Asite Talwatte appointed NSB Director

Asite Talwatte, a top professional and a veteran in the corporate world has been appointed to the Board of National Savings Bank by the Minister of Finance and Economic Affairs.

Ceylinco Life appoints new Chairman and MD in smooth transition

Ceylinco Life Insurance Limited (Ceylinco Life) has announced the appointment of R. Renganathan, the company’s Managing Director/CEO, as Executive Chairman effective November 14, 2018 and the concurrent appointment of Deputy CEO Thushara Ranasinghe as Managing Director/CEO.

Hefty tax reversal boosts Softlogic Sept. quarter

Softlogic Holdings PLC returned to profit during the three months ended September (2Q19) amid a substantial tax reversal at the group’s life insurance business, while the group’s key retail business 

Despite strong top line, higher finance costs continue to hurt Hayleys bottom line

Despite a strong top line performance, the bottom line of Sri Lanka’s diversified blue chip Hayleys PLC fell victim to significantly higher finance costs stemming from recent acquisitions and the exchange rate fluctuations.

CB raises key rates in surprise move to support currency

Sri Lanka’s Central Bank unexpectedly raised its key policy rates yesterday, a move aimed at defending a faltering rupee currency as foreign capital outflows pick up amid an escalating political crisis and rising U.S. interest rate

ComBank shows resilience despite surge in NPLs, higher taxes

Commercial Bank of Ceylon PLC (ComBank) yesterday showed it has what it takes to withstand the shocks in the wider economy and could still post strong profits and growth. 

Neil Umagiliya appointed as BOC Chairman

Former Monetary Board member Neil Umagiliya has been appointed as Chairman of state-owned banking giant, Bank of Ceylon (BOC) with effect from November 13, 2018.

Nestlé Lanka 3Q bottom line helped by lower costs

Nestlé Lanka PLC, the local unit of the world’s largest food company, saw its September quarter (3Q18) net profits increasing 15.6 percent year-on-year (YoY) to Rs.941 million, as the company managed to contain its costs despite a drop in sales figures.    The firm’s cumulative profits for the nine months ended on September 30, 2018 also recorded an increase of 6.7 percent YoY to reach Rs.10.5 billion. 

CB seen keeping policy rates steady amid political crisis

The Central Bank is expected to leave its key interest rates steady today, despite heavy pressure on the rupee from a deepening political crisis, a Reuters  poll showed.

Int’l operations boost Dipped Products 2Q

Dipped Products PLC, the non-medical glove maker of Hayleys group, saw its performance improving significantly during the September quarter (2Q19) with positive contributions from the firm’s local and international operations.

Rupee hits record low amid political turmoil

REUTERS: The Sri Lankan rupee fell to a record low of 176.15 to the U.S. dollar yesterday, surpassing the 175.90 hit in the previous session, amid political uncertainty triggered by President Maithripala Sirisena’s decision to dissolve parliament.

Higher credit costs, asset quality erosion dampen Sampath Bank third quarter

Sampath Bank PLC profits edged lower over significantly higher provisions made against possible loan losses while the bank’s asset quality eroded as debt serviceability of the borrowers weakened significantly.   The bank reported a net operating income 

Neil Umagiliya appointed BOC chief

Former Monetary Board member Neil Umagiliya has been appointed Chairman of State-owned banking giant, Bank of Ceylon (BOC) with effect from November  13, 2018.

Higher finance costs continue to hurt Hayleys despite strong top line

Despite a strong top line performance, the bottom line of Sri Lanka’s diversified blue chip Hayleys PLC fell victim to significantly higher finance costs stemming from recent acquisitions and the e

ComBank resilient despite surge in NPLs, higher taxes

Commercial Bank of Ceylon PLC (ComBank) yesterday showed it has what it takes to withstand the shocks in the wider economy and could still post strong profits and growth. 

Western diplomats shun meeting with Sri Lanka minister on political crisis

(Colombo) REUTERS: Eight Western countries stayed away from a meeting with Sri Lanka’s government yesterday to register their protest against President Maithripala Sirisena’s decision to dissolve Parliament, diplomatic and government sources said.  

