Teejay Lanka Sept. profits surge 84%

Leading textile maker, Teejay Lanka PLC, with manufacturing plants in Sri Lanka and India, saw its September quarter (2Q20) profits soaring, supported by efficiency improvements, strong order book and stable cotton prices. The earnings for the period under review rose 84 percent year-on-year (YoY) to Rs.783.1 million, on a revenue of Rs.9.3 billion, up 22 percent.

Lankan universities urged to adopt sustainable funding model to be competitive

Unless Sri Lanka’s universities move away from the conventional State funding system to a sustainable financing model opening up to competition, the country’s higher education is doomed to fail, according to the head of University Grants Commission (UGC). “UGC st

WTM London 2019 unveils Sri Lanka as Premier Partner

Sri Lankan Tourism Promotion Bureau (SLTPB) will be the Premier Partner at WTM London 2019 as the island’s tourism industry continues its resolute recovery following April 21 terror attacks. According to SLTPB, the high-profile partnership will ensure global coverage for the island nation. Sri Lankan cric

Govt. to seek Parliamentary approval to sign agreement with MCC

The government is to seek parliamentary approval to enact the US $480 million Millennium Challenge Corporation (MCC) Compact agreement and the Programme Implementation Agreement, which were drafted with the consent of theAttorney General, according to the Finance Ministry. “The Compact Agre

Shares post over 13-week closing high; rupee firmer

REUTERS:  Sri Lankan shares rose yesterday to close at their highest in more than 13 weeks as investors took positions two weeks ahead of presidential polls, analysts said. Sajith Premadasa, the Housing Minister and one of the two presidential front-runners, announced his election manifesto, which is seen by analysts as a ‘broader policy framework’. His close rival Gotabaya Rajapaksa has pledged a tax overhaul that would reduce tax to 8 percent f

FinMin says can amend MCC projects even after agreement signing

The Sri Lankan government will retain the option to amend the identified projects in the US $ 480 million Millennium Challenge Corporation (MCC) Compact even after the signing of the agreement, the Finance Ministry said.

Laugfs mulls 2nd phase of LPG transhipment terminal at H’tota to support overseas expansions

Laugfs LPG terminal, a subsidiary of Laugfs Gas PLC, may begin the construction of the second stage of its state-of-the-art LPG transhipment terminal at the Hambantota Port by next April, increasing the capacity of the terminal by further 15,000 MT to support the firm’s aggressive expansion plans into Myanmar and Kenya.

Teejay Lanka Sept. profits surge 84%

Leading textile maker, Teejay Lanka PLC, with manufacturing plants in Sri Lanka and India, saw its September quarter (2Q20) profits soaring, supported by efficiency improvements, strong order book and stable cotton prices.

Ceylon Cold Stores Sept. profits up 45%

Ceylon Cold Stores PLC (CCS) saw its September quarter (2Q20) earnings improving 45 percent year-on-year (YoY) to Rs.277.9 million, mainly supported by the group’s manufacturing business segment.

Seylan Bank Sept. earnings flat

Seylan Bank PLC, with an asset base of Rs.489.5 billion, reported a subdued performance for the September quarter (3Q19) amid a sharp rise in the provisions made against the possible bad loans, the interim accounts released to the Colombo bourse showed.

Shares slip from 13-week closing high; rupee weaker

(Colombo) REUTERS: Sri Lankan shares slipped yesterday after nine straight sessions of gains to a 13-week closing high, while the rupee closed slightly weaker.

Laugfs Gas says adequate LPG supplies secured

Laugfs Gas PLC, Sri Lanka’s only private sector LPG supplier, yesterday said it has secured adequate LPG supplies for the next four months, after experiencing a shortage due to the drone attack at the Saudi Aramco oil processing facilities in Abqaiq and Khurais, in eastern Saudi Arabia.

Misconception of tea auction and export prices

The sustainability of Ceylon Tea or Sri Lanka tea industry depends on how efficiently and effectively it can adapt to match the changing global consumer preferences and consumption patterns.

Getting priorities right for Sri Lanka post 2020

Indonesian President Jokowi, who was re-elected for a second term, has made start-up founder Nadiem Makarim the country’s Education Minister. The minister was quick to say that Indonesia thrives on talent and if Indonesia is to produce more high-quality talent, the country’s educational system is going to have to undergo a transformation just like the one that began on the streets of Jakarta in 2010.

