Giving meaning to Independence

Sri Lanka celebrated its 71st year of independence from the British colonial rule on Monday. Despite the reservations we may have about the country’s post-independence journey so far and its despicable politics, freedom from subjugation to foreign rule should be celebrated. But in the present world context, the true meaning of independence and freedom will only be able to be felt to the extent of which a nation has gained its economic indep

Sena attacks on local agriculture and vision of the stupid

The first ‘Sena attack’, carried out unwittingly and in good faith, began soon after the ‘Yahapalana’ government came into being in 2015 and under the much hyped slogan of Toxin-Free Nation. The second was the banning of glyphosate, with similar stupid science behind it as for the first but evidently the most damaging of the three, economically. 

Mirror Biz Toon

Cayman Island-based The Sri Lanka Fund to be wound up

Ceylon Guardian Investment Trust PLC (GUAR) and Ceylon Investment PLC (CINV) said yesterday that they are considering winding up the US$2.23 million Sri Lanka Fund incorporated in the Cayman Island, a tax haven. Both companies, subsidiaries of Carson group, each holds 43.34 of the dollar denominated fund.“After much analysis and discussion, it has been decided to consider winding up operations of The Sri Lanka Fund, as this investment vehic

Rupee ends 1% weaker on importer dollar demand

REUTERS - Sri Lanka’s rupee ended 1 percent weaker yesterday, due to dollar demand as importers purchased the greenback after the local currency gained nearly 3 percent last week. 

Fitch to recalibrate ‘lka’ ratings to reflect sovereign downgrade

Fitch Ratings said yesterday it would recalibrate the Sri Lankan National Rating scale to reflect changes in the relative credit worthiness among Sri Lankan issuers, following the downgrade of the country’s sovereign rating to ‘B’ from ‘B+’ on 3 December 2018. “The recalibration will

Government allocates over half of expenditure for debt servicing this year

The government has allocated over 50 percent of total expenditure for debt servicing in the Appropriation Bill 2019, amounting to Rs. 2.23 trillion, the highest ever debt servicing value in the country’s history, the Finance Ministry stated. Accordingly, Rs 1.2 trillion and Rs. 930 million has been allocated for domestic debt servicing and foreign debt servicing this year. The government estimate

Banks issue warning on ATM skimming activities

The Payment Card Industry Association of Sri Lanka and Sri Lanka Banks’ Association in a brief joint statement yesterday urged the public to inform their respective banks immediately in the event of any suspicious transaction noticed on their account.

Serenia Residences to host ‘Meet the Developer’ event this weekend

Colombo-based real estate development firm Serenia Limited will host an exclusive event featuring an intimate discussion and a walk-through of the site with the partners and developers of Serenia Residences.

SLPA signs agreement with Colombo Dockyard to built two pilot boats

The Sri Lanka Ports Authority (SLPA) signed an agreement with Colombo Dockyard PLC yesterday to build two pilot boats for the Port of Colombo, enabling it to handle a greater volume

Rubber Research Institute gets first chairwoman

Dr. Vishaka Sooriyabandara has been appointed as Chairperson of the Rubber Research Institute of Sri Lanka. The appointment letter was handed over to Sooriyabandara by Plantation Industries Minister Navin Dissanayake on January 31, 2019, at the ministry premises, in Sethsiripaya.

China and Singapore to invest US $ 1.1bn in cement and steel plants

Sri Lanka moves closer to secure US $ 1.1 billion investments from Singapore and Chinese investors to set up a steel plant and cement plant as the government focuses on regaining the investor confidence that derailed during the political crisis.   Development Strategies

Rupee ends 1% firmer on dollar sales; posts weekly gain of 2.8%

(Colombo) REUTERS: Sri Lanka’s rupee ended over 1 percent firmer yesterday, posting a weekly gain of 2.8 percent, as foreign investors purchased government securities after an International Monetary Fund (IMF) statement and government’s US $ 1 billion debt repayment boosted confidence. The rupee closed at 176.60/177.00 

New e-commerce rules jolt Amazon.com in India as products vanish

(New Delhi/Mumbai) REUTERS: India’s revised e-commerce rules caused widespread disruption on Amazon’s India website when they kicked in yesterday, forcing the company to take down its key grocery service and remove a wide range of products such as sunglasses and floor cleaners. The products began to disappear fro

Correction

In our story titled ‘Thilak Piyadigama to head Sanasa Development Bank’ appeared yesterday (February 1), the date of the retirement of CEO/GM Nimal C. Hapuarachchi should be February 28, 2019. We regret the inadvertent error.

