Shangri-La Lankan hotels record US $ 13mn drop in revenue in 2019

The two Sri Lankan hotel properties of Hong Kong Stock Exchange (HKEx)-listed Shangri-La Group recorded a US $ 13.1 million drop in revenues in 2019, compared to 2018, as the occupancy levels plunged due to the negative impact created by the Easter bombings in April 2019.

Ambeon Group announces new board of directors

In a strategic move to build in synergies, agility and create a robust governance structure between the holding company Ambeon Capital PLC and its investment holding and management company Ambeon Holdings PLC, Ambeon Group this week announced the restructuring of the board of Ambeon Holdings PLC.

National tea sales average reaches all-time high in May

Ceylon Tea auction sales reached an all-time high for the calendar month of May, recording a national average of Rs.697.57, surpassing last month’s record.

Sri Lanka has untapped export potential of US $ 7.4bn: ITC

Sri Lanka has an untapped export potential of US $ 7.4 billion, which could be bridged by increasing further focus on the country’s top-performing industries, the World Trade Organisation’s (WTO) International Trade Centre (ITC) said.

Trading at CSE only for 2 hours today

The Colombo Stock Exchange (CSE) in consultation with the Securities and Exchange Commission (SEC) has decided to keep the market open for a limited time period today, in view of the curfew declared by the government.

Ceylon Graphite announces first graphite sale sourced from mines in SL

Canada-based Ceylon Graphite Corp. yesterday announced the first sale of graphite from its graphite mines located in Sri Lanka, since the commencement of commercial production in December 2019.

Oil tops US $ 40 for first time since March on OPEC cuts, demand recovery

Oil rose yesterday, topping US $ 40 a barrel for the first time since March, supported by lower U.S. inventories, expectations OPEC+ will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis.

Aqua Ceylon International decides to help kids who were isolated and locked in houses for long period

Aqua Ceylon International, an export company in Sri Lanka decided help kids who were isolated and locked in houses for long period without any social interactions with outside world and people.

Lion Brewery March quarter hit by coronavirus lockdowns

Sales remained flat and profit ebbed at Lion Brewery Ceylon PLC during the three months ended March 31, 2020, as lockdowns hurt the retail beer sales from mid-March amid the restrictions on tourism trade, which accounts for a considerable amount of sales.

Jetwing Symphony loses steam in March; but remains optimistic

Jetwing Symphony PLC has felt the brunt of the coronavirus-related travel restrictions during the quarter ended March 31, 2020 but the company said it steadily restarted its operations with the ease of curfew and the gradual recommencement of economic activities.

SEC approves amendments to rules to digitise bourse

The Securities and Exchange Commission (SEC) has approved amendments to the Stockbroker Rules, Central Depository Systems (CDS) Rules and Listing Rules submitted by the Colombo Stock Exchange (CSE), which will enable the stock market to transition from a paper-based to an electronic-based environment.

Dhara Wijayatilake appointed as Sampath Bank Deputy Chairperson

The board of directors of Sampath Bank at a meeting held on May 28 had decided to appoint Dhara Wijayatilake as the bank’s Deputy Chairperson, consequent to the conduction of the 34th Annual General Meeting (AGM) of the bank.

Auditor General says govt. debt understated by over Rs.700bn

According to the Treasury, the public debt balance payable by the government stood at Rs.12.18 trillion, at the end of 2019.

SOE losses narrow in 2019 due to lower global oil prices

Sri Lanka’s 52 key state-owned enterprises (SOEs) have reduced their combined losses substantially to Rs.2.4 billion in 2019, from Rs.28 billion recorded in 2018, due to the enhanced performance of Ceylon Petroleum Corporation (CPC), amid lower oil prices.

Fast-tracking export resilience: Renewed thinking, renewed strategies

Exports play an important role in a country’s economy as they influence the level of growth, employment and balance of payments. For Sri Lanka, the focus on exports is now more important than ever, as the island nation looks to bring in foreign currency to boost the economy.

