Category: Economy and Markets
Sri Lanka targets USD2.5Bn FDI in 2018
Oct 05, 2018 (LBO) – Sri Lanka is targeting 2.5 billion US dollars worth of foreign direct investments (FDI) for 2018 from 1.63 billion US dollars in 2017, a senior official said. “Our target is 2.1 billion US dollars and we are trying to stretch it to 2.5 billion US dollars,” Mangala Yapa, member, Board of Directors, Board […]
President, NEC hold discussions on devaluation of rupee and economy
Oct 05, 2018 (LBO) – Special attention was drawn at a discussion regarding the promotion of Sri Lanka’s export sector and managing the devaluation of the rupee by the National Economic Council, headed by President Maithripala Sirisena. The NEC gathered under the patronage of President Maithripala Sirisena at the Presidential Secretariat, Wednesday with the participation […]
NDB trades below rights issue price of 105 on last day for subscription
October 4, 2018 (LBO) – Colombo Stock Exchange (CSE) listed National Development Bank (NDB) traded at Rs104 per share before noon on the last day for acceptance and payment of its rights issue. NDB is attempting to raise funds via a rights issue to bolster the capital of the bank. The bank is trying to […]
Sri Lanka tea prices marginally up in Sept 2018
Oct 04, 2018 (LBO) – Auction average for the month of September 2018 totalled Rs.537.77 compared to Rs.534.02 of August 2018 showing a marginal increase of Rs.03.75 month on month, a new report said. “However in comparison to September 2017 average of Rs.635.40 it shows a substantial decrease of Rs.97.63,” Forbes & Walker Tea Brokers said […]
M Power Capital raises Rs 1.5Bn in corporate debt
(PRESS RELEASE) – Sri Lanka’s M Power Capital Limited (MPC) initially focused on mergers and acquisitions, other corporate finance advisory mandates and middle market related private equity transactions.With the addition of a specialist debt team in 2018, MPC has now mobilised over 1.5 billion rupees for issuers of debt securities, other corporate debt instruments as well […]
Demand growth and urbanisation fuel Sri Lanka’s retail sector: OBG
Oct 03, 2018 (LBO) – Rising demand and an accelerating population shift to major urban centres is driving activity in Sri Lanka’s retail sector, however, recent pressures on domestic spending power could curb sales in the shorter term, Oxford Business Group said. Releasing their latest Sri Lanka economic update, Oxford Business Group said despite these short-term […]
” rating; outlook stable
Oct 03, 2018 (LBO) – Fitch Ratings has assigned Sri Lanka-based conglomerate Melstacorp a National Long-Term Rating of ‘AAA(lka)’ with a stable outlook. Fitch said Melstacorp’s rating reflects the group’s strong credit profile, underpinned by its entrenched market position in Sri Lanka’s alcoholic-beverage sector and the high entry barriers, which drive its strong operating cash flows […]
LOFC, CLC, Brac Lanka Finance propose to list debt & remove equity from CSE
Oct 03, 2018 (LBO) – Commercial Leasing & Finance, LOLC Finance, and Brac Lanka Finance have proposed to list its debt securities and remove all equity securities from the Colombo Stock Exchange. Director Boards of these companies have disclosed to their shareholders that this action is required to ensure that they are not in violation […]
‘s consumer durable retailers
Oct 03, 2018 (LBO) – Sri Lanka’s consumer durable retailers’ operating cash flow is likely to weaken following new government regulations that impose a 100 percent cash margin on the import of most types of consumer durables, Fitch Ratings says. The credit profiles of rated retailers, such as Singer (Sri Lanka) PLC (A-(lka)/Stable) and Abans […]
327 new Chartered Accountants, 158 conferred FCA designation: CA Sri Lanka
Oct 03, 2018 (LBO) – The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) conferred the distinguished Associate Chartered Accountants (ACA) designation to 327 new Chartered Accountants. 158 existing members of the institute, were conferred with the Fellow Chartered Accountant (FCA) status, elevating them to the highest stratum in their professional careers. Issuing […]
Govt. expenditure for 2019 Rs.4,376Bn : Budget deficit 4.1-pct
Oct 02, 2018 (LBO) – As per the Appropriation Bill, which was presented to the Cabinet recently by Finance and Media Minister, Mangala Samaraweera, next year’s annual state expenditure will be 4,376 billion rupee.The budget deficit will be 644 billion rupees, 4.1 percent of Gross Domestic Product, the Finance Ministry said issuing a statement. The Government […]
Sri Lanka reserves at USD7.3bn; used only USD184mn YTD to defend rupee
Oct 02, 2018 (LBO) – Sri Lanka’s Central Bank says the country currently has 7.3 billion US dollars worth foreign reserves and expects to close this year with around 8.3 billion dollars of reserves. Senior Deputy Governor Nandalal Weerasinghe said that at the beginning of this year they expected to end the year with close […]