Tax reversal boosts HNB 4Q; loan book stagnates

Absence of new loans, thin margins and weak assets quality hurt Hatton National Bank PLC’s (HNB) performance for the quarter ended December 31, 2019 (4Q19) as the country’s second largest private lender by assets was seen taking a cautious approach on new lending during the period beset by multiple challenges.

Akbar Brothers Founder Chairman passes away

The Founder Chairman of Akbar Brothers (Pvt) Ltd., Deshamanya Shk. Abbas Akbarally passed away yesterday (25th). He was born on 31st January, 1933.

CSE gets four appointed directors

Four new directors have been appointed to the Colombo Stock Exchange (CSE) by Finance, Economy and Policy Development Ministry, Mirror Business learns.

Lankan Angel Network gets Ford Foundation backing

The Lankan Angel Network (LAN) yesterday announced that it has signed a landmark grant agreement with the Ford Foundation to catalyze the growth of Sri Lanka’s startup ecosystem.

Tokyo Cement IP action ends in settlement

The intellectual property (IP) action filed by Tokyo Cement Company (Lanka) PLC (the plaintiff) against Ceramica Bathrooms (Pvt) Limited, Abdul Salam Abdul Malik and Safreena Salahudeen (the 1st, 2nd and 3rd defendants) on unfair competition and infringement of trademarks was settled in the Commercial High Court on January 17, 2020.

Chevron ploughs ahead with strong top and bottom line performance in 4Q

Revenue jumped and profit surged at Chevron Lubricants Lanka PLC during the three months ended December 31, 2019 (4Q19) as the company reported two quarters of positive results, ending a prolonged weak performance.

Japan’s Belluna and Asia Capital reps meet Prime Minister

Belluna Co. Japan and Asia Capital PLC, the developers of 447 Luna Tower recently met Prime Minister Mahinda Rajapaksa in Colombo for a discussion focused on the current Sri Lankan market and economy.

Harry J re-enters hospital biz with Rs.1.6bn acquisition

Business tycoon Harry Jayawardena last week announced his re-entry into Sri Lanka’s healthcare scene with the acquisition of a 70-bed multispecialty hospital in Ragama for Rs.1.6 billion.

Sale of tea business brings shine to Sunshine Holdings performance

Top line slipped and the bottom line edged up narrowly at Sunshine Holdings PLC for the quarter ended December 31, 2019 as the group divorced its tea plantation business earlier in the year.

Coronavirus is communist China’s “biggest health emergency”: Xi

The coronavirus epidemic that has killed over 2,400 people is communist China’s “largest public health emergency” since its founding in 1949, said President Xi Jinping yesterday.

THASL cries foul over proposed license levy by local bodies exclusively on hotel industry

The Hotels Association of Sri Lanka (THASL) cries foul over the license levy based on 1 percent of turnover that the Municipalities and Provincial Councils are proposing to charge exclusively on the hotel industry where all other industries are charged Rs.6, 000 as trade license fees.

Port City land likely to be priced above Rs.13mn per perch: PwC report

The marketable land plots of Colombo Port City (CPC) are likely to be priced above Rs.13 million per perch on 99-year lease which would bring a minimum of US$1.8 billion revenue to the government and US$ 3.4 billion for the project company, CHEC Port City Colombo, according to an independent study carried out by Pricewaterhouse Coopers (PwC).

Japan’s Taisei Corp. secures US$ 650mn airport terminal deal

Japan’s Taisei Corporation has secured a US$ 560 million contract to build a new multi-level terminal building expanding the capacity of Sri Lanka’s Bandaranaike International Airport (BIA) to 18 million passengers per annum by end of 2023.

Govt. to conduct feasibility study for Eastern expressway

The Cabinet of Ministers has approved a proposal to conduct a feasibility study for the proposed Eastern expressway project from Mattala airport to Pottuwil across Wellawaya and Siyambalanduwa, according to the Cabinet office.

Jetstar Asia to become only low-cost carrier to fly direct from Singapore to Colombo

Jetstar Asia will become the only low-cost carrier (LCC) to fly direct from Singapore to Colombo, when it launches the new service on July 1 this year.

