ETI Finance completes disbursement of 10% of deposit liabilities

The Central Bank said the troubled ETI Finance Limited (ETIFL) has paid back 10 percent of the deposit liabilities to its existing deposit holders in the first round of payments concluded two weeks ago, and

Sampath Bank to raise US $ 100mn via Singapore listed debentures

Sampath Bank PLC last Friday announced its plans to raise US$ 100 million quoted in the Singapore Exchange (SGX), as the bank is gearing up for faster growth while adhering to new and higher capital thresholds coming into effect from early next year. 

NSB may not dispose stock investments: CB Governor

State-owned savings giant, the National Savings Bank (NSB) may have reversed its earlier decision to dispose the shares of 37 listed companies that are part of the bank’s equity portfolio, within a period of four months, according to the Central Bank Governor, Dr. Indrajit Coomaraswamy. 

Vasu asks why ‘no action’ on large-scale frauds committed during CBK era

Parliamentarian and Joint Opposition stalwart Vasudeva Nanayakkara last week questioned as to why the present good governance regime, which came into power promising swift probes into past financial crimes, is backtracking on some of the large-scale graft cases alleged to have taken place during the administration of former President Chandrika Bandaranaike Kumaratunga. 

Sri Lanka gets US $ 50mn loan from OFID for technical education

Sri Lanka has received US$ 50 million loan from OPEC Fund for International Development (OFID) to improve the country’s technological education. A Finance & Mass Media Ministry statement said Sri Lanka signed a loan agreement for obtaining financial assistance worth US$ 50 million from OFID to implement the Technological Education Development Programme. 

Central Bank says relationship between credit and economic growth weakening

The Central Bank has urged the government to put more weight on factor market reforms, improving investment climate and capitalising the country’s geographical location through trade policy in order to boost future economic growth, as the relationship between credit growth and economic expansion is on a weakening trend, while the loosening of monet

US, China fire first shots in ‘largest trade war in economic history’

WASHINGTON/BEIJING (AFP) :  The US and China yesterday launched tit-for-tat tariffs on each other’s imports, the opening shots in what Beijing called “the largest trade war in economic history” between the world’s top two economies. At the stroke of midnight Washingto

Sri Lanka’s expenditure on tobacco use surpasses GSP Plus export income: Rishad

The Sri Lankan consumers’ annual expenditure on cigarettes and tobacco is so high it surpasses the country’s annual bill on milk powder imports. This tobacco expenditure also exceeds another

CB stands pat, says low rates will support growth

The Central Bank left its key policy rates unchanged as expected yesterday, saying a low rates environment and stabilising inflation will support an economy in the face of a fragile rupee currency.

UK has ‘no clue’ on Brexit deal: Airbus chief Enders

LONDON (AFP) : Britain’s government has “no clue or at least no consensus” over reaching a Brexit deal, Airbus chief executive Tom Enders said yesterday. During a company presentation delivered in London, Enders repeated the European planemaker’s stark concerns made last month should Britain exit the European Union without a deal.

India’s most populous state bans plastic, yet again

 NEW DELHI (AFP):  India’s most populous state Uttar Pradesh, home to 220 million people, announced yesterday a ban on plastic cups and polythene use from July 15, in its third such attempt. 

Six sovereign wealth funds sign climate pledge

PARIS (AFP): Six sovereign wealth funds including four Gulf states have pledged to boost efforts to fight climate change at a Paris meeting called by Emmanuel Macron, the French presidential office announced yesterday.

Asian stocks climb despite first trade war shots

HONG KONG (AFP): Asian stocks rebounded yesterday despite the introduction of US tariffs on US$34 billion in Chinese goods in what Beijing called the ‘largest trade war’ in economic history.

Are Asian currencies at risk from currency turmoil in Argentina, Turkey?

Two major emerging markets—Argentina and Turkey—are currently experiencing a bout of financial instability against a backdrop of rising US interest rates. The instability is evident in the sharp depreciation of the Argentine peso and Turkish lira si

Mangala delivers some home truths to SOE heads

Following is the full speech made by Finance and Mass Media Minister Mangala Samaraweera at the conference for the heads of state-owned enterprises, at Hilton Colombo, yesterday.

