Ceylinco Insurance announces 315% dividend of original share price

Ceylinco Insurance PLC announced an incomparable dividend of Rs.31.50 per share to its shareholders for the year 2017, which constitutes a 315 percent dividend of the original share price.

Rising interest and energy costs, higher depreciation dent Piramal Glass performance

Higher depreciation, interest and energy costs and slowdown in domestic business have impacted the performance Piramal Glass PLC, the only glass bottle maker in Sri Lanka.

SL accepts US$1 bn, 8-year syndicated loan from China Development Bank

REUTERS: Sri Lanka has accepted an eight-year China Development Bank US$1 billion syndicated loan to repay loans maturing this year, two top Finance Ministry officials said on Friday.

Melstacorp enters cement business

Harry Jayawardena-controlled Melstacorp PLC has entered into a cement business forming a joint venture company with Indonesia’s Gama Corp.

Sri Lanka mostly at risk from rupee depreciation: Moody’s

Sri Lanka stands mostly at risk among frontier markets from a persistent rupee depreciation against the U.S. dollar as it will present fiscal troubles from bloating debt servicing needs, Moody’s Investors Service said in a special report on impact on Asia Pacific (APAC) sovereigns from currency depreciation. 

Shares slip; diversified stocks top drag

REUTERS: Sri Lankan shares closed slightly weaker yesterday as investors sold diversified stocks such as John Keells Holdings Plc, while block deals boosted turnover. 

UniCredit Bank provides Rs. 900 mn loan to improve university medical facilities

The Sri Lankan government has identified the importance of having competent human capital to compete with the rapidly changing global economy as the country is geared to take off and advance as a fast growing middle-income country. 

New Zealand provides assistance to boost Lanka’s dairy, horticulture sectors

The Primary Industries Ministry has already started numerous projects under the agriculture sector, specially value-added and export-oriented programmes, to achieve the country’s national objectives.  Workshops are being currently conducted by experts from New Zealand to enhance the dairy and horticulture sectors. 

Auto Vision Motor Show

The Auto Vision Motor Show 2018, that brings together motor-related products and services under one roof, opened at the  BMICH yesterday. It showcases an array of passenger cars, off-road vehicles, concept cars, luxury vehicles, custom-built vehicles, commercial vehicles and motorcycles.

Malik- Xueyuan discuss investment promotion

The Chinese ambassador to Sri Lanka Cheng Xueyuan paid a courtesy call on the Minister of Development Strategies and International Trade Malik Samarawickrama recently. The meeting took place at the ministry was meant to discuss ways to promote investment opportunities between the two countries. 

Shares and dollar recover, Italian markets set for big weekly loss

REUTERS: World shares steadied and the dollar resumed its rise yesterday after a wobble caused by U.S. President Donald Trump’s decision to cancel a summit with North Korea, though political risk put Italian markets on track for heavy weekly losses.

Ross to visit China for trade talks in early June

REUTERS: U.S. Commerce Secretary Wilbur Ross will visit China early next month for another round of talks amid ongoing trade frictions between the world’s two largest economies.

EU states reach deal on reform of banking capital rules

REUTERS - European Union finance ministers reached an agreement yesterday on reforming bank capital rules, a major step towards boosting the bloc’s financial stability and a stepping stone towards a deal on a backstop for its bank-rescue fund in June.

Rupee ends steady; importer dollar demand weighs

REUTERS: The Sri Lankan rupee ended steady yesterday with dollar buying by a foreign bank and importers weighing on the local currency, while exporters stayed on the sidelines expecting the rupee to weaken further in line with other emerging market currencies. 

ASEAN in 2018: Strength in economic diversity

The saying ‘there is strength in diversity’ often comes up when people talk about ASEAN’s cultural differences but it is also true that economic diversity is one of the bloc’s great strengths.

Chinese-operated H’tota port now eyes bunkering business

Hambantota International Port Group (Private) Limited, the joint venture formed between China Merchants and Sri Lanka Ports Authority for the development of the Hambantota port, now eyes the bunkering business for global shipping lines, an official said .

Demand for private healthcare on the rise as population ages fast, incomes rise: Fitch

Fitch Ratings said yesterday private healthcare providers in Sri Lanka will experience rising demand amid the fast-ageing population and rising incidence of non-communicable deceases (NCDs) with more people moving into cities.  

Tea output falls 15% in April; exports up 4%

REUTERS: Sri Lanka’s tea output fell 15.3 percent in April from a year earlier, the state-run Tea Board said yesterday, with industry officials attributing the decline to a high base effect and more public holidays this year. 

Mangala appoints Ranel Wijesinha to head SEC

Ending wild speculation, Finance and Mass Media Ministry yesterday announced the appointment of senior professional Ranel T. Wijesinha as the Chairman of Securities and Exchange Commission, the regulator of the Colombo Stock Exchange. 

Face Technologies-Metroplitan JV bags contract for E-Motoring project

The Cabinet of Ministers has decided to award the contract for an E-Motoring project of the Department of Motor Traffic that will mainly facilitate online registration of vehicles to a joint venture of Face Technologies and Metropolitan. 

World’s largest oilfield services firm to conduct seismic study in SL

Sri Lanka will sign an agreement with the Eastern Echo Holdings Plc, a fully-owned subsidiary of the world’s largest US-based oilfield services company, Schlumberger, on May 30, to conduct s

Austria’s Erste Bank provides euro 9.5mn interest-free loan for health sector development

Erste Bank of Austria has provided euro 9.5 million (approx. Rs.1, 810 million) interest-free credit facility to Sri Lanka to enhance the access to quality and modern healthcare facilities in local hospitals. 

FinMin says will reduce VAT by 2.5% in 2020 to ease tax burden on poor

Finance and Mass Media Minister Mangala Samaraweera has pledged to reduce the Value Added Tax (VAT) by 2.5 percent in 2020 to relieve the country’s poor people from the tax burden.

Airtel customers now have free online access to Daily Mirror

Airtel Lanka and Wijeya Newspapers Limited, have joined hands to give Airtel customers’ free data to browse online

Tourism and power sectors boost Aitken Spence March performance

The tourism and power generation segments boosted Aitken Spence PLC’s profits while the group’s key maritime and logistics sector remained steady as the diversified conglomerate reported a significantly better financial performance for the period ended March 2018. 

Cabinet approval only for fuel pricing mechanism: Arjuna

Petroleum Resources Development Minister Arjuna Ranatunga this week told reporters that the Cabinet approval has only been granted for a fuel pricing mechanism and not for a formula, as claimed by the Finance and Mass Media Ministry.

Rupee edges up on late exporter conversions

REUTERS: The Sri Lankan rupee ended marginally firmer yesterday on late exporter dollar conversions, but traders expect the currency to be under pressure from a possible slump in the country’s top agriculture export, tea, due to heavy rains.

Cabinet paper to further liberalise lubricant industry in 3 weeks

The Petroleum Resources Development Ministry is planning to present a Cabinet paper within the next two to three weeks on the third round of liberalisation of Sri Lanka’s lubricant industry, based on a 2016 budget proposal, Petroleum Resources Development Upali Marasinghe told journalists, this week. 

Countermeasures

The Yahapalana types, who have been in slumber for far too long by not talking about what they have achieved during the last couple of years, have finally woken up to the reality of working together.

Impending showdown

A newly appointed adviser type to the presiding type is hell bent on becoming the key economic man in the country. A state ministering type is said to be of the opinion that the advisor type influenced the presiding type to use Machiavellian tactics to take the bank that is central and a regulatory body out of the prime ministering type.