Last Updated : 2022-08-13 08:59:00
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12 Jan 2021
In 2019, Sri Lanka recorded the highest reported elephant deaths and second highest number of human deaths in the world, due to the human-elephant conflict (HEC).
20 Mar 2017
The Securities and Exchange Commission of Sri Lanka (SEC) has released the ‘Capital Market Strategy 2020’, a comprehensive transformative plan for Sri Lanka’s capital market, with the intention of providing strategic clarity to market participants and the public.
15 Nov 2016
Finance Minister Ravi Karunanayake presented Sri Lanka’s national budget for 2017 in parliament on November 10, 2016.
29 Dec 2014
The common opposition, fielding Maithripala Sirisena as its presidential candidate, recently pledged to replace the current consumption-led economy with a more sustainable manufacturing-led model.Sri Lanka skipped industrialization, trading for an easy service economy, which currently accounts for 59 percent of the country’s Gross Domestic Product (GDP). This has made the country import-dependant even on certain basic necessities.
10 Dec 2014
Sri Lanka’s January – October YoY exports have improved 9 percent while an export product that recently faced volatile EU markets showed a promising turnaround, a statement by Industry and Commerce Ministry said.“For the month of October 2014 alone our provisional exports were at US $ 900 million and this is only merchandise exports without taking into account service exports such as ICT,” Export Development Board CEO/
01 Dec 2014
Sri Lanka’s inflation in November fell for the fourth consecutive month Year-on-Year (YoY) to 1.5 percent from 1.6 percent a month ago, recording the lowest headline inflation seen in five years, according to data released by the Department of Census and Statistics (DCS).With headline inflation reaching near zero levels, Sri Lanka may now have to worry about a looming deflationary economy, similar to now struggling Euro region and Japan
26 Nov 2014
EconomicTimes: Sri Lanka and Africa are fast emerging as the largest export markets for Hero MotoCorp, according to the company’s Vice-Chairman and Managing Director, Pawan Munjal.
24 Nov 2014
The net profit of Japan’s Onomichi Dockyard owned Colombo Dockyard PLC saw its September quarter net profit (3Q14) dwindling over 80 percent yearon-year (yoy) to Rs.36.3 million, amid its main shipbuilding segment under performing.As a result, the quarterly earnings per share deteriorated t o 51 cents from Rs.2.68.
24 Nov 2014
The private sector should take the initiative to develop the country, according to Defence and Urban Development Secretary Gotabaya Rajapaksa, who was speaking at the Business Today Top Twenty-five 2013-14 at the Colombo Hilton recently.“As Sri Lanka strives to become the Wonder of Asia, those in the corporate world have a special responsibility to help the nation achieve its economic potential,” he said. He claimed that the govern
21 Nov 2014
Bringing global packaging honour to Sri Lanka, the World Packaging Confab kicked off in Colombo for the second time yesterday.Industry and Commerce Minister Rishad Bathiudeen addressing the event said, the upward trend i n per capita consumption and the average packaging cost of FMCGs reporting a 10-15 percent sales growth show the strength of packaging development in Sri Lanka.
14 Nov 2014
Vega, Sri Lanka’s first electric super car will be sold at US$ 400,000 upwards, according to Codegen CEO Dr. Harsha Subasinghe who was speaking at the 59th LBR LBO CEOs Forum at the Cinnamon Grand recently.“Middle East and Sri Lanka are the markets. There is a demand for exclusive cars,” he said.He further added t hat t he first prototype will be completed next month, and that once the commercial model is ready, only 40-50 ca
11 Nov 2014
John Keells Holdings’ commercial banking unit, Nations Trust Bank PLC (NTB) recorded a net profit of Rs.830.1 million for the quarter ended September 30, 2014, recording an increase of 35 percent over the corresponding period last year, the interim results released to the Colombo Stock Exchanged showed.The earnings per share rose to 360 cents from 267 cents during the period.
05 Nov 2014
Power unit signs two hydro PPAs with CEBDiversified conglomerate Sunshine Holdings PLC (Sunshine) posted Rs. 144.59 million net profit for the quarter ended September 30, 2014 (2Q’15), an 18 percent decline from the same quarter last year. The earnings per share was 108 cents from 132 cents a year ago.The negative performance is due to the higher direct costs which rose by 28 percent Yearon-Year (YoY) to Rs.3.31 billion, but the revenue
05 Nov 2014
The listed weft knit manufacturer, Textured Jersey Lanka PLC (TJL) posted a net profit of Rs. 281.79 million for the quarter ended September 30, 2014 (2Q15), up 7 percent a year ago, interim results showed.The earnings per share rose to 43 cents from 40 cents during the same period.The hike in TJL net profits came as a result of a one-off non-operating income of Rs. 20.59 million which comprised of a technical services fee.The top line grew by
05 Nov 2014
Premier blue chip John Keells Holdings PLC (JKH) saw its net profit for the quarter ended September 30, 2014 (2Q15) improving 29 percent year-on-year (yoy) to Rs.2.64 billion, despite lagging transportation and logistics sector performance.The earnings per share for the quarter improved to Rs.2.67 from Rs.2.32 reported in the corresponding quarter of the previous year.The revenue for the quarter rose 6 percent yoy to Rs.22.1 billion whi
04 Nov 2014
Seylan Bank PLC saw its net profit for the quarter ended September 30, 2014 (3Q14) surging 97 percent year-on-year (yoy) to Rs.1 billion with net interest income improving 21 percent yoy to Rs.3 billion.The earnings per share improved to Rs.3.04 from Rs.1.55.Despite a 6 percent drop in interest income, the bank was able to cut its interest expenses by a significant 24.4 percent yoy to Rs.2.86 billion.The net fee and commission income for the q
03 Nov 2014
The Hayleys group knitted fabric manufacturer, Hayleys MGT Knitting Mills PLC (MGT) posted a net profit of Rs.31.74 million (US $ 241,059) for the quarter ended September 30, 2014 (2Q15), up 44 percent from a year ago, according to the interim financial results.The earnings per share rose to 18 cents from 13 cents during the same period.
