December 17, 2014 Morning News Roundup HNB first Lankan bank to establish $ 50 m credit line with Korea Exim Bank HNB PLC has recently entered into an agreement with ‘The Export-Import Bank of Korea’ (KEXIM) to establish a revolving credit line of $ 50 m to finance trade between Sri Lanka and Korea. At the signing of the agreement, HNB PLC Chairperson Dr. Ranee Jayamaha stated: “We are delighted to be the first bank in Sri Lanka to enter in to an agreement with Korea Exim Bank to support trade between the two countries.” HNB Managing Director Jonathan Alles added: “With foreign trade between Sri Lanka and Korea growing significantly, the agreement entered into with KEXIM is timely and would enable HNB to pass on the benefit of attractive interest rates to customers.”- Daily FT Tea industry concerned over Russian rouble’s steepest drop of 11% in 16 years The rouble’s sharpest plunge in 16 years by 11% yesterday caused a fresh round of concern within the tea industry over prospects in the biggest market, Russia. The rouble plunged more than 11% against the dollar on Tuesday in its steepest intraday fall since the Russian financial crisis in 1998 as confidence in the Central Bank evaporated after an ineffectual rate hike. The rouble opened around 10% stronger against the dollar after the Central Bank unexpectedly raised its benchmark interest rate by a hefty 650 basis points to try and halt the currency’s slide, but it reversed gains in volatile trade and repeatedly set new record lows.- Daily Ft The Finance Company continues second phase of restructuring The Central Bank said yesterday the second phase of restructuring of The Finance Company Plc was progressing to make it profitable. In a statement, the Central Bank said in keeping with the direction issued by the Monetary Board at its meeting held on 26 May, the bank has continued the implementation of the second phase of restructuring of The Finance Company PLC (TFC). This was in order to further stabilise the company and move it to a profitable level, in terms of the provisions of the Finance Business Act No. 42 of 2011.-Daily FT Constituent Changes to the S&P Sri Lanka 20 Index Colombo Stock Exchange (CSE) announces the changes in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2014 annual index rebalance as follows. S&P Dow Jones Indices today announced that effective from the December 22, 2014 (after the market close of December 19, 2014), Asian Hotels & Properties PLC (CSE Ticker: AHPL, Bloomberg Ticker: AHPL SL) C T Holdings PLC (CSE Ticker: CTHR, Bloomberg Ticker: CTHR SL) and Hayleys PLC (CSE Ticker: HAYL, Bloomberg Ticker: HAYL SL) will be removed from the S&P Sri Lanka 20 index as they no longer qualify for index inclusion.-Ada Derana Ranil wows to annul Colombo Port City project Opposition United National Party (UNP) Leader Ranil Wickremsinghe yesterday warned that the new government, which would be formed by the joint opposition after the current regime was defeated at the January 8 elections, would scrap the Colombo Port City Project. Wickremesinghe made this early declaration during a meeting with tourism industry stakeholders at a meeting in Colombo. He said the multibillion project would be scrapped because it would end up destroying the coastal belt from Negombo to Beruwala.- Daily Ft Asia Stocks Rise Before Fed as Energy, Utility Shares Lead Gains Asian stocks rose before a Federal Reserve policy decision as gains in energy and utility shares outweighed a decline in Japanese equities spurred by a stronger yen. The MSCI Asia Pacific Index (MXAP) added 0.1 percent to 134.49 as of 9:09 a.m. in Tokyo after dropping 2 percent the previous two days. Japan’s Topix (TPX) index sank 0.5 percent after the yen surged 1.2 percent versus the dollar yesterday. Russia’s currency plummeted to a record yesterday, defying a surprise interest-rate increase, while crude resumed declines today.- Bloomberg Real Estate Recovery in U.S. Uneven as Housing Starts Fall The residential real estate recovery in the U.S. is best described as plodding, with the industry taking a step back in November for the first time in three months. Housing starts declined 1.6 percent, the first drop since August, to a 1.03 million annualized rate from a revised 1.05 million pace in October that was stronger than previously estimated, figures from the Commerce Department showed today inWashington.- Bloomberg
Posted on: Wed, 17 Dec 2014 03:24:31 +0000
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