Asian markets rise as broadly positive week draws to a close

HONG KONG (AFP) - Markets rose in Asia yesterday though investors remain cautious as they await developments after the failure of the Trump-Kim summit while also keeping an eye on the stand-off between India and Pakistan. A better-than-expected reading on US economic

SL reaches staff level agreement with IMF to extend loan deal

Sri Lanka yesterday reached a staff level agreement with the International Monetary Fund (IMF) on the fifth review of the US$ 1.5 billion 3-year Extended Fund Facility (EFF), the country first entered in June 2016. “The team reached understandings at the staff level with the Sri Lankan authorities on the fifth review and their request to extend the EFF arrangement for an additional year with the remaining disbursements being evenly spread ov

London mayor urges Brexit delay to break divorce deal deadlock

LONDON (AFP) - London Mayor Sadiq Khan has urged Prime Minister Theresa May to delay Britain’s departure from the European Union, warning time has run out to rework her withdrawal agreement.

Seventy ComBank branches to stay open on March 4

The Commercial Bank of Ceylon has announced it will keep 70 branches open for business on March 4th, a Public and Bank holiday in celebration of Mahasivarathri. The bank said the branches scheduled to operate on that day would include the bank’s 25 Supermarket Banking Centres and 29 ‘365-day’ branches which will work their customary hours, and another 16 branches that will be open from 9 a.m. to 1 p.m.

17th K. Sivagananathan memorial oration on Monday

The 17th Annual K Sivagananathan Memorial Awards and oration will be held on Monday, 11th March 2019.

NTB Dec. stymied by higher credit costs, weak liquidity

Profits declined at Nations Trust Bank PLC during the October–December quarter (4Q18), as the lender grappled with multiple issues stemming from higher credit costs, weak liquidity and modest growth in the demand for new loans. The banking group reported earnings of

Working with govt., biz community to remove barriers to invest: US envoy

The United States is working with the Sri Lankan government and the business community to remove barriers to investment, U.S. Ambassador in Colombo Alaina B. Teplitz said. She said they are looking forward to seeing the business environment improving and the country’s legislation and rules getting modenized. “Publishing guidelines for areas li

Maersk to expand container handling operations in Sri Lanka

Maersk A/S has announced plans to expand container handling operations at the Colombo Port. The announcement followed talks between Maersk Chief Executive Officer Soren Skou and President Maithripala Sirisena at the Presidential secretariat on Thursday. Maersk’s business partner, South Asia getaway Terminal (Pvt) Ltd. (SAGT) is said to be holding discussions with the Ports and Shipping Ministry and Sri Lanka Ports Authority (SLPA) regarding the e

AIA Insurance Lanka in fresh bid to go private; offers Rs.2, 500 per share

AIA Insurance Lanka PLC has upped its offer to the firm’s minority shareholders considerably in a fresh attempt to take the company private, following a failed bid to do the same in August last year.

Rattled ETI buyers say reviewing steps to protect investments

The buyers of ETI assets yesterday said they are presently reviewing the measures to be taken to protect their investments amid misleading statements by interested parties with misguided age

SL reaches staff level agreement with IMF on 5th tranche

Sri Lanka has reached a staff level agreement with the International Monetary Fund (IMF) on the fifth review of the US $ 1.5 billion 3-year Extended Fund Facility (EEF) the country entered in June 2016.

Access Engineering to carry out civil works of ADB-funded wind farm project

Access Engineering PLC has been awarded with the civil works of Ceylon Electricity Board’s (CEB) 100MW Mannar Island wind farm project that is financed by the Asian Development Bank (ADB).

Shares recover from 4-month closing low

(Colombo) REUTERS: Sri Lankan shares rose yesterday after declining for eight straight sessions to a four-month closing low in the previous day, as investors picked up beaten-down stocks ahead of an increase in liquidity, analysts said. The rupee closed weaker with investors waiting for directions from next week’s budget and the outcome of talks between government authorities and the IMF, market sources said. The Colombo Stock Exchange index cl

Prima Ceylon celebrates 40 years in Sri Lanka

Prima Ceylon, the flagship company of the Prima Group Sri Lanka, celebrated four decades of successful partnerships and growing together with the nation, at an event recently in Trincomalee, where its state-of-theart flour milling complex and one of the largest flour mills in the world under one roof, is located. Being Sri Lanka’s first recorded Foreign Direct Investment (

Govt. asks IMF for 1-yr loan extension, relax tight spending targets

(Colombo) REUTERS: Sri Lanka has asked the International Monetary Fund (IMF) to extend a US $1.5 billion loan by another year and relax its tight spending targets ahead of key elections, two government sources close to the negotiations told Reuters yesterday.

