Shares close at 3-week high; Keells leads

(Colombo) REUTERS: Sri Lankan shares rose yesterday and marked their highest close in nearly three weeks, led by market heavyweight John Keells Holdings, as foreign buying boosted sentiment.

John Keells group processed food maker ups profits in 1Q

Keells Food Products PLC (KFP) reported higher revenues and profits in the three months ended in June 30, 2018 as the group specializing in processed food increased its sales during the first quarter of its financial year. 

Merchant Bank of Sri Lanka transferred to Watch List due to undercapitalized insurance subsidiary

The Colombo Stock Exchange (CSE) has transferred the securities of the Merchant Bank of Sri Lanka and Finance PLC (MBSL) to the Watch List with effect from July 17, 2018 due to the issues pertaining to its undercapitalized insurance subsidiary, MBSL Insurance Company Ltd. (MBSLI).

Local rubber industry renews plea for assistance to ensure sustenance

Sri Lanka’s struggling rubber industry yesterday urged the government and relevant authorities to give due attention by looking at means to boost productivity, a key aspect that remains to be activel

Sri Lanka unveils 5-year National Export Strategy

Sri Lanka yesterday unveiled the five-year National Export Strategy (NES), a blueprint for achieving US $28 billion in exports by 2022, aiming to facilitate a sustainable transition to a higher middle-income country. 

Sour loans mount at finance firms with adoption of riskier business models

The deteriorating asset quality appears to be a common phenomenon with Sri Lanka’s banks and non-banks but the intensity of the problem of the latter suggests that the ailment runs deep. 

Hayleys to raise Rs.4bn via debt issue

Diversified conglomerate Hayleys PLC will raise Rs.4 billion via debentures.

China overloading poor nations with debt, top US official says

(Johannesburg) REUTERS: China is saddling poor nations with unsustainable debt through large-scale infrastructure projects that are not economically viable, the head of the US Overseas Private Investment Corporation (OPIC) said  this week.

Death penalty

The presiding type is all set to enact the death penalty to ensure the drug lords of paradise are sent to their final resting place to save our society. We hear the green leader type is not for it, given the impact the decision would have on trade in general. The presiding type, who is a man who keeps his ear to the ground, has dismissed the green leader’s wise consul and seems to be ready to sign off the death wish. 

State-run Lanka Sathosa expects to return to black this year

Lanka Sathosa will return to profits this year amid the cost-cutting initiatives and focus on high-yielding grocery sales, according to the head of Sri Lanka’s state-run supermarket chain.

Foot in mouth

The finance ministering type annually comes up with something controversial that rocks the establishment.

Presidential aspirant

A powerful JO type has got a divine message saying he will be the next head of state of the sunny paradise. So, we hear the man is now publicly saying that he is the most senior blue type and that he should be given the nomination, if the former strongman cannot contest. We hear his sister type has hatched a plan to give their best shot for her brother. Ha… ha…

Is country’s oil palm development programme a threat to natural rubber industry, environment?

Oil palm is being played out as a big issue on the sustainability agenda in our country now. Despite repeated best efforts by responsible stakeholders including growers, agri experts, academia etc, in refuting irrelevant allegations, the topic keeps arising – the latest of which is the media pick up alleging that oil palm cultivation is to replace rubber, arguing that oil palm development programme is a threat to the rubber industry and e

Amnesia

A chairman type of a listed entity had been told by the major shareholder to retire to bring in a new chairman type. The man had said he would leave at the annual meeting. We hear a few months have now gone and the man has happily forgotten his promise. We hear his past record is also not helping his cause. Sin men…  

Long hours

We hear the new boss at the stock market regulator type is getting the official types to work extra time to get things moving. They say, although the man is a typical case of ‘I, me and myself’, something productive seems to be happening. Hence, they say they don’t mind the long sermons the man has a penchant for giving. Ha… ha… 

US Trade Court nullifies tax on Lankan rubber tyre imports

Sri Lanka has won its first ever court case against countervailing duties,  as a US court ruled that the 0.95 percent countervailing duty attributed to the guaranteed price scheme on import of off-the-road (OTR) tyres 

Hayleys to raise Rs.4bn via debenture issue

Diversified conglomerate Hayleys PLC will raise Rs.4 billion via debentures. The company received preliminar

Banking sector asset quality continues to weaken

The quality of the assets of Sri Lankan banks is continuing to deteriorate and the banking sector regulator, the Central Bank, feels the worst is yet to come. According to the latest banking industry data seen 

Private sector urged to invest in healthcare to overcome challenges of ageing population

Sri Lanka’s healthcare system needs private sector investment in the medium term, as the public sector would struggle to address challenges stemming from the country’s fast growing ageing population.

BPPL opens Sri Lanka’s first ever polyester yarn factory

Eco Spindles, a wholly owned subsidiary of BPPL Holdings Ltd (BPPL) yesterday inaugurated Sri Lanka’s first ever polyester yarn plant at Horana Export Processing Zone with a Rs.800 million investment.

Navin in Japan to resolve tea issues

Plantation Industries Minister Navin Dissanayake is currently in Japan to find solutions to the problems faced in exporting Sri Lankan tea to Japan due to its residue levels. Japan has introduced a set of revise

Govt. to bring amendments to new IRA in six weeks

Sri Lanka plans to bring several amendments to the new Inland Revenue Act (IRA) within next six weeks, following the emergence of several discrepancies during the implementation of the act, Finance and Mass Media Minister Mangala Samaraweera said.

Dinesh quits CTC board

Top professional Dinesh Weerakkody has resigned from the director board of Ceylon Tobacco Company PLC (CTC), with effect from July 15, 2018.

Sri Lanka has potential to become centre of 21st century Maritime Silk Road: Chinese envoy

China says Sri Lanka has the potential to become the centre of the 21st century Maritime Silk Road while driving the trade and economic co-operation between China and Sri Lanka to a new level. 

Sri Lanka’s first-ever solar panel manufacturing plant to open in Katunayake

Japanese Sri Lanka Friendship (JSF) Corporation, a Board of Investment (BOI) company, will commence operations at its production facility in Katunayake next week, becoming Sri Lanka’s sole manufacturer of solar panels. 

Melstacorp stays acquisitive; may eye non-alcoholic beverage makers

Business tycoon Harry Jayawardena-controlled Melstacorp PLC could soon start targeting companies for acquisitions as the diversified conglomerate appears to be currently in its best form after the successful completion of its restructuring. 

Sri Lanka, highest-ranked MIC in Hinrich Foundation’s Sustainable Trade Index

Sri Lanka has outperformed in the latest Hinrich Foundation Sustainable Trade Index, ranking seventh overall, emerging as the highest-placed of the middle-income and emerging markets, above richer countries such as China (8th), Malaysia (12th), Thailand (13th) and Brunei (15th).

Sri Lankan farmers’ traditional knowledge and climate change predictions

“If eagles and grey hornbills are flying above their normal height in the sky, it signals that rain is expected soon; if seagulls are flying close to the ground, it suggests that there will be heavy rainfall. However, these patterns have now changed because of the development activities in the Lunugamwehera Tank, Bundala Salt Corporation, etc.,” said Bandara, a 60-year-old paddy farmer from Bundala, in the Hambantota District. 

Giving leadership to a digital economy

The new economy has greatly changed our economic environment in relation to how the government and businesses operate and provide goods and services. 

Local cable manufacturer feels liberalisation jitters

The domestic cable manufacturing industry appears to be disturbed by the present government’s penchant for liberalisation, displayed through recent attempts towards liberalising the country’s shipping and lubricant sectors.