SL in discussion with China Development Bank to borrow up to US$ 2bn

The government is in discussions with China Development Bank (CDB) to obtain a loan up to US$ 2 billion with a likely 10-year tenor, which could be finalised within weeks, CB Senior Deputy Governor, Dr. P. Nandalal Weerasinghe revealed.

Six-month ultimatum given to 20 troubled finance firms facing liquidity issues

Central Bank (CB) has set up clear targets for the 20 odd non-banking sector financial institutions facing liquidity issues, to be achieved during next 3-6 months.

Govt. to appoint expert committee on issuing broadcasting and telecasting licenses

The government is to appoint an expert committee for the issuance of broadcasting and telecasting licenses, the Cabinet office said.

EDB says 2020 export target in quandary due to coronavirus

The Export Development Board (EDB) yesterday said due to the effects felt by the supply chains of Sri Lanka’s key export sectors from coronavirus (COVID-19), achieving the US$ 18.5 billion export target set for this year is in quandary.

Govt. to set up holding company for Grand Hyatt, Hilton and GOH

The government plans to bring hotels and tourism related assets held by various State-owned agencies and institutions under one holding company to stop the practice of pumping in taxpayer monies to such assets.

Fitch rates CEB’s proposed debt up to Rs.20bn at ‘AA+(lka)’

Fitch Ratings has assigned Ceylon Electricity Board’s (CEB: AA+(lka)/Negative) proposed senior unsecured debenture issue of up to Rs.20 billion a National Long-Term Rating of ‘AA+(lka)’.

CB mulls action against banks imposing charges sans public disclosure

The Central Bank (CB) is contemplating to initiate action against banks which impose various charges on their customers without public disclosure.

Apparel industry holds crucial meeting today to assess virus hit

The representatives of Sri Lanka’s apparel sector will meet today to assess the impact of the coronavirus (COVID-19) outbreak on the industry, which is also in fear of going out of work in the immediate term, Mirror Business learns.

Senkadagala Finance acquires Candor Asset Management

Senkadagala Finance PLC yesterday acquired Candor Asset Management, a unit trust and asset management firm, from Eagle Proprietary Investments Limited (EPIL), the Dubai-based financial investment arm of National Industries Group (NIG), according to a filing to the Colombo Stock Exchange (CSE).

India’s coronavirus cases rise to 28, including 16 Italians

Sixteen Italians in India have tested positive for coronavirus, the Indian health minister said yesterday, as the total number of known cases in the country rose sharply to 28.

Need for prudent ministerial portfolio allocation urged for better public finance mgmt.

As Sri Lanka is gearing up for a parliamentary election, economists are stressing on the need to allocate ministerial portfolios in a more prudent manner so that the public finance management, amongst other areas, does not get hampered.

Multi Finance says working towards fulfilling Rs.2.5bn capital requirement

Multi Finance PLC has long been eying a capital injection running into at least a couple of billions, which will help it to come out from the Colombo Stock Exchange’s (CSE) Watch List and to meet the enhanced regulatory capital requirements.

Colombo Dockyard in red as shipbuilding in deep waters

Colombo Dockyard PLC swung to a loss in the quarter ended December 31, 2019 (4Q19), as the firm’s shipbuilding operations lost money and the ship repairing business lost steam amid the escalation of costs.

Government decides to increase low-interest loan amount offered to victims of microfinance crisis

The government has decided to increase the low-interest loan amount offered to the borrowers of microfinance loans, who were charged with extremely high interest rates, by Rs.20,000 to Rs.60,000, the Finance, Economy and Policy Development Ministry said.

LankaClear, CSSL deny recent ATM network ‘hacking’ rumours

LankaClear, the operator of LankaPay denies recent rumours circulating in social media claiming that the security of ATMs of certain banks were compromised.

Januray export earnings languish as merchandise exports fall

Sri Lanka’s export income increased marginally by 0.96 percent year-on-year (YoY) to US$ 1398.7 million in January 2020, according to Customs provisional data, as merchandise exports fell 7.4 percent YoY to US$ 961.2 million.

