SL aims to double local dairy output with U.S. assistance

Sri Lanka aims to double its dairy production by enhancing the small and medium dairy farmers’ productivity and competitiveness through a US $14.1 million project funded by the United States Department of Agriculture (USDA). 

Rupee ends firmer in dull trade

REUTERS: The Sri Lankan rupee ended firmer yesterday in dull trade due to dollar selling by a state bank, a day after the central bank said underlying fundamentals do not warrant the current downward pressure on the currency.

Innovation in 3 key sectors enough to boost growth by 3%: McKinsey

Sri Lanka’s economic growth will witness a leap in the near future, if efforts are taken to iron out issues and integrate innovation across all levels in three of its key sectors, assured leading global management consulting firm, McKinsey.

Hayleys Fabric losses expand in March over higher costs, tax charge

Hayleys Fabric PLC’s problems persisted in controlling direct costs and overheads as the knit fabric maker expanded losses during the quarter ended in March 2018 while the top line grew. 

Sunshine Holdings in private placement deal with SBI to cut debt

Sunshine Holdings PLC said yesterday its board of directors resolved to raise Rs.775 million through a private placement deal with SBI Ven Holdings (Pte) Limited, which already holds a 10.99 percent stake in Sunshine as the third largest shareholder.

Sri Lanka open for investors from all Asian countries: Malik

Balancing diplomatic relations and being open to all countries for investment has been a key achievement of the current government, remarked Development Strategies and International Trade Minister Malik Samarawickrama at a forum in Colombo yesterday.

Singer Sri Lanka emerges out of temporary slump in demand

Singer Sri Lanka PLC emerged out of a temporary slump in demand as the country’s leading consumer durables retailer reported financial performance with higher revenues and profits for the quarter ended in March 2018. 

Chandana Aluthugama new CEO at Sri Lanka Insurance

Insurance industry professional Chandana L. Aluthgama has been appointed as CEO of Sri Lanka Insurance Corporation Ltd with effect from May 3, 2018.  

SLT 1Q performance reflects shifting subscriber habits

The rapid shift towards data from voice services and intense competition inflicted pain on Sri Lanka Telecom PLC (SLT) as the March quarter profits and revenues showed some challenging operating conditions faced by the state-controlled telecommunication behemoth.  

Colombo Dockyard ends 1Q in red as income from shipbuilding slows

Sri Lanka’s largest shipbuilder, Colombo Dockyard PLC (DOCK), which operates in collaboration with Japan’s Onomichi Dockyard, which owns 51 percent of the company, reported a net loss of Rs.120.3 million for the March quarter (1Q18), as the income from both shipbuilding and repairing slowed.   

Iran agrees to build new refinery for Sri lanka

REUTERS: Iran has agreed to build a new oil refinery for Sri Lanka in addition to upgrading its ageing 50,000 barrel per day (bpd) state-owned refinery,  Sri Lankan cabinet spokesman Rajitha Senaratne said yesterday.

Creating a better global trade system

I would like to thank Derrick Olsen for the kind introduction and thank WorldOregon for hosting this wonderful event today. 

Financial institutions are very traditional in the way they manage and protect data

The financial sector is under increasing pressure from many stakeholders to manage the regulatory compliance and the associated risk more effectively. With the advent of the Basel lll regime, as well as the restrictions laid down by the regulators, the process of correctly identifying as well as utilizing the right data for controlling risk and doing business has become a critical one.

Belt and Road offers massive opportunities for local SMEs: CCC chair

As fears continue to grow concerning China’s role in Sri Lanka’s development agenda, an industry influencer yesterday pointed out that the mega Belt and Road Initiative (BRI) paves the way for local sm

CTC 1Q profits surge amid surprise volume pickup

Sri Lanka’s monopoly cigarette player, Ceylon Tobacco Company PLC (CTC) saw its net profit for the March quarter (1Q18) increasing little over half a billion rupees with a surprising 11 percent year-on-year acceleration in volumes.

People’s Leasing March net up amid moderate loan growth

The profits at People’s Leasing & Finance PLC (PLC) nearly doubled during the March quarter (4Q18) largely on higher margins, other incomes and lower operating costs as the loan book growth moderated. 

