Fitch affirms Richard Pieris & Co. at ‘A(lka)’; Outlook Stable

Fitch Ratings yesterday affirmed Richard Pieris & Company PLC’s (RICH) national long-term rating at ‘A(lka)’ with a stable outlook. Fitch has also affirmed the national rating on RICH’s outstanding senior unsecured debentures at ‘A(lka)’.   

Jazz sensation in town marks US relations

Jazz sensation Wycliffe Gordon and sextet, staged a performance for the residents of Slave Island yesterday as part of the 70th anniversary celebration of US-Sri Lanka partnership.

Vallibel Finance in Rs.1bn cash call

Vallibel Finance PLC yesterday revealed its plans to raise little over Rs.1 billion through a cash call to its shareholders.

Lip service of a polythene ban

The ban on polythene that is equal to or less than 20 microns, in September 2017, was a point of debate, of course at the time it was implemented by the government. 

SriLankan flights delayed; congestion at BIA

SriLankan Airlines yesterday said it was experiencing continuous delays in flights and congestion at the country’s main Bandaranaike International Airport (BIA) in Katunayake, due to a combination of factors.

Sri Lanka’s political crisis: Can people’s verdict be reversed?

The Local Government elections held on February 10, 2018 was to elect 8,293 members to 341 local authorities (24 municipalities, 41 urban councils and 276 divisional councils – Pradeshiya Sabas). This is the largest election held so far in Sri Lanka in one day where 15.8 million voters were eligible to cast their votes under a mixed system where 60 percent of members will be elected using the first –past –the –post voting

Sri Lanka at 70: Looking back and forward

Like many Sri Lankans across the country, I joined Sri Lanka’s 70th Independence Day festivities earlier this month. This was undoubtedly a joyful moment and proof of the country’s dynamism and stability. At 70, Sri Lanka has accomplished a lot in its seven decades as an independent nation. 

ComBank Dec. profit up on robust new loans, higher margins

Commercial Bank of Ceylon PLC (ComBank) witnessed a stronger than average growth in new loans during 2017, which helped the bank to report higher earnings but substantially higher taxes and loan loss provisions had a somewhat bearing on the performance. 

Top economist sheds light on political realities in Sri Lanka

The Sinhala Buddhist community has a cultural need to depend on a larger than li fe figure to continuously save them and cleanse the country, which is why the people voted for the Mahinda Rajapaksa faction instead of the coalition partners of the current government, according to a leading economist.

Agalawatte Plantations to raise Rs.2bn via rights issue

Agalawatte Plantations PLC will raise fresh equity capital by way of a rights issue to partly settle its related party borrowings raised last year as part of its restructuring. 

DIMO acquires control of fertilizer, seed firms

Diesel & Motor Engineering PLC (DIMO) last week said it acquired the control of two firms, which are in the business of importing, processing and distribution of agri inputs such as fertilizers and seeds.

Ironman 70.3 triathlon kick starts

South Asia’s first ever triathlon got underway at the Galle Face Green yesterday, with the participation of more than 800 local and foreign triathletes.   Foreign participation at Ironman 70.3 Colombo was seen from India (133 triathletes), UK (76), France (47), Australia (34), USA (30) and Singapore (26). Three blind racers and a member of the Veddha community also participated.

Asian markets finish week on a high

Asian markets ended the week on a positive note following the lead from Wall Street, with energy firms lifted by a rally in  oil prices.

EU-South America deal ‘could kill 20,000 French farms’: union

AFP: Over 20,000 French farms could go bankrupt if the European Union concludes a major trade deal with four South American countries, France’s biggest farm union 

BMW plans electric Mini production in China

AFP: German auto giant BMW said yesterday it plans to build an electric version of its compact Mini in China, in a possible joint venture with local partner Great Wall.

India-bound gas pipeline breaks ground on Afghan section

AFP: Turkmenistan, Afghanistan, Pakistan and India yesterday ceremonially broke ground on the Afghan section of an ambitious, multi-billion dollar gas pipeline expected to help ease energy deficits in South Asia.

Australia’s biggest bank rejects fresh laundering claims

AFP: Australia’s largest bank the Commonwealth yesterday denied a slew of new claims by the country’s financial intelligence agency that it breached anti-money laundering laws, and rejected a major class action over the allegations.

China seizes control of Anbang Insurance as chairman prosecuted

REUTERS: The Chinese government yesterday seized control of Anbang Insurance Group Co Ltd and said its chairman had been prosecuted, a dramatic move that highlights Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk.

Japan welcomes WTO ruling on South Korea Fukushima food row

AFP: Japan yesterday welcomed a World Trade Organization ruling that called for South Korea to lift an import ban on Japanese seafood, imposed after the Fukushima 

Rupee ends marginally firmer in dull trade

REUTERS: The Sri Lankan rupee ended slightly firmer yesterday in dull trade as banks’ dollar selling on remittance inflows surpassed the importer greenback demand, dealers said. 

Interest in LNG fires up again, but the market’s different now

LAUNCESTON, Australia: If you were looking for signs that the liquefied natural gas (LNG) merry-go-round is starting to spin a little faster, the announcement of a planned massive expansion in Papua New Guinea is ample evidence.

Natural disasters: The great equalizer

A landmark study co-authored by a Sri Lankan economist has found that income inequality at district level in Sri Lanka falls when natural disasters strike, which presents key takeaways for how policymakers should respond to disaster relief in the future.

Towards a knowledge-based economy Start with quality STEM teachers for every child

Deepani is a Grade 10 student who loves mathematics and science. Her parents are delighted and encourage her to continue in these fields, assuring her that she will have a bright future. But Deepani is worried that she is not learning all that she should – her teachers in both subjects are not the best and at times, Deepani has been unable to clarify the doubts in certain areas.

Sluggish market, natural disasters, higher tax dent Nestlé Lanka’s 2017

Nestlé Lanka PLC put up a strong performance for its December quarter (4Q17), but saw its full year performance dented by sluggish market conditions and natural disasters.

IMF says will continue to work with government on economic reforms

Despite speculation in local spheres being high over the government’s future economic decisions in the aftermath of the shocking Local Government polls drubbing, the International Monetary Fund (IMF) this week said that it is continuing to work with the government on the reforms 

Rupee ends marginally weaker in dull trade

REUTERS: The Sri Lankan rupee ended slightly weaker yesterday in dull trade as importer dollar demand outweighed selling of the greenback by exporters. The rupee ended at 155.25/30 per dollar, compared with Wednesday’s close of 155.10/25. The rupee hit a record low of 155.90 last  

Stocks slip from over 3-month high on profit-taking

REUTERS:  Sri Lankan shares yesterday snapped a five-session winning streak and eased from a more than three-month high on profit-booking, while foreign buying in Commercial Bank Plc boosted the daily traded turnover.

Sri Lanka has adequate local economic policy expertise: economist

The Sri Lankan government ignores local economic policy expertise in favour of foreigners who make the same arguments, a leading economist said recently.

Record trade deficit in December despite higher exports

The notable increase Sri Lanka saw in export earnings was offset by racing imports in December 2017 to record the highest trade deficit for the first time in 5 years, the external sector data released by the Central Bank showed.  

Nippon Paint hosts Asia Young Designer Awards for second consecutive year

Nippon Paint celebrated the successful conclusion of the Asia Young Designer Award (AYDA) themed ‘You for tomorrow’ future living as envisioned today, in Sri Lanka for the second consecutive year with a glamorous awards ceremony held at the Hilton Hotel Colombo recently. Held in collaboration with the Sri Lanka Institute of Architects (SLIA), the country’s apex body on Architecture, AYDA 2017 marked yet another