Economic liberalization programme to go unhindered: Mangala

Finance and Mass Media Minister Mangala Samaraweera yesterday vowed that the government’s economic liberalization programme will press ahead undeterred and the delayed shipping industry liberalization is ve

SLTPB plans interim promo campaign in Germany

The Sri Lanka Tourism Promotion Bureau (SLTPB) is planning an interim tourism promotional campaign in Germany with an emphasis on subways and TV advertising, to coincide with the launch of Sri Lanka Tourism’s global promotional campaign at ITB Berlin, next month. “We are hoping to get several top

January national inflation up at 1.2%

Sri Lanka’s countrywide consumer prices as measured by year-on-year (YoY) change in the National Consumer Price Index (NCPI) rose to 1.2 percent in January 2019 from 0.4 percent in December 2018, driven by base effect and increased non-food prices.

SL told to negotiate more realistic budget deficit target with IMF

The Sri Lankan government and International Monetary Fund (IMF) may need to negotiate a more realistic and acceptable budget deficit target that allows the economy to grow at a higher pace, according to Standard Chartered Bank’s global research team.

UDA and SLTDA partner to develop master plans for 7 tourism hubs

The Urban Development Authority (UDA) has entered into a partnership with the Sri Lanka Tourism Development Authority (SLTDA) to develop a tourism development master plan, to promote sustainable tourism development activities in seven existing as well as emerging tourism hubs—Kalpitiya, Arugam Bay, Ella, Pinnawala, Nuwara Eliya, Beruwala and Hikkaduwa.

Central Bank seen keeping rates steady as political tensions ease

(Colombo) REUTERS: The Central Bank is expected to leave its key interest rates steady tomorrow, a Reuters poll showed, as the island’s economy slowly recovers from a political crisis that sparked credit downgrades by all three major global rating agencies.

Sampath Bank Rs.7bn debenture issue snapped up on opening day

Sampath Bank PLC yesterday said its Rs.7 billion Basel III-compliant debenture issue was oversubscribed on the opening day.

Rupee ends higher as banks sell dollar; stocks at near 4-mth low

(Colombo) REUTERS: The Sri Lankan rupee rose 0.2 percent yesterday in a lacklustre trade on dollar sales by banks, market sources said. The stock market fell for the third straight session to a near four-month low as foreign investors exited from the island nation’s risky assets. The rupee ended at 179.50/70, compared with Monday’s close of 179.80/180.00, market sources said. Markets were closed on Tuesday for a public holiday.

MTD Walkers further enjoined till Mach 7 preventing transfer of shares

The Colombo Commercial High Court yesterday further enjoined MTD Walkers PLC, until March 7, from transferring its shares in the name of third parties. At the outset of the inquiry, the counsel for D.L.M. De Seram, appearing on behalf of the defendant MTD Walkers PLC of No 18, St. Michaels Road,

Mirror Biz Toon

Demographic changes and economic growth

The world is getting older. The number of people over 65 years is set to triple in 2050. Thanks to science, healthcare and pharmaceuticals, people have longer life spans. Competition, technology and modern lifestyle have resulted in the fertility rates declining.

Softlogic 3Q hit by weak retail sales, currency depreciation and import restrictions

Softlogic Holdings PLC recorded a net loss of Rs. 346.6 million for the quarter ended December 31, 2019 (3Q19) from a profit of Rs.77 million in the year earlier period, as the group’s top line slowed amid rupee weakness, import restrictions and slowdown in consumer discretionary expenditure. The group reported negative earnings of 29

TAD Group ropes in Japan’s Odakyu Group to invest Rs.4.5bn in Sri Lanka

Sri Lanka’s TAD Group has entered into an exclusive partnership with Japan’s Odakyu Group to facilitate investments to the tune of Rs.4.5 billion in Sri Lanka. Being one of the largest conglomerates in Japan, Odakyu Group together with its consortium partners Stacia Capital and UDS, has interests in transport, real estate, hospitality and retail sectors.

Holistic approach for smooth debt management urged

Sri Lanka needs a strong medium-term debt management strategy, with a target to reduce its outstanding debt stock to 60 percent of GDP by 2030 with a long-term vision of bringing down the debt to GDP ratio to below 50 percent, according to former Central Bank Deputy Governor and Deputy Secretary General of National Economic Council (NEC), C.J.P. Siriwardana. While acknowledgin

MTD Walkers records thumping Rs.1.45bn loss in 3Q

MTD Walkers PLC reported a massive loss for the quarter ended December 31, 2018 (3Q19), expanding the losses it had made in the previous quarters, as the construction major which is stuck in a debt trap is struggling

Lee Hedges to build Rs.1.1bn car park building

Lee Hedges PLC on Monday said they would build a car park building and a commercial development above the car park on a freehold land in Colombo 3. The company said the car park of the project, which has two phases, will be built first with an investment of approximately Rs.1.1 billion. The project is expected to span over 12 months and will have 186 parking slots in six floors.

Chevron Lubricants December profits halved

Profits of Sri Lanka’s lubricant market leader, Chevron Lubricants (Lanka) PLC halved during the December quarter (4Q18) amid sluggish lube sales, the year-end financial accounts released by the company showed.

Minimum 5% growth must to achieve 3.5% budget deficit by 2020

New DG appointed to Public Enterprise Department

Sri Lanka set to showcase its unique fauna and flora hosting world’s biggest wildlife conference

Sri Lanka to tap bond market for US $ 2bn after Chinese loan delay

Rupee falls on importers’ dollar demand; stocks decline

NSB rating downgraded following recalibration

Fitch Ratings has revised the National Long-Term Rating of National Savings Bank (NSB) to ‘AA+(lka)’, from ‘AAA(lka)’. The Outlook is Stable.

Indian investor to make aluminium food containers, foil wraps in Sri Lanka

The Board of Investment (BOI) of Sri Lanka recently signed an agreement with ARD Aluminium (Pvt.) Ltd to set up a US $ 1.7 million factory to manufacture aluminium food containers with lids and aluminium home foil wrap for food.

Importance of 2019 government budget

National Chamber calls for SME development through trade facilitation

Asset quality fallout, IFRS 9 dent Sampath Bank 4Q

Sampath Bank PLC suffered a decline in profits during the three months ended December 31, 2018 (4Q18) as the lender became a casualty of the general weakening of banking sector asset quality and the first time adoption of a new accounting standard resulting in significantly higher provisions for possible bad loans.  Sampath Bank, t

Red clay roofing tile industry urges govt. to relax excessive red tape blocking raw material sourcin

Sri Lanka’s red clay roofing tile industry recently urged the government to reduce excessive regulations and procedures in place with regard to sourcing their main raw material—clay— which has hiked the cost production, driving over 200 clay roofing tile plants out of business.   “The number of act

Forex losses, group-wide digital push hurt Dialog Axiata 4Q

Dialog Axiata PLC’s December quarter (4Q18) profits were hurt by the continued translational losses stemming from its dollar borrowings and the one-off cost made on group-wide business process re-engineering exercise towards digital technology. Accordin

CTC sees 3.2% volume decline in 4Q

Sales slowed at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), during the December quarter (4Q18), as CTC had to jack up prices of some of its products, as a result