Sri Lanka’s Chief FTA Negotiator says export market diversification key for long-term economic grow

On the invitation extended by the National Chamber of Exporters (NCE), K. J. Weerasinghe Advisor to the Ministry of Strategy Development an International Trade, and Chief Negotiator of the Government, related to the free trade agreements (FTA) with Singapore, India and China, addressed the Council of the National Chamber of Exporters (NCE) of Sri Lanka at its last meeting, to elucidate the important aspects of these FTAs, and particularly the FTA

We must identify our strengths when developing human resources: SLIIT VC

Sri Lanka Institute of Information Technology (SLIIT) Vice Chancellor Prof. Lalith Gamage.

Women-favoured policies, laws to entice them more to tourism jobs

Tourism is an industry that is filled with endless opportunities. For example, being an experienced hotelier can guide a person to be an entrepreneur – to move into their own ventures such as to have five-star venues, boutique hotels and many more.

Colombo Trust Finance to raise Rs.600mn to beef up capital

Colombo Trust Finance PLC yesterday announced plans to raise Rs.600 million via a rights issue subject to the approval of the Colombo Stock Exchange and shareholders. 

Central Bank says CIFL depositors will be paid up to Rs.600, 000

Depositors of failed Central Investments and Finance PLC (CIFL) will receive up to a maximum of Rs.600, 000 per depositor following the cancellation of the finance company’s license, the Central Bank said.

FD rates surge despite Central Bank saying seeing no hike in market interest rates

Sri Lanka’s third largest private bank, Sampath Bank PLC, yesterday raised its interest rates on 12-month fixed deposits by 100 basis points to 11.5 percent, just a day after the Central Bank insisted that there is no short-term upward trend in market interest rates. 

Laugfs banks on group restructuring to return to profitability in one year 

 Laugfs Gas PLC is planning to return to the black within one financial year following its corporate restructuring process which would happen over the next three months, edged along by the new LPG terminal in Hambantota.   

New bank loans turn negative in January

In a rare development, Sri Lanka’s banking sector new loans have turned negative in January as investments and consumption fizzled out amid the widespread uncertainty triggered by the volatile political landscape in the country. 

SLI consolidates market leader position in general insurance

State-owned insurance giant Sri Lanka Insurance (SLI) has once again consolidated its position as the market leader in the general insurance sector in the island.  The company has emerged as the No.1 in general insurance with a healthy market share of 21.3 percent as at December 31, 2017. 

Hidden treasures

The talk that is doing the rounds in paradise is how a powerful ministering type has amassed so much of wealth that he is now forced to store it in a state bank under the name of a businessman belonging to a minority community.

Reshuffle blues

A people representative came on the chit these days is a very unpopular man. After the local hustings the man went missing.

Changing credit risk profile in banks

Credit Risk Management (CRM), as is understood and practiced following its introduction in Basel I way back in 1988, is fast undergoing seminal changes more so after Global Financial Crisis (GFC) - 2008.

Law & Order

There was much speculation that the general type would get the portfolio that was once with a close associate of a VVIP type.

Premiums, stronger investment incomes help Ceylinco Insurance to double profits

The growth in premium incomes, specially from non-life business and stronger investment incomes, helped Ceylinco Insurance PLC to double its 2017 profits as the country’s largest life insurer filed its interim results with the Colombo Stock Exchange last week. 

Central Bank sees no increase in interest rates in near term

Based on its current projections, the Central Bank yesterday said it is not expecting an increase in market interest rates in the near term.

CB cancels CIFL licence

The Monetary Board of the Central Bank cancelled the licence issued to the troubled finance firm Central Investment and Finance PLC (CIFL), with effect from yesterday.

Plans afoot to open up domestic air travel market to boost tourism

The government is hoping to open up the domestic air travel market to the private sector to set up a domestic airline, in a bid to boost connectivity within the country for high-end domestic and foreign tourists.

Rupee ends firmer as exporters sell dollar

REUTERS: The Sri Lankan rupee ended firmer yesterday as dollar selling by exporters and banks outpaced demand for the greenback from importers, dealers said.

BRI: Asia-Pacific’s road to economic prosperity or belt around the neck?

With the Belt and Road Initiative (BRI) now firmly enshrined in the Chinese Communist Party constitution, it is safe to assume that this flagship project of President Xi Jinping will continue long after the country’s most powerful leader since Chairman Mao Zedong officially steps down, whether that happens in 2023 or not.  

Cabinet reshuffle: No real takeaways

Events, as they say in politics, have conspired to force President Maithripala Sirisena to reshuffle his cabinet, to sharpen the government and to shine. Sirisena and Prime Minister Ranil Wickremesinghe decided to reshuffle the cabinet of ministers to manage the fallout after the recent election. 

Investment-led strategy way forward for export drive, economic growth

Finance State Minister Eran Wickramaratne, addressing Investor Forum 2018 in Mumbai recently, has said that the government has formulated plans to increase the per capita income to US $ 5,000 and foreign direct investments (FDIs) to US $ 5 billion per year. According to him, Sri Lanka’s economic outlook and investment opportunities are positive. Sri Lanka’s per capita income is around US $ 3,850 and the FDIs, excluding the loans to th

Sri Lanka is a big bet for us, says Tundra Fonder

While calling its investments in Lankan stocks a “big bet”, a top Swedish asset management firm said greater liquidity in the Colombo Stock Exchange (CSE) is paramount for Sri Lanka to attract more foreign investor interest to the stock market.

Dilmah eyes expansion in Gulf region

Sri Lanka’s Dilmah, one of the world’s leading tea brands, is looking to further expand operations in the Middle Eastern region.

Heavy tax charges, margin squeeze hamper BOC 4Q

Heavy tax charges and margin squeeze dented Bank of Ceylon profits for the quarter ended in December (4Q17) though the bank expanded its assets at a healthy pace to near the Rs.2.0 trillion mark by the year end. 

Global tobacco results highlight next generation product shift: Fitch

The financial results of global tobacco companies highlight the shift towards a next generation products (NGPs), Fitch  Ratings says. 

Bairaha Farms to invest Rs.1.3bn on 3-year expansion

Bairaha Farms PLC, the pioneer chicken processor in the country for well over four decades, said it has embarked on a Rs.1.3 billion expansion project to increase the day-old broiler chick production by over 50 percent over a period of 3 years. 

Marginal slowdown in land price rise in Colombo

The surge in land prices in Colombo slowed down marginally in 2017 after recording sustained growth for over one and a half years, according to the Central Bank’s Land Price Index (LPI).

Sri Lanka emerging as top wellness tourism destination among young Japanese professionals

Sri Lanka could emerge as a leading wellness tourism destination for young Japanese professionals, with enthusiasm for Ayurveda and mindfulness tours in Sri Lanka growing among employers in the land of the rising sun.

Global gas markets roiled by Papua quake, Europe deep-freeze

REUTERS: Global natural gas markets were roiled this week as an earthquake in Papua New Guinea caused a large-scale supply disruption of liquefied natural gas (LNG) while a late winter blast in Europe triggered unprecedented price spikes.

British PM to back EU free trade deal after Brexit

AFP: Prime Minister Theresa May will call for an unprecedented free trade deal with the EU after Brexit in a major speech, but is expected to acknowledge that Britain will have to make sacrifices in its economic relationship.