Sri Lanka Insurance does it again; declares highest life insurance bonus

Sri Lanka Insurance (SLI) has declared a life insurance bonus of Rs.6.8 billion for this year, recording the largest life insurance bonus ever to be declared in Sri Lanka’s insurance industry. 

HNB arranges Rs.5.4bn syndicated loan to fund ODEL Mall

Hatton National Bank PLC (HNB), Sri Lanka’s second largest private sector lender by assets, yesterday announced a breakthrough partnership with popular retail department store, ODEL to lead the syndication of a Rs.5.4 billion loan to fuel the expansion of its flagship store at Alexandra Place, Colombo 7.  

Shares hit 5-month closing low, foreign investors cap falls

(Colombo) REUTERS: Sri Lankan shares ended weaker yesterday to hit their lowest close in more than five months as investors sold telecom and banking shares, while foreign buying curbed further decline.

How can Asia keep looming financial challenges at bay?

About two decades ago, prior to the Asian financial crisis, investor overconfidence triggered a mispricing of risk on Asia’s economic prospects. The region’s policymakers and financial markets became complacent and risk aversion dropped, causing a surge in capital inflows to Asia that resulted in overleveraged banks and corporations.

CIC Holdings hopeful of turnaround with new re-strategizing exercise

Sri Lanka’s CIC Holdings PLC, which has its core interests in the country’s agriculture sector, said it carried out a re-strategizing exercise, which accompanied a voluntary retirement scheme (VRS), aimed at creating a more fluid and efficient organisation. 

Disruptive technologies: The challenge to business

Today the rise of emerging markets, the accelerating impact of technology, new talent demands, an aging population, and the easy flow of capital and knowledge are having a transformative impact on business, leaders and economies. By 2025, a single regional city in China will have a GDP equal of Sweden (22nd largest economy in the world). We have never had more data and advice at our fingertips – literally. 

What’s the real investment in a Sri Lankan hotel plant?

The tourism industry has been referred to as a ‘Thrust industry ‘and ‘Engine of growth’ by the state ad nauseam, while in reality the industry is paid only lip service. The immense benefits both direct and indirect often go un-noticed. 

Better logistics ops lift Expolanka March quarter earnings

The growing global trade volumes across all trade lines kept both air and ocean freight operations busy at Expolanka Holdings PLC during the January-March quarter, giving the much-needed impetus to the logistics player’s top and bottom lines. 

IMF tells govt. automatic pricing formula for electricity “essential”

Following the introduction of the automatic pricing formula on fuel prices by the government last month, the International Monetary Fund (IMF), with whom Sri Lanka has an ongoing Extended Fund Facility (EFF) arrangement, now wants the government to consider a similar formula for electricity prices and a plan to restructure debt-laden state-run     

Improved performance from Softlogic as group starts de-leveraging

The top line growth across major business sectors led by retail and healthcare and the tight cost controls helped Softlogic Holdings PLC to report better operating profits for the quarter ended March (4Q18), as the group

Sri Lanka’s banking sector bracing for tough operating conditions: Fitch

Fitch Ratings last week said Sri Lanka’s banking sector is bracing for some tough operating conditions in 2018 with muted loan growth and moderate asset quality, which could put pressure on profits.  As a result

Rajaratnam fails to cut U.S. insider trading conviction, sentence

(New York) REUTERS: A federal appeals court on Friday rejected a bid by Raj Rajaratnam, the highest-profile hedge fund manager convicted in a sweeping U.S. crackdown on insider trading, to void much of his 2011 conviction and shorte

SL to move ahead with decision to plant 20,000 hectares of oil palm

Sri Lanka is to move ahead with the former government’s policy of establishing 20,000 hectares of oil palm in the country as a ‘supplementary income’ to the rubber plantation, Plantations Industries Minister Navin Dissanayake said recently. 

April vehicle imports match March highs as holidays fail to deter imports

Vehicle registrations in April remained almost unchanged from the highs it reached in March, the vehicle registrations data compiled by JB Securities, a Colombo-based equity brokerage, showed.

