Central Bank to issue lending caps to banks this week

The Central Bank plans to issue lending caps for banks with timelines this week. “We have already made some calculations. The Monetary Board is meeting this week and will consider the proposed caps and timelines. Hopefully, we will be able to issue it this week,” Central Bank Governor, Dr. Indrajith Coomaraswamy told Mirror Business. He said depending on the nature of the lending caps, the timelines given to banks would vary. “If we were to impo

Rupee strengthens for second day; stocks rise

(Colombo) REUTERS: Sri Lanka’s rupee closed stronger for a second day yesterday, after foreign outflows from government securities showed a declining trend, while stocks too ended higher.

HNB raises Rs.10bn via listed debentures

Sri Lanka’s second largest private bank by assets, Hatton National Bank PLC (HNB) said it successfully raised Rs.10 billion via a listed debenture issue. HNB in September last year, announced plans to issue 50 million BASEL III-compliant, Tier II debentures at Rs.100 a share, with an option to issue further 20 million debentures. The bank in January t

Japan’s Sugano invests US $ 7.5mn to set up packaging plant in Ja-Ela

Japan’s Sugano Packing Material Co. Ltd is to invest US $ 7.5 million to set up a manufacturing plant to make flexible polythene packaging for Sri Lanka’s tea industry and other sectors. The manufacturing plant, to be located in Ja-Ela, will produce flat-bottomed bags. The company recently signe

Ravi Wijeratne offers to buy troubled MTD Walkers

MTD Walkers PLC, a construction company mired in losses, yesterday told the Colombo Stock Exchange businessman Ravi Wijeratne, one-time director of the company, has agreed to buy the controlling stake held by the firm’s Malaysian parent. A stock e

Lion beer roars in Fiji

Sri Lanka’s largest brewer, Lion Brewery Ceylon PLC, has entered Fiji with its complete Lion range consisting of Lion Lager, Lion Stout, Lion Strong and Lion Extra Strong. A company statement said the products would be available across leading bars, hotels, restaurants and popular retail outlets across the 332 Fijian islands. The company

Rupee recovers from 7-month closing low; stocks rise

Sri Lanka’s rupee closed higher yesterday from its lowest level in more than seven months hit in the previous session after foreign fund outflows from government securities showed a declining trend, wh

Trade war, global economic uncertainty cloud oil outlook at Asia conference

(Singapore) REUTERS: Uncertainties surrounding the global economy, a prolonged trade war between the United States and China and increasing US supplies are expected to weigh on oil prices this year, executives at a key industry conference said yesterday. Their comments at the Asia Pacific Petroleum Conference (APPEC), an annual gathering of top energy executives, were more tempered compared with last year, when merchants were forecasting oil at U

Royal Ceramics amalgamates with tile-making subsidiary

Sri Lanka’s tile and bathware market leader Royal Ceramics Lanka PLC yesterday announced the amalgamation of Royal Porcelain (Pvt.) Ltd, a fully-owned subsidiary of the firm.

ME Colombo at forefront among design concept hotels

ME Colombo, standing as the only design concept hotel in Colombo, with a mesmerising view of Colombo’s skyline, boasts high-end atmospheric offerings along with understated elegance and refined luxury,

Grundfos records healthy 1H growth despite global challenges

Privately held Danish water pump giant Grundfos has reported continued momentum and sales growth in most markets with Western Europe, China, and the global service business as the main contributors.

Microsoft Envision Forum to be held in Colombo for first time

For the first time in Sri Lanka, Microsoft Envision Forum will take place in Colombo on September 11. The inaugural full-day conference is part

Tea industry told to fully commit to Ceylon Tea brand

Sri Lanka’s tea industry stakeholders were urged to create a common platform quickly to make a paradigm shift to revive the struggling 150-year old industry by committing to the globally recognised Ceylon Tea brand, its core values and its brand promise, prior to promoting Ceylon tea in the global marketplace. “If we promo

India’s ‘multipolar Asia’ and China

India envisions a ‘multipolar Asia’: shared regional leadership where major and minor powers have equal standing in decision-making. This model is based on the rationale that China’s rise in Asia is unbalancing the regional power structure and eroding India’s strategic choices. While a growing association with China in bilateral and multilateral mechanisms has made New Delhi more open to Beijing’s engagement, China’s strategic urge to dominate ha

Malaysia’s Axiata flags other deals, tower unit initial public offering after Telenor letdown

(Kuala Lumpur) REUTERS: Malaysia’s Axiata Group is discussing deals with other parties and considering an initial public offering of its tower business, executives said after announcing the collapse of a planned Asian telecoms deal with Norway’s Telenor. The Telenor deal fell

SLT to go for private placement to comply with public float rules

Sri Lanka Telecom PLC (SLT) is to carry out a private placement of shares to meet the regulatory minimum public shareholding requirement stipulated by the Colombo Stock Exchange listing rules.

