Lower interest rates for bank deposits from this month

Sri Lanka’s bank depositors will receive lower interest rates from this month as the Central Bank has pressed banks to cut rates for the second time since April, as the reference rates upon which banks price their deposits have fallen consistently.

HNB Finance to raise Rs.2bn via listed debt

Fitch Ratings has assigned HNB Finance Limited’s Rs.2 billion subordinated debentures an expected long-term rating of ‘A-(lka) (EXP)’, one notch below the company’s national long-term rating, to reflect the subordination to the senior unsecured obligations.

CB directs banks to relax LTV requirements on mini-taxis

The Central Bank has issued a new directive to all licensed banks asking them to facilitate easy loans and leases for mini-taxis under the government’s concessionary loan programme Enterprise Sri Lanka (ESL).

Shares hit 1-1/2-week closing high; rupee strengthens

(Colombo) REUTERS: Sri Lankan shares ended steady yesterday, hitting their highest close in more than a week, while the rupee edged up on dollar sales as month-end inward remittances surpassed greenback demand from importer, market sources said.

Ceylon Chamber’s new chief calls for progressive govt. policies

By Shabiya Ali Ahlam As Sri Lanka stands at a critical juncture, the newly appointed Chairman of the Ceylon Chamber of Commerce said that the expectation of the private sector from the government is the implementation of progressive policies and eradication of corruption, a much-needed requirement to achieve the sought-after inclusive growth. “We call for the installation of a meritocracy and eradication of corruption at a fundamental and structu

Malik attends WEF’s IGWEL programme in China

Development Strategies and International Trade Minister Malik Samarawickrama attended the World Economic Forum’s (WEF) Informal Gathering of World Economic Leaders (IGWEL) programme, which provides a unique and safe setting for political and economic leaders to address the issues of concern. Organised by the WEF, participation to this meeting held in Dalian, China, at the Annual Meeting of New Champions, is by invitation only and at the highest l

SriLankan Airlines losses hit Rs.13bn in first 4 months

The overall loss of SriLankan Airlines (SLA) has risen to Rs.12.96 billion in the first four months of 2019 with the total debt of the airline topping US $ 750 million, the Finance Ministry data showed.

Jan-April fiscal deficit widens amid sharp revenue decline

Sri Lanka’s budget deficit during the first four months of the year has widened by Rs.112.8 billion year-on-year (YoY) to Rs.363.4 billion, driven by a significant decline in revenue from import-based taxes and excise duties, the Finance Ministry data showed.

TUI pledges support for SL’s tourism industry revival

Sebastian Ebel, a member of the Executive Board of TUI AG, responsible for destination experiences, hotels and resorts, cruises and group purchasing, met with Tourism Minister John Amaratunga recently, to pledge support to get the industry back on track and also to do joint destination promotions with the Sri Lanka Tourism Promotion Bureau. The minister thanked the giant travel and tourism operator for the long-standing support for Sri Lanka.

Hans tells private sector to lead economic resurgence

As Sri Lanka strives to progress to the next level while grappling with the current turmoil that has caused a major setback, urgent is the need to catalyze a wave of economic resurgence that will place the country on par with its regional peers in terms of competitiveness, according to the newly elected Ceylon Chamber of Commerce Chairman Dr. Hans Wijayasuriya. Dr.Wijay

Sri Lanka will continue to work with Chinese technology: Harin

Sri Lanka will continue to work with Chinese firms to develop the country’s telecommunications infrastructure, according to Telecommunications, Foreign Employment and Sports Minister Harin Fernando.

Final decision on cutting airfares to boost tourism likely today

The government is likely to reach a final decision today on measures to bring down the costly airfare structure at Bandaranaike International Airport (BIA), at a high level meeting between Prime Minister

World’s central banks tackle technology with innovation hub

(Zurich) REUTERS: Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved yesterday by the Bank for International Settlements.

Sampath Bank finds buyers to allot unsubscribed rights

Sampath Bank PLC last Friday said it found buyers for the unsubscribed rights. “We wish to inform you that the board of directors was successful in allotting all of the shares that remained unsubscribed at the close of the rights issue of the company. “The allotments amounting to 25

Insurance sector near-term growth to moderate; long-term prospects intact: Fitch

Sri Lanka’s insurance industry is set to grow modestly in the near term amid slower motor insurance premium growth due to higher taxes on vehicle imports, intense price competition in the general insurance market and sl

June headline inflation decelerates to 3.8%

Sri Lanka’s inflation decelerated during the 12 months to June 2019, mostly due to the base effects but the prices continued to rise during the month as food and non-food prices rose from a month earlier.

