Sri Lanka’s export growth falls to 3-year low in 2019

Sri Lanka’s total exports growth in 2019 has slowed down to the lowest since 2016, recording a marginal growth of 1.4 percent Year-on-Year (YoY) to reach US$ 16.14 billion, according to the Export Development Board (EDB).

Hydropower generation down; but no power cuts, says government

Due to the prevailing dry weather in Sri Lanka, hydropower generation has come down to 23 percent of total production, the Power and Energy Ministry said.

Economic growth to slow across APAC as coronavirus weakens demand and disrupts supply chains: Moody’s

Moody’s Investors Service said in a new report yesterday the coronavirus outbreak adds to other pressures on growth in Asia Pacific, with the impact felt primarily through trade and tourism, and for some sectors also through supply-chain disruptions.

CDS allows instant account opening under new project

Sri Lankans can now open a securities account instantly with their stock broker under a new decentralization programme by the Central Depository Systems (CDS) eliminating the need to forward application forms and connected documents to CDS and wait for the CDS to open the account and confirm to the stock broker and for the stock broker to notify the account holder.

Softlogic returns to black amid gradual recovery in consumer spending

Softlogic Holdings PLC returned to profit in the quarter ended December 31, 2019 (3Q20), recording a double-digit growth in the top line, as the diversified conglomerate with a strong retail footprint benefitted from the recovering consumer sentiment, amid general optimism in the country’s economic prospects with the change in political leadership.

Imports on the up in response to govt. stimulus

Sri Lanka’s imports picked up in December 2019, first time since October 2018, most likely responding to the economic stimulus package announced end-November by the newly formed government of President Gotabaya Rajapaksa.

Vehicle registrations record strong rebound in January

Sri Lanka’s vehicle registrations in January have shown a strong rebound across the board from the previous months, recording the highest number of total registrations since March 2019, possibly due to the resurgence in consumer and business confidence and recent tax cuts.

Dialog 4Q revenue languishes on weak mobile revenue, profits surge on currency

Dialog Axiata PLC saw its top line languishing during the three months to December 2019, from lower revenues from its key mobile business but the fixed broadband and satellite television businesses buffered the top line.

Rotary Int’l targets to woo youth members through new action plan

Rotary International, a leading international service organisation, plans to woo new youth members to the organisation through its new action plan with an aim to stay ahead of unfolding global trends.

Ambeon Holdings reports subdued 3Q

Weak economic conditions undermined the performance at Ambeon Holdings PLC during the quarter ended December 31, 2019, resulting in a mixed performance of its diverse business interests.

CSE’s first IPO in two years oversubscribed on opening day

HNB Finance Limited’s Initial Public Offering (IPO) through an offer for sale of 10 million ordinary voting shares, at Rs.5.70 per share, was successfully oversubscribed on the opening day.

CSE’s first IPO in two years oversubscribed on opening day

HNB Finance Limited’s Initial Public Offering (IPO) through an offer for sale of 10 million ordinary voting shares at Rs.5.70 per share was successfully oversubscribed on the opening day.

Apparel exporters seek access to local market

Sri Lanka’s apparel exporters recently requested the authorities to revisit policies which restrict their access to the local market in order to develop their own brands, which can be later taken into the international market.

Coronavirus could damage global growth in 2020: IMF

The coronavirus epidemic could damage global economic growth this year, the IMF head said yesterday, but a sharp and rapid economic rebound could follow.

SL set to become US-based John Wiley’s largest tech centre

United States (US)-based John Wiley & Sons Inc., a global leader in research and education, plans to make Sri Lanka its largest technology centre replacing Russia by end of this year with plans to double its current staff in Sri Lanka within 12-18 months.

Hemas shows signs of recovery; consumer and healthcare lift 3Q

Consumer and healthcare business of Hemas Holdings PLC showed steady recovery over the previous year’s levels during the quarter ended December 31, 2019 (3Q20) while the leisure and mobility sectors languished, according to the financial accounts of the diversified group.

Manufacturing and services sector activities hit by coronavirus

Sri Lanka’s manufacturing and service sector activities slowed down in January while new coronavirus (COVID-19) outbreak in China is leading to indefinite delays of supplies for manufacturing and slowdown in future expectations in tourism and transport sectors, according to the Central Bank’s SL Purchasing Managers’ Index (PMI).