Could COVID-19 lead to a positive disruption in tourism industry?

Tourism is probably the worst affected industry from the outbreak of the COVID-19 pandemic. Sri Lanka is yet to feel the economic and social impact of the unprecedented global lockdown and travel restrictions, which are likely to remain until the third quarter of 2020.

There is high expectation for better China-US relations post COVID-19

Acting Chinese Ambassador in Sri Lanka Hu Wei in this interview says he is confident of a bright future for China-Sri Lanka relations and says certain western politicians are attempting to make China the scapegoat for their negligence. As of 2019, the US has the largest economy and China the second largest.

Apparel exports up to April decline over 28%

Sri Lanka’s cumulative apparel exports in the first four months stagnated to US $ 1.25 billion, recording a 28.2 year-on-year (YoY) decline, after the historical contraction in April apparel export earnings as the COVID-19 pandemic paralysed the retail sectors in the key export markets.

Trade deficit narrows by US $ 43mn in March

Sri Lanka’s trade deficit narrowed by US $ 43 million in March, driven by a sharp decline in imports amid the COVID-19 impact, decline in oil prices, import restrictions and low demand for export inputs, although export earnings recorded a sharper decline in percentage points compared to the import expenditure.

Companies given latitude on mark-to-market valuations as securities prices turned unrealistic in March

The companies reporting their financial performance for the March quarter have been allowed to fair value their financial assets as the prices prevailed on March 31, 2020 were unrealistic and much of them were tainted by the gyrations, since the investors turned risk-off and responded to the economic shock caused by the pandemic by selling their securities, pulling down the stock prices and indices as a whole.

Vajira Kulatilaka retires from NDB Group

Vajira Kulatilaka, Director/CEO of NDB Group’s investment banking cluster, will be retiring by the end of June 2020, after 36 years in the banking and finance sector of Sri Lanka.

ICTA hits back at Sanjiva Weerawarana

Responding to media reports on the resignation of Dr. Sanjiva Weerawarana from the Information Communication Technology Agency (ICTA) board, ICTA Chairman Jayantha De Silva said Dr. Weerawarana’s resignation was inevitable.

Market closes in red; foreign inflow continues

The Colombo Stock Exchange (CSE) ended on a negative note yesterday but foreigners remained active during the day closing as net buyers.

CB suspends NatWealth Securities’ biz activities for 6 months

The Monetary Board of the Central Bank of Sri Lanka (CBSL) has suspended NatWealth Securities Limited (NWSL) from carrying on the business and activities of a primary dealer for a period of six months, with effect from June 1, 2020.

Huawei introduces AI technology to help Sri Lankan medical professionals to better fight COVID-19

Assists doctors distinguish between early, advanced and severe stages of pandemic

CB revises down private sector credit growth target for 2020

The Central Bank has slashed its expectations for private sector credit for 2020 amid expected reduction in spending and investment activities by individuals and corporates alike due to coronavirus-induced economic and financial difficulties.

ComBank raises another Rs.10 bn to support COVID-19 affected SME exporters

The Commercial Bank of Ceylon has announced the commitment of approximately Rs.10 billion to a bank-funded COVID-19 support loan scheme to assist affected SME enterprises.

Access Engineering envisages quick return to normalcy

Access Engineering PLC reported subdued performance for the period ended March 31, 2020 but said the company envisages a quick return to normalcy, although there would be some short-term financial pain due to temporary stoppage of project work and anticipated delays in overseas supply chains due to limited port operations.

HNB successfully concludes SL’ first hybrid virtual AGM 2020

Sri Lanka’s second biggest private lender in assets, Hatton National Bank PLC (HNB), successfully concluded the country’s first-ever hybrid virtual Annual General Meeting (AGM) on May 29.

May inflation eases to 4% on base effects

Sri Lanka’s headline inflation measured by the Colombo Consumer Price Index declined to 4.0 percent during the twelve months to May, decelerating from 5.2 percent in April due to higher base effects that prevailed in the same month last year.