Moratorium on SME loans may extend to interest payments

The government is considering extending the 12-month capital moratorium on non-performing loans (NPLs) of small and medium-scale (SME) businesses to interest payments, acknowledging the difficulties in meeting interest payments by some default SME debtors.

Central Bank to penalise banks not complying with lending rate caps

Several large and small banks are likely to face penalties as they are yet to fully comply with Central Bank’s (CB) lending rate caps.

New CB Governor looks for alternative policy approach to deliver development

Following is the full text of the speech made by new Central Bank Governor Deshamanya Prof. W.D. Lakshman at the Monetary Policy Review press conference held last Friday. He is the 15th Governor of the Central Bank.

Lou Gerstner Jr., though a tyro in computer industry, left his heavy imprint on IBM

Louis Vincent Gerstner Jr., (born March 1, 1942) is an American businessman, best known for his tenure as Chairman of the board and Chief Executive Officer (CEO) of IBM, from April 1993 until 2002. He is largely credited with turning IBM’s fortunes around.

Sri Lanka Tourism shares Christmas spirit with local and foreign tourists

The Tourist Information Centre (TIC) at The Bandaranaike International Airport (BIA) of Sri Lanka Tourism had a different atmosphere altogether, getting into the festive mood and bracing up to share the festive cheer w

Asian stocks mixed after Christmas results cheer Wall Street

HONG KONG (AFP) - Asian markets were mixed yesterday following another strong lead from Wall Street where tech stocks won big with strong Christmas results. The tech-heavy Nasdaq finished above 9,000 for the first time on Thursday, hitting its 10th straight record fuelled by gains by e-commerce behemoth Amazon and other tech giants. The Dow and the S&P 500 also close

SriLankan supports Addu Marathon in Maldives

SriLankan Airlines supported an international sports event – the Addu Marathon – on Gan Island where it recently celebrated three years of operations.

Saudi, Kuwait ink deal to resume joint oil output

KUWAIT CITY (AFP) - Saudi Arabia and Kuwait signed an agreement this week to resume pumping at two major oilfields in a shared neutral zone shut for five years due to a bilateral disagreement,

S. Korean builder takes control of Asiana Airlines for US$ 2.2 bn

SEOUL (AFP) - A South Korean construction firm yesterday signed a deal to acquire Asiana, the country’s second-largest airline, which has long been plagued by financial problems.

EU chief doubts securing post-Brexit trade deal in 2020

PARIS (AFP) - European Commission chief Ursula von der Leyen has expressed “serious concern” over whether the bloc could conclude a post-Brexit trade deal with Britain within the 2020 deadline.

Stocks gain ahead of CB’s policy rate decision

Indices at the Colombo Stock Exchange (CSE) gained yesterday amid investors expecting further relaxing of the monetary policy by the Central Bank.

MBSL needs up to Rs.2.7bn in fresh equity over next 3 years to meet regulatory capital: ICRA Lanka

The Merchant Bank of Sri Lanka and Finance PLC (MBSL), a subsidiary of Bank of Ceylon would require around Rs.1.4 to Rs.2.7 billion fresh equity over the next three years to meet the regulatory capital requirements set by the Central Bank, according to ICRA Lanka Ratings.

Altair among top-notch property companies at LPS Shanghai 2019

The investment opportunities in Sri Lanka’s property development sector generated significant interest at the 2019 Luxury Properties Showcase (LPS) exhibition in Shanghai, China, according to Altair, one of the leading participants from South Asia at the invitation-only event, which attracted a record 12,500 elite property investors from around the world.

SDB Bank secures US$ 8mn BIO term loan

SANASA Development Bank PLC (SDB Bank) has secured a US$ 8 million loan from Belgian Investment Company for Development Countries NV/SA (BIO) to augment its capital buffers under Basel III guidelines and support its lending activities for small and medium-scale enterprises (SMEs).