State Bank of India posts biggest quarterly profit in nearly 7 years

REUTERS: State Bank of India beat expectations and posted its highest quarterly profit in nearly seven years yesterday, as the country’s biggest lender by assets set aside lower provisions for bad loans and asset quality improved. Its net profit was Rs.39.55 billi

Debt Repayment Levy stymies People’s Leasing profit growth

People’s Leasing & Finance PLC (PLC), a unit of State-owned People’s Bank, reported higher earnings for the quarter ended on December 31, 2018 (3Q19) on modest growth in loans and leases although the bottom line growth was stymied by a sizeable debt repayment levy.  The non-bank lender, with assets

Import of Johnson & Johnson Baby Powder halted

COLOMBO (Reuters) - Sri Lanka has halted imports of Johnson & Johnson Baby Powder until the company proves its product is free from cancer-causing asbestos, two government officials and the product›s local distributor told Reuters.

Sri Lanka’s largest poultry producer warns of weaker demand;fallout from Sena

Ceylon Grain Elevators PLC, Sri Lanka’s largest poultry sector operator and the producer of ‘Prima Chicken,’ warns of higher prices due to the spread of ‘Sena’ caterpillar (fall armyworm) in many maize farmlands in the country.

Commerce Dept. DG to be appointed Chief FTA Negotiator

Director General of Department of Commerce (DoC) Sonali Wijeratne is tipped to be appointed the Chief Negotiator of Sri Lanka’s Free Trade Agreement (FTA) negotiation team shortly, as the country plans to resume FTA talks from this March following the completion of the reviewing process of proposed FTAs. “It is most likely that the

Thilak Piyadigama to head Sanasa Development Bank

Senior banker Thilak Piyadigama will be taking over the role of CEO/GM of Sanasa Development Bank PLC with effect from March 01, 2019. His appointment comes following the retiremen

Construction firms hit by delayed government payments

Sri Lanka’s economy is likely to have an adverse impact from a potential slowdown in construction sector activities, as over 3500 small and medium sized construction firms employing ov

JKH records growth in 3Q despite challenging operating conditions

Challenging operating conditions and weak consumer sentiment continued to weigh on the performance of Sri Lanka’s premier blue chip John Keells Holdings PLC during the December quarter (3Q19), despite the positive performance of some the group’s business segments, the interim financial accounts released to the Colombo b

Rupee gains on dollar sales; Fitch downgrades forecast

(Colombo) REUTERS: Sri Lanka’s rupee rose 0.5 percent yesterday, and posted a gain of 2.4 percent for the month, as foreign investors purchased government securities, while Fitch Ratin

PM requested more time to review nominees, says Tourism Minister

In response to our story titled ‘PM rains on John’s parade’ appeared yesterday, a ‘right of reply’ from Tourism Development, Wildlife and Christian Religions Affairs Minister John Amaratunga, sent through his Media Secretary, said the appointments of heads to the tourism bodies were postponed because Prime Minister Ranil Wickremesinghe requested more time to review the nominees.    

Rupee firmer on dollar sales; stocks end weaker

(Colombo) REUTERS: Sri Lanka’s rupee rose 0.9 percent yesterday on banks’ dollar sales from inward remittances, while foreign investors purchased short-term bills. Stocks ended weaker.   

Renewable energy promising but not cheap, says Ravi K

As the current non-renewable energy sources in Sri Lanka are costly and contribute to increased emission of greenhouse gases, it is high time for the country to focus on transitioning from conventional sources to renewable energy sources, according to Power, Energy and Business Development Minister Ravi Karunanayake.

SLPA to place over US $ 3mn order with Colombo Dockyard for 2 pilot vessels

The Sri Lanka Ports Authority (SLPA) will sign an agreement with Colombo Dockyard PLC to build two pilot boats for the Colombo port, enabling it to handle a greater volume of activities with more efficiency.   

Fitch affirms and withdraws ratings of SLT

Fitch Ratings affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B’. The Outlook is Stable. The agency has simultaneously withdrawn the ratings for commercial reasons.  

Juul plans India e-cigarette entry with new hires, subsidiary

(New Delhi/Los Angeles) REUTERS: US-based electronic cigarette company Juul Labs Inc. is hoping to launch its products in India by late 2019, a person familiar with the strategy told Reuters, marking one of its boldest bets to expand away from its home turf.