Panasian Power seeks aggressive growth; looks for foreign opportunities

Panasian Power PLC (PAP) said it intends to further increase its installed capacity through solar and mini-hydro projects in FY19 while looking for opportunities in Africa and South East Asia, as the firm aspires to become the largest listed renewable energy solutions provider in the country within the next three years.   The company’s top and bottom lines saw a significant growth during

Nordic interest on Lankan stocks growing, says CSE

The Colombo Stock Exchange (CSE) yesterday said investment flows from the Scandinavian region to Sri L

Sri Lanka with China and Kenya to lead world’s black tea production

The world’s black tea production is projected to increase by an annual growth rate of 2.2 percent, to reach 4.42 million tonnes, as a result of major production increases in Sri Lanka, China and Kenya.

Rupee ends firmer on inward remittances

REUTERS: The Sri Lankan rupee ended slightly firmer in light trade yesterday, helped by inward remittances and a lack of demand for dollars from importers due to a holiday in New York.

Browns to raise Rs.7.1bn via rights to settle debt

The Brown & Company PLC director board has resolved to raise Rs.7.08 billion through a rights issue, subject to the approval of its shareholders and the Colombo Stock Exchange, with regards to the listing of the rights shares. 

Cheers! Coca-Cola launches first boozy drink in Japan

AFP: Coca-Cola launched its first-ever alcoholic drink yesterday in Japan— a fizzy, lemon-flavoured concoction laced with spirits that seeks to capitalise on the growing popularity of “chuhai” alcopops enjoyed especially by young women.

BRICS development bank to issue US $ 780mn in yuan-denominated bonds

REUTERS: The New Development Bank (NDB), set up by the BRICS group of major emerging economies, said yesterday it plans to raise 5 billion yuan (US $ 782 million) through a yuan-denominated bond issue 

Shares mark 2-wk closing low; trade dull

REUTERS: Sri Lankan shares marked their lowest close in two weeks yesterday with investors mostly keeping to the sidelines awaiting cues about the real impact of the floods that hit the island-nation over the past week.

Sri Lanka sells Rs.90bn in 5-year and 10-year bonds

The Public Debt Department (PDB) of the Central Bank yesterday sold Rs.90 billion worth of five-year and 10-year bonds, the press notice issued by the Central Bank indicated.

Sri Lanka to amend archaic customs law to enable paperless trade

Sri Lanka is to amend the archaic customs law shortly to facilitate paperless trade and pre-arrival clearances at the Customs, Sri Lanka Customs Director General and National Trade Facilitation Committee Chairman P.S.M. Charles said.

One-off gains boost JKH 4Q; but tough operating conditions weigh on performance

Despite significantly higher profits recorded by the Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) due to one-off gains stemming from the group’s financial services sector, the interim financial accounts released to the Colombo bourse indicated tough times faced by the group’s key business segments.

Hemas core business feels pressure from lower disposable incomes

Higher inflation and lower disposable incomes have hit the core consumer business of Hemas Holdings PLC while the recent investment in Atlas Axillia and other business expansions in both home and abroad are weighing on the group’s overall business performance. 

Ceylinco Insurance announces 315% dividend of original share price

Ceylinco Insurance PLC announced an incomparable dividend of Rs.31.50 per share to its shareholders for the year 2017, which constitutes a 315 percent dividend of the original share price.

Rising interest and energy costs, higher depreciation dent Piramal Glass performance

Higher depreciation, interest and energy costs and slowdown in domestic business have impacted the performance Piramal Glass PLC, the only glass bottle maker in Sri Lanka.

SL accepts US$1 bn, 8-year syndicated loan from China Development Bank

REUTERS: Sri Lanka has accepted an eight-year China Development Bank US$1 billion syndicated loan to repay loans maturing this year, two top Finance Ministry officials said on Friday.

Melstacorp enters cement business

Harry Jayawardena-controlled Melstacorp PLC has entered into a cement business forming a joint venture company with Indonesia’s Gama Corp.

Sri Lanka mostly at risk from rupee depreciation: Moody’s

Sri Lanka stands mostly at risk among frontier markets from a persistent rupee depreciation against the U.S. dollar as it will present fiscal troubles from bloating debt servicing needs, Moody’s Investors Service said in a special report on impact on Asia Pacific (APAC) sovereigns from currency depreciation. 

Shares slip; diversified stocks top drag

REUTERS: Sri Lankan shares closed slightly weaker yesterday as investors sold diversified stocks such as John Keells Holdings Plc, while block deals boosted turnover. 

UniCredit Bank provides Rs. 900 mn loan to improve university medical facilities

The Sri Lankan government has identified the importance of having competent human capital to compete with the rapidly changing global economy as the country is geared to take off and advance as a fast growing middle-income country. 

New Zealand provides assistance to boost Lanka’s dairy, horticulture sectors

The Primary Industries Ministry has already started numerous projects under the agriculture sector, specially value-added and export-oriented programmes, to achieve the country’s national objectives.  Workshops are being currently conducted by experts from New Zealand to enhance the dairy and horticulture sectors. 

Auto Vision Motor Show

The Auto Vision Motor Show 2018, that brings together motor-related products and services under one roof, opened at the  BMICH yesterday. It showcases an array of passenger cars, off-road vehicles, concept cars, luxury vehicles, custom-built vehicles, commercial vehicles and motorcycles.

Malik- Xueyuan discuss investment promotion

The Chinese ambassador to Sri Lanka Cheng Xueyuan paid a courtesy call on the Minister of Development Strategies and International Trade Malik Samarawickrama recently. The meeting took place at the ministry was meant to discuss ways to promote investment opportunities between the two countries. 

Shares and dollar recover, Italian markets set for big weekly loss

REUTERS: World shares steadied and the dollar resumed its rise yesterday after a wobble caused by U.S. President Donald Trump’s decision to cancel a summit with North Korea, though political risk put Italian markets on track for heavy weekly losses.

Ross to visit China for trade talks in early June

REUTERS: U.S. Commerce Secretary Wilbur Ross will visit China early next month for another round of talks amid ongoing trade frictions between the world’s two largest economies.

EU states reach deal on reform of banking capital rules

REUTERS - European Union finance ministers reached an agreement yesterday on reforming bank capital rules, a major step towards boosting the bloc’s financial stability and a stepping stone towards a deal on a backstop for its bank-rescue fund in June.

Rupee ends steady; importer dollar demand weighs

REUTERS: The Sri Lankan rupee ended steady yesterday with dollar buying by a foreign bank and importers weighing on the local currency, while exporters stayed on the sidelines expecting the rupee to weaken further in line with other emerging market currencies. 

ASEAN in 2018: Strength in economic diversity

The saying ‘there is strength in diversity’ often comes up when people talk about ASEAN’s cultural differences but it is also true that economic diversity is one of the bloc’s great strengths.

Chinese-operated H’tota port now eyes bunkering business

Hambantota International Port Group (Private) Limited, the joint venture formed between China Merchants and Sri Lanka Ports Authority for the development of the Hambantota port, now eyes the bunkering business for global shipping lines, an official said .

Demand for private healthcare on the rise as population ages fast, incomes rise: Fitch

Fitch Ratings said yesterday private healthcare providers in Sri Lanka will experience rising demand amid the fast-ageing population and rising incidence of non-communicable deceases (NCDs) with more people moving into cities.  

Tea output falls 15% in April; exports up 4%

REUTERS: Sri Lanka’s tea output fell 15.3 percent in April from a year earlier, the state-run Tea Board said yesterday, with industry officials attributing the decline to a high base effect and more public holidays this year.