ComBank March profits up on strong new loans, higher margins

Commercial Bank of Ceylon PLC (ComBank) recorded higher top and bottom line gains during the quarter ended in March 31 (1Q18), as Sri Lanka’s largest private lender by assets expanded its loan book quite substantially and improved margins. 

Professionals want Parliament to ratify Sri Lanka-S’pore FTA

Professionals led by Sri Lanka Engineers Association (SLEA) and United Professional Movement (UPM) and backed by the Organisation of Professional Associations of Sri Lanka (OPA) and the influential government Medical Officers’ Association (GMOA) yesterday threatened with trade union actions if the government fails to ratify the Singapore Sri Lanka FTA (SLSFTA) in Parliament with 2/3 majority as it poses serious challenges to national securi

SL among most exposed economies to interest rate shocks: Moody’s

Sri Lanka has been ranked among the most vulnerable economies exposed to interest rate shocks over the next four years, due to the relatively short average debt maturities and weak debt affordability, ahead of the country’s bunched up external debt repayments from 2019 to 2022, according to a Moody’s investor service report released yesterday.

Sri Lanka expresses interest to establish direct banking links with Iran

Sri Lanka has expressed interest in establishing direct banking links with Iran. President Maithripala Sirisena, who this week completed a two-day official visit to Iran, had expressed this during the bilateral discussions with Iranian President Hassan Rouhani. 

HNB March profits surge on strong loans, margins and efficiency gains

Strong growth in new loans, higher margins and operational efficiencies helped Hatton National Bank PLC (HNB) to offset higher loan-loss provisions and trading losses in March, as the banking group reported robust growth in bottom line for  the quarter. 

Rupee hits record low; exporters on sidelines

REUTERS: The Sri Lankan rupee hit a record low of 158 per dollar yesterday in thin trade after the Central Bank chief said the currency will depreciate gradually while exporters stayed away from the market expecting further weakness.

IFC may extend US $ 20mn to Central Finance to boost lending to agri SMEs

DealStreetAsia: Expanding its exposure in the region’s microfinance and financial services space, the International Finance Corporation (IFC), a member of the World Bank Group, has proposed to extend up to US $ 20 million local currency equivalent loan facility to Sri Lanka-based Central Finance Company. 

Shares hit 5-week closing low on fuel price hike, foreign outflows

REUTERS: Sri Lankan shares ended at a near five-week low yesterday, led by industrial shares such as John Keells Holdings, while foreign outflows and the recent fuel price hike weighed on sentiment, stockbrokers said.

Asia needs to adapt swiftly to rapidly aging populations

The world is experiencing an unprecedented demographic transition – it is getting older. By 2025, 26 percent of the global population will be at least 65 years old.

Cost of low-skilled migration to Saudi Arabia, South Korea and Malaysia

The high cost of securing employment abroad is a barrier to cross-border labour mobility for low-skilled workers in developing countries. The migration cost is distributed among many stakeholders in the migration value chain. 

Role of stress test in risk management

Over a period of time, with proliferation of internal operational data and external data banks, risk analysts, market intelligence, rating analytics and other agencies aiding risk management evolve innovative tools in banks to develop more robust resilience. Some prove more effective. 

Jetwing Symphony cuts losses in March as top line makes strong gains

Jetwing Symphony PLC was able to cut its losses for the quarter ended in March 2018 (4Q18) due to higher top line growth as three of its hotels in the portfolio making considerable revenue gains, which outpaced the increase in direct costs.   

Dialog March net up over better key biz units’ performance

The synchronized improvement in all core business units helped Dialog Axiata PLC to record a healthy bottom line while the group is seen aggressively expanding into financial technology (fintech) space to further diversify its revenue 

Chinese, Middle East, Russian firms in talks to build refinery in Sri Lanka

REUTERS: Chinese, Middle East and Russian companies are in ‘preliminary discussions’ to build an up to US $2.7 billion, 100,000 barrel-per-day (bpd) refinery for Sri Lanka’s State-owned Ceylon Petroleum Corporation (CPC), the head of the fuel retailer said.