Ram cuts Sanasa Bank’s outlook; retains rating

The ‘outlook’ on Sanasa Development Bank PLC (SDB), a licensed specialized bank (LSB) has been revised to ‘stable’ from ‘positive’ by Ram Ratings Lanka, with respective long and short term ratings at BBB and P3

Hambantota Port sees increase in ship traffic this year

The second international sea port in Sri Lanka, Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota has received 100 vessels since it opened for berthing in November 2010, Sri Lanka Ports Authority (SLPA) said.

Theagarajah assumes duties as NDB CEO

National Development Bank PLC (NDB) has announced the appointment of Rajendra Theagarajah as the new CEO of NDB Group with effect from August 24, 2013.

SAFTA aims to boost regional trade through ‘sensitive list’ slashing

All members of the South Asian Free Trade Area (SAFTA) representing approximately 1.6 billion people aim to push for the reduction of their sensitive lists substantially, and for the first time the entire bloc is openly calling for stronger private sector involvement in moving forward.

CSE releases market listing guide to encourage investment

The Colombo Stock Exchange (CSE) yesterday launched a publication titled ‘A guide to listing on the CSE’, in a bid to raise awareness on equity listing and corporate debt securities.

Troubled finance company deep in the red

The troubled finance company, Central Investment & Finance Company PLC (CIFL) continued to mount its losses and the first quarter (1Q14) results released to the Colombo Stock Exchange (CSE) showed a net loss of Rs.182 million. In the corresponding quarter last year, the company’s net profit stood at Rs.334, 000.

Trade deficit widens in June

Sri Lanka’s June trade deficit expanded 25 percent Year-onYear (YoY) to US $ 829.1 million amid a sharp increase in import expenditure, though trade gap for the first six months narrowed 7.1 percent YoY to US $ 4.55 billion.

Indispensable role in family, an obstacle for career women

Over the years, women have come closer to perfecting the art of having it all. Yet, we are told time and...

T-bill yields flat, 3-month bids rejected

Sri Lanka’s Treasury yields edged down at yesterday’s Treasury bill auction with bids for 3-month bills were rejected, a press statement issued by the Public Debt Department of the Central Bank showed.

SEC seeks rule change to lure pension funds to debt market

While steps are being taken towards facilitating US dollar bonds issuances by Sri Lankan corporates, capital market regulator is currently exploring the possibilities in getting the restriction on large pension funds in investing in the country’s corporate debt market, relaxed.

Bolster manufacturing sector to avoid middle income trap: ADB

Asian Development Bank (ADB) has asked Asian economies to up their manufacturing sector in order to achieve economic prosperity and avoid the middle income trap that has held back many countries after reaching the landmark.

When is a confirmed hotel reservation not confirmed?

It could be upsetting to find that the hotel you’ve made a reservation with, has sold your room to ‘someone else’, as Linda and Michael Morgan found out in 2010.

Why the food security bill matters to developing Asia

For all the controversy around it, the breathtaking scope of India’s food security scheme for nearly two-thirds of the population sends a powerful message across developing Asia.

Development banks and post-crisis blues in investment finance

International long-term private finance to developing countries has changed dramatically in the wake of the global financial crisis. Caught in “post-crisis blues”, as my World Bank colleagues Jeff Chelsky,

Fitch says FDI inflow to Sri Lanka modest; urges to mobilise domestic savings

Fitch Ratings in a report yesterday said Sri Lanka’s strong economic growth is attracting foreign capital but foreign direct investment inflows remain modest compared with rated peers, leading to rising external indebtedness.

Lankan banks in ‘highest risk’ category: S&P

While observing the economic imbalances building up in Sri Lanka with the pickup in growth in private sector credit, a global rating agency, Standard & Poor’s Rating Services (S&P) identified the country’s banking sector as having a very high risk in the South and South East Asian region, slightly better than only Vietnam and Cambodia.

Sri Lanka mulls corporate dollar bonds: SEC Chief

In a bid to open Sri Lanka’s corporate debt market to foreign investors, country’s capital market regulator, the Securities and Exchange Commission (SEC) is currently in discussions with the Central Bank to facilitate the issuing of foreign-denominated debt by the corporate sector, according to SEC Chief.

More Lankan firms to invest outside

Instead of having to wait for foreign companies to invest in Sri Lanka, in another four years time, local companies will step up seeking cross boarder investments in a net-foreign exchange surplus economy, according to the Central Bank (CB) Governor.

Kotagala plans rubber plantation in Cambodia

Kotagala Plantation, a unit of Lankem Ceylon PLC has decided to set up a 15,000 hectare rubber plantation in Cambodia.

SL records US $ 537 mn FDIs in first half

Central Bank said the country has received US $ 537 million worth Foreign Direct Investments (FDIs) in the first half of 2013.

Loose regulations fuel gold loans

Loose regulatory guidelines with regard to gold-backed loans have been identified a key contributor to a ‘runaway growth’ in pawning loans, exposing the Sri Lankan banking industry to higher loan defaults, international credit agency Standard & Poor’s (S&P) said in a special report.

HNBA net up 29%, surpasses Rs.100mn in post-tax profits

HNB Assurance PLC, the insurance arm of Hatton National Bank, saw its net profit surging 29 percent Yearon-Year to Rs.106.6 million for the six months ending June 30, 2013 (1H13).

Central Bank seen keeping rates steady

The Central Bank is expected to keep key monetary policy rates steady, a Reuters poll showed, as it reviews the impact of policy easing in recent months.

Potential of carbon trading from rubber plantations

Recently a training workshop was held in Colombo under the auspices of the International Rubber Research...

Regulator warns Crown on Sri Lankan investments

Gaming mogul James Packer-controlled Crown casino group has been warned of dangers of bribery in expanding its casino empire into Sri Lanka and the Philippines, by a state gambling watchdog, Australian media reported.

Luxury vehicle registration reaches peak in July

Registration of luxury vehicles have reached highest levels for 2013 with 729 registrations in July, an equity brokerage report showed.

Lanka IOC 1Q profits surge to Rs.1.35bn

Lanka IOC PLC (LIOC), the local unit of the Fortune 500, Indian Oil Corporation Limited saw its net profits for the three months ended June 30,2013 soaring as much as 600 percent Year-on-Year (YoY) to Rs.1.35 billion due to cost controls.

Time to reduce borrowings in Sri Lankan enterprises

Sri Lankan enterprises – especially SMEs use a comparatively high level of bank borrowings to fund investments. This is partly due to low level of domestic savings and inefficiency in the capital market. 

HNB records Rs.3.4bn PAT for 1H13

During the first half of 2013, post-tax profit of the bank improved by 12 percent to Rs.3.14 billion, compared to Rs.2.8 billion during the corresponding period in 2012, while the group post-tax profit improved by 15 percent to Rs.3.4 billion.

Milk powder shortage unavoidable: Prof. Samarajiva

The withdrawal of imported milk powder from the market under the direction issued by the Sri Lankan authorities could trigger a milk powder shortage in the market in the short term and could also lead to the making of a milk powder black market.