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.

Chinese delegation here to explore investment opportunities

A group of top investors from China’s Jilin Province were in Sri Lanka recently to explore investment opportunities in the country.

CSE announces constituent changes to S&P SL20 index

The Colombo Stock Exchange (CSE) has announced changes to the S&P SL 20 index constituents made by S&P Dow Jones Indices at the 2019 year-end index rebalance.

CEO Robert Iger took Disney into top slot while having a ride of a lifetime

Robert Allen Iger (born February 10, 1951) is an American film producer, author and businessman, who is Chairman and Chief Executive Officer (CEO) of The Walt Disney Company. Before working for Disney, he served as President of ABC Television during 1994–95 and as President/COO of Capital Cities, Inc. from 1995, until Disney’s acquisition of the company in 1996.

China cancels Sweden business trips after prize for dissident

STOCKHOLM (AFP) - China has called off two business delegation visits to Sweden, China’s ambassador to Stockholm said, after Culture Minister Amanda Lind defied a Chinese threat of “counter-measures” by presenting a rights prize to dissident Gui Minhai.

German shoppers more downbeat heading into New Year

BERLIN (AFP) - German consumers are slightly more pessimistic heading into January, a key survey found yesterday, as fears mount that a global slowdown could trigger job losses in the export-driven powerhouse.

French regulator fines Google 150 mn euros over search engine ads

PARIS (AFP) - France’s competition authority has fined Google 150 million euros (US$ 167 million) for abusing its dominant position on the market for advertising linked to web searches, the regulator announced yesterday.

Massive debt wave could crash on developing countries, World Bank warns

WASHINGTON (AFP) - A wave of debt in emerging and developing nations has grown faster and larger than in any period of the last five decades and could end with another crisis, the World Bank warned Thursday.

General Daya Rathnayake assumes duties as SLPA Chairman

General Daya Rathnayake, former Commander of the Army and former Commissioner General of Rehabilitation assumed duties as the new Chairman of Sri Lanka Ports Authority (SLPA) yesterday.

President, PM direct all banks to suspend recovery of SME loans

President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa who is also the Minister of Finance, Economy and Policy Development have issued directives to Chairmen and CEOs of all banks to suspend recovery of loans obtained by the SME sector.