Rupee down on importer dollar demand

REUTERS: The Sri Lankan rupee ended weaker yesterday due to importer dollar demand while late exporter sales of greenback capped the fall, dealers said. The rupee which traded at 155.83 during the day closed at 155.70/75 per dollar, compared with Monday’s close of 155.50/70. It hit a record low of 155.90 per dollar on February 14.

Stocks edge up as foreign investors return

REUTERS: Sri Lankan shares rose slightly yesterday and posted their highest close in nearly two weeks as investors picked up beverage and telecom stocks, and foreign investors returned to the market following a communal violence last week, dealers said.

Credit growth to surge beyond Central Bank’s expectation if agriculture sector picks up

Private credit growth may exceed the Central Bank projections of 13.5 percent for 2018 by a significant margin if the agriculture sector recovers this year, according to Hatton National Bank PLC (HNB), Sri Lanka’s second largest private lender by assets.

Taint threatens to stain Ceylon Tea

Fifty three tea factories are facing the prospects of having their licences revoked in the near future, after getting caught adulterating tea during a regulatory survey, the Sri Lanka Tea Board said yesterday.

President arrives in Japan to boost bilateral trade

After concluding the two-day official visit to India, President Maithripala Sirisena arrived in Japan yesterday to further strengthen the long-standing bilateral relations between Japan and Sri Lanka, the President’s Media Unit said.

SLTPB rolls out effective media campaign at ITB 2018

The Sri Lanka Tourism Promotion Bureau (SLTPB) conducted a well-coordinated media campaign at ITB 2018 in Berlin last week, the Tourism and Christian Religious Affairs Ministry said in a statement. As part of this campaign, a high-profile press conference was arranged on the sidelines of the trade exhibition with the participation of many well-known travel journalists. 

LRA approaches SEC to re-enter credit rating biz

The officials behind the now defunct Lanka Rating Agency (LRA) have sent a fresh application to the Securities and Exchange Commission (SEC) requesting permission to re-enter credit rating space in the country, Mirror Business learns.

Laugfs says loss-making resorts will break even by 2020

The Laugfs group is expecting its heavily indebted, loss-making hospitality subsidiary, Laugfs Leisure Ltd, to break even by the 2020 financial year, after going public this year.

JKH gets land in Muthurajawela to carry out logistics business

The country’s largest conglomerate, the John Keells group, has won a government tender for two land plots in the Muthurajawela sand fill area for the next 30 years to conduct logistics operators.

Fitch local boss calls for financial services sector consolidation

Fitch Ratings Lanka Chief Executive and Country Head Maninda Wickramasinghe last week said Sri Lanka has too many banks, insurance and finance companies, much more than the country needs and the proliferation of such companies has left scant scope for efficient use of the limited capital in the country.

For a nation to thrive it requires decisive leadership

The situation in Kandy shamefully took a deeper communal turn after the attacks on the religious sites and shops in the Digana and Teldeniya areas in Kandy. After 30 years of war, we, Sri Lankans, have still not learnt that we should never exploit, initiate, indulge, promote or tolerate any kind of racist, religious and nationalist divisions. 

Communal violence and political instability in Sri Lanka

Communal violence is not new in Sri Lanka and has raised its ugly head periodically since independence in 1948. 

Nelna becomes leading cultivator, supplier of best quality mangoes in Sri Lankan market

‘Nelna’, under its agricultural arm Nelna Agri Development (Pvt.) Ltd, has cultivated 60,000 mango plants following the global good agricultural practices (GGAP), in 650 acres in the Ratnapura and Monaragala Districts. It has achieved its first goal of becoming the leading cultivator of best quality mangoes in the country.

Operational risk management in banks

In the milieu of various risks that banks encounter in financial intermediation, the broadly classified risks are (i) Credit risk (ii) Market Risk and (iii) Operational risk. Despite sufficient regulatory rigor and bank’s own integrated risk management policies, the operational risk management (ORM) tends to relegate to background in the order of prioritisation.