Govt. offers collateral-free loans to NP entrepreneurs

Finance Minister Mangala Samaraweera who is in Jaffna overseeing the implementation of the entrepreneurship loan scheme to young people in the Northern Province yesterday held series of meetings with war-affected people in order to help them make use of the opportunity under the Enterprise Sri Lanka exhibition.

SL slumps 13 places in WEF’s latest Travel & Tourism Competitiveness Report

Sri Lanka has slumped 13 places to be ranked 77th out of 140 countries in the World Economic Forum’s (WEF) latest Travel & Tourism Competitiveness Report published under the theme of ‘Travel and To

Asian markets rise again as investors make most of feel-good vibe

HONG KONG (AFP) - Asian markets rose again yesterday as the feel-good factor that fired investors the day before looked set to push into the weekend, fuelled by upbeat data and trade optimism.

PM to open Enterprise Sri Lanka exhibition in Jaffna today

The Enterprise Sri Lanka Jaffna exhibition organized by the Ministry of Finance which aims to create entrepreneurs will be declared open by Prime Minister Ranil Wickremesinghe in Jaffna today (September 7).

Rupee ends at its lowest in over 7 months; stocks fall

Sri Lanka’s rupee closed at its lowest level in over seven months as foreign fund outflows from government securities rose, while stocks extended losses for the third straight session. The rupee ended weaker at 180.80/181.00 per dollar, its lowest since Jan. 28. It closed at 180.75/90 on Thursday. However, the currency is up 1 percent this year. Foreign investors sold government securities worth Rs.25.2 billion in the two weeks ended on Aug. 28,

Japan’s Nissan mulls pulling out of South Korea as trade tensions rise

TOKYO (Reuters) - Nissan Motor Co is considering pulling out of South Korea, the Financial Times reported yesterday, as political and trade tensions between Japan and South Korea have caused sales of Japanes

Fitch downgrades Hong Kong citing protests and China fears

HONG KONG (AFP) - Hong Kong’s reputation as a dependable financial hub took a hit yesterday after Fitch downgraded the city’s sovereign rating, citing ongoing protests and uncertainty caused by closer integration with the Chinese mainland.

Trade war cited as cause for 10,000 layoffs in August: report

WASHINGTON (AFP) - The pace of downsizing at American companies surged last month, with more than 10,000 job cuts blamed on “trade difficulties” alone, according to figures released this week.

China to cut reserve requirements for banks to boost economy

BEIJING (AFP) - China’s central bank announced yesterday it was cutting the reserve requirements for banks, in a bid to boost lending and bolster the slowing economy.

Shermal Fernando appointed CIC Holdings COO

Shermal Fernando has been appointed as Chief Operating Officer (COO) of CIC Holdings PLC with effect from September 1, the company said in a brief media statement yesterday.

Sri Lanka’s first ever Samurai bond gets Cabinet nod

The Central Bank (CB) has secured Cabinet approval to appoint lead managers to launch Sri Lanka’s first ever yen-denominated Samurai bond issuance

Cargills Bank hurt by rising NPLs and sluggish economy

Cargills Bank PLC recorded a net loss during the period ended in June 30, 2019 (2Q19) as the lender was stung by hefty non-performing loans in a hobbling economy. The bank reported Rs.64.4 million loss or 7 cents per share in negative earnings for the three months under review compared to a profit of Rs.52.5 million or 53 cents a share. The poor bottom line resulted from heavy credit losses due to rise in non-performing loans and the contractio

Address public sector issues before national policy dialogue: Eran

Sri Lanka must address the fundamental issues in the country’s public sector before moving into a national policy dialogue, Finance State Minister Eran Wickramaratne said.

Foreign outflows from Sri Lanka govt. bonds settling after rate cut, says Central Bank

(Colombo) REUTERS: Outflows from Sri Lanka’s government securities have been settling after the Central Bank’s rate cut last month, the Central Bank’s senior Deputy Governor Nanda