Primary dealer operation drives First Capital 1Q profits soaring to Rs.2.8bn

First Capital Holdings PLC reported an outstanding financial performance for the first quarter ended on June 30, 2023, as the group’s post-tax profit surged to Rs.2.81 billion, marking a remarkable leap from Rs.96 million recorded in the same period last year. Among the key divisions, the primary dealer segment demonstrated an exceptional growth trajectory, reporting a PAT of Rs.2.73 billion for 1Q23, compared to the previous year’s figure of Rs.

Cancellation leads Fitch to withdraw NDB’s Rs.6bn Basel-III debenture rating

Fitch Ratings yesterday said it was withdrawing the final rating assigned on a Basel-III-compliant debenture issue up to Rs.6 billion by National Development Bank PLC (NDB), as the debenture has been cancelled. “Fitch Ratings has withdrawn the final National Long-Term Rating of ‘BBB(lka)’, which is on Rating Watch Negative (RWN), on National Development Bank PLC’s (NDB; A-(lka)/RWN) proposed Sri Lankan rupee-denominated Basel III-compliant subord

US retail spending picks up sharply in July

CNN: Spending at US retailers rose in July at a much faster pace than in the prior month, a combination of both strong demand among American consumers and higher prices because of elevated inflation. It was also the fourth straight month that retail sales increased. Retail sales, which are adjusted for seasonality but not inflation, rose 0.7 percent in July from the prior month, the Commerce Department reported Tuesday. That was a faster pace tha

Dutch economy enters recession as inflation bites

REUTERS: The Dutch economy has entered a recession as it shrank 0.3 percent on a quarterly basis in the second quarter, a first estimate published by Statistics Netherlands yesterday showed. The euro zone’s fifth largest economy shrank for the second consecutive quarter, after a 0.4 percent contraction in the first three months of the year. Economic growth in the Netherlands had been almost 5 percent per year in 2021 and 2022 in a quick recovery

PM calls for joint efforts to promote tourism between China and Sri Lanka

Prime Minister Dinesh Gunawardena, who is currently in Kunming, China, has called for joint efforts by Sri Lanka and China to promote tourism between the two countries. “Chinese tourist arrivals have been one of the key strengths of the Sri Lankan tourism industry. Mainly thanks to an announcement made in February this year by the Chinese Ministry of Culture and Tourism, placing Sri Lanka among the top 20 countries for tourism. I take this opport

Manufacturing hindered by persistent subdued demand; services sustain growth

Despite the recent improvements observed in the macroeconomy, Sri Lanka’s manufacturing activity has not yet shown signs of recovery, whereas the services sector continues to exhibit growth.

Govt. to float tender to lease Channel Eye on long-term basis

Amid severe financial strain, the government has decided to float a tender to lease the loss-making ‘Channel Eye,’ owned by the State-owne...

CMTA deems Sri Lanka’s electric vehicle transition agenda unrealistic

As Sri Lanka embarks on an ambitious journey towards de-carbonising the economy, and adopting electric vehicles (EVs) is a crucial....

Govt. to draft new laws preventing unilateral exit from international agreements

The government has taken the initiative to draft new legislation aimed at preventing unilateral revocation from bilateral and multilateral....

SL to set up separate dept. for cinnamon development

Sri Lanka will soon establish a Department for Cinnamon Development to exclusively facilitate cinnamon cultivation, production and exports.

AIC Campus sponsors ’French Spring Festival 2023’ to mark Sri Lanka-France diplomatic ties

AIC Campus, a leading educational institution, was the Silver Sponsor of the French Spring Festival 2023 which was held to mark the 75th anniversary of diplomatic relations between Sri Lanka and France.

Sri Lanka to embark on strategic communication drive to boost country image

Sri Lanka is set to implement a strategic communication programme to manage and boost the country’s image. Cabinet of Ministers....

Land lease deal with non-starter oil refinery in Hambantota to be cancelled

The government has decided to terminate the agreement entered in 2019 to lease 1, 200 acres of land in Hambantota to Hambantota....

