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HEADLINES - 28th September 2018

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ADB downgrades SL growth forecast – DailyFT

Asian Development Bank (ADB) has downgraded its growth forecast for Sri Lanka in 2018 and on weak domestic demand, investment and exports. In an update to the Asian Development Outlook (ADO) report, ADB downgraded the GDP growth forecast from 4.2% to 3.8% in 2018, after the country recorded a growth rate of 3.1% in 2017, as the Government implements structural reforms supported by the International Monetary Fund (IMF) to lift fiscal performance towards sustaining higher growth.

 

Tea exports down to Rs 152.5 B – Ceylon Today

Tea export earnings in the first eight months of the year fell by 0.02 per cent (Rs 32.29 million) to Rs 152.5 billion, year-on-year (YoY), Forbes & Walker (F&W), Tea Brokers said.

 

$ 25 m social impact funds to boost Lankan private sector – DailyFT

For the very first time, a Sri Lankan private sector unique initiative pioneered by Lanka Impact Investing Network Ltd. (LIIN), Capital Alliance Holdings (CAL) and United Nations Development Program (UNDP) to drive sustainability development goals in Sri Lanka was showcased in New York on 25 September, on the sidelines of the UN General Assembly.

 

ADB provides US$300 mn for elevated highway – Daily News

The Asian Development Bank’s (ADB) Board of Directors has approved a $300 million loan to help in the construction of about 5.3 kilometers (km) of elevated toll highway with related facilities between the New Kelani Bridge (NKB) and Galle Face in central Colombo in Sri Lanka. The new highway is expected to ease traffic congestion, improve connectivity, and facilitate trade logistics in the country.

 

Govt. mulls resumption of ferry service between SL and India – The Island

Tourism Development and Christian Affairs Minister John Amaratunga, yesterday, said the government was exploring the possibility of resuming the ferry service between Rameshwaram and Thalaimannar. 

 

US regulators charge Tesla CEO Elon Musk with fraud – AFP

The US Securities and Exchange Commission on Thursday charged Tesla CEO Elon Musk with securities fraud, alleging he misled investors last month in tweets about taking the company private. Musk tweeted August 7 that he had "funding secured" to privatize the electric automaker at $420 a share, causing a brief spike in Tesla's share price.

 

5-year bond yield hits 11% for first time in over a year – DailyFT

The upward trend in secondary market bond yields continued yesterday as the five-year bond yield at the belly end of the curve was seen hitting a psychological level of 11% for the first time since July 2017. Local selling interest mainly on the 15.07.23 and 01.08.24 maturities saw its yields hit intraday highs of 11% each against its previous day’s closing levels of 10.70/80 and 10.80/90. In addition, the maturities of 15.10.25, 01.08.26, 15.06.27 and 01.09.28 were seen changing hands at levels of 11% to 11.02%, 10.97%, 11.05%, and 11.03% to 11.10% as well. The total secondary market Treasury bond/bill transacted volumes for 26 September was Rs. 15.78 billion. 

 

Rupee hits record low; shares fall amid foreign outflows – DailyFT

Reuters: The rupee hit a record low on Thursday as foreign investors exited government securities after the US Federal Reserve raised interest rates for a third time this year, while shares fell in thin trade amid foreign outflows.

 

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