Sri Lanka Crisis: A 21st Century French Revolution-by Varun Mohan Source:Srilankaguardian The Sri Lankan economic crisis recently reached a tipping point when protesters marched into the Presidential Palace on July 9, marking the end of 10 years of Rajapaksa family rule in the country. The status of Rajapaksa remains unknown; he is believed to have initially flown to the Maldives, then to Singapore, and at present he might be in Saudi Arabia. His brother was stopped at the airport after a notice was issued by the Sri Lankan court to block Rajapaksa family members from leaving the country. The ongoing political saga, which directly stems from the worsening economic crisis in Sri Lanka, is similar to events that happened in 18th century France leading up to the French Revolution. ...
Thilan Wijesinghe on why a full-time finance minister matters ...
Sri Lanka recycled plastic exporter net up 188-pct Source:Economynext ECONOMYNEXT – Sri Lanka’s BPPL Holdings, a recycled plastic product exporter said profits rose 188 percent in the June 2022 quarter to 300 million rupees from a year ago amid soft-peg collapse helped by forex gains, price increases and falling freight rates. BPPL Holdings reported earnings of 0.98 rupees per share for the quarter. Sales had increased 57.7 percent to 1.58 billion rupees in the period, according to interim accounts filed with the stock exchange. ...
Sri Lanka’s forex crisis to prolong fuel shortage at least for 12 months – minister Measures will be imposed to curb fuel import bill Source:Economynext ECONOMYNEXT – Sri Lanka’s fuel import will have to be limited for the next 12 months due to a dollar shortage and a systematic fuel rationing system with a QR-code is being rolled out nationwide, the Power and Energy Minister Kanchana Wijesekera said. The QR system is to be implemented island-wide on Tuesday 26 as a measure to supply fuel as the government cannot fulfil the daily demand, the minister said in his Twitter feed. “Due to Forex issues, fuel imports have to be restricted in the next 12 months,” Wijesekera said on Monday (25). Sri Lanka’s average fuel import bill is around 500-550 million US dollars per month at present while the country has only a few million usable reserves as of end-June. ...
SriLanka’s state-run SriLankan Airlines pays bond interest after sovereign debt default Source:Economynext ECONOMYNEXT – State-owned SriLankan Airlines will settle an interest payment of a 175 million US dollar sovereign guaranteed debt, the loss making carrier said on Tuesday, after the country failed to pay foreign sovereign debts since mid April. Sri Lanka’s central bank and finance ministry have suspended all its foreign debts including interest payments with effect from April 12 and declared a “soft” sovereign debt default after the island nation’s usable foreign currency reserves declined to near zero amid a balance of payment crisis. Since then, the government defaulted an interest payment of 78 million US dollar of a sovereign bond on May 19 after one month grace period. Central Bank Governor Nandalal Weerasinghe has said no foreign debts will be repaid until the external loans are restructured. ...
Jul 29, 2022
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elanka Finance
Tagged Nandalal Weerasinghe, Ranil Wickremesinghe, SriLankan Airlines
Sri Lanka working towards a revised budget in August The sun sets over the Parliament at Shri Jayewardenepura Source:Economynext ECONOMYNEXT- Sri Lanka has revised spending lines of individual ministries as part of efforts to present a revised budget for the rest of 2022, Cabinet spokesman Minister Bandula Gunewardene said. Sri Lanka is expected to raise taxes and also cut capital spending as part of efforts to reduce the budget deficit and money printing to restore monetary stability under a program with the International Monetary Fund. “The revised data relating to ministries have been completed,” Minister Gunewardene said. ...
John Keells Stock Brokers (JKSB) – Sri Lanka – STOCK MARKET WEEKLY 13-05-2022 John Keells Stock Brokers (JKSB) John Keells Stock Brokers (JKSB) is a leading equity brokerage house in Sri Lanka and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange (CSE). We are one of 15 founding members of the Colombo Stock Exchange and our history in equity trading dates back to 1896. We are widely regarded in the industry for good governance practices with an emphasis on compliance and regulations. Our core sales and research staff have been engaged with the firm for a period of 10 – 25 years. Over the years this has helped JKSB develop strong and lasting relationships with our core client base of Foreign Funds/Individuals, Local Institutions and HNWI’s. This has contributed to our superior offering of order sourcing and placement capabilities. JKSB has ...
May 14, 2022
Posted
Articles, elanka Finance
Tagged Colombo Stock Exchange, John Keells Holdings PLC, John Keells Stock Brokers, STOCK MARKET
Broke, downgraded and begging: Sri Lanka pays price for missteps – by MARWAAN MACAN-MARKAR South Asian nation’s economic crisis draws comparisons with Lebanon’s meltdown Source:asia.nikkei.com BANGKOK — Sri Lanka’s failure to settle interest payments on sovereign bonds and its subsequent ratings downgrade have drawn unflattering comparisons with the economic meltdown in Lebanon. The South Asian nation on April 18 failed to pay interest of $78.13 million on $1.25 billion of bonds. Standard & Poor’s followed up this week with a downgrade to a “selective default” rating — the latest knife in the back of the debt-ridden economy. Foreign investors who had bought the island’s international sovereign bonds (ISBs) were angry that they were misled by promises the debt would be paid. The principal cheerleader was Nivard Cabraal, the then central bank governor. Throughout he stood by views he had expressed to Nikkei in a February interview: “I am determined to ...
John Keells Stock Brokers (JKSB) – Sri Lanka – STOCK MARKET WEEKLY 06-05-2022 John Keells Stock Brokers (JKSB) John Keells Stock Brokers (JKSB) is a leading equity brokerage house in Sri Lanka and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange (CSE). We are one of 15 founding members of the Colombo Stock Exchange and our history in equity trading dates back to 1896. We are widely regarded in the industry for good governance practices with an emphasis on compliance and regulations. Our core sales and research staff have been engaged with the firm for a period of 10 – 25 years. Over the years this has helped JKSB develop strong and lasting relationships with our core client base of Foreign Funds/Individuals, Local Institutions and HNWI’s. This has contributed to our superior offering of order sourcing and placement capabilities. JKSB has ...
May 7, 2022
Posted
Articles, elanka Finance
Tagged Colombo Stock Exchange, John Keells Holdings PLC, John Keells Stock Brokers, STOCK MARKET
John Keells Stock Brokers (JKSB) – Sri Lanka – STOCK MARKET WEEKLY 29-04-2022 John Keells Stock Brokers (JKSB) John Keells Stock Brokers (JKSB) is a leading equity brokerage house in Sri Lanka and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange (CSE). We are one of 15 founding members of the Colombo Stock Exchange and our history in equity trading dates back to 1896. We are widely regarded in the industry for good governance practices with an emphasis on compliance and regulations. Our core sales and research staff have been engaged with the firm for a period of 10 – 25 years. Over the years this has helped JKSB develop strong and lasting relationships with our core client base of Foreign Funds/Individuals, Local Institutions and HNWI’s. This has contributed to our superior offering of order sourcing and placement capabilities. JKSB has ...
Apr 30, 2022
Posted
Articles, elanka Finance
Tagged Colombo Stock Exchange, John Keells Holdings PLC, John Keells Stock Brokers, STOCK MARKET
