CB denies media reports on macroeconomic projection updates

The Central Bank (CB) yesterday said several media reports containing certain macroeconomic projections have been erroneously attributed to them.

Curbs on auto imports put thousands of jobs in peril, says CMTA

The Ceylon Motor Traders Association (CMTA), the only trade association in Sri Lanka that represents automotive manufacturers through their local importers, yesterday urges the government to provide a clear direction on the period of the vehicle import suspension and emphasised the need to regulate automotive imports by illegitimate importers that have been vetted by the government.

Seylan Bank June earnings flat; impairments sharply up

Becoming the first bank to report June quarter (2Q20) interim results, Seylan Bank PLC may have set the tone for the expected performance of the country’s banking sector for the three months, where economic activity lagged due to COVID-19 lockdowns, which lasted for nearly two months.

Pandemic erases John Keells Hotels June top line as resorts remained shut

John Keells Hotels PLC reported its worst performance during the three months to June 30, 2020 (1Q21), as the resort operator in both Sri Lanka and the Maldives reported only a nominal income amid global tourism coming to an abrupt halt, due to the novel coronavirus from mid-March.

New lending rate seen easing, but with a lag

The average new lending rate in the economy is seeing easing with the aggressive monetary policy easing instituted from the onset of the pandemic as interest rates on loans extended to SMEs are seen coming down, though with a lag compared to the rates offered to big businesses.

Huawei overtakes Samsung as top smartphone seller in the world

China’s Huawei has overtaken Samsung to become the number-one smartphone seller worldwide in the second quarter on the back of strong domestic demand, industry tracker Canalys said yesterday.

Nestle sees growth slow amid confinement

Swiss food giant Nestle said yesterday that second quarter growth slowed as lockdowns aimed at halting the spread of COVID-19 shuttered eateries, while confined consumers relied on home reserves.

SLCSMI urges govt. to strengthen short-term SME support measures

Sri Lanka Chamber of Small and Medium Industries (SLCSMI) yesterday urged the government to expand and solidify the short-term measures introduced in support of the country’s SME sector amid COVID-19 crisis, in order to retain the momentum for the sector’s continuous development.

Sri Lanka raises further US $ 100mn via development bonds

Sri Lanka raised US $ 100 million via development bonds at an auction held between July 22 and July 27, the second such auction since June 25, when the government raised a similar amount, as the government ramped up borrowings for dollar liquidity.

Gold hits new high; equities struggle on virus fears

Gold chalked up another record peak on Tuesday, while equity markets struggled with mounting coronavirus fears amid a political fight in Washington over another fiscal package to support the battered US economy.

BOI agreement signed for Vallibel Properties’ 16-storey office complex

Vallibel Properties Ltd has signed an agreement with the Board of Investment (BOI) for the construction of its 16-storey office complex.

Office furniture importers urge govt. to lift import suspension

Joining the bandwagon on urging the government to do away with the import restriction are the office furniture importers, who stressed the need to lift the suspension with immediate effect, to cushion the sector from further impacts.

Markets mixed ahead of Fed decision as US lawmakers haggle

Equities fluctuated yesterday as investors kept a nervous eye on Washington this week, hoping the Federal Reserve will extend its dovish monetary policy while lawmakers are struggling to hammer out a much-needed new stimulus package.

Lankan banking sector one of three in APAC to keep asset yields positive despite COVID-19 setback: Moody’s

Although the COVID-19 pandemic has hit the profitability of the banks in Asia-Pacific (APAC), Sri Lanka’s banking system has managed to keep its asset yields from falling negative, a position only two other regional economies secured during the crisis, Moody’s latest report on financial institutions revealed.

Refurbished Excel World to reopen doors next month

Browns & Company PLC, a unit of LOLC Group, plans to re-launch the refurbished Excel World Entertainment Park next month after closing its commercial operations nearly one year ago for upgrading.

