Lanka IOC back in black as firm cuts costs amid temporary erosion in demand

Lanka Indian Oil Company PLC (LIOC) returned to profit during the quarter ended on June 30, 2018 (1Q19), as the company managed to contain the costs as the top line edged down, perhaps due to the shift in sales to the state-owned distributor for a short period, due to the sizable price differential between the two players. 

Rupee edges higher on inward remittances

(Colombo) REUTERS: The Sri Lankan rupee ended slightly firmer yesterday as inward remittances surpassed early demand for the US dollar from foreign banks, traders said.

Water footprints: A guide for efficient water use in plantation industry

The World Economic Forum in 2016 has ranked the water crisis as the highest concern over the next decade. We, in Sri Lanka, are beginning to sense this crisis and the uncertainties in weather pattern further aggravate this issue.

Merchandise exports grow moderately in 1H

Sri Lanka’s merchandise exports grew moderately in the first half of the year, at 5.3 percent year-on-year (YoY) to reach US $ 5.63 billion, compared to US $ 5.34 billion recorded for the same period, last year, the provisional data from the Export Development Board showed. 

CB lowers year-end forex reserve target to US $9bn

The Central Bank has lowered its year-end forex reserve target to US $9 billion from the earlier revised target of US $ 9.5 billion, Central Bank Governor Indrajit Coomaraswamy said 

Focus on logistics biz helps Expolanka to maintain growth in 1Q

Core logistics sector amplified by the stronger airfreight volumes gave the momentum to Expolanka Holdings PLC during the June quarter (1Q19), as the diversified logistics group reported improved top and bottom line performances.  

China’s Exim Bank’s Belt and Road loans up 37% in 1H

(Shanghai) REUTERS: The Export-Import Bank of China (Exim Bank) said its outstanding loans to Belt and Road Initiative projects rose 37 percent in the first half of this year from the same period in 2017, the official Xinhua news agency said on Saturday. President Xi Jinping’s Belt and Road Initiative, unveiled in 2013, aims to bolster a sprawling ne

Dumith Fernando joins Union Assurance board

Asia Securities Chairman and Colombo Stock Exchange board member Dumith Fernando has been appointed an Independent Non-Executive Director of Union Assurance PLC (UAL) with effect from August 3, 2018.

Massive loan loss provisions undermine Sampath Bank’s June performance

A massive jump in provisions made against possible bad loans took away an otherwise an exceptional quarter at Sampath Bank PLC, marked by improved margins, healthy growth in new loans and balanced funding mix.

Central Bank sees 2018 economic growth at 4%

The Central Bank has revised down the economic growth forecast for this year to 4 percent from the initial growth forecast of 5 - 5.5 percent at the beginning of the year, as the economic 

Venture Green keen to venture into primary industries

Venture Green Global Pvt Ltd, a company focused on exporting Sri Lanka’s primary goods is eager to expand Sri Lanka’s raw products into new markets around the world.

Central Bank keeps policy rates steady

The Monetary Board of the Central Bank of Sri Lanka yesterday decided to maintain policy interest rates at their current levels amidst monetary policy tightening in the United States and othe

Rupee ends steady; CB keeps rates steady

COLOMBO (REUTERS): The Sri Lankan rupee ended steady yesterday as dollar demand from foreign banks offset selling of the greenback by domestic lenders on account of inward remittances, traders said. 

China loses spot as world’s No.2 stock market: Bloomberg

SHANGHAI (AFP): China’s stock market has been overtaken as the world’s second-biggest by Japan’s, having been swiped this year by the threat of a trade war with the United States and slowing economic growth.

