Banks grant record loans in October despite rising interest rates

The new credit granted by Sri Lanka’s banks marked a record growth for the year during the month of October, accelerating from the previous high in September, as the borrowings appear to be continuing defying the rising market interest rates.    

Unilever swallows GSK’s Indian Horlicks business for US $ 3.8bn

(London) REUTERS: Unilever is to buy GlaxoSmithKline’s Horlicks nutrition business for US $ 3.8 billion, boosting the Anglo-Dutch group’s position in India with the addition of the malted drink.  

Court restrains Rajapaksa from acting as PM amid weeks-long crisis

(Colombo) REUTERS: A Sri Lankan court yesterday issued an order preventing Mahinda Rajapaksa from acting as prime minister and holding Cabinet meetings, the latest twist to a political drama gripping the South Asian country.  

Promoting WTO reform to keep pace with times - Common expectation of China and SL

At the opening ceremony of the first China International Import Expo (CIIE) that was just concluded, President Xi Jinping pointed out that holding the CIIE is “China’s major initiative to still widen market access to the rest of the world” and that it “demonstrates China’s consistent position of supporting the multilateral trading system and promoting free trade”.  

Good governance key to sustainability

To begin, after the financial crisis, the regulators and funds came up with a new bunch of new governance structures and rules that they wanted their companies to practice and adopt. This new governance regime brought about new challenges for the chairman, the conscience keeper in a business. 

Rupee ends firmer on dollar remittances

(Colombo) REUTERS: The Sri Lankan rupee closed firmer yesterday as banks sold dollars due to month-end inward remittances, but the rupee is still under pressure as investors continue to sell rupee-denominated assets on a credit rating downgrade and a delayed IMF loan discussion in the wake of a political crisis.

Central Bank ordered to release EPF data

The Right to Information (RTI) Commission issued an order on November 27, 2018 directing the Central Bank of Sri Lanka (CBSL) to release data on Employee Provident Fund (EPF) secondary market transactions relating to 2015 and 2016.

Seylan Bank announces Rs.5bn debenture issue

The director board of Seylan Bank PLC has decided to raise Rs.5 billion through Basel III compliant debentures, the bank said in a stock exchange filing on Friday. Accordingly, Seylan plans to issue 50 million rated, unsecured, subordinated redeemable Basel III compliant debentures at Rs.100 each, subject to the debentures being listed on the Colombo Stock Exchange.

Sampath Bank in three-tranche debt issue

Sampath Bank PLC said it is raising up to Rs.7 billion in Basel III compliant debentures, following a director board decision on the same on November 29. The debenture issue will have three tranches. The initial issue will see the bank issuing 50 million 5-year, rated, unsecured, subordinated, redeemable Basel III compliant convertible debentures.

Protests as Sri Lanka cuts tax on sugary drinks

(Colombo) AFP: Sri Lanka on Saturday slashed a tax on sugary drinks in a controversial reversal of an anti-diabetes policy that attracted immediate criticism. The finance ministry ordered an immediate 40 percent reduction in the levy as part of a package of tax cuts launched by the disputed government to win over public opinion as a bitter pow

NEC advocates growth-oriented policy to solve core issues in economy

The National Economic Council (NEC) asserted that a medium to long-term economic policy and programme enhancing economic growth is the best and only viable remedy to address the fundame

Consumer prices rise 3.3% in November on non-food items

Consumer prices in Colombo rose 3.3 percent during the month of November on year-on-year basis, accelerating from 3.1 percent recorded for October, the data released by the Census and Statistics Department showed. 

JKH-Indra Traders sign agreement with BOI for TRI-ZEN

Braybrooke Residential Towers (Pvt) Ltd, signed an agreement with the Board of Investment (BOI) for TRI-ZEN, a pioneering residential development.  The project is a joint venture between JK Land (Pvt) Ltd., a subsidiary of John Keells Holdings PLC, and Indra Traders (Pvt) Ltd., and the project will be marketed and managed by John Keells under its brand John Keells Properties.  Located in the heart of th

NDB declared ‘Bank of the Year’ by The Banker, UK

The National Development Bank (NDB) for the first time has won the coveted ‘Bank of the Year’ award presented by The Banker of the UK, ending the year 2018 on a high note. 

