S. Korea’s Moon sacks Finance Minister, Policy Chief

SEOUL (AFP) - South Korean President Moon Jae-in sacked his top two economic officials yesterday, the government said, as the world’s 11th-largest economy struggles with slowing growth, rising unemployment and persistent income gaps. Finance Minister Kim Dong-yeon an

UK economy picks up but slowdown looms before Brexit

LONDON (AFP) - Britain’s economy has grown at the fastest pace in nearly two years as strong exports and solid household spending offset slumping business investment, data showed yesterday awaiting a Brexit deal. Gross domestic product climbed by 0.6 percent in the third quarter, in line with analysts’ expectations and up on growth of 0.4 percent in the second quarter, the Office for National Statistics (ONS) said in an initial esti

Tech leaders call for greater social media regulation

LISBON (AFP) - Social networks need better regulation to stop them spreading “fake news” and undermining democracy, disillusioned tech pioneers said at an industry conference that closed in Lisbon Thursday. The issue has come to the fore after the spread of false information, and allegations of Russian meddling, during election campaigns around the world. “I think we’re only 10 percent d

EU demands end to Sri Lanka crisis

COLOMBO (AFP) - The European Union joined a chorus of international voices demanding an end to Sri Lanka’s two-week-old political crisis yesterday, saying the island nation’s international reputation and investments were at risk. President Maithripala Sirisena 

US sanctions Russians over Crimea business dealings

WASHINGTON (AFP) - The United States this week announced sanctions against three people and nine entities over Russia’s intervention in Ukraine, including for doing business in annexed Crimea.

France grounds Ryanair plane to force subsidy repayment

PARIS (AFP) - The French civil aviation authority said yesterday it had seized a Ryanair plane to get the Irish low-cost airline to repay illegal public aid, the latest in a string of troubles for the carrier.  The EU Commission in 2014 rul

India to sell ‘enemy shares’ of people who fled to Pakistan

NEW DELHI (AFP) - India’s government is to sell more than US$400 million worth of shares left behind by people who fled to Pakistan or China after wars with those countries.

Finance Ministry revives Tax Appeals Commission   

The Tax Appeals Commission (TAC), which had been inactive for some time, has been revived, the Finance Ministry said yesterday. A Finance Ministry statement said the new Prime Minister and Minister of Finance Mahinda Rajapaksa had reappointed Justice Hector Yapa as chairman of the Commission and Justice Sunil Ra

CB to announce monetary policy on November 14

The Central Bank yesterday said the seventh monetary policy for this year will be announced on November 14th at 7.30 a.m. This is the first monetary policy that wo

SLID expresses grave concern on current political turmoil

Sri Lanka Institute of Directors (SLID) in a brief statement yesterday expressed their grave concern on the current political situation and stressed it negatively affects the country’s businesses and international reputation.  

Rupee falls on uncertainty amid foreign outflow; stocks at near 2-week low

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday as outflows from government securities and stocks due to political uncertainty raised dollar demand.

Haycarb Sept. quarter earnings boosted by higher top line

Hayleys group’s coconut-shell based activated carbon manufacturer, Haycarb PLC recorded improved earnings for the September quarter (2Q19) as the group was able to significantly improve its 

Cargills Bank stalls in 3Q as new loans slow; deposit growth flat

Cargills Bank Limited (CBL) failed to maintain its growth momentum during the quarter ended September 30, 2018 (3Q18) as growth in new loans stalled and some sizable deposits left the bank, the interim financial accounts showed.

October tourist arrivals up by unimpressive 0.5%

Tourist arrivals to Sri Lanka in the month of October increased only 0.5 percent year-on-year (YoY) to 153, 123 with arrivals from several key regions declining, data released by the Sri Lanka Tourism Development Authority showed. Asia and Pacific continued to be the largest source of tourist traffic to Sri Lanka with 47 percent of the total traffic received in October 2018.    Europe acco

Govt. mulls to raise port charges

The government is looking to revise the tariff charges upwards for the services provided at the Colombo port, Cabinet Spokesperson and Ports and Shipping Minister Mahinda Samarasinghe said.  