Shares post first monthly gain in 2019; rupee gains

REUTERS - Sri Lankan shares ended firmer at a more than one-week high yesterday buoyed by gains in beverage stocks, posting their first monthly gain this year, while the rupee edged up on dollar sales as month-end i

Trump prepares for ‘productive’ talks with Xi on trade war

OSAKA (REUTERS) - U.S. President Donald Trump yesterday said he hoped for productive talks with Chinese President Xi Jinping on a trade war that is casting a shadow on global growth, but said he had no

South America-EU trade talks press on after Macron warning to Brazil

BRUSSELS (AFP) - Negotiations between Europe and South America to finalise a blockbuster trade deal continued yesterday, after French President Emmanuel Macron sent a warning shot to Brazil over environmental issues. Ministers from the South A

Chinese delegation calls on SLTPB to extend support to boost tourism

A group of 30 travel Agents from China paid a courtesy visit to Sri Lanka Tourism Promotion Bureau (SLTPB) recently, to enhance tourist arrivals from China, and also to give their support to promote the destination as a number one travel destination in the world, offering everything that an interested traveller may require. They held a cordial discussion

Nigerian President urged to sign African trade deal

ABUJA (AFP) - A special government panel has recommended that President Muhammadu Buhari sign Nigeria up for a landmark African free trade agreement, ahead of a key meeting of African leaders.

OPEC faces output balancing act over US-Iran crisis

LONDON (AFP) - OPEC is on red alert over escalating US-Iran tensions that have fuelled strong oil-price gains but the cartel and other crude-producing nations are unlikely to end output cuts at a meeting Tuesday, traders say.

Asian markets retreat as crunch G20 gets under way

HONG KONG (AFP) - Asian markets fell yesterday as investors kept a nervous watch on developments in the G20 summit, with trade top of the agenda and a key focus on the much-anticipated meeting betwe

Slower credit growth, increased bad loans and precarious macro front to stifle banking sector performance: Fitch

Fitch Ratings expect banking sector loan growth to slowdown in 2019 on muted private sector credit demand despite a recent a policy rate cut by the Central Bank to create credit demand and thus boost economic growth. “Our expectation is for loan growth to decelerate in 2019 (down by 0.4 percent in 1Q19) on muted private-sector credit demand,” Fitch said in a brief note. According to the rati

Proposed data protection regulations could boost cross border e-commerce activities: experts

The proposed Data Protection Bill would present new opportunities for Sri Lanka in cross border e-commerce activities, fostering passage to innovate while enhancing consumer confidence, according to experts.

Presidential move to axing local carpenters

On the 6th of June, for World Environment Day, the President stated that he will ban carpentry sheds and will ban the import of machinery used to cut down trees. Since that statement there has been considerable policy co

Expolanka Holdings opens market to celebrate S&P SL 20 entry

Expolanka Holdings PLC (Expolanka) rang the opening bell to commence trading at the Colombo Stock Exchange (CSE), yesterday. The market opening ceremony was organized to celebrate Expolanka Holdings making an entry to the S&P SL 20 as part of the 2019 mid-year index rebalance. The S&P index is designed to m

Stocks end flat as blue chips drag; rupee slips

(Colombo) REUTERS: Sri Lankan shares ended nearly flat yesterday pulled down by weakness in blue chips such as conglomerate John Keells Holdings PLC in dull trade, while the rupee fell on importers’ dollar demand, m

GSP Plus at stake if death penalty reinstated: Mangala

Finance Minister Mangala Samaraweera yesterday expressed concerns over the possibility of the European Union (EU) pulling out the GSP Plus concessionary scheme given to Sri Lanka as the country moves to re

Lankan firm selected media supplier for Japanese high-tech greenhouse

Japan’s SARA Inc., the operators of the world’s largest high tech greenhouse, has selected Sri Lanka’s Riococo Lanka (Pvt) Ltd. as the exclusive supplier of growing media for their semi-closed green house functioning under a new climate control system.