Plantations minister says errant RPCs will be given last chance to reform

Following is based on the speech delivered by Plantations Industries Minister Navin Dissanayake at the National Institute of Plantations Management (NIPM) National Symposium.

Sustainability through value migration: MAS’ journey with Mahesh Amalean

The recently concluded Sri Lanka Ceramic and Glass Symposium 2018, the seventh of its kind to be held in Sri Lanka, saw a memorable and insightful keynote delivery by the renowned MAS Holdings Chairman Mahesh Amalean.

Citizens Development to raise up to Rs.2bn to fund rapid growth

Citizens Development Business Finance PLC (CDB) is raising up to Rs.2.0 billion via corporate bonds to fund its aggressive growth during the ensuing financial year, as the company has been seeing some handsome growth in assets and profits during recent quarters. 

Govt. to buy 100MW thermal power from private sector

The Sri Lankan government has entered into two emergency power deals with the private sector at a hefty cost to the tax payer, as the inadequate rainfall in main catchment areas has reduced the country’s hydro-power generating capacity. 

IMF silent on post- poll market volatilities, possible risks

Sri Lanka’s economic growth is set to pick up pace with reforms largely remaining on track, and the authorities should now push for more liberalised factor markets and take steps to close a “sizeable gender gap” for inclusive growth, the International Monetary Fund (IMF) Staff Mission said concluding a two-week long economic health check as part of their Article IV consultation.  

Singer sewing machine unit diversifies product portfolio

Sewing machine producer Singer Industries (Ceylon) PLC is diversifying its manufacturing into components and accessories manufactured and marketed by the Singer Group due to falling demand for traditional sewing machines and resultant excess production capacities.

New anti-dumping laws to guard domestic industry from unfair trade: Malik

The new anti-dumping laws passed in Parliament last week are vital to protect domestic industry from unfair trade practices but are not aimed at providing blanket protectionism to the domestic industry, the Development Strategies and International Trade Minister Malik Samarawickrama said. 

Construction of Havelock City’s office and retail space component to begin next month

Construction of the office and retail space component of the Havelock City project of Overseas Realty (Ceylon) PLC (ORCL) is expected to start next month, and is to be completed within 3 years.

Modi welcomes Sirisena

India’s Prime Minister Narendra Modi (R) shakes hands with  Sri  Lanka’s President Maithripala Sirisena as he arrives to attend the International Solar Alliance Founding Conference in New Delhi.

‘Protectionist’ Trump tariffs ‘offend’ Germany

AFP: US President Donald Trump is “offending” allies and risking a global trade war with his controversial tariffs on steel and aluminium, Germany’s economy minister said yesterday.

Sri Lanka shines at ITB despite Kandy unrest

Destination Sri Lanka was a hot favourite at the world’s leading travel and trade show ITB which opened in Berlin, Germany on March 7th. 

Austrian steel firm to reconsider US investments

AFP: Austrian steel firm Voestalpine said yesterday it would reconsider its investments in the United States in light of President Donald Trump imposing tariffs on steel and aluminium imports.

UK industrial output jumps in January: official data

AFP: British industrial production rebounded sharply last month on the re-opening of a major North Sea pipeline, official data showed yesterday.

Markets steadied after Trump agrees Kim talks

AFP: European stock markets steadied yesterday following an Asian rally, with traders reacting to a shock decision by Donald Trump and Kim Jong Un to hold talks. Markets were tracking also the latest developments in US President Trump’s tariffs plans, while traders awaited key monthly US jobs data due yesterday.

Florida passes law blocking US state investment in Venezuela

AFP: Florida lawmakers on Thursday passed a law prohibiting the US state from investing in companies that have business ties with the Venezuelan government.  Citing the socialist government’s “use of extreme violence and political persecution,” the law will now appear before state governor Rick Scott, who has expressed backing for the measure in the past and is expected to sign the bill this week or next.

Rupee edges down on importer dollar demand

REUTERS:  The Sri Lankan rupee slipped yesterday as importer dollar demand surpassed the selling of the greenback by exporters and banks, and inward remittances, while communal violence in the central district of Kandy weighed on sentiment, dealers said.