PNG paves way towards new natural gas project

PORT MORESBY (AFP) - Papua New Guinea yesterday signed a deal with energy giants Total and ExxonMobil on a proposed new project that would significantly boost the natural gas exports from the poor Pacific Island nation. The parties hope to fi

ECB sees ‘no reason’ for eurozone slowdown

FRANKFURT AM MAIN (AFP) - European Central Bank President Mario Draghi said yesterday he saw “no reason” why growth in the eurozone should wither, minimising a sharp slowdown in the third quarter. “There is certainly no reason why t

Leading chambers call for sensible actions to avert economic downfall

Four leading business chambers yesterday in a joint statement expressed their grave concern over the current political situation in the country, while condemning the behaviour of some of the elected

Rupee falls to record low on continued political uncertainty

REUTERS: The Sri Lankan rupee fell to an all-time low yesterday, continuing its record-setting spree, as political uncertainty outweighed the positive impact of a policy rate hike, sources said. Stocks closed firmer for a fourt

Aitken Spence Sept. net down 17% to Rs.484mn

The modest performance of the tourism segment despite higher tourist arrivals weighed in on Aitken Spence PLC’s bottom line despite the steady performance of the group’s key maritime and logistics and service sectors for the period ended September 30, 2018 

Sri Lanka highly vulnerable to tightening global financing conditions: Moody’s

Moody’s investor services placed Sri Lanka (B1 negative) among Maldives (B2 negative), Mongolia (B3 stable), and Pakistan (B3 negative), who are particularly vulnerable to tightening external fi

Asite Talwatte appointed NSB Director

Asite Talwatte, a top professional and a veteran in the corporate world has been appointed to the Board of National Savings Bank by the Minister of Finance and Economic Affairs.

Ceylinco Life appoints new Chairman and MD in smooth transition

Ceylinco Life Insurance Limited (Ceylinco Life) has announced the appointment of R. Renganathan, the company’s Managing Director/CEO, as Executive Chairman effective November 14, 2018 and the concurrent appointment of Deputy CEO Thushara Ranasinghe as Managing Director/CEO.

Hefty tax reversal boosts Softlogic Sept. quarter

Softlogic Holdings PLC returned to profit during the three months ended September (2Q19) amid a substantial tax reversal at the group’s life insurance business, while the group’s key retail business 

Despite strong top line, higher finance costs continue to hurt Hayleys bottom line

Despite a strong top line performance, the bottom line of Sri Lanka’s diversified blue chip Hayleys PLC fell victim to significantly higher finance costs stemming from recent acquisitions and the exchange rate fluctuations.

CB raises key rates in surprise move to support currency

Sri Lanka’s Central Bank unexpectedly raised its key policy rates yesterday, a move aimed at defending a faltering rupee currency as foreign capital outflows pick up amid an escalating political crisis and rising U.S. interest rate

ComBank shows resilience despite surge in NPLs, higher taxes

Commercial Bank of Ceylon PLC (ComBank) yesterday showed it has what it takes to withstand the shocks in the wider economy and could still post strong profits and growth. 

Neil Umagiliya appointed as BOC Chairman

Former Monetary Board member Neil Umagiliya has been appointed as Chairman of state-owned banking giant, Bank of Ceylon (BOC) with effect from November 13, 2018.

Nestlé Lanka 3Q bottom line helped by lower costs

Nestlé Lanka PLC, the local unit of the world’s largest food company, saw its September quarter (3Q18) net profits increasing 15.6 percent year-on-year (YoY) to Rs.941 million, as the company managed to contain its costs despite a drop in sales figures.    The firm’s cumulative profits for the nine months ended on September 30, 2018 also recorded an increase of 6.7 percent YoY to reach Rs.10.5 billion. 

CB seen keeping policy rates steady amid political crisis

The Central Bank is expected to leave its key interest rates steady today, despite heavy pressure on the rupee from a deepening political crisis, a Reuters  poll showed.