CB expected to hold rates as January cut takes effect

First Capital Research ruled out a possibility of back-to-back rate cuts by the Central Bank at the policy meeting scheduled for tomorrow, as the January rate cut is slowly taking hold as credit growth showing signs of picking up and inflation remaining under check.

Tourism industry braces for another setback as health authorities impose travel restrictions

Sri Lanka tourism braces for yet another setback amid the country’s health authorities banning the disembarkation of tourists from cruise ships while imposing a 14-day mandatory quarantine for all passengers arriving in Sri Lanka from Italy, South Korea and Iran as a precautionary measure to fight deadly coronavirus.

Construction sector fears collapse over supply chain disruptions

Sri Lanka’s construction sector is set to receive a blow from the coronavirus (COVID-19) outbreak, as the fast-spreading deadly virus is seen derailing global supply chains, according to Chamber of Construction Industries (CCI).

In an emergency move, Federal Reserve cuts interest rates to battle coronavirus

The U.S. Federal Reserve cut interest rates yesterday in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus. In a statement, the central bank said it was cutting rates by a half percentage point to a target range of 1.00 percent to 1.25 percent.

First Capital sees upside for banking sector; revises outlook to ‘Buy’

First Capital Research foresees tremendous upside for Sri Lanka’s banking sector in 2020 with a 42 percent return yielding over a year and revised its ‘Hold’ advice to ‘Buy’ with Commercial Bank, Hatton National Bank and Sampath Bank cited as favourites.

Norges Bank’s investments in SL stocks top US $ 114mn in 2019

Norges Bank Investment Management, which manages Norway’s one trillion dollar Government Pension Fund Global, has increased its equity investments in Sri Lanka to US $ 114.4 million by the end of last year, compared to US $ 98.3 million at end-2018.

Sanjaya Mohottala assumes duties as BOI Director General

Sanjaya Mohottala yesterday assumed duties as Director General of the Board of Investment (BOI) of Sri Lanka, the investment promotion agency of the Government of Sri Lanka.

Five-pronged solution proposed to improve national budget practices

Successive governments have failed to come up with a citizens’ budget that entails the necessary insights for the public to understand the viability of the proposals made and to break this recurring inefficient cycle, economic think tank Verité Research stresses the need for the relevant authorities to take up a more transparent approach in its proposal formulation, backed by proper analysis and research.

Tougher capitalisation requirements, NPLs to add pressure on already battered finance firms

Sri Lanka’s finance and leasing company (FLC) sector will face added pressure for consolidation as the deadlines for the implementation of tougher capitalisation requirements approach in 2021, said Fitch Ratings.

SEC DG transferred to Finance Ministry

Securities and Exchange Commission Director General Vajira Wijegunawardane has been removed from his post with immediate effect and transferred to the Finance, Economy and Policy Development Ministry, as an Advisor.

Masmovil to acquire Lycamobile Spain for US $ 420mn

Lycamobile, the world’s largest mobile virtual network operator (MVNO) and part of Lyca Group, yesterday announced the sale of Lycamobile Spain to the publicly listed Masmovil, a Spanish mobile network operator (MNO).

CB opens stakeholder consultation for open banking

The Central Bank this week kicked off a wide-scale stakeholder consultation process in a bid to assess the possibility of introducing open banking to Sri Lanka, a move where financial data can be given upon customer consent to third party service providers to obtain value-added financial services.

February inflation shoots up to 6.2%

Headline inflation as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index increased to 6.2 percent in February 2020 from 5.7 percent in January 2020.

Tourism looks for silver lining from Europe amid China virus crisis

A silver lining may be emerging for Sri Lanka’s tourism industry as European holidaymakers look for alternative destinations avoiding coronavirus-hit East and South-East Asian regions while the industry braces for a major decline in tourist arrivals from key Asia-Pacific markets such as China.