The West is upset about Sri Lanka’s sacked PM, but it’s not about democracy

On the night of October 26, most Sri Lankans were taken by surprise when President Maithripala Sirisena named his former leader and later political foe Mahinda Rajapakse as Prime Minister.   

Hefty tax reversal boosts Union Assurance September earnings

A hefty tax reversal on account of deferred tax asset boosted Union Assurance PLC’s bottom line for the quarter ended in September but the general business also performed better than a year earlier with both gross premiums and operating profits rising fast.   

Rupee falls on uncertainty amid foreign outflow; stocks down

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday as outflows from government securities and stocks due to political uncertainty raised dollar demand.

Weathering the storm: Improving disaster resilience of Sri Lanka’s rural workers

Droughts, floods, landslides, and cyclones have frequented the Sri Lankan newspapers in 2018.   

Central Bank says no significant increase in money printing

The Central Bank of Sri Lanka (CBSL) yesterday said despite the media reports on increased money printing to help finance the government’s fiscal commitments, the monetary authority is well within its projections for this year, in terms of expanding the monetary base.  

JKH 2Q impacted by higher costs, subdued macro conditions

The subdued macro environment and higher costs relating to expansions and refurbishments affected the performance of the premier blue chip John Keells Holdings PLC’s (JKH) September quarter (2Q19), although the higher interest income and a tax reversal at the group’s insurance subsidiary boosted the bottom line.

Professionals say Colombo risks becoming a “ghost city” if their advice not sought

Colombo’s booming real estate market risks turning Sri Lanka’s capital city into a “ghost town” as there may not be an effective demand to satisfy the increase in supply as many developers and policymakers are reluctant to utilise professional services.    

New investment to boost cargo handling at Hambantota port

The Hambantota International Port Group (HIPG) has invested further to develop Hambantota International Port’s operations. HIPG in a statement said it invested over US$ 600, 000 for the purchase of 40-foot Ro-Ro trailers with goosenecks (to allow efficient maneuverability), break-bulk lifting gear, detachable goosenecks, and a turbo safe-neck 

Singhe Hospitals to carry out private placement deal to repay loan

The board of directors of Singhe Hospitals PLC is to issue little over 33 million shares or 7.67 percent of the hospital firm to its Chairman/CEO A.M. Weerasighe via a private placement in lieu of a repayment of a loan Weerasinghe has granted to the company.  Singhe Hospitals in a stock exchange filing o

Bourse likely to stagnate until political crisis resolved

Sri Lanka’s stock market stakeholders expect the bourse to stagnate for the next few days amid accelerated foreign outflows due to the prevailing political uncertainty, and are of the view that a majority government would be critical to retain the enthusiasm at the Colombo Stock Exchange (CSE). The All Share Price Index (ASPI)

Sri Lanka eyes high-spending Swiss tourists

Sri Lanka expects to lure in high spending Swiss tourists as the country recently took part in the Swiss International Holiday Exhibition known as ‘iViaggiatori’.  iViaggiatori is the prestigiou

Sri Lanka among countries with largest currency depreciations

Moody’s Investors Service has placed Sri Lanka among the countries in the world with the largest fall in value of their currencies against the US dollar in 2018, and stressed that the implementation of reforms that address both fiscal and external imbalances will remain key to supporting sovereign credit profile of the country.  Moody’s has a ‘B1’, a s

Jetwing Symphony revenues register strong growth, operating profits robust

Jetwing Symphony PLC registered a strong growth in revenues and operating profit for the July-September quarter (2Q19)—an indication that the hotel chain catering to a niche luxury market is being well received by the traveller, both local and foreign. 

DFCC Bank Sept. profits surge amid solid core banking performance

DFCC Bank PLC registered some solid performance in core banking for the September quarter (3Q18), but showed clear slowdown in new loans during the period while quality of some of the assets weake

Professionals urged to take up active role in governance

United National Party (UNP) parliamentarian Eran Wickramaratne recently urged Sri Lankan professionals to play an active role in governance to nudge the country into the right direction, stressing that the business of the government is also the business of professionals.