Arbitrary laws on palm oil hurt Watawala 3Q

Arbitrary regulations surrounding palm oil cultivation have pinched Watawala Plantations PLC while the group’s still fledgling dairy business reported losses, although its top line is expanding and losses narrowing.

CIC finds sweet spot as group re-setting exercise bears fruit

CIC Holdings PLC gained ground during the period ended December 31, 2019 (3Q20), as the group, which specializes in agriculture and crop solutions pulled off some better performance across all its main business verticals while receiving a windfall from lower finance cost.

Coronavirus fears rattle Asian traders

Fears over the new coronavirus rattled investors in Asia yesterday as they struggled to work out if the China epidemic was worse than being reported by authorities. A dramatic rise in the number of deaths and new cases of the virus on Thursday fuelled global suspicions that Beijing was concealing the true scale of the illness. Concern turned to confusion on

Asian plane makers struggle to take off in crowded, tough market

SINGAPORE (AFP) - Asian plane makers have thrown huge sums at building jets but flagship projects have suffered repeated setbacks, and they face a tough time breaking into a market dominated by established players.

Commonwealth Enterprise and Investment Council Chairman visits Sri Lanka

The Chairman of Commonwealth Enterprise and Investment Council, Lord Marland of Odstock was in Sri Lanka recently. Jonathan Marland is one

Facebook’s Zuckerberg wants ‘new framework’ for digital tax

PARIS (AFP) - Facebook founder and CEO Mark Zuckerberg yesterday backed moves by the OECD group of free-market economies to reform the way online giants are taxed worldwide, even if that means companies like his own paying more to national governments. “We also want tax

London Fashion Week opens under shadow of novel coronavirus

LONDON (AFP) - London Fashion Week kicked off yesterday with more than 60 shows over five days, including much-anticipated offerings from Burberry and Tommy Hilfiger, but with participation dented by the novel coronavirus epidemic. Organisers the British Fashion Council (BFC) said it expected attendance “to be significantly reduced” due to the travel restrictions imposed as a result of the outbreak. “We will make every effort

Mitsubishi Motors delays factory restart in China on coronavirus

TOKYO (Reuters) - Mitsubishi Motors Corp is postponing the restart of its factory with Guangzhou Automobile Group in Hunan province until 27 due to the coronavirus outbreak, the Japanese automaker said yesterday. It had previous planned to resume operations as early as Feb. 17. Mitsubishi has also delayed the restart of its engine plant with Shenyang Aerospace in Liaoning province and another with Dongan Automotive Engine Manufacturing in Heilon

German economy shows zero growth for 2019 final quarter

BERLIN (AFP) - Europe’s largest economy Germany stagnated in the final quarter of 2019, preliminary official data showed yesterday, with zero growth on the previous three months. Gross domestic product (GDP) was the same in October-December as in the previous quarter, federal statistics authority Destatis said. Statisticians also revised their third quarter figures, saying that GDP had grown by 0.2 percent rather than 0.1 percent, and confirmed

Government expects revenue to pick up from second half

Amid a fiscal deficit forecast of 7.5 percent of GDP this year, the government expects the State revenue to pick up from the second half of this year, driven by the anticipated uptick in consumption and investment activities from the announced tax cuts.

Advocata hails President’s stance on economic freedom; proposes recommendations

While commending President Gotabaya Rajapaksa’s Independence Day remarks with regard to his commitment to ensure political and economic freedom of Sri Lankan citizens, Colombo-based free-market think tank, Advocata has come out with three key recommendations that may allow President to keep his pledge.

Lower sales cost boosts Hayleys 3Q earnings

After several depressing quarters, diversified conglomerate, Hayaleys PLC has reported healthy earnings for the quarter ended December 31, 2019 (3Q19) amid significant cuts in cost of sales despite a sizeable drop in sales.

Virus death toll soars as China changes counting methods

China’s official death toll from the new coronavirus spiked dramatically yesterday after authorities changed their counting methods, fuelling concern the epidemic is far worse than being reported.