Asian markets swing after bruising week with trade centre stage

HONG KONG (AFP): Asian equities were mixed yesterday after another painful week as fears of an all-out trade war between Beijing and Washington keept investors on edge, while China’s stock market wa

Profood Propack and Agbiz expo kicks off

Known to be Sri Lanka’s largest food, packaging and agriculture expo, the three-day Profood Propack and Agbiz 2018 trade exhibition opened for the 17th consecutive year yesterday at the 

CMTA acknowledges need to cut vehicle imports

The Ceylon Motor Traders Association (CMTA), which represents all major international motor manufacturers in Sri Lanka yesterday acknowledged the need to stem excessive vehicle imports to the country to have a sound economic footing in the long run. The Association said this w

ASEAN, EU close ranks in face of trade war threat

SINGAPORE (AFP): Southeast Asia and Europe stressed the importance of pushing back against protectionism and the threat of global trade wars yesterday, as their ministers work towards the eventual goal of a region-to-region free trade pact.

Shares up for second session on foreign buying

COLOMBO (REUTERS) : Sri Lankan shares rose for the second straight session yesterday as foreign investors picked up shares that had been battered in recent days, brokers said. 

Gamperaliya

A discussion to discuss the much hyped up Gamperaliya programme of the Yahapalana government to win back the village was held at a government-owned five-star hotel. Many green types we hear want the programme to be managed by the deputy green leader as he understands the poor man better than the five-star circuit ministering type, who taxes everything he can get his hands on.   

Secret meeting

Two city hoteliers sympathetic to the blue types had secretly met the brother of the deposed king at a star property in the city. The meeting we hear was to discuss the hospitality industry. The hoteliers were advised to go slow on their investments and not to show too much enthusiasm for the government hospitality programme.  

Big trouble

A construction type that was securing every important construction thanks to a ministering type, having close links to a VVIP, is now in big trouble. The man who has strong links to the deposed king continued his winning streak through Yahapalana, courtesy the ministering type. His previous borrowings also got ignored. We hear the man this time round is in big trouble because his partner has had enough with him and is about to pull the plug. &nb

Fresh cases

The deposed king had met the law and order man from Bibile at a Chinese function recently and cornered the ministering type. The deposed king had asked the ministering type whether he was going to file a fresh case against him and his family before the election and push it through the new courts. The ministering type had innocently changed the subject by pretending to talk on the phone and had vanished into the thin air. Ha ha…

Banking sector loan growth moderates amid weak economic activities, asset quality

The demand for new loans has shown clear signs of moderation in June as economic activities have slowed down amid the banks maintaining an extremely cautious approach to granting fresh facilities as they battle the deteriorating asset quality after a bout of strong growth in their asset portfolios.  The banking sector new loans and advances

People’s Leasing & Finance 1Q profit up on higher margins

People’s Leasing & Finance PLC reported a 25 percent increase in profits during the three months ended on June 30, 2018, as the country’s second biggest non-bank lender improved its loan margins 

Small vehicles still cheaper than in 2014: Mangala

Finance and Mass Media Minister Mangala Samaraweera yesterday said the vehicles below the engine capacity of 1000 cubic centimetres (cc) still remain more affordable compared to 2014, despite the recent duty hike.  

Nihal Sri institutes action against Hilton sale

Anti-corruption activist and public interest litigant Nihal Sri Ameresekere has instituted action in the District Court of Colombo against the sale of the Hilton Colombo hotel. In this regard, Ameresekere has instituted action against

Amendments to Microfinance Act to rein in loan sharks

Finance and Mass Media Minister Mangala Samaraweera yesterday vowed to bring in new amendments to the Microfinance Act of 2016 before the next budget, to resolve the rural indebtedness, which has become “a national tragedy”, caused by certain errant microfinance companies. 

Central Bank seen holding rates to spur growth

Sri Lanka’s Central Bank is expected to keep key interest rates steady at its policy review on Friday as it looks to spur faltering economic growth amid heavy downward pressure on the nation’s currency, a Reuters poll showed. 

CPSTL ensures uninterrupted fuel supply

Ceylon Petroleum Storage Terminals Limited (CPSTL) yesterday said it is ready to face any trade union actions by the Ceylon Petroleum Bowser Owners’ Association (CPPBOA) to ensure an uninterrupted fuel supply to the nation by engaging directly with the independent bowser owners.