S. Korean builder takes control of Asiana Airlines for US$ 2.2 bn

SEOUL (AFP) - A South Korean construction firm yesterday signed a deal to acquire Asiana, the country’s second-largest airline, which has long been plagued by financial problems.

EU chief doubts securing post-Brexit trade deal in 2020

PARIS (AFP) - European Commission chief Ursula von der Leyen has expressed “serious concern” over whether the bloc could conclude a post-Brexit trade deal with Britain within the 2020 deadline.

Stocks gain ahead of CB’s policy rate decision

Indices at the Colombo Stock Exchange (CSE) gained yesterday amid investors expecting further relaxing of the monetary policy by the Central Bank.

MBSL needs up to Rs.2.7bn in fresh equity over next 3 years to meet regulatory capital: ICRA Lanka

The Merchant Bank of Sri Lanka and Finance PLC (MBSL), a subsidiary of Bank of Ceylon would require around Rs.1.4 to Rs.2.7 billion fresh equity over the next three years to meet the regulatory capital requirements set by the Central Bank, according to ICRA Lanka Ratings.

Altair among top-notch property companies at LPS Shanghai 2019

The investment opportunities in Sri Lanka’s property development sector generated significant interest at the 2019 Luxury Properties Showcase (LPS) exhibition in Shanghai, China, according to Altair, one of the leading participants from South Asia at the invitation-only event, which attracted a record 12,500 elite property investors from around the world.

SDB Bank secures US$ 8mn BIO term loan

SANASA Development Bank PLC (SDB Bank) has secured a US$ 8 million loan from Belgian Investment Company for Development Countries NV/SA (BIO) to augment its capital buffers under Basel III guidelines and support its lending activities for small and medium-scale enterprises (SMEs).

SL Economic Association elects new executive committee

The Annual General Meeting (AGM) of the Sri Lanka Economic Association (SLEA) was held on December 18th at the Organization of Professional Association of Sri Lanka (OPA) auditorium.

Sujeewa Rajapakse new People’s Bank Chairman

Top professional Sujeewa Rajapakse, who counts over 30 years of experience in audit and consultancy services, has been appointed as the People’s Bank Chairman.

SLIC gets new board; Jagath Wellawatte Chairman

Colombo University Sociology Department Senior Lecturer Jagath Wellawatte has been appointed as Chairman of Sri Lanka Insurance Corporation Limited (SLIC).

Anil Koswatte appointed as Litro Gas Lanka Chairman

Well-known sales and marketing professional and entrepreneur Anil Koswatte has been appointed as Litro Gas Lanka Limited Chairman.

New CB Governor Prof. Lakshman assumes duties

The newly-appointed Governor of the Central Bank of Sri Lanka (CBSL), Deshamanya Professor W.D. Lakshman, assumed duties in his new post on December 24, at the Governor’s office in Colombo.

Banks, govt. reach consensus over SME loan moratorium

On Tuesday, just before Christmas, banks reached a consensus with the government on how to go about the small and medium-sized enterprise (SME) loan moratorium, which had sparked unease within the country’s banking sector.

Countrywide inflation in Nov. sharply down to 4.1%

November’s headline inflation as measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) fell sharply to 4.1 percent, from 5.6 percent in October, partly due to the statistical effect of a higher base prevailed a year earlier and the easing of food and non-food prices.

Hefty tax cuts, moratorium trim rate cut probability to 50%, says First Capital

The research arm of an investment banking unit has lowered the probability of a policy rate cut to 50 percent, from the previously projected 100 percent, amid the sweeping tax cuts and loan moratorium announced for small and medium-sized enterprise (SME) loans.

Silvermill Group to expand operations to Indonesia with US $ 5mn ADB loan

The Asian Development Bank (ADB) has signed a US $ 5 million financing facility with PT SASL and Sons Indonesia (PTSASL), a subsidiary of Silvermill Group – one of Sri Lanka’s largest manufacturers and exporters of coconut-based products – to expand the group’s operations in Indonesia.