Ceylon Chamber advocates 12 focus areas to accelerate economic growth

The Ceylon Chamber of Commerce (CCC) launched the working draft of Sri Lanka Economic Acceleration Framework (SEAF) 2020-25, on September 17, 2019.

BPPL expects filament extrusion, yarn operations to off-set moderation in brush orders

BPPL Holdings PLC, the maker of brushes and yarn using recycled plastic said the company is currently witnessing a moderation in customer orders from North America and Europe, but confided that such a slowdown could be well offset by higher revenues from the recently expanded filament extrusion and yarn operations. “We are seeing a mode

Government targets Rs.48bn from Luxury Tax revision on vehicles

The government has revised the Luxury Tax formula on vehicles by resorting to calculate the tax based on the manufacturing cost or the cost, insurance and freight (CIF) value of a vehicle, instead

Professionals form CAG Lanka to promote accountability amongst candidates

A group of Sri Lankan professionals have joined together to form CAG Lanka (Citizens for Accountable Governance Lanka (Guarantee) Limited). This non-profit advocacy organization organized an informative event to educate the general public on the importance of accountability and good governance at the Sri Lanka Foundation Institute.

Building safer and more liveable cities with smart solutions

The population concentration in Sri Lankan cities has accelerated in recent years. A recent report revealed that cities such as Anuradhapura, Badulla, Colombo, Galle and Jaffna have expanded greatly since the 1990s.

COYLE Sampath Bank Leadership Forum 2019 inspires potential entrepreneurs, leaders

COYLE Sampath Bank Leadership Forum 2019, held for the sixth consecutive year, saw industry veterans share their success stories to inspire future potential entrepreneurs and leaders. The event was organised by the Chamber of Young Lankan Entrepreneurs (COYLE) alongside the Title Sponsor Sampath Bank and was held at Cinnamon Grand Colombo, on October 17, 2019. Three aspiring leaders shared their success

Case of three-wheelers Current trends and future possibilities of Sri Lanka’s passenger mobility

Relatively inexpensive, ubiquitous and convenient, three-wheelers offer an indispensable service to Sri Lankans. The most important advice any seasoned three-wheeler passenger would offer a first-timer would be to learn the art of haggling. While some three-wheeler drivers use a fixed meter, some

Global leaders, tycoons attend Saudi ‘Davos in desert’

RIYADH (AFP) - Top finance moguls and political leaders attended a Davos-style Saudi investment summit yesterday, in stark contrast to last year when outrage over critic Jamal Khashoggi’s murder sparked a mass boycott. Organisers say 300 speakers from ov

Shares close at 13-week high; rupee weaker

REUTERS - Sri Lankan shares closed at 13-week highs yesterday led by financial and diversified stocks, while the rupee closed weaker on dollar demand from importers. Presidential candidate G

Litro sheds light on LPG shortage and assures consumers of continued supply

State-owned Litro Gas yesterday identified increased local demand due to price reductions and global supply constraints as two key reasons for the current LP gas shortage experienced by consumers.

MODSIT and USAID conduct dialogue on trade for Kurunegala entrepreneurs

The Ministry of Development Strategies and International Trade (MODSIT) together with the USAID-SAIL project hosted a public-private dialogue (PPD) on global trade for businessman in the Kurunegala District on September 27, 2019, at Hotel Kamrel in Kurunegala.

Protecting world biodiversity and ending poaching - UK pledges millions of dollars

Currently, more than 28,000 species are threatened with extinction according to the International Union for Conservation of Nature (IUCN) Red List of Threatened Species - the world’s most comprehensive information source on the global conservation status of animal, fungi and plant species.

Increased efforts on marketing urged to link SMEs with supply chains

Advocata backs proposal to allow Attorney General’s Department reps at COPE meetings

Colombo-based think tank Advocata, which promotes free market principles, yesterday urged the government to prioritise a suggestion to include the Attorney General’s Department representatives at the Committee on Public Enterprises (COPE) proceedings.

HSBC boss says bank underperforming in Europe, US as profits slip

(Hong Kong) AFP: HSBC’s interim chief executive yesterday said the banking giant was underperforming in parts of Europe and the United States, as third-quarter profits slipped and the lender warned of further headwinds.

Shares end at 12-week high; rupee weaker

(Colombo) REUTERS: Sri Lankan shares closed at a 12-week high yesterday, led by financial services and telecom companies, while the rupee closed weaker on dollar demand from importers.