released on Wednesday, showed policymakers were confident that a...
Wednesday, November 23, 2016
Asia stocks share some Wall St joy, US yields a burden
SYDNEY, Nov 23 (Reuters) – Asian stocks bounced to one-week highs on Wednesday as investors tried to share in the exuberance of Wall Street’s record run, while high U.S. bond yields kept the dollar well underpinned.Australia’s main index led the action with a rise of 0.9 percent to a one-month top, helped by strength in bulk commodity prices. China’s blue-chip CSI300 index advanced 0.6 percent to a near 11-month peak.Japan’s Nikkei was closed for a holiday after enjoying a five-session winning streak that took it to the highest...
Sri Lanka balances investments across India, China and Japan: official
Nov 23, 2016 (LBO) – Sri Lanka is internationalizing key investments in infrastructure across three Asian nations India, China and Japan, a government official said.After failing to weigh competing interests in the past, observers say the current government is on the right track to develop Sri Lanka’s key infrastructure.Japan will develop the light rail (LRT) system in Colombo, with participation of Mitsubishi and Hitachi, and part of the Central Expressway, the official said.Up to four billion dollars in loans will be available...
Sri Lanka poised for a shopping spree, basic goods drive demand
Nov 23, 2016 (LBO) – Sri Lankans still demand basic products such as refrigerators and washing machines due to the country’s low penetration levels although income levels of consumers have improved significantly, an official from the consumer durables industry said.“The consumer durables industry is primarily driven by growth in disposable income, but while income levels have improved, there is still demand for basic products such as refrigerators and washing machines due to low penetration levels in the country,” Asoka...
Sri Lankan rupee edges down on importer dollar demand; stocks up
Nov 23, 2016 (Reuters) – The Sri Lankan rupee fell slightly on Wednesday due to dollar demand from importers on fears that U.S. President-elect Donald Trump’s policies would lead to a rise in rates and the greenback.Foreign investors might pull out of emerging markets, including Sri Lanka, if the Fed raises interest rates next month, dealers said.Rupee forwards were active, with spot-next forwards at 148.65/75 per dollar as of 0620 GMT, compared with Tuesday’s close of 148.60/70.The International Monetary Fund (IMF) released...
Sri Lanka *market update* ASPI close down, low investor participation
The market closed today posting a turnover of LKR 284,860,000 (USD 1.9mn) with the indexes moving down. ASPI closed at 6242.68 down 13.30 points (-0.21%) while the more liquid SP SL20 index closed at 3468.05 down 5.60 points (-0.16%). Crossings accounted for 31% of the turnover with one crossing in JKH.N (LKR 87mn; USD 585k). Diversified Sector was the highest contributor towards the turnover at LKR 116mn followed Manufacturing Sector and Construction sector generating LKR 42mn and LKR 36mn.Foreign investors were net sellers...
DIRECTIVE ISSUED IN TERMS OF SECTION 13(C) OF THE SECURITIES AND EXCHANGE COMMISSION OF SRI LANKA ACT NO.36 OF 1987 (AS AMENDED) RE: MANDATORY IMPLEMENTATION OF RISK BASED CAPITAL BASED ADEQUACY REQUIREMENTS
https://cdn.cse.lk/cmt/upload_cse_announcements/8501479887479_....
CEYLON BEVERAGE HOLDINGS/LION BREWERY CEYLON - CORPORATE DISCLOSURE
https://cdn.cse.lk/cmt/upload_cse_announcements/2241479900144_....
CARSON CUMBERBATCH/BUKIT DARAH - CORPORATE DISCLOSURE
https://cdn.cse.lk/cmt/upload_cse_announcements/4271479900334_....
SELINSING - REPURCHASE OF SHARES
https://cdn.cse.lk/cmt/upload_cse_announcements/81479900962_....
