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India cuts fuel prices to offset rupee slide and crude rise

Finance minister urges all states to match cuts by central government NEW DELHI — India cut the retail prices of petrol and diesel by 2.50 rupees per liter ($0.03) on Thursday, to partly offset rising global crude prices and a weakening currency. The price reduction was implemented with immediate effect. The government would absorb the…

(0)Comments | October 5, 2018 12:43 pm

Sri Lanka rupee hits record low of 170.00 per dollar

Reuters – The Sri Lankan rupee fell to an all-time low of 170.00 per dollar on Thursday, weighed down by greenback demand from importers and foreign banks to pay out investors selling government securities, market sources said. The currency hit a record low for a second straight session on Thursday, dipping below the previous low…

(0)Comments | October 5, 2018 10:03 am

StanChart Predicts Sri Lanka Rupee Woes to Persist as Oil Soars

(Bloomberg) — Standard Chartered Plc. is predicting more pain for the Sri Lankan rupee, which has been setting a string of record lows amid surging oil prices and a rout in emerging-market assets. The island nation’s rupee has dropped more than 10 percent against the dollar this year, approaching the record-breaking declines suffered by neighbor…

(0)Comments | October 4, 2018 3:22 pm

CMTA responds to Govt changes on import of Motor Vehicles

The Ceylon Motor Traders Association (CMTA), established in 1920 is one of the most senior automotive trade associations in the region, and represents the worlds’ leading automotive manufacturers, through their local agents, in Sri Lanka. The association acknowledges the Governments’ concern in response to the sudden depreciation of the Sri Lankan rupee. Whilst understanding that…

(0)Comments | October 4, 2018 10:59 am

Business Sentiment – Index Falls To a Postwar Low

Negative global reports fuel discontent among members of the business community There’s hardly a shortage of bad news when it comes to Sri Lanka these days with the most recent bombshell coming from certain global economic entities, which have pointed to vulnerabilities in the country’s external debt servicing outlook and exchange rate volatility. Responding to…

(0)Comments | October 4, 2018 10:07 am

Sri Lanka to raise over US $ 2.5 Bn via further International debt – CBSL

Sri Lanka’s financial market regulator Central Bank (CBSL) plans to raise over US $ 2.5 billion through at least 1 billion in a U.S. Dollar International Sovereign Bond (ISB) issue, another US $ 250 million each from Panda (Yuan) Bonds and Samurai (Yen) Bonds with another over US $ 1 billion loan from China Development…

(0)Comments | October 3, 2018 4:14 pm

M Power Capital Raises LKR 1.5bn in Corporate Debt

Incorporated in 2014, M Power Capital Limited (MPC) initially focussed 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 LKR 1.5 Billion for issuers of debt securities, other corporate debt instruments as well…

(0)Comments | October 3, 2018 2:39 pm

Lanka Orix Leasing Company officially retiled as LOLC Holdings PLC

Sri Lanka’s one of the leading financial sector giants that diversified into conglomeration in a faster pace during last decade – Lanka Orix Leasing Company PLC in a filing to Colombo Stock Exchange (CSE) said that the company had been officially retiled as LOLC Holdings PLC. Accordingly the filling said that having obtained approval from…

(0)Comments | October 3, 2018 12:45 pm

Fitch Ratings: New Import Rules Hurt Sri Lanka’s Consumer Durable Retailers

Sri Lanka-based consumer durable retailers’ operating cash flow is likely to weaken following new government regulations that impose a 100% 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 PLC (BBB+(lka)/Stable), may come under pressure…

(0)Comments | October 3, 2018 11:42 am

Sri Lanka surprises, keeps rates steady despite pressure on rupee

Reuters – Sri Lanka’s central bank surprised financial markets on Tuesday by leaving its key policy rates unchanged, despite heavy pressure on the rupee currency and foreign outflows from government securities. Policymakers have struggled to defend the fragile rupee, which fell 4.7 percent last month in the face of a strong dollar and outflows from…

(0)Comments | October 3, 2018 10:12 am