Rupee extends losses on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee ended lower for a fourth straight session yesterday, as demand for importer dollar outpaced inflows from inward remittances, dealers said.

Shares rise most in 7-1/2 months on bargain hunting

(Colombo) REUTERS: Sri Lankan shares rose 1.2 percent yesterday, the most in seven-and-a-half months, as investors bought into blue chips such as Ceylon Tobacco Co Plc and John Keells Holdings Plc after three straight sessions of sharp fall.

Interim order issued on Agalawatte EGM

Due to an interim order granted by the Commercial High Court of Colombo, Agalawatte Plantations PLC yesterday said it could not take up any of the resolutions planned during the firm’s Extraordinary G

Perpetual Treasuries suspension extended by further 6 months

The Monetary Board of the Central Bank for the second time extended the suspension on the controversial bond dealer Perpetual Treasuries from six months with effect from yesterday. 

Maersk asserts need to expedite shipping & freight forwarding industry liberalisation

Sri Lanka needs to gather momentum in its endeavour to liberalise the country’s shipping & freight forwarding industry, reiterated the largest global container shipping line, Maersk yesterday, and said it is i

Sri Lanka’s first dedicated SME listing board launched

The Securities and Exchange Commission of Sri Lanka (SEC) together with the Colombo Stock Exchange (CSE) yesterday launched ‘Empower – a dedicated listing platform for small and medium enterprises (SMEs) in a bid to provide much-needed equity for high growth potential SMEs.

Treasury Secy. reveals shocking state of State-owned enterprises

Successive Sri Lankan governments have pumped in a colossal Rs.1, 150 billion for the upkeep of the strategically-important State-owned Enterprises (SOEs) up to 2017, the Finance and Mass Media Ministry Secretary Dr.R.H.S. Samaratunga said.  He said this during a conference held for the chairmen

Dr. Dinusha Panditaratne appointed Verité Research advisor

Dr. Dinusha Panditaratne was recently appointed as an Advisor to Verité Research. 

Dhammika proposes govt. to re-evaluate investment policies

The government may need to re-evaluate the effectiveness of the recently introduced targeted capital allowances under the new Inland Revenue Act that replaced the tax holidays to attract both local and foreign investments, Vallibel One PLC Chairman and business tycoon Dhammika Perera said. 

Sarath Ganegoda appointed as Dipped Products acting MD

The Hayleys group long-timer Sarath Ganegoda has been appointed as the acting Managing Director of Dipped Products PLC, a Hayleys group subsidiary, effective from July 1, 2018. Ganegoda was appointed to the board of directors of Hayleys in September 2009. 

June tourist arrivals up 19%

Buoyed by higher tourist arrivals from India and China, Sri Lanka’s total tourist arrivals during the month of June rose 19 percent year-on-year (YoY) to 146,828, the data released by the country’s tourism office showed.

Credit to private sector moderates in May but spike in SoE debt seen

Private borrowings have shown some respite in recent months as such borrowings from the banking sector have moderated substantially during April and May, after the spike seen in the month before. 

Govt. to borrow 100bn yen from Japan’s MUFJ Bank for Central Highway

Sri Lanka is to borrow 100 billion yen (approximately US $ 936 million) from Japan’s MUFJ Bank to construct a 32.5km distance of the Central Highway from Potuhera to Galagedara, under the phase three of the highway project. 

Govt. to award 10MW solar power contract to Didul

The government has decided to award a 10 MW solar power plant contract to Didul (Pvt.) Ltd. A proposal by Power and Renewable Energy Minister Ranjith Siyambalapitiya in this regard has been approved by the Cabinet this week. 

Shares hit 15-month closing low on foreign selling

(Colombo) REUTERS: Sri Lankan shares extended losses yesterday to hit their lowest close in more than 15 months as continued foreign selling in blue-chip stocks dampened sentiment.