Sri Lanka’s bilateral aid not at risk: Amunugama

Foreign governments have not withdrawn grants, project loans and economic programmes with Sri Lanka, said Sarath Amunugama, who was appointed as Foreign Minister amid a constitutional crisis.

SL dollar bonds drop more than 2 cents as political crisis deepens

(London) REUTERS: Sri Lanka’s dollar-denominated bonds tumbled yesterday after President Maithripala Sirisena dissolved Parliament on Friday night and called a general election for January 5 in a move that will likely deepen the country’s political crisis.   

JKH announces Rs.11.1bn share buyback

Premier blue chip John Keells Holdings PLC (PLC) yesterday announced plans to execute a share buyback to the tune of Rs.11.1 billion.   

Improved logistics performance boosts Expolanka 2Q

Expolanka Holdings PLC returned to profits during the three months ended September 30, 2018 (2Q19), from a loss made in the corresponding quarter, last year, as a result of consistent performance of its core logistics business.   

China’s BRI: A sustainable partnership for Sri Lanka?

Over the last few years, both economic and historical ties between Sri Lanka and China have grown with China becoming a significant economic partner of Sri Lanka. The Belt and Road Initiative (BRI) is at the centre of this. The Chinese government has invested large sums to develop infrastructure and trade routes for what it believes is a mutually beneficial programme.  

Rupee hits record low of 175.90 on political uncertainty

(Colombo) REUTERS: The Sri Lankan rupee fell to a record low yesterday, as political uncertainty triggered by President Maithripala Sirisena’s decision to sack Parliament weighed on sentiment, in line with bonds, market sources said.  

Cigarette sales drop in 3Q after two quarters of volume growth

The sales dropped at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), during its most recent quarter, after two quarters of volume growth, with the government again hiking the taxes in August 2018, which led CTC to jack up the prices of some of its products.  During the July-September quarter (3Q18), CTC said the cigarette sales fell 14.2 percent from a year ago and as a result, the gross revenue fell by almost Rs.3.0 b

Sunshine 2Q overshadowed by poor tea biz, price controls and higher finance costs

Sunshine Holdings PLC’s performance for the September quarter was hurt by the poor agri business led by tea and weak margins in the healthcare segment, due to the controlled prices imposed by the government and higher borrowing costs.  The diversified conglome

Legal challenge as Sri Lankan political turmoil deepens

(Colombo) AFP: Sri Lanka’s largest party announced Saturday a legal challenge to President Maithripala Sirisena’s sacking of Parliament, a move that has plunged the Indian Ocean island nation into fresh turmoil and alarmed the international community. Sirisena announced on Friday

Softlogic to open first modern supermarket in Delkanda

Diversified conglomerate Softlogic Holdings PLC said it will soon be opening its first modern supermarket outlet “with the launch of a truly global market experience” in Delkanda, a rapidly expanding suburb of Colombo. A statement by Softlogic Holdings said the grou

Rupee depreciation hurts Sri Lanka’s largest telco

The feeble Sri Lankan rupee eroded Dialog Axiata PLC’s bottom line during the September quarter (3Q18) as the country’s largest telco booked a hefty foreign currency translational loss against its do

Anura Priyadharshana assumes duties as State Finance Minister

Anura Priyadharshana Yapa assumed duties as the Minister of State for Finance  at the Finance Ministry yesterday. Minister of Finance and Economic Affairs, Prime Minister Mahinda Rajapaksa,  ministers Lakshman Yapa Abeywardene and Dunesh Gankanda and Ministry  Secretary S.R. Attygalle and other senior officials were present during the occasion.

Asian markets sink at end of healthy week, dollar up

HONG KONG (AFP) - Asian markets turned lower yesterday as investors took their foot off the pedal at the end of a broadly positive week, while the dollar strengthened after the Federal Reserve flagged more interest rate hikes down the line. Energy firms were among the bi

SL may re-renegotiate Singapore free trade deal after study

Sri Lanka may re-negotiate a free trade with Singapore for mutual benefit, after looking at an expert report and a Supreme Court ruling, newly appointed International Trade Minister Bandula Gunewardene said. “Nothing will be stopped in a fit of hate witho