SL Economic Association elects new executive committee

The Annual General Meeting (AGM) of the Sri Lanka Economic Association (SLEA) was held on December 18th at the Organization of Professional Association of Sri Lanka (OPA) auditorium.

Sujeewa Rajapakse new People’s Bank Chairman

Top professional Sujeewa Rajapakse, who counts over 30 years of experience in audit and consultancy services, has been appointed as the People’s Bank Chairman.

SLIC gets new board; Jagath Wellawatte Chairman

Colombo University Sociology Department Senior Lecturer Jagath Wellawatte has been appointed as Chairman of Sri Lanka Insurance Corporation Limited (SLIC).

Anil Koswatte appointed as Litro Gas Lanka Chairman

Well-known sales and marketing professional and entrepreneur Anil Koswatte has been appointed as Litro Gas Lanka Limited Chairman.

New CB Governor Prof. Lakshman assumes duties

The newly-appointed Governor of the Central Bank of Sri Lanka (CBSL), Deshamanya Professor W.D. Lakshman, assumed duties in his new post on December 24, at the Governor’s office in Colombo.

Banks, govt. reach consensus over SME loan moratorium

On Tuesday, just before Christmas, banks reached a consensus with the government on how to go about the small and medium-sized enterprise (SME) loan moratorium, which had sparked unease within the country’s banking sector.

Countrywide inflation in Nov. sharply down to 4.1%

November’s headline inflation as measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) fell sharply to 4.1 percent, from 5.6 percent in October, partly due to the statistical effect of a higher base prevailed a year earlier and the easing of food and non-food prices.

Hefty tax cuts, moratorium trim rate cut probability to 50%, says First Capital

The research arm of an investment banking unit has lowered the probability of a policy rate cut to 50 percent, from the previously projected 100 percent, amid the sweeping tax cuts and loan moratorium announced for small and medium-sized enterprise (SME) loans.

Silvermill Group to expand operations to Indonesia with US $ 5mn ADB loan

The Asian Development Bank (ADB) has signed a US $ 5 million financing facility with PT SASL and Sons Indonesia (PTSASL), a subsidiary of Silvermill Group – one of Sri Lanka’s largest manufacturers and exporters of coconut-based products – to expand the group’s operations in Indonesia.

Keells partners Bangalore-based Manthan to power supplier collaboration

Jaykay Marketing Service (Pvt.) Ltd, the retail arm of John Keells Holdings PLC, which operates the Keells supermarkets, has chosen Manthan System’s Vendor Link solution to enable its supplier collaboration platform, as part of its digital transformation journey.

Nov. vehicle registrations down over election

Sri Lanka’s vehicle registrations, led by motorcycles, motorcars and three-wheelers, fell in November, according to the vehicle registration data compiled by JB Securities, a Colombo-based equity brokerage and research house.

A practical solution through affiliated university colleges

We are quite happy that the new President Gotabaya Rajapaksa in his election manifesto has given an undertaking that an additional 100,000 university places will be found for students qualifying at the GCE A/L exams.

Govt. to allocate Rs.28bn for new rural development programme

The Cabinet of Ministers has given its nod to allocate Rs.28.04 billion for a brand-new rural development programme named ‘Sapiri Gamak’, which is to be implemented from next January, covering all 14,021 Grama Niladhari (GS) divisions in the country.

Bank chiefs to meet govt. officials today on loan moratorium

As parties failed short to reach a consensus on the proposed loan moratorium yesterday, the bank chiefs are expected to meet the top government officials today to arrive at a more mutually agreeable solution on the SME loan moratorium announced last Friday.

Colombo Dockyard delivers 2 pilot boats built for SLPA

Colombo Dockyard PLC yesterday delivered two pilot launches as per an agreement signed with Sri Lanka Ports Authority (SLPA) on February 1, 2019.

Colombo Coffee Company secures Rs.100mn investment from Akbar Brothers

Colombo Coffee Company (CCC), Sri Lanka’s leading coffee solutions provider and café operator, has reached an agreement with Akbar Brothers for a Rs.100 million growth equity investment.