CB targets to end 2018 with US $ 9.5bn in foreign reserves

Sri Lanka will end 2018 with gross official reserves of US $9.5 billion while further cutting its exposure to short-term swaps by another US $700-800 million, Central Bank Governor Dr. Indrajit 

Sri Lanka Tourism in major promotion drive in China

Sri Lanka was showcased in all its splendour at the Shanghai World Travel Fair held at Shanghai Exhibition Centre in China last week.  This was the main highlight of a series of promotional events and meetings that were conducted across major cities in China during the course of the past week. Minister of Tourism Devel

Rishad says only 6% entering Sri Lanka’s higher education

Skilling and improved human resources are crucial in government’s economic vision, but Sri Lanka is facing a supply crunch in such skilled personnel. 

‘Very limited’ impact of World Cup on Russia’s economy: Moody’s

MOSCOW(AFP): While the World Cup that kicks off later this month will focus the attention of football fans around the world on Russia it will have little impact on the country’s economy, analysts at Moody’s rating agency have said.

LSPWU demands to bring back Lanka Sugar under Commerce Ministry

Workers of State-owned Lanka Sugar (Private) Limited flocked to President’s office on 31 on Thursday complaining that after the operation has been swapped to a different Ministry from its parent, it now risks falling back to a ‘loss-making venture’ that it used to be.

World on brink of trade war as US slaps tariffs on allies

Paris(AFP):  The world’s largest economies stood on the brink of all-out trade war as the EU, Canada and Mexico drew up retaliatory measures to Washington’s stinging steel and aluminium tariffs that came into effect yesterday.

Shares end near 5-month closing low; foreign investors buy

REUTERS: Sri Lankan shares ended largely unchanged near a five-month closing low yesterday as gains led by conglomerate John Keells Holdings Plc were offset by losses in large-cap shares such as Ceylon Tobacco Company , while foreign investors turned net buyers of equities. 

Rupee hits fresh record low on dollar demand from banks, importers

The Sri Lankan rupee touched a fresh record low of 158.80 yesterday owing to dollar demand from foreign banks and importers but ended steady on late inflows from remittances, dealers said.

Culinary Art Food Expo 2018 opens

The Chefs’ Guild of Lanka unveiled the 18th edition of Culinary Art Food Expo (CAFE) 2018 yesterday at the BMICH Colombo with Tourism Development Minister John Amaratunga as Chief Gust.

SL’s tax reforms will positively impact direct tax revenue mobilisation: Moody’s

The ongoing tax reforms in Sri Lanka have a good chance of succeeding by broadening the tax base, particularly in terms  of direct tax revenue mobilisation, although the high debt burden combined with rising interest rates in the present  global market is likely to offset the positive credit impact from revenue reforms, according to Moody’s Investors Service.

Trade gap widens in March as imports flirt US $ 2bn mark

Sri Lanka’s merchandize trade with other countries continues to give trouble to the policy makers as the deficit in the trade account expanded in March, albeit at a lesser pace due to record high exports during the month. 

Weak rupee, bad weather won’t affect inflation: CB

(Colombo) REUTERS:  Sri Lanka’s recent adverse weather and weakening rupee currency will have little impact on inflation, Senior Deputy Central Bank Governor Nandalal Weerasinghe said yesterday.

May inflation rises to 4%

(Colombo) REUTERS: Sri Lankan consumer prices rose 4.0 percent in May from a year earlier, edging up from the previous month’s 3.8 percent, government data showed yesterday. 

Sri Lanka needs to up its game to attract high-spending tourists

Sri Lanka needs to up its game in developing its tourism product and entertainment offering to attract higher spending tourists, a top official of Sri Lanka’s largest hotelier John Keells Holdings PLC (JKH), which owns and operates hotels and resorts in Sri Lanka and Maldives, said.  

Shares fall; JKH declines on reports

(Colombo) REUTERS: Sri Lankan shares fell for a fourth straight session yesterday and posted their lowest close in five months, dragged by conglomerate John Keells Holdings Plc on foreign investor selling.

Government to recruit 20, 000 unemployed graduates

The government yesterday said it would recruit 20, 000 unemployed graduates in two phases this year.