Sunshine’s Rs.775mn private placement inadequate for rating upgrade: Fitch

Sunshine Holdings PLC’s (A-(lka)/Stable) plan to bring in new equity worth Rs.775 million from a private placement of shares should help the company deleverage and strengthen its balance sheet, Fitc

Look at debt repayments too before judging foreign reserves, CB tells Cabraal

Responding to former Central Bank Governor Ajith Nivard Cabraal’s claim that govt.’s net borrowings equal to foreign reserves, the Central Bank yesterday without any reference to Cabra

Kerosene sales down 400% with price hike: Minister

Kerosene sales have declined by a whopping 400 percent since the removal of the kerosene subsidy this month, indicating large scale abuse of kerosene for adulteration of more expensive distillates and greater industrial use of the fuel, Petroleum Resources Development Minister Arjuna Ranatunga announced yesterday.

Mangala says 49, 000 new tax files opened in April

Sri Lanka’s Inland Revenue Department (IRD) has opened 49,000 new tax files in April with the New Inland Revenue Act coming into force, Finance and Mass Media Minister Mangala Samaraweera revealed yesterday.

Plain packaging, a not so plain problem

Sri Lanka’s Cabinet recently voted to introduce standard or plain packaging to tobacco products with the objective of reducing the appeal of smoking. Australia and the United Kingdom are two countrie

The hidden side of cigarette pricing

The media in Sri Lanka has often misrepresented the cigarette industry and cigarette taxes in favour of the monopoly producer Ceylon Tobacco Company (CTC). In June 2017, Verité Research (VR) published an Insight titled ‘Who’s responsible for ‘Alternative facts on tobacco taxation’. Official statistics published since the article, lend further credence to the analytical inaccuracies highlighted by VR.

Teejay Lanka doubles India plant capacity with US $ 15mn expansion

Teejay Lanka, one of the region’s largest textile manufacturers, has announced a doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US $ 15 million (approx. Rs.2.3 billion at current rates).

Govt.’s net borrowings equal to foreign reserves: Cabraal

Former Central Bank Governor Ajith Nivard Cabraal yesterday charged that the net borrowings by the present government almost equal the country’s current foreign reserve stock and hence, hinted that the pressure on the rupee is not unwarranted as the Central Bank says.

Rolf Blaser, new CEO at Baurs

Baur & Co. (Pvt.) Ltd has announced the appointment of Rolf Blaser as the company’s CEO/Managing Director with effect from October 1, 2018. 

Interim orders issued against Global Grange Lanka and directors

On or around May 16, 2018, pursuant to an application made by two directors of Global Grange Lanka (Pvt.) Limited, namely Raj Matharu and Harpal Matharu, the Commercial High Court of Colombo granted interim orders restraining the company and its other directors from preventing Raj and Harpal from acting as directors and also preventing Priya Matharu and Tara Matharu from acting as directors of the said company.

Casino-bound Telugus ditch Goa, fly to Sri Lanka

The Hindu: It’s Goa’s loss and Sri Lanka’s gain as far as Telugu tourist flow to the island nation is concerned. More and more Casino-bound tourists from the Telugu States of Andhra Pradesh and Telangana are flying to Sri Lanka.

Revised National Physical Plan to be approved shortly

Sri Lanka’s revised National Physical Plan for 2018-2050 is expected to be gazetted shortly and the plan proposes to develop Colombo-Trincomalee as the main economic corridor along with three other sub-corridors,

Sri Lanka can create jobs, boost exports, by moving brains: Hausmann

Many advanced nations from Singapore to the US have open policies that allow people to migrate easily, bringing knowledge and skills to transform economies and create new jobs, a top Harvard economist said.

SL–China relations: The Great Silk Road needs to pick up speed

It was good news for the country on Monday when China approved a US $ 1 billion loan to revive a long-delayed expressway in central Sri Lanka. The construction of the first phase of the road linking the capital Colombo with the hill resort of Kandy had been delayed for more than two years due to a lack of foreign funding.

Lanka IOC prepared to set own fuel prices to minimise losses

REUTERS: Sri Lankan fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company said on Friday.