BOI signs agreement for Braybrooke apartment complex

BOI signed an agreement with Braybrooke Residential Towers (Pvt) Ltd to set up an apartment complex in Colombo 2.  The total investment of this proj

Japan court extends Ghosn detention

(Tokyo) AFP: A Tokyo court yesterday extended the detention of former Nissan chief Carlos Ghosn, local media said, after his arrest on allegations of financial misconduct that have shake

Marriott says up to 500 million guests affected by hack

(Washington) AFP: Marriott International said yesterday that up to 500 million hotel guests may have had their data compromised in a hack of the Starwood reservation database.

Urban sector computer literacy rate tops 40%

Sri Lanka’s overall computer literacy reported for 2017 was 28.6 percent, while the urban sector showed the highest computer literacy rate of 40.5 percent among residential sectors. 

Rupee ends firmer on remittances, but remains under pressure

(Colombo) REUTERS: The Sri Lankan rupee closed firmer yesterday as banks sold dollars due to month-end inward remittances, but the currency is still under pressure as investors continue to dump rupee-denominated assets on a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis. Foreigners sold a net Rs.415.1 million (US $2.33 million) worth of stocks yesterday, and they have been net sellers of Rs.8.7 bil

India economic growth slows to 7.1%

(Mumbai) AFP: India’s economic growth slowed to 7.1 percent in the second quarter, official data showed yesterday, as its banks endure a liquidity crunch that is hampering investment in Asia’s third-largest economy.

Parliament halts ministers’ salaries to pressure disputed PM

(Colombo) REUTERS: Sri Lanka’s parliament yesterday voted to halt payment of ministers’ salaries and travel expenses, but it remained unclear how the move would impact the disputed government of Prime Minister Mahinda Rajapaksa whose ministers boycotted the vote. The South Asian island has bee

Asian markets mostly rise ahead of Trump-Xi, oil extends gains

HONG KONG (AFP) - Asian markets mostly rose yesterday bringing a broadly upbeat week to a positive end as attention turns to the much-anticipated meeting between Donald Trump and Xi Jinping.

Parliament blocks cash flow to Rajapaksa’s office

(Colombo) AFP: Sri Lanka’s parliament voted yesterday to block any spending by the Prime Minister’s office, further paralysing a government adrift from weeks of conflict as two rivals claim to run the country. The island has been in crisis since October 26 when the president sacked Prime Minister Ranil Wickremesinghe and replaced him with Mahinda Rajapaksa, a charismatic but di

Rupee ends slightly weaker on economic woes

(Colombo) REUTERS: The Sri Lankan rupee closed marginally weaker yesterday as investors dumped rupee-denominated assets on a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis. 

Sri Lanka agrees port deals with China amid political chaos

(Colombo) REUTERS: Sri Lanka signed two multi-million dollar contracts with Chinese firms for a port upgrade project yesterday in the middle of a political hiatus that has raised doubts over the legitimacy of the government and the legality of the deals. The debt-saddled island has long been a t

Manufacturers say political crisis affecting future order books

The Free Trade Zone Manufacturers’ Association (FTZMA), one of the largest manufacturing associations in Sri Lanka’s largest free trade zone in Katunayake yesterday said the current political crisis is having implications on the future order books of  its members. 

Samsung says still top dog in Lankan smartphone market

Samsung says it retains the top spot in Sri Lanka’s smartphone market with a 43.84 percent market share as of October, despite the reports that Huawei has taken over the top spot in the first half of this year from Samsung.

Higher oil bill, vehicle imports fire up imports expanding Sept. trade gap

Vehicle imports by Sri Lankans shot up while the fuel bill rose sharply in the month of September, expanding Sri Lanka’s trade deficit, and pushing the island nation currently embroil

Ideal Group and Mahindra to make vehicle components locally

India’s leading auto manufacturer Mahindra & Mahindra Ltd and Sri Lanka’s Ideal Group (Pvt.) Ltd plan to setup a component manufacturing centre to complement their plans to set up a vehicle assembly plant in Sri Lanka.  

Melstacorp profits down on higher taxes, costs

Melstacorp PLC reported lower profits for the three months ended September 30, 2018 (2Q19), as the group incurred some hefty taxes while the cost surged against the same period, last year. The group’s alcoholic beverage (alcobev) segment’s top line also showed some weakness.