Holistic approach for smooth debt management urged

Sri Lanka needs a strong medium-term debt management strategy, with a target to reduce its outstanding debt stock to 60 percent of GDP by 2030 with a long-term vision of bringing down the debt to GDP ratio to below 50 percent, according to former Central Bank Deputy Governor and Deputy Secretary General of National Economic Council (NEC), C.J.P. Siriwardana. While acknowledgin

MTD Walkers records thumping Rs.1.45bn loss in 3Q

MTD Walkers PLC reported a massive loss for the quarter ended December 31, 2018 (3Q19), expanding the losses it had made in the previous quarters, as the construction major which is stuck in a debt trap is struggling

Lee Hedges to build Rs.1.1bn car park building

Lee Hedges PLC on Monday said they would build a car park building and a commercial development above the car park on a freehold land in Colombo 3. The company said the car park of the project, which has two phases, will be built first with an investment of approximately Rs.1.1 billion. The project is expected to span over 12 months and will have 186 parking slots in six floors.

Chevron Lubricants December profits halved

Profits of Sri Lanka’s lubricant market leader, Chevron Lubricants (Lanka) PLC halved during the December quarter (4Q18) amid sluggish lube sales, the year-end financial accounts released by the company showed.

Minimum 5% growth must to achieve 3.5% budget deficit by 2020

New DG appointed to Public Enterprise Department

Sri Lanka set to showcase its unique fauna and flora hosting world’s biggest wildlife conference

Sri Lanka to tap bond market for US $ 2bn after Chinese loan delay

Rupee falls on importers’ dollar demand; stocks decline

NSB rating downgraded following recalibration

Fitch Ratings has revised the National Long-Term Rating of National Savings Bank (NSB) to ‘AA+(lka)’, from ‘AAA(lka)’. The Outlook is Stable.

Indian investor to make aluminium food containers, foil wraps in Sri Lanka

The Board of Investment (BOI) of Sri Lanka recently signed an agreement with ARD Aluminium (Pvt.) Ltd to set up a US $ 1.7 million factory to manufacture aluminium food containers with lids and aluminium home foil wrap for food.

Importance of 2019 government budget

National Chamber calls for SME development through trade facilitation

Asset quality fallout, IFRS 9 dent Sampath Bank 4Q

Sampath Bank PLC suffered a decline in profits during the three months ended December 31, 2018 (4Q18) as the lender became a casualty of the general weakening of banking sector asset quality and the first time adoption of a new accounting standard resulting in significantly higher provisions for possible bad loans.  Sampath Bank, t

Red clay roofing tile industry urges govt. to relax excessive red tape blocking raw material sourcin

Sri Lanka’s red clay roofing tile industry recently urged the government to reduce excessive regulations and procedures in place with regard to sourcing their main raw material—clay— which has hiked the cost production, driving over 200 clay roofing tile plants out of business.   “The number of act

Forex losses, group-wide digital push hurt Dialog Axiata 4Q

Dialog Axiata PLC’s December quarter (4Q18) profits were hurt by the continued translational losses stemming from its dollar borrowings and the one-off cost made on group-wide business process re-engineering exercise towards digital technology. Accordin

CTC sees 3.2% volume decline in 4Q

Sales slowed at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), during the December quarter (4Q18), as CTC had to jack up prices of some of its products, as a result

Right strategies, policy reforms key to handling ageing problem: WB

Sri Lanka having reached the advanced stage of a demographic transition, where it now has a fast-growing ageing population, will require increased focus to cater to that group as current measures by the government remain inadequate. Highlighting Sri Lanka’s changing demographics in their latest development report, the World Bank (WB) said the country needs the right strategies and policy reforms to better hand

Move to establish wider shipping and logistics sector chamber opposed

Attempts are said to be underway to thwart a move to establish Sri Lanka’s first shipping and logistics industry chamber under the name National Chamber of Shipping of Sri Lanka, Mirr

Australia targets March signing of stalled Indonesia trade deal

SYDNEY (AFP) - Australia said yesterday a long-awaited trade deal with Indonesia will be signed in March, following months of diplomatic tension over Canberra's contentious plan to move its embassy to Jerusalem. 

KKS port area to be made vibrant economic hub: PM

Prime Minister Ranil Wickremesinghe said step would be taken to develop a vibrant economic hub around the Kankesanthurai harbour that would be transformed into a commercial port with Indian assistance.

US report calls car imports national security threat: sources

NEW YORK (AFP) - A US Commerce Department report has concluded that American auto imports threaten national security, setting the stage for possible tariffs by the White House, two people familiar with the matter said this week. The investigation, ordered by President Donald T

Asian shares drop on trade talks fears, weak US retail

HONG KONG (AFP) - Asian stocks retreated yesterday as the US hailed "productive" trade talks in Beijing despite earlier reports suggesting an impasse, while Wall Street was hit by weak US retail sales. Bourses across the region were already well

Rupee ends weaker on importer dollar demand

(Colombo) REUTERS: Sri Lanka's rupee ended weaker yesterday, as dollar demand from importers weighed on the currency, market sources said.  The stock market also closed weaker at a near four-month low, as foreign investors sold the island nation's risky assets.  The rupee, ended at 178.65/

Alibaba takes stake in Chinese video platform

BEIJING (AFP) - Alibaba has bought an eight percent stake in Chinese online video sharing and entertainment service Bilibili for an undisclosed  amount, state news agency Xinhua reported. 

Ex-Goldman banker facing 1MDB charges agrees to US extradition

 KUALA LUMPUR (AFP) - An ex-Goldman Sachs banker accused of involvement in the multi-billion-dollar 1MDB scandal has agreed to be extradited from Malaysia to the United States to face charges, his lawyers said yesterday.

CB halts The Finance from taking new deposits, issuing loans

The Central Bank suspended the troubled non-banking financial institution The Finance Company (TFC) from taking new deposits and issuing loans with effects from yesterday (15th) as the losses at TFC continued to expand, amplifying the firm’s already severe liquidity issues. 

Tourism leaders rattled by FCID witch hunt

Two private sector tourism leaders, who had been caught up in a legal battle for over two years initiated by the Financial Crimes Investigation Division (FCID), yesterday called for law 

Sri Lanka urged to keep economic reforms on track

The World Bank yesterday tipped Sri Lanka as one of the stronger economies in the South Asian region, but asserted the country is yet to reach its full potential, and will struggle to do s

Hutch signs BOI agreement to invest US $ 115mn

Hutchison Telecommunications Lanka (Pvt) Ltd (Hutch) signed a supplementary agreement with the Board of Investments (BOI) to invest US $ 115 million to roll out its islandwide 4G network and supp