Auerbach Grauson exits Lion Brewery

Auerbach Grauson & Co., a brokerage that specialises in international trading, exited Lion Brewery (Ceylon) PLC (LION) yesterday by divesting its full shareholding below the market price, which appeared to be a negotiated deal.

Budget in November; Vote on Account in the interim

The new government will present a Vote on Account to Parliament on August 28 to seek parliamentary approval to allocate money for its expenditures.

Trump backs Oracle in reported TikTok bid

President Donald Trump has voiced approval of Oracle Corp’s reported bid for TikTok, the Chinese video-sharing sensation that could also be bought by Microsoft.

Committee to be appointed to probe State bank malpractices

Finance Minister Mahinda Rajapaksa has received the Cabinet nod to appoint a committee to look into the irregularities and malpractices that were said to have taken place in State-owned banks from January 8, 2015 under the previous regime.

July vehicle registrations strong, but momentum unlikely to continue

Vehicle registrations in the month of July remained strong, even though lower from June, driven by existing inventories but the momentum could slow in August due to potential stockouts in certain vehicle categories as the government has put a lid on vehicle imports.

IMF Resident Representative pays courtesy call on State Minister of Finance Cabraal

International Monetary Fund (IMF) Resident Representative to Sri Lanka Tubagus Feridhanusetyawan paid a courtesy call on the State Minister of Finance, Capital Markets and Public Enterprise Reforms Ajith Nivard Cabraal at the Finance Ministry.

Committee to probe into wrongdoings at state banks

Finance Minister Mahinda Rajapaksa received the nod of the Cabinet of Ministers today to appoint a committee to look into the irregularities and malpractices that were said to have taken place in the state-owned banks during the period the previous government was in power.

Kotagala recognised for following COVID health guidelines

Sri Lanka’s Kotagala Plantations PLC has become the first tea manufacturer in the world to produce tea strictly following COVID-19 health guidelines issued by the World Health Organisation. The Mount Vernon Factory in Hatton, belonging to Kotagala Plantations, this week received the certification in this regard from Sri Lanka Standards Institute.

Depositors of failed finance firms paid Rs.850mn in 2019

Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) set up to redress to depositors of failed financial institutions has released Rs.851.8 million as compensation during 2019, while the Fund has grown by nearly Rs.11 billion to Rs.62.7 billion, the published audited financial statements showed.

Sri Lanka has US$ 300mn in foreign debt obligations due for Aug. and Sept.

Sri Lanka’s foreign debt obligations due for August and September stand at US$ 300 million before the country settles a billion dollars in debt it borrowed via a sovereign bond in October, data from ICRA Lanka showed.

Cigarette sales on path to recovery following sharp volume decline

Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC) says cigarette sales are set for a pre-pandemic level recovery after recording sharp 38 percent year-on-year (YoY) decline in volumes during the June quarter (2Q20).

Prices of locally manufactured confectionery items jacked up

Prices of locally produced confectionery products have undergone an upward revision in the recent months—a move taken by the industry to help ease the financial constraints faced since mid March.

Youth job losses set to top 100,000 this year due to COVID-19 crisis: study

Job losses among Sri Lanka’s youth is projected to top 100,000 this year as a result of the COVID-19-induced crisis, driving the country’s already high youth unemployment rate above 30 percent, according to a latest report.

Finance Minister assumes duties

Prime Minister Mahinda Rajapaksa yesterday assumed duties as the new government’s Finance Minister, at the Finance Ministry premises in Colombo.

Manufacturing and services activities continue to expand in July

Sri Lanka’s manufacturing and services activities continued to expand in July, as economic activities were seen normalising gradually, the Purchasing Managers’ Indices complied by the Central Bank (CB) showed.

Colombo Dockyard secures order to build 6 Eco bulk carriers for Norwegian firm

Colombo Dockyard PLC (CDPLC) is moving towards executing an already signed contract with Misje Eco Bulk AS (Misje), a Norwegian company, to build six firm plus four optional Eco bulk carriers.

