Banking sector grants record loans in 2018

Sri Lanka’s banks have granted a record amount of loans and their growth also picked up pace during 2018 despite higher interest rates and non-performing loans—though the latter’s rise sho

SEC charges person in Court for ignoring summons

The Securities and Exchange Commission of Sri Lanka (SEC) yesterday said they charged one Vidanalage Juvenal Aruna Melan Soysa at the Fort Magistrate’s Court on January 25, 201

Changes to income tax regime require appointment of tax ombudsman urgently

Sri Lanka requires an immediate appointment of a tax ombudsman, asserted a leading lawyer in the country, as the need for such a post is felt now than ever before due to the changes in the income tax regime and the implementation of the Revenue Administration Management Information  System (RAMIS).

Rise in activated carbon price shores up Haycarb 3Q

Haycarb PLC, a manufacturer of coconut shell based activated carbon, reported strong performance for the quarter ended December 31, 2018 (3Q19) as the company boosted its revenue through raising prices of its products, although it faced some stiff competition from India and Philippines, the largest coconut carbon producing countries in the region. 

SLTDA to call proposals to develop master plans for Kuchchaweli and Kalpitiya tourism zones

The Sri Lanka Tourism Development Authority (SLTDA) is to develop master plans for sustainable tourism development activities in Kuchchaweli Beach Tourism Zone and Kalpitiya Tourism Z

Bank of China’s US $ 300mn loan to Sri Lanka faces delay

(Colombo) REUTERS: A US $ 300 million loan offered by Bank of China to Sri Lanka is facing delays, government officials familiar with the negotiation told Reuters. The Indian Ocean island nation, a key battleground in the t

Long-delayed global tourism promotion campaign to Cabinet shortly

The Tourism Development, Wildlife and Christian Religious Affairs Ministry is preparing to present the detailed plan of  the long-delayed Rs.3 billion global promotion campaign to the Cabinet shortly

Removal of Charles aimed at crushing “port mafia”: Mangala

Finance and Mass Media Minister Mangala Samaraweera yesterday defended his earlier decision to appoint the retired navy official Rear Admiral Dr. Shemal Fernando as 

BOC and People’s Bank get acting chairmen

Finance and Mass Media Minister Mangala Samaraweera yesterday appointed acting heads for the two state banks—Bank of Ceylon (BOC) and People’s Bank. Treasury Senior Deputy Secretary A.R. Desapriya was appointed as Acting Chairman of BOC, while Treasury Deputy Secretary A.M.P.M.B. Atapattu was appointed as Acting Chairman of 

Rupee ends firmer on exporter dollar sales

(Colombo) REUTERS: Sri Lanka’s rupee rose 0.3 percent yesterday due to exporter dollar sales, while a trade union action at customs dampened importer demand for the greenback. 

Chevron, McLarens get government lube contracts

Chevron Lubricants Lanka PLC has been awarded two tenders to supply lubricants to the government’s electricity utility. The Cabinet of Ministers this week approved a proposal to award the contract of supplying 750,000 litres of cylinder lubricants and 175,000 litres of system lubricants needed for the barge-mounted power station of the Ceylon Electricity Board, to Chevron Lubricants. The proposal was present

New maritime policy not in favour of shipping sector liberalisation

The final draft of the National Policy for Maritime and Logistics Sectors advocates Sri Lanka to continue with the status-quo of minimum 60 percent equity holding for locals in shipping agency companies as opposed to the 2018 budget proposal to liberalise foreign ownership restrictions of shipping agencies.  Ports and Shipping and 

Customs TU action cripples Colombo business

Food importers and wholesalers shut their shops in the capital city yesterday, demanding the government to resolve trade union action by Customs officials. Picture shows a labourer sleeping on a cart in a street in Pettah without any work. However, following discussions with the Finance Minister and the President last night, Custom trade unions had called-off all trade union action

Giving meaning to Independence

Sri Lanka celebrated its 71st year of independence from the British colonial rule on Monday. Despite the reservations we may have about the country’s post-independence journey so far and its despicable politics, freedom from subjugation to foreign rule should be celebrated. But in the present world context, the true meaning of independence and freedom will only be able to be felt to the extent of which a nation has gained its economic indep

Sena attacks on local agriculture and vision of the stupid

The first ‘Sena attack’, carried out unwittingly and in good faith, began soon after the ‘Yahapalana’ government came into being in 2015 and under the much hyped slogan of Toxin-Free Nation. The second was the banning of glyphosate, with similar stupid science behind it as for the first but evidently the most damaging of the three, economically. 

