Fitch local boss calls for financial services sector consolidation

Fitch Ratings Lanka Chief Executive and Country Head Maninda Wickramasinghe last week said Sri Lanka has too many banks, insurance and finance companies, much more than the country needs and the proliferation of such companies has left scant scope for efficient use of the limited capital in the country.

For a nation to thrive it requires decisive leadership

The situation in Kandy shamefully took a deeper communal turn after the attacks on the religious sites and shops in the Digana and Teldeniya areas in Kandy. After 30 years of war, we, Sri Lankans, have still not learnt that we should never exploit, initiate, indulge, promote or tolerate any kind of racist, religious and nationalist divisions. 

Communal violence and political instability in Sri Lanka

Communal violence is not new in Sri Lanka and has raised its ugly head periodically since independence in 1948. 

Nelna becomes leading cultivator, supplier of best quality mangoes in Sri Lankan market

‘Nelna’, under its agricultural arm Nelna Agri Development (Pvt.) Ltd, has cultivated 60,000 mango plants following the global good agricultural practices (GGAP), in 650 acres in the Ratnapura and Monaragala Districts. It has achieved its first goal of becoming the leading cultivator of best quality mangoes in the country.

Operational risk management in banks

In the milieu of various risks that banks encounter in financial intermediation, the broadly classified risks are (i) Credit risk (ii) Market Risk and (iii) Operational risk. Despite sufficient regulatory rigor and bank’s own integrated risk management policies, the operational risk management (ORM) tends to relegate to background in the order of prioritisation.

Plantations minister says errant RPCs will be given last chance to reform

Following is based on the speech delivered by Plantations Industries Minister Navin Dissanayake at the National Institute of Plantations Management (NIPM) National Symposium.

Sustainability through value migration: MAS’ journey with Mahesh Amalean

The recently concluded Sri Lanka Ceramic and Glass Symposium 2018, the seventh of its kind to be held in Sri Lanka, saw a memorable and insightful keynote delivery by the renowned MAS Holdings Chairman Mahesh Amalean.

Citizens Development to raise up to Rs.2bn to fund rapid growth

Citizens Development Business Finance PLC (CDB) is raising up to Rs.2.0 billion via corporate bonds to fund its aggressive growth during the ensuing financial year, as the company has been seeing some handsome growth in assets and profits during recent quarters. 

Govt. to buy 100MW thermal power from private sector

The Sri Lankan government has entered into two emergency power deals with the private sector at a hefty cost to the tax payer, as the inadequate rainfall in main catchment areas has reduced the country’s hydro-power generating capacity. 

IMF silent on post- poll market volatilities, possible risks

Sri Lanka’s economic growth is set to pick up pace with reforms largely remaining on track, and the authorities should now push for more liberalised factor markets and take steps to close a “sizeable gender gap” for inclusive growth, the International Monetary Fund (IMF) Staff Mission said concluding a two-week long economic health check as part of their Article IV consultation.  

Singer sewing machine unit diversifies product portfolio

Sewing machine producer Singer Industries (Ceylon) PLC is diversifying its manufacturing into components and accessories manufactured and marketed by the Singer Group due to falling demand for traditional sewing machines and resultant excess production capacities.

New anti-dumping laws to guard domestic industry from unfair trade: Malik

The new anti-dumping laws passed in Parliament last week are vital to protect domestic industry from unfair trade practices but are not aimed at providing blanket protectionism to the domestic industry, the Development Strategies and International Trade Minister Malik Samarawickrama said. 

Construction of Havelock City’s office and retail space component to begin next month

Construction of the office and retail space component of the Havelock City project of Overseas Realty (Ceylon) PLC (ORCL) is expected to start next month, and is to be completed within 3 years.

Modi welcomes Sirisena

India’s Prime Minister Narendra Modi (R) shakes hands with  Sri  Lanka’s President Maithripala Sirisena as he arrives to attend the International Solar Alliance Founding Conference in New Delhi.