Apparel sector sees improvement in orders

Sri Lanka’s apparel industry, which faced a major setback due to the global health crisis, is finally beginning to witness progresses, with buyer interest showing signs of improvement.

Fair value and capital gains from G-Secs and lower taxes cushion ComBank’s 2Q

Commercial Bank of Ceylon PLC reported subdued top line performance amid low business volumes and impacts stemming from the relief afforded to its clients affected by the pandemic but the gains made from its investments in government securities (G-Secs) and lower taxes softened the impact on its bottom line.

Softlogic group financial sector subsidiaries to raise Rs.2.9bn via rights

Two Softlogic group subsidiaries in the financial services sector yesterday revealed plans to collectively raise up to Rs.2.9 billion via rights issues, subject to regulatory and shareholder approval.

Daintee acquisition to boost Sunshine’s defensive cash flows: Fitch

Sunshine Holdings PLC’s (A(lka)/Stable) 100 percent acquisition of Sri Lanka-based confectionery maker Daintee Limited will increase the cash flow of the group’s fast-moving consumer goods (FMCG) segment, which is defensive in nature, as the lower-priced goods are considered essential, Fitch Ratings said.

Pressure grows on Norway’s new wealth fund chief to divest hedge fund stake

The businessman appointed to lead Norway’s US $ 1.1 trillion sovereign fund should not be allowed to take up the job unless he divests his holdings in a hedge fund, the opposition Labour Party told daily VG and broadcaster NRK on Friday.

Uber relaunches ‘24x7 Safety Helpline’ in SL to boost rider security

Taxi hailing app, Uber relaunched its on on-trip ‘24x7 Safety Helpline’ in Sri Lanka in an effort to ensure and boost the safety of riders.

Lower costs and export biz help Hayleys navigate COVID-19 storm in 1Q

Diversified conglomerate and export major Hayleys PLC recorded higher operating profits for the quarter ended June 30, 2020 (1Q21) as the group managed to reduce its overheads while its export-oriented business performed strongly.

June trade gap narrows to 11-year low on robust exports, decline in imports

Sri Lanka’s trade deficit fell to US$ 161 million in June compared to US$ 316 million in the same month last year, recording the lowest monthly deficit in the country’s merchandise trade since August 2009 as exporters continued to push ahead while the imports plummeted.

Prime lending rate logs steepest weekly fall; market expects further cut in policy rates this week

The average weighted prime lending rate (AWPR) fell by 40 basis points (bps) last week, logging the steepest weekly decline in recent times while the market weighs in on another round of monetary policy easing this week as the Monetary Board of the Central Bank meets to asses the country’s monetary policy for the sixth time.

First consignment of locally produced vegetables and fruits flown to Oman

A special programme to export local vegetables and fruits has been launched through the Mattala Rajapaksa International Airport (MRIA).

HNB reports subdued second quarter; deposits swell

Hatton National Bank PLC (HNB) reported subdued performance for the three months ended June 30 (2Q20) as the pandemic brought the growth in new loans to a standstill while the bank had to forgo income on loans provided with payment holidays amid massive provisions for possible bad loans.

Pharma and consumer biz back Hemas1Q performance

Gradual recovery in healthcare and domestic consumer segments of Hemas group helped to soften the impact stemming from the pandemic as its logistics and marine sector suffered a big volume slump while the pandemic nearly decimated its leisure sector, although the latter’s impact on the group is less.

75th Anniversary of Indonesian Independence Day

Today 17 August 2020 is a special day for Indonesian citizens all over the world for celebrating the 75th Anniversary of Indonesian Independence Day. On the same day in 1945, the first President of Indonesia Ir. Soekarno declared the proclamation of independence of Indonesia and with more than 300 ethnic groups formed the formation of a new independent country name the Republic of Indonesia as a unitary state.

60,000 houses IN SRI LANKA

An innovative owner-driven model under which technical support and financial assistance is provided to beneficiaries.