Colombo Dockyard sees no immediate recovery in shipbuilding industry

Sri Lanka’s largest shipbuilder, Colombo Dockyard PLC (DOCK), is not hopeful of a recovery in the shipbuilding market over the short and medium term and will continue to focus on building niche, high-tech ships as a coping strategy, until the demand for its popular offshore support vessels return to normalcy.

IFC and CSE ring the bell for gender equality

The International Finance Corporation (IFC), a member of the World Bank Group, yesterday partnered with the Colombo Stock Exchange (CSE) for the third consecutive year to ring the opening bell for trading to celebrate International Women’s Day 2018—a partnership that highlights how the private sector can spur women’s participation in the global economy and promote  sustainable development.

Tourism authorities on high alert

The tourism industry is working with the local authorities to ensure that the tourists visiting the Kandy area face minimal inconvenience, the state’s tourism office said.

Colombo Trust Finance to raise Rs.600mn to beef up capital

Colombo Trust Finance PLC yesterday announced plans to raise Rs.600 million via a rights issue subject to the approval of the Colombo Stock Exchange and shareholders. 

East West Properties to sell Weligama Bay Marriot to Singaporean firm

East West Properties PLC has signed a letter of intent to sell the entire stake it owns in its subsidiary, Weligama Hotel Properties Ltd, the property owners of recently opened Weligama Bay Marriot Resort & Spa, to Singapore’s HPL Hotels & Resorts Pte. Ltd. However, the stock market disclosure filed by the company yesterday did not give any indication of the possible sale price. 

Rupee falls on importer dollar demand; violence weighs

REUTERS: The Sri Lankan rupee ended weaker yesterday as importers bought dollars on fears that the local currency could depreciate further if communal violence in the central district of Kandy spreads to other areas, dealers said.

Economically empowering Sri Lankan women: One strategy does not fit all

More than half the working population in Sri Lanka consists of women. But out of the total working age population, the share of employed women is only 18 percent. At the same time, around 80 percent of the economically active women of Sri Lanka are from the rural sector. 

Why Sri Lanka’s financial services industry needs to be data-governed and data-driven?

The quality of data used in every business is more important in today’s global business landscape. Our world is changing at a rapid pace as organizations and societies are digitizing faster and moving online and mobile to conduct business. We have more people doing their day to day shopping from home via a smartphone and cutting unnecessary costs and saving time to get involve in many other 

Climate smart agriculture: Key to ensuring food security and rural livelihood

The Intergovernmental Panel on Climate Change (IPCC)’s report on “Climate Change 2014: Impacts, Adaptation, and Vulnerability” says: “Climate change without adaptation could potentially affect the farm livelihood and all aspects of food security including food access, utilization, and price stability.” This is arguably the best way to summarize the impacts of recent climatic situation in Sri Lanka. 

Laugfs bets on group restructuring to return to profitability

Laugfs Gas PLC is planning to return to the black within one financial year, following its corporate restructuring process, which would happen over the next three months, edged along by the new liquefied petroleum gas (LPG) terminal in Hambantota. 

Sri Lanka’s Chief FTA Negotiator says export market diversification key for long-term economic grow

On the invitation extended by the National Chamber of Exporters (NCE), K. J. Weerasinghe Advisor to the Ministry of Strategy Development an International Trade, and Chief Negotiator of the Government, related to the free trade agreements (FTA) with Singapore, India and China, addressed the Council of the National Chamber of Exporters (NCE) of Sri Lanka at its last meeting, to elucidate the important aspects of these FTAs, and particularly the FTA

We must identify our strengths when developing human resources: SLIIT VC

Sri Lanka Institute of Information Technology (SLIIT) Vice Chancellor Prof. Lalith Gamage.

Women-favoured policies, laws to entice them more to tourism jobs

Tourism is an industry that is filled with endless opportunities. For example, being an experienced hotelier can guide a person to be an entrepreneur – to move into their own ventures such as to have five-star venues, boutique hotels and many more.