Mirror Biz Toon

Cayman Island-based The Sri Lanka Fund to be wound up

Ceylon Guardian Investment Trust PLC (GUAR) and Ceylon Investment PLC (CINV) said yesterday that they are considering winding up the US$2.23 million Sri Lanka Fund incorporated in the Cayman Island, a tax haven. Both companies, subsidiaries of Carson group, each holds 43.34 of the dollar denominated fund.“After much analysis and discussion, it has been decided to consider winding up operations of The Sri Lanka Fund, as this investment vehic

Rupee ends 1% weaker on importer dollar demand

REUTERS - Sri Lanka’s rupee ended 1 percent weaker yesterday, due to dollar demand as importers purchased the greenback after the local currency gained nearly 3 percent last week. 

Fitch to recalibrate ‘lka’ ratings to reflect sovereign downgrade

Fitch Ratings said yesterday it would recalibrate the Sri Lankan National Rating scale to reflect changes in the relative credit worthiness among Sri Lankan issuers, following the downgrade of the country’s sovereign rating to ‘B’ from ‘B+’ on 3 December 2018. “The recalibration will

Government allocates over half of expenditure for debt servicing this year

The government has allocated over 50 percent of total expenditure for debt servicing in the Appropriation Bill 2019, amounting to Rs. 2.23 trillion, the highest ever debt servicing value in the country’s history, the Finance Ministry stated. Accordingly, Rs 1.2 trillion and Rs. 930 million has been allocated for domestic debt servicing and foreign debt servicing this year. The government estimate

Banks issue warning on ATM skimming activities

The Payment Card Industry Association of Sri Lanka and Sri Lanka Banks’ Association in a brief joint statement yesterday urged the public to inform their respective banks immediately in the event of any suspicious transaction noticed on their account.

Serenia Residences to host ‘Meet the Developer’ event this weekend

Colombo-based real estate development firm Serenia Limited will host an exclusive event featuring an intimate discussion and a walk-through of the site with the partners and developers of Serenia Residences.

SLPA signs agreement with Colombo Dockyard to built two pilot boats

The Sri Lanka Ports Authority (SLPA) signed an agreement with Colombo Dockyard PLC yesterday to build two pilot boats for the Port of Colombo, enabling it to handle a greater volume

Rubber Research Institute gets first chairwoman

Dr. Vishaka Sooriyabandara has been appointed as Chairperson of the Rubber Research Institute of Sri Lanka. The appointment letter was handed over to Sooriyabandara by Plantation Industries Minister Navin Dissanayake on January 31, 2019, at the ministry premises, in Sethsiripaya.

China and Singapore to invest US $ 1.1bn in cement and steel plants

Sri Lanka moves closer to secure US $ 1.1 billion investments from Singapore and Chinese investors to set up a steel plant and cement plant as the government focuses on regaining the investor confidence that derailed during the political crisis.   Development Strategies

Rupee ends 1% firmer on dollar sales; posts weekly gain of 2.8%

(Colombo) REUTERS: Sri Lanka’s rupee ended over 1 percent firmer yesterday, posting a weekly gain of 2.8 percent, as foreign investors purchased government securities after an International Monetary Fund (IMF) statement and government’s US $ 1 billion debt repayment boosted confidence. The rupee closed at 176.60/177.00 

New e-commerce rules jolt Amazon.com in India as products vanish

(New Delhi/Mumbai) REUTERS: India’s revised e-commerce rules caused widespread disruption on Amazon’s India website when they kicked in yesterday, forcing the company to take down its key grocery service and remove a wide range of products such as sunglasses and floor cleaners. The products began to disappear fro

Correction

In our story titled ‘Thilak Piyadigama to head Sanasa Development Bank’ appeared yesterday (February 1), the date of the retirement of CEO/GM Nimal C. Hapuarachchi should be February 28, 2019. We regret the inadvertent error.

State Bank of India posts biggest quarterly profit in nearly 7 years

REUTERS: State Bank of India beat expectations and posted its highest quarterly profit in nearly seven years yesterday, as the country’s biggest lender by assets set aside lower provisions for bad loans and asset quality improved. Its net profit was Rs.39.55 billi

Debt Repayment Levy stymies People’s Leasing profit growth

People’s Leasing & Finance PLC (PLC), a unit of State-owned People’s Bank, reported higher earnings for the quarter ended on December 31, 2018 (3Q19) on modest growth in loans and leases although the bottom line growth was stymied by a sizeable debt repayment levy.  The non-bank lender, with assets