Nearly 900,000 pangolins trafficked in Southeast Asia: watchdog

Nearly 900,000 pangolins are believed to have been trafficked across Southeast Asia in the past two decades, a wildlife watchdog said yesterday, highlighting the challenge in tackling the illicit trade.

Jetwing Symphony cuts losses, recovering from Easter aftershocks

Jetwing Symphony PLC said it is recovering from the low arrivals which resulted from the Easter Sunday attacks, but remains cautious and watchful of the impact from the New Coronavirus which has implications on global tourism.

Rtd. Major General Ravipriya appointed Customs DG

Prime Minister and Economy, Finance and Policy Development Minister, Mahinda Rajapaksa has appointed retired Major General Vijitha Ravipriya as the new Director-General of Sri Lanka Customs, the Finance Ministry said.

Bland kick off for Ceylon Tea cuppa in 2020

Sri Lanka’s tea cuppa kicked off on a grim note in January this year with production, export quantity, and value showing contraction compared to the corresponding month in the previous year.

Thai retail giant launches record-breaking IPO

Thai conglomerate Central Retail launched the country’s biggest ever IPO yesterday, giving it a market cap of around US$ 8.1 billion in a punt on a sputtering economy now hampered by the new coronavirus. Most Thais visit a shop each day owned by Central, a family-run empire which has hundreds of malls, electronics, grocery and 24-hour convenience stores across the country.

SL to enter double tax avoidance pact with Czech Republic

The Cabinet of Ministers has approved the proposal to enter into a Double Taxation Avoidance Agreement (DTAAs) with the Government of Czech Republic.

Challenging task ahead for govt. to refinance foreign loans: First Capital

Despite the anticipated acceleration of economic activities and fiscal loosening, the deep tax cuts may create a challenge for the government to raise the estimated US $ 3-3.5 billion from external financing resources for external debt repayment, at reasonable rates, to maintain foreign exchange reserves above US $ 7 billion, according to Colombo-based First Capital Research.

Debt moratorium from China could significantly ease off pressure on SL’s external sector

A moratorium on the loan payments from China could significantly ease off the pressure on Sri Lanka’s external sector, rather than a debt moratorium from India.

Securities and Exchange Commission begins stakeholder meetings

The newly-appointed Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), Viraj Dayaratne, PC, along with the members of the commission, has commenced a series of meetings with capital market stakeholders.

Dialog Axiata inks US $ 250mn investment agreement with BOI

The Dialog Axiata group, the largest foreign direct investor (FDI) operating under the aegis of the Board of Investment of Sri Lanka (BOI), has announced entering into two supplementary agreements with the BOI for the investment of an additional sum of US $ 254.1 million (Rs.46.1 billion) in Sri Lanka’s ICT Infrastructure.

Lending rates see faster pass-through as monetary easing takes hold

Sri Lanka’s bank lending rates are on the decline and the sector got on to a better start with higher number of applications for new loans receiving as the measures taken for monetary easing take hold.

IMF warns China virus hitting a fragile global economy

In the best-case scenario, the economic hit from the epidemic in China will be short-lived, but it comes as the global economy remains fragile, IMF chief Kristalina Georgieva said yesterday.

Port City’s first overseas launch in Singapore this July

The project company of Colombo Port City (CPC), CHEC Port City Colombo, is set to kick off the global launch of the Colombo Port City project for investors at World Cities Summit 2020 in Singapore this July with first few developments of the project scheduled to break ground within the year.

Higher provisions weigh on NDB earnings; CEO positive of industry turnaround

Weak asset quality weighed on the performance of National Development Bank PLC (NDB) during the December quarter (4Q19), as the bank made some hefty provisions for possible bad loans in a period marred by growth slowdown, but the bank remains hopeful of a turnaround in both the sector and the economy in 2020.

Most coronavirus infections are mild, says Chinese study

Most people infected by the new coronavirus in China have mild symptoms, with older patients and those with underlying conditions most at risk from the disease, according to a study by Chinese researchers.