Colombo Trust Finance to raise Rs.600mn to beef up capital

Colombo Trust Finance PLC yesterday announced plans to raise Rs.600 million via a rights issue subject to the approval of the Colombo Stock Exchange and shareholders. 

Central Bank says CIFL depositors will be paid up to Rs.600, 000

Depositors of failed Central Investments and Finance PLC (CIFL) will receive up to a maximum of Rs.600, 000 per depositor following the cancellation of the finance company’s license, the Central Bank said.

FD rates surge despite Central Bank saying seeing no hike in market interest rates

Sri Lanka’s third largest private bank, Sampath Bank PLC, yesterday raised its interest rates on 12-month fixed deposits by 100 basis points to 11.5 percent, just a day after the Central Bank insisted that there is no short-term upward trend in market interest rates. 

Laugfs banks on group restructuring to return to profitability in one year 

 Laugfs Gas PLC is planning to return to the black within one financial year following its corporate restructuring process which would happen over the next three months, edged along by the new LPG terminal in Hambantota.   

New bank loans turn negative in January

In a rare development, Sri Lanka’s banking sector new loans have turned negative in January as investments and consumption fizzled out amid the widespread uncertainty triggered by the volatile political landscape in the country. 

SLI consolidates market leader position in general insurance

State-owned insurance giant Sri Lanka Insurance (SLI) has once again consolidated its position as the market leader in the general insurance sector in the island.  The company has emerged as the No.1 in general insurance with a healthy market share of 21.3 percent as at December 31, 2017. 

Hidden treasures

The talk that is doing the rounds in paradise is how a powerful ministering type has amassed so much of wealth that he is now forced to store it in a state bank under the name of a businessman belonging to a minority community.

Reshuffle blues

A people representative came on the chit these days is a very unpopular man. After the local hustings the man went missing.

Changing credit risk profile in banks

Credit Risk Management (CRM), as is understood and practiced following its introduction in Basel I way back in 1988, is fast undergoing seminal changes more so after Global Financial Crisis (GFC) - 2008.

Law & Order

There was much speculation that the general type would get the portfolio that was once with a close associate of a VVIP type.

Premiums, stronger investment incomes help Ceylinco Insurance to double profits

The growth in premium incomes, specially from non-life business and stronger investment incomes, helped Ceylinco Insurance PLC to double its 2017 profits as the country’s largest life insurer filed its interim results with the Colombo Stock Exchange last week. 

Central Bank sees no increase in interest rates in near term

Based on its current projections, the Central Bank yesterday said it is not expecting an increase in market interest rates in the near term.

CB cancels CIFL licence

The Monetary Board of the Central Bank cancelled the licence issued to the troubled finance firm Central Investment and Finance PLC (CIFL), with effect from yesterday.

Plans afoot to open up domestic air travel market to boost tourism

The government is hoping to open up the domestic air travel market to the private sector to set up a domestic airline, in a bid to boost connectivity within the country for high-end domestic and foreign tourists.

Rupee ends firmer as exporters sell dollar

REUTERS: The Sri Lankan rupee ended firmer yesterday as dollar selling by exporters and banks outpaced demand for the greenback from importers, dealers said.

BRI: Asia-Pacific’s road to economic prosperity or belt around the neck?

With the Belt and Road Initiative (BRI) now firmly enshrined in the Chinese Communist Party constitution, it is safe to assume that this flagship project of President Xi Jinping will continue long after the country’s most powerful leader since Chairman Mao Zedong officially steps down, whether that happens in 2023 or not.  

Cabinet reshuffle: No real takeaways

Events, as they say in politics, have conspired to force President Maithripala Sirisena to reshuffle his cabinet, to sharpen the government and to shine. Sirisena and Prime Minister Ranil Wickremesinghe decided to reshuffle the cabinet of ministers to manage the fallout after the recent election.