Cabinet greenlights National Productivity Commission to boost economic efficiency

The Cabinet nod has been granted to establish the National Productivity Commission as an independent entity ensuring productivity...

China’s Sinopec to begin operations on September 2

Chinese oil major Sinopec expects to start operations in Sri Lanka on Sept. 20 and will be allowed to sell fuel for less than....

IMF first review from September 14 to 27

The first review of Sri Lanka’s US$ 3 billion Extended Fund Facility (EFF) from the International Monetary Fund (IMF) will be held between....

Indices close in red

Indices closed in red as a result of price losses in counters such as Commercial Bank, Hatton National Bank and Sampath Bank ....

Hayleys Agriculture launches polyethylene pipe manufacturing plant

A new era in agriculture irrigation dawned as Hayleys Agriculture Holdings Limited inaugurated the Inotec polyethylene pipe manufacturing plant recently. Nestled within the Lindel Industrial....

TEG Group celebrates 25 years of sustainable innovation

TEG Group, comprising Tropicoir Lanka (Pvt.) Ltd, Euro Substrates (Pvt.) Ltd and Growrite Substrates (Pvt.) Ltd, is commemorating its 25th anniversary as a pioneer in sustainable innovation. Since its inception....

Vidullanka records Rs.212mn profit in 1Q

Renewable energy player Vidullanka PLC has recorded earnings of Rs.211.8 million for the quarter ended on June 30, 2023 (1Q24), up marginally by one percent year-on-year, the latest interim financials....

HNBA Group records robust first results with 22% GWP growth

During the first half of 2023, HNB Assurance PLC (HNBA) and its fully-owned subsidiary HNB General Insurance Limited (HNBGI) accomplished a noteworthy feat by collectively amassing a gross....

BOC reports Rs.10.5bn pre-tax profit for first half of 2023

Bank of Ceylon (BOC) has reported Rs.10.5 billion of profit before tax (PBT) for the six-month period ended on June 30, 2023, amidst the unprecedented challenges continued to prevail...

UB Finance debuts trading on CSE

The shares of UB Finance Company Limited (CODE: UBF-N-0000) commenced trading on the Colombo Stock Exchange (CSE) on August 14, 2023. The shares have been...

People’s Bank trains top executives on evolving payment landscape

People’s Bank recently organised a special training session for its management and top corporate executives on the evolving card-based payment landscape and emerging technologies in the banking sector....

LOLC Finance Negombo Metro branch opened

LOLC Finance, the largest non-banking financial institution (NBFI) in Sri Lanka, recently announced the opening of its new LOLC Finance Negombo Metro branch, located at No 74, Colombo Road. This occasion....

Sampath Bank ranked as Euromoney’s Best Bank in Sri Lanka for 5th time

Sampath Bank, among Sri Lanka’s leading financial institutions, has been honoured with the esteemed ‘Best Bank in Sri Lanka’ award by Euromoney for the year 2023. This recognition....

Combank.lk crowned as best website in Sri Lanka

The corporate website of Commercial Bank of Ceylon has won twin Golds as the Overall Winner and Best Banking and Finance website in Sri Lanka, at the 2023 BestWeb.lk competition conducted by the LK....

IMF first review from Sept.14 to 27

The first review of Sri Lanka’s US $ 3 billion Extended Fund Facility (EFF) from the International Monetary Fund (IMF) will be held between September 14 and 27.

Anuradhapura-Mihintale railway line reconstruction begins

The work to restore the railway line from Anuradhapura to Mihintale, which has been in a dilapidated condition for some time, was started on Saturday (12), under the patronage of Transport, Highways and Mass Media Minister Bandula Gunawardena.

Unexpected travel advisory review by Australia rattles tourism industry stakeholders

In a surprise move, the Australian government has reviewed its travel advisory on Sri Lanka, where it urges its citizens to exercise a high degree of caution when visiting the island nation.