Int’l operations boost Dipped Products 2Q

Dipped Products PLC, the non-medical glove maker of Hayleys group, saw its performance improving significantly during the September quarter (2Q19) with positive contributions from the firm’s local and international operations.

Rupee hits record low amid political turmoil

REUTERS: The Sri Lankan rupee fell to a record low of 176.15 to the U.S. dollar yesterday, surpassing the 175.90 hit in the previous session, amid political uncertainty triggered by President Maithripala Sirisena’s decision to dissolve parliament.

Higher credit costs, asset quality erosion dampen Sampath Bank third quarter

Sampath Bank PLC profits edged lower over significantly higher provisions made against possible loan losses while the bank’s asset quality eroded as debt serviceability of the borrowers weakened significantly.   The bank reported a net operating income 

Neil Umagiliya appointed BOC chief

Former Monetary Board member Neil Umagiliya has been appointed Chairman of State-owned banking giant, Bank of Ceylon (BOC) with effect from November  13, 2018.

Higher finance costs continue to hurt Hayleys despite strong top line

Despite a strong top line performance, the bottom line of Sri Lanka’s diversified blue chip Hayleys PLC fell victim to significantly higher finance costs stemming from recent acquisitions and the e

ComBank resilient despite surge in NPLs, higher taxes

Commercial Bank of Ceylon PLC (ComBank) yesterday showed it has what it takes to withstand the shocks in the wider economy and could still post strong profits and growth. 

Western diplomats shun meeting with Sri Lanka minister on political crisis

(Colombo) REUTERS: Eight Western countries stayed away from a meeting with Sri Lanka’s government yesterday to register their protest against President Maithripala Sirisena’s decision to dissolve Parliament, diplomatic and government sources said.  

Sri Lanka’s bilateral aid not at risk: Amunugama

Foreign governments have not withdrawn grants, project loans and economic programmes with Sri Lanka, said Sarath Amunugama, who was appointed as Foreign Minister amid a constitutional crisis.

SL dollar bonds drop more than 2 cents as political crisis deepens

(London) REUTERS: Sri Lanka’s dollar-denominated bonds tumbled yesterday after President Maithripala Sirisena dissolved Parliament on Friday night and called a general election for January 5 in a move that will likely deepen the country’s political crisis.   

JKH announces Rs.11.1bn share buyback

Premier blue chip John Keells Holdings PLC (PLC) yesterday announced plans to execute a share buyback to the tune of Rs.11.1 billion.   

Improved logistics performance boosts Expolanka 2Q

Expolanka Holdings PLC returned to profits during the three months ended September 30, 2018 (2Q19), from a loss made in the corresponding quarter, last year, as a result of consistent performance of its core logistics business.   

China’s BRI: A sustainable partnership for Sri Lanka?

Over the last few years, both economic and historical ties between Sri Lanka and China have grown with China becoming a significant economic partner of Sri Lanka. The Belt and Road Initiative (BRI) is at the centre of this. The Chinese government has invested large sums to develop infrastructure and trade routes for what it believes is a mutually beneficial programme.  

Rupee hits record low of 175.90 on political uncertainty

(Colombo) REUTERS: The Sri Lankan rupee fell to a record low yesterday, as political uncertainty triggered by President Maithripala Sirisena’s decision to sack Parliament weighed on sentiment, in line with bonds, market sources said.  

Cigarette sales drop in 3Q after two quarters of volume growth

The sales dropped at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), during its most recent quarter, after two quarters of volume growth, with the government again hiking the taxes in August 2018, which led CTC to jack up the prices of some of its products.  During the July-September quarter (3Q18), CTC said the cigarette sales fell 14.2 percent from a year ago and as a result, the gross revenue fell by almost Rs.3.0 b

Sunshine 2Q overshadowed by poor tea biz, price controls and higher finance costs

Sunshine Holdings PLC’s performance for the September quarter was hurt by the poor agri business led by tea and weak margins in the healthcare segment, due to the controlled prices imposed by the government and higher borrowing costs.  The diversified conglome