January motorcar registrations rebound

Motorcar registrations in January saw a rebound after a sharp fall in December, but still significantly lower in registrations in January 2018, a vehicle registrations tracker by Colombo-based stock broking and research house JB Securities showed. Motorcar registrations recorded 3,147 units in Jan

Stocks, rupee ease ahead of budget, IMF talks outcome

(Colombo) REUTERS: Sri Lankan shares and the rupee closed weaker yesterday, with investors waiting for directions from next week’s budget and the outcome of talks between government authorities and the International Monetary Fund (IMF), market sources said. Sri Lanka has asked the IMF to extend a U

SL to promote trade, tourism at Expo 2020 Dubai

Sri Lanka will make its debut at the upcoming Expo 2020 Dubai, with the aim of further promoting Sri Lanka as a tourist destination, facilitating international trade and attracting investors to the country.

Regulating foreign workers now a top priority

Sri Lanka is today facing a domestic labour shortage in some key sectors and industries. Demographic issues, social attitudes, expansion of the economy and outward labour emigration are contributing to the shortfall. Generally, the lack of interest in certain types of jobs, low salaries and benefits, lack of qualified people and poor terms and conditions contribute to this overall shortage. Labour shortages

Sl’s Foreign direct investment conundrum

Sri Lanka is dollar hungry. As a country with an export income of little over US $ 11 billion and debt obligations of US $ 4 billion on average for the next few years, Sri Lanka’s prime focus should be towards bringing in more dollars into the country. The best two ways to do this is to increase exports and get foreigners to invest in the country. Sri Lanka took 17 years to double its e

Mirror Biz Toon

SLT 4Q profits up despite heavy forex translation losses

Sri Lanka Telecom PLC’s (SLT) profits surged despite some significant foreign exchange translation losses incurred on its foreign borrowing portfolio, as the State-controlled telecom operator is pivoting towards data related services from traditional services.

Sri Lanka sets eyes on exiting FATF grey list by this June

The Financial Action Task Force (FATF), the global policy setter on anti-money laundering and countering the financing of terrorism (AML/CFT), has made the initial determination that Sri Lanka has completed its action plan

Job creation schemes urged to avert rampant youth migration in NP

The Northern Province public representatives recently urged the government to adopt short-term employment creation schemes in the Northern Province, as skilled youth migration has spiked, due to the lack of employment opportunities for the youth in the province. “The high unemployment i

Resus Energy to invest Rs.1.3bn in hydro and solar projects

The renewable energy developer, Resus Energy PLC is to invest Rs.1.3 billion in a couple of hydropower and solar power projects during this year, the company said in a media statement. The company said these projects have been structured with focus to generating renewable and sustainable energy, combining the latest tech and an environmentally responsible business proposition.

Higher loan-loss provisions hurt HNB 4Q; full-year profit up 11%

Hatton National Bank PLC (HNB) reported lower profits for the quarter ended December 31 (4Q18) as the increased credit loss expenses upended the financial performance of the country’s second largest private lender. The banking group,

Pan Asia Bank’s 4Q earnings flat; full-year profit up 11%

Pan Asia Banking Corporation PLC (PABC) was able to somewhat contain the blows from the first-time impact of the adoption of new accounting standards and implementation of financial sector-specific levies during the December quarter (4Q18), while recording a 11 percent growth in earnings for the full year (FY18). According to the 4Q1

Diversified LOLC group joins trillion rupee club

Sustaining its unblemished track record in performance, the LOLC group crossed the rupees trillion mark, with total assets reaching Rs.1.008 trillion, as at December 2018. This significant achievement is on account of the group’s consistently resilient financial sector – both local and international, coupled with its strategic investments in non-financial sectors—leisure, plantations, cons

SL Tourism eying 30-min programme on CNN Business Traveller with Quest

Sri Lanka Tourism is eying a 30-minute segment on the CNN Business Traveller programme hosted by Richard Quest to attract high-net-worth business and leisure tourists to Sri Lanka. A Sri Lanka Tourism Promotion Bureau (SLTPB) official said they are considering a proposal to obtain a 30-minute segment on the CNN Business Traveller programme rather than launching another media campaign to promote Sri Lanka tourism on CNN.

Combination of factors dim ComBank 4Q; full year earnings grow modestly

Commercial Bank of Ceylon PLC saw its earnings for the quarter ended December (4Q18) declining, as the country’s largest private lender failed to reflect its solid loan growth in its net interest income amid attempts to reverse the impact from weakening asset quality. The lender with assets of Rs.1.3 trillion saw its earnings falling by 16 percent year-on-year (YoY) to Rs.4.06 billion or Rs.4.05 a share for the quarter under review, as hefty prov