Keells partners Bangalore-based Manthan to power supplier collaboration

Jaykay Marketing Service (Pvt.) Ltd, the retail arm of John Keells Holdings PLC, which operates the Keells supermarkets, has chosen Manthan System’s Vendor Link solution to enable its supplier collaboration platform, as part of its digital transformation journey.

Nov. vehicle registrations down over election

Sri Lanka’s vehicle registrations, led by motorcycles, motorcars and three-wheelers, fell in November, according to the vehicle registration data compiled by JB Securities, a Colombo-based equity brokerage and research house.

A practical solution through affiliated university colleges

We are quite happy that the new President Gotabaya Rajapaksa in his election manifesto has given an undertaking that an additional 100,000 university places will be found for students qualifying at the GCE A/L exams.

Govt. to allocate Rs.28bn for new rural development programme

The Cabinet of Ministers has given its nod to allocate Rs.28.04 billion for a brand-new rural development programme named ‘Sapiri Gamak’, which is to be implemented from next January, covering all 14,021 Grama Niladhari (GS) divisions in the country.

Bank chiefs to meet govt. officials today on loan moratorium

As parties failed short to reach a consensus on the proposed loan moratorium yesterday, the bank chiefs are expected to meet the top government officials today to arrive at a more mutually agreeable solution on the SME loan moratorium announced last Friday.

Colombo Dockyard delivers 2 pilot boats built for SLPA

Colombo Dockyard PLC yesterday delivered two pilot launches as per an agreement signed with Sri Lanka Ports Authority (SLPA) on February 1, 2019.

Colombo Coffee Company secures Rs.100mn investment from Akbar Brothers

Colombo Coffee Company (CCC), Sri Lanka’s leading coffee solutions provider and café operator, has reached an agreement with Akbar Brothers for a Rs.100 million growth equity investment.

Swedfund supports inclusive growth in Sri Lanka

LOLC Group subsidiary LOLC Finance PLC (LOFC) has signed an agreement with Swedfund, the Swedish government’s development finance institution (DFI), to receive a total of US$10 million in a senior loan. LOFC is a leading financial institution in Sri Lanka that enables financial inclusion, an increased tax base and job creation. According to Swedfund, these are important tools to reduce poverty and support democratic development.

Cost-reflective electricity tariffs unlikely ahead of next year elections: Fitch

Fitch Ratings does not expect the government to adopt a cost-reflective tariff structure for electricity ahead of elections in next year despite its precarious financial position.

SLT’s negative free cash flow projected to rise amid rising capex requirement

Fitch Rating expects Sri Lanka Telecom PLC’s (SLT) negative free cash flow (FCF) to continue during the current financial year as cash flow from operations is likely to be insufficient to fund rising capex requirements to expand the firm’s planned fibre infrastructure and 4G

Private sector best practices can overcome bureaucratic inertia

The new President Gotabhaya Rajapaksa pledged during his campaign that he would create a well-disciplined, efficient, and productive public sector. He said without an efficient and productive Government we cannot take the country forward. He pointed out that the State sector employees will be empowered to deliver.

Cabinet approval sought to develop oil and natural gas discoveries in Mannar Basin’s M2 block

Sri Lanka’s Petroleum Resources Development Secretariat (PRDS) is expected to soon seek Cabinet approval to award bids to commence development of oil and natural gas discoveries in M2 block of Mannar Basin, eyeing first commercial production within 3-4 years.

Banks perturbed by govt.’s SME sector loan moratorium

Sri Lanka’s banks, which are already grappling with increased bad loans, fear far-reaching negative impacts on the sector from the recent government directive to extend a one-year moratorium on small and medium-sized enterprise (SME) loans.

France-based Louvre Hotels Group’s Kyriad brand enters Sri Lanka

Kyriad, a historical brand of France-based Louvre Hotels Group’s (LHG) is entering Sri Lanka with plans to manage 2,000 rooms in 15 hotels across the country in five years, while targeting to bring over one million additional tourists to the Island nation through its extensive global network.

Molligoda appointed Tea Board Chairman

Tea industry veteran Jayampathy Molligoda has been appointed as the Sri Lanka Tea Board Chairman.