Cargills June earnings sharply down as lockdowns hurt retail operations

Cargills Ceylon PLC witnessed the most challenging three months in its recent history as lockdowns prevented in-person visits to their stores while their restaurants remained closed weighing on the group financial performance.

Chevron Lubricants June earnings impacted by lower sales

Sri Lanka’s lubricant market leader, Chevron Lubricants (Lanka) PLC posted a net profit of Rs.427 million for the June quarter, recording 3 percent decline compared to the corresponding period last year, due to lower sales resulting from COVID-19 crisis.

New guidelines issued to passengers travelling to Dubai and beyond

Customers from across Emirates’ network can now travel to Dubai as the city has re-opened for business and leisure visitors with new air travel protocols that safeguard the health and safety of visitors and communities.

Brush maker BPPL sees robust demand for its products amid pandemic

BPPL Holdings PLC became an immediate casualty of the pandemic-induced lockdowns as its factories had to be closed down, disrupting its normal cause of operations, but the company is seeing increased demand for its products from the cleaning sector and the Do-It-Yourself (DIY) sector in the home improvement category.

Central Bank says discussions underway with RBI for US $ 1bn special bilateral swap

The Central Bank (CB) yesterday said it is holding further discussions to secure an additional US $ 1 billion under a special bilateral swap agreement with the Reserve Bank of India (RBI).

Lanka IOC deep in red as lockdowns hurt

Lanka IOC PLC reported extremely sluggish revenues, resulting in a deeper loss during the three months to June 30, 2020, as the demand for gasoline was at its lowest since much of the quarter remained economically inactive amid COVID-19 lockdowns.

Cargills Bank gives dour profit outlook for 2020 as virus bites

Cargills Bank Limited gave a dour outlook for the company’s earnings and asset quality for the remainder of the year, coming directly from the pandemic and the subsequent relief measures extended to affected parties, as the bank said that the crisis had impaired its ability to generate interest incomes and other fees.

People’s Bank Rs.20bn debenture issue oversubscribed

People’s Bank’s Basel III, Tier 2-compliant, unlisted, rated, unsecured, subordinated, redeemable debenture issue was oversubscribed, receiving in excess of Rs.20 billion worth of bids during the early hours of the opening day itself, in a strong expression of investor confidence.

Fitch plans to withdraw ratings of Kotagala Plantations on commercial reasons

Fitch Ratings plans to withdraw the ratings of Kotagala Plantations PLC for commercial reasons, on or about August 21, 2020.

Lankem disposes Sigiriya Village stake to related party

Lankem Ceylon PLC yesterday disposed an equity stake of 23.12 percent, amounting to little over two million shares, in subsidiary company Sigiriya Village Hotels PLC to a related party, with no change to the ultimate ownership.

Treasury facilitates Rs.10.4bn to PMB via state banks to purchase Yala season paddy

The Treasury has made available Rs.10.4 billion worth of funds to the Paddy Marketing Board (PMB), through state banks, to purchase paddy at a set price of Rs.50 per kilo for the Yala season, Finance, Economic and Policy Development Ministry said.

Gold hits record high on haven demand as markets rally sputters

Gold hit a record high yesterday as investors rushed into the safe-haven on concerns about China-US tensions, a spike in virus infections around the world and a lack of progress on a new stimulus bill in Washington.

Central Bank clarifies on repurchase agreement with Federal Reserve Bank

The Central Bank of Sri Lanka (CBSL) has recently entered into an agreement with the Federal Reserve Bank, New York (Fed) as a temporary source of US dollar liquidity to be used when required.

Bogawantalawa Tea Estates in diversification drive

Bogawantalawa Tea Estates PLC, one of the leading high grown tea plantation companies, is diversifying into specialty tea varieties, spices, timber plantations and oil palm cultivations, said ICRA Lanka in a rating report on the company.

CT Holdings and Cargills announce share buyback plans

CT Holdings PLC and its subsidiary Cargills (Ceylon) PLC have announced plans for share buy backs on a pro-rata basis up to a maximum of 5 percent within one year, subject to shareholder and regulatory approval .