Lion Brewery returns to profit on benign beer tax

The reversal of the government’s lopsided tax policy on beer and the recovery of operations from the production halt caused by floods helped Lion Brewery (Ceylon) PLC (LION) to return to profit as the lower tax on beer pulled more people into mild alcohol from hard liquor and illicit alcoholic beverages.   LION, Sri Lanka’s largest brewery recorded 

Dipped Products top line up on new glove markets, strong plantation results

Hayleys group company, Dipped Products PLC (DIPD) posted higher revenues as the non-medical glove maker ventured into new markets while the group’s plantation segment rebounded strongly. But the profit for the latest quarter came down due to higher direct and indirect costs.  Releasing its interim accounts for the quarter ended in March 31, 2018 (4Q18), DIPD reported consolidated revenue of Rs.7.1 billion, from Rs.6.6 billion revenue i

Two new board appointments to SriLankan

Consultant Physician Prof. Arjuna de Silva and private sector professional Johann Wijesinghe have been appointed to the board of ailing SriLankan Airlines, which is currently undergoing a three-year restructuring programme under a new director board. 

Fairway’s waste-to-energy project likely to get IFC financing

Sri Lanka’s Fairway Waste Management (Pvt) Ltd. is likely to receive a US$ 7 million financing facility from the International Finance Corporation (IFC), the private sector funding arm of the World Bank Group, for a waste-to-energy project.

Payment to ETI Finance deposit holders to begin next month

The Central Bank of Sri Lanka said yesterday the payment for deposit

ADB lends US $ 210mn to end water scarcity in Sri Lanka’s dry zone

The Asian Development Bank (ADB) and the Sri Lankan government signed a US $210 million second tranche loan agreement for the Mahaweli Water Security Investment Programme to assist Sri Lanka complete its on

LB Big Wheels Motor Show 2018 kicks off

The LB Big Wheels Motor Show 2018, organised by the Vehicle Importers 

Malik visits Biyagama EPZ, meets investors and zone workers

The BOI organized an interactive meeting at the Biyagama Export Processing Zone (BEPZ) where the keynote speaker was Development Strategies and International Trade Minister Malik Samarawickrama.  

China denies it offered package to slash U.S. trade gap by US$200 bn

REUTERS: China denied yesterday that it had offered a package to slash the U.S. trade deficit by up to US$200 billion, hours after it dropped 

Shares hit 2-week closing high in thin trade

REUTERS: Sri Lankan shares rose to a two-week closing high yesterday, led by diversified and banking stocks, but trading was thin as investors waited for more clarity on the political and economic front. 

Rupee rises on exporter dollar sales

REUTERS: The Sri Lankan rupee gained further yesterday due to dollar selling by exporters and a state bank, days after the central bank said underlying fundamentals do not warrant the current downward pressure on the currency. 

SLAITO stresses need for automated immigration processes at BIA

Stressing the need for better management of systems and processes at the Katunayake Bandaranaike International Airport, the Sri Lanka Association of Inbound Tour Operators (SLAITO) President Harith Perera said Sri Lanka should move faster on adopting automated immigration systems. 

China claims Sri Lanka hub in Silk Road strategy

China hinted Sri Lanka’s growing importance in its ambitious US$500 billion One Belt One Road (OBOR) initiative claiming Sri Lanka is a ‘hub’ in its OBOR strategy.  Sri Lanka meanwhile stressed of its own role in OBOR, and revealed that the Colombo Port City project despite the 25-year long timeline, is ‘progressing at great speed’.

Oil prices set for sixth week of gains, India sounds alarm

REUTERS: Brent oil prices rose yesterday and were set for a sixth straight week of gains, boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions, as Saudi Arabia moved to assuage supply concerns.

Asia stocks steady as markets eye US-China trade talks, dollar elevated

REUTERS: Asian stocks were steady yesterday amid caution over developments in U.S.-China trade negotiations, while the dollar perched near a five-month peak after the benchmark U.S. Treasury yield hit its highest in seven years.