Tuesday, November 22, 2016
Asian stocks ride Wall St rally, oil extends gains
HONG KONG, Nov 22 (Reuters) – Asian stocks rose on Tuesday in the wake of solid gains in U.S. markets overnight, while the Japanese yen briefly strengthened after a powerful earthquake rocked northern Japan.Oil extended gains in Asian trading with U.S. West Texas Intermediate (WTI) up 0.73 percent in early deals as the dollar pulled back. Prices surged 4 percent to a three-week high on Monday.Comments by Russian President Vladimir Putin that raised expectations major oil producing countries could reach a deal to limit output...
Virtusa announces USD210 mln Q2 revenue, up 46.9 pct
Nov 22, 2016 (LBO) – Virtusa Corporation, a global business consulting and IT outsourcing company, with Sri Lankan founders, reported revenue for the second quarter of 210.1 million dollars, up 46.9 percent year-over-year. Net income for the second quarter was 3.2 million dollars, compared to a net loss of 6.3 million dollars for the first quarter of fiscal 2017. Net income in the second quarter of fiscal 2016 was 11.1 million dollars.The statement on earnings is below: Second quarter fiscal 2017revenue of $210.1 million increased...
Sri Lankan rupee weaker on importer dollar demand; stocks down
Nov 22, 2016 (Reuters) – The Sri Lankan rupee was trading weaker on Tuesday due to dollar demand from importers on fears that the U.S. President-elect Donald Trump’s policies would spark higher rates and strengthen the dollar.Foreign investors might pull out of emerging markets, including Sri Lanka, if the Fed raises interest rates next month, dealers said.Rupee forwards were active, with spot-next forwards trading at 148.70/75 per dollar at 0554 GMT, compared with Monday’s close of 148.55/65.“The pressure has built up again...
Monday, November 21, 2016
Seize the opportunity for investment, says Sri Lanka's Finance Minister
Nov 21, 2016 (LBO) – The Minister of Finance has called on local and foreign entrepreneurs to seize the opportunity given by the government to invest in Sri Lanka, with incentives presented under the 2017 Budget. The Minister assured that all proposals would be implemented on time and some of the proposals have already come into effect. “The Treasury officials are working to spell out to giving life to other proposals that will be implemented on January 01, 2017 and others from April 01, with the beginning of the new tax year...
Asian shares on the defensive as U.S. yields, dollar rise
TOKYO, Nov 21 (Reuters) – Asian shares were on the defensive on Monday, undermined by fears that the strength in the U.S. dollar and rising U.S. bond yields since Donald Trump’s election to president could accelerate fund outflows from emerging markets.MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent, staying near four-month lows. Japan’s Nikkei rose 0.3 percent as the yen continued to slip against the dollar.Trump’s unexpected election victory has led to a major repricing of assets, with investors...
ADB to support infrastructure reforms, revenue is key challenge
Nov 21, 2016 (LBO) – Further structural reforms are needed to strengthen the Sri Lankan economy, which has been slow to attract private investment and is encumbered by burdensome business regulations, a new Asian Development Bank study shows.The ADB, releasing an independent evaluation report that assesses its 5.5 billion US dollar program for Sri Lanka in the 10 years to the end of 2015, said the program made a substantial contribution to expand infrastructure services in the country especially in lagging regions...
Sri Lankan rupee falls; IMF loan caps losses
Nov 21, 2016 (Reuters) – The Sri Lankan rupee was trading slightly weaker on Monday on worries capital outflows would increase as incoming U.S. President Donald Trump’s policies were seen guiding U.S. interest rates higher and strengthening the dollar.Foreign investors might pull out of emerging markets, including Sri Lanka, if the Fed raises interest rates next month, dealers said.The International Monetary Fund (IMF) released a second tranche of loans worth $162.6 million and said Sri Lanka’s macroeconomic and financial conditions...
Sri Lanka nation-wide inflation accelerates to 5-pct in October
Nov 21, 2016 (LBO) – Sri Lanka’s consumer prices as measured by National Consumer Price Index rose to 5.0 percent in October from the 4.7 percent reported a month ago, data from the state statistics office showed.The National Consumer Price Index (NCPI) for the month of October 2016 has been calculated as 114.7.In October 2016 compared to October 2015, the expenditure value of food group and non food group have increased by 2.3 percent...
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