31 Oct 2014
Chevron Lubricants Lanka PLC, a unit of US-based multinational said its net profit for the quarter ended September 30, 2014 (3Q14) rose 23 percent year-on-year (yoy) to Rs.750 million.The revenue for the quarter rose 11 percent yoy to Rs.3 billion while cost of sales increased at a lower pace of 3 percent yoy to Rs.1.8 billion, resulting in a gross profit of Rs.1.26 billion, up 23 percent.The distribution costs fell 8 percent yoy to Rs.120.2 m
31 Oct 2014
The Central Bank yesterday said the methodology used for the computation for Doing Business rankings have significantly changed and Sri Lanka’s 2014 ranking has been revised downwards to 105 from 85.Therefore, the bank said, according to the 2015 Doing Business report, Sri Lanka’s position has improved to 99th place compared with the previous year’s ranking under the new methodology.
30 Oct 2014
The recently concluded Sri Lanka Economic Association (SLEA) annual sessions saw many users of the published national data highlighting inconsistencies and questioning the methodological soundness of the official data.“I see inconsistencies, a lot of inconsistencies, as a user of national income data. The growth rate is rising so fast, in fact, faster than the levels before. The per capita income has been rising.But, at the same time, I
30 Oct 2014
The 2015 budget is ushering a new era for the country’s development, according to Central Bank (CB) Governor Ajith Nivard Cabraal, who was speaking at the KPMG Budget Highlights event, recently.“Now you see a new beginning, where the focus is no longer what was there in the past, but a new focus has been created in our country,” he said.He said that plans for recent budgets were all followed and achieved systematically
28 Oct 2014
While commending the government for presenting a budget focusing further fiscal consolidation—specially for proposing to cut the fiscal deficit to 4.6 percent of the gross domestic product (GDP)— Sri Lanka’s premier trade chamber, the Ceylon Chamber of Commerce (CCC) proposed a “degree of fiscal stimulus” to prop up slowing demand seen in the market recently.“Whilst there is a proposed 15 percent increase in
27 Oct 2014
Overseas Realty (Ceylon) PLC Group profit after tax, including fair value gains, increased by 28% to Rs 2.4Bn over the previous period. The group maintained a worthy growth momentum to achieve a revenue of Rs 4.7Bn, increased by 41 % through Property Leasing, Trading and Service Segments.
27 Oct 2014
Pan Asia Banking Corporation PLC said its Rs.3 billion debenture issue opened on October 24, was oversubscribed on the same day.The Bank in a bid to fuel its strong growth momentum and capital requirements issued 20 million unsecured subordinated redeemable debentures at an issue price of Rs.100 each.
24 Oct 2014
The Central Bank of Sri Lanka (CBSL) will be completely removing its capital account foreign exchange controls for locals within the next 2-3 years to realize the government’s goal for t he country as a global business hub.“Global business means there can be no foreign exchange controls. People will deal with any currency. Next 2-3 years our country will also be a global business centre. There will not be exchange controls a
23 Oct 2014
Central Bank (CB) Governor Ajith Nivard Cabraal urged the banking fraternity to shift from the traditional mind-set of collateralized lending to serve the financial needs of the emerging middle class.Speaking at the 26th anniversary convention of the Association of Professional Bankers of Sri Lanka, Cabraal stressed the importance of extending non-collateralized lending with ‘earnest’.“You also need to now look at movi
23 Oct 2014
Lanka Rating Agency (LRA) has reaffirmed Trade Finance & Investments PLC’s (TFI) long-and short-term financial institution ratings at BB+ and NP.Concurrently, the ratings have been placed on a Rating Watch Positive. Meanwhile, the ratings are upheld by TFI’s above average asset quality, strong capitalisation and healthy performance.
23 Oct 2014
In spite of Sri Lanka’s Islamic population accounting for 10 percent of the total population and their economic contribution is as high as 15 percent to the gross domestic product (GDP), the country’s Islamic finance sector has been growing at a unsustainable pace and thus, has failed to see its full potential, according to the country’s top Islamic finance professional.
22 Oct 2014
Responding to the ‘creditless growth’ criticism by some quarters, Dr. Weerasinghe said there was a shift in financing the current high levels of economic growth from private credit to off-shore financing, but said economic growth without credit growth is not sustainable.
26 Sep 2014
Foreign Direct Investments (FDIs) into the country during the first eight months of the year has surpassed the billion dollar mark, according to the country’s Investment Promotion Minister.
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13 Aug 2022