‘Protectionist’ Trump tariffs ‘offend’ Germany

AFP: US President Donald Trump is “offending” allies and risking a global trade war with his controversial tariffs on steel and aluminium, Germany’s economy minister said yesterday.

Sri Lanka shines at ITB despite Kandy unrest

Destination Sri Lanka was a hot favourite at the world’s leading travel and trade show ITB which opened in Berlin, Germany on March 7th. 

Austrian steel firm to reconsider US investments

AFP: Austrian steel firm Voestalpine said yesterday it would reconsider its investments in the United States in light of President Donald Trump imposing tariffs on steel and aluminium imports.

UK industrial output jumps in January: official data

AFP: British industrial production rebounded sharply last month on the re-opening of a major North Sea pipeline, official data showed yesterday.

Markets steadied after Trump agrees Kim talks

AFP: European stock markets steadied yesterday following an Asian rally, with traders reacting to a shock decision by Donald Trump and Kim Jong Un to hold talks. Markets were tracking also the latest developments in US President Trump’s tariffs plans, while traders awaited key monthly US jobs data due yesterday.

Florida passes law blocking US state investment in Venezuela

AFP: Florida lawmakers on Thursday passed a law prohibiting the US state from investing in companies that have business ties with the Venezuelan government.  Citing the socialist government’s “use of extreme violence and political persecution,” the law will now appear before state governor Rick Scott, who has expressed backing for the measure in the past and is expected to sign the bill this week or next.

Rupee edges down on importer dollar demand

REUTERS:  The Sri Lankan rupee slipped yesterday as importer dollar demand surpassed the selling of the greenback by exporters and banks, and inward remittances, while communal violence in the central district of Kandy weighed on sentiment, dealers said. 

Thailand Week 2018 opens at BMICH

‘Thailand Week’ trade fair and business opportunity with Thailand opened yesterday at the BMICH. 

China can be more ‘courageous’ in opening: central banker

AFP: China's chief central banker said yesterday the country could be more "courageous" in opening its markets, as European and American firms push for greater access to the world's second largest economy.

Going places

Despite the politico hubby being under pressure to give up one of his portfolios, the better half undaunted was shopping around for a luxury car for their son-in-law. The wife had visited a car dealer in the city and settled down for Benz E type for twenty three million smackers. Someone had remarked that not so long ago the father-in-law was riding around in two wheels. Hmmmmm.

Vidullanka finally gets approval to set up second mini-hydro plant in Uganda

Vidullanka PLC has received the necessary regulatory approvals to construct their second mini-hydro plant in Uganda after a significant delay, and will be issuing shares worth Rs.75.3 million to Timex Garments (Pvt) Ltd to fully acquire Timex Bukinda Hydro (U) Limited.

February tourist arrivals up 19% with China upsurge

Tourism arrivals to Sri Lanka in 2018 continued to grow in double digits for the second consecutive month in February, with China reclaiming the top spot as the largest tourist sourcing country after a lapse of 18 months, according to data released by the Sri Lanka Tourism Development Authority.

NCC says unrest will take economy to a difficult situation

The National Chamber of Commerce (NCC) yesterday vehemently condemned the situation that has suddenly erupted in the country, sparked off by a minor incident that took place recently in the Central Province.

Rupee steady; violence hurts sentiment

REUTERS: The Sri Lankan rupee ended steady yesterday as importer dollar demand offset selling of the greenback by exporters even as communal violence in the central district of Kandy continued to weigh on sentiment, dealers said.

Increasing foreign interest will heat up competition in general insurance market: People’s Insurance

The general insurance industry in Sri Lanka is set to become even more competitive in the future with increasing foreign interest, according to the state-controlled People’s Insurance PLC.

First UNCTAD backed hi-tech policy work for developing nations unveiled in Colombo

Sri Lanka’s Department of Commerce created history as it jointly launched the first ever ‘Policymakers’ Session on Digitalisation of Trade and Industries’ series by UNCTAD for UNCTAD member countries yesterday in Colombo.