People’s Bank (Amendment) Bill aimed at ensuring bank’s market share: Eran

The People’s Bank (Amendment) Bill will help the State-owned bank to be competitive in a situation where the market share of State banks are slated to decline and lag behind private banks, State Minister of Fina

Global Bohra Convention to boost tourist arrivals this month

Sri Lanka plans to welcome over 175,000 tourists this month, expecting a major boost from the mega Bohra Global Convention scheduled to be held in Colombo. The Bo

ECB eyes stimulus package as growth looks weaker: minutes

(Frankfurt) REUTERS: European Central Bank policymakers are concerned that growth is even weaker than earlier thought and a package of measures may be the best way to combat the slowdown, the accounts of the July 25 meeting showed yesterday. With growth and inflation slow

Rupee falls for 4th session on foreign outflows

REUTERS - The Sri Lankan rupee fell for the fourth straight session yesterday, weighed down by foreign outflows from government securities and tracking other emerging currencies. Stocks closed steady.

July national inflation up marginally to 2.2%

Sri Lanka’s countrywide inflation measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) increased marginally to 2.2 percent in July 2019 from 2.1 percent in June.

UNIDO calls on more businesses to embrace chemical leasing

The United Nations Industrial Development Organisation (UNIDO) in Sri Lanka this week called on more local businesses to embrace the concept of chemical leasing as the global goal to minimise adverse impacts of chemicals and waste will not be achieved by 2020 despite the availability of solutions. UNID

Sri Lanka to formulate national policy for industrial development

The Cabinet approval has been received to formulate a national policy for industrial development by addressing the current constraints which hinder the growth of local industries. The Cabinet of Ministers on Tuesday approved a memorandum presented by the Industry and Commerce, Resettlement of Protracted Displaced Persons, Co-operative Development, Vocational Trainin

Fitch cuts Singer Sri Lanka’s outlook to Negative; affirms ‘A-(lka)’

Cites difficulty in cutting debt, weak sales and limited parent support as key reasons for outlook downgrade Says firm recovering from import restrictions; but mobile phone sales likely to get hit by ban on Huawei Fitch Ratings has revised the outlook on Singer (Sri Lanka) PLC’s National Long-Term Rating to Negative from Stable amid difficulties faced by the consumer-durables retailer to cut its debt, weak sales volumes and limi

Lankan banks exposed to asset quality risks: Fitch

A sharp slowdown in the Chinese economy would have a major negative impact on Asia’s trade-dependent banks while banks in Sri Lanka and Indonesia are exposed to asset quality risks from curren

Central Bank seen standing pat but rate cut not ruled out

(Colombo) REUTERS: The Central Bank is expected to leave its key interest rates unchanged on Friday, a Reuters poll showed, but a surprise rate cut is not ruled out due to sluggish economic growth ahead of a presidential election later this year. Ten out of 12 economists surveyed expected the Central Bank of Sri Lanka to keep both its Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) steady at 7.50 percent and 8.50

India’s Mahindra Finance to acquire control of Ideal Finance for Rs.2bn

Mahindra Finance, a unit of India’s Mahindra & Mahindra (M&M) this week entered into a joint venture with Ideal Finance Ltd., a fully owned subsidiary of Sri Lanka’s Ideal Group, investing Rs.2 billion to acquire 58.2 percent stake in the finance firm. Mahindra Finance plans to complete

First Capital says chances high for CB to hold rates steady on Friday

A leading equity research house in the country believes the Central Bank will maintain the key policy rates at their current levels this Friday amid pick up in credit growth and expansion in the industrial production following April 21 Easter attacks.

NDB celebrates 40 years of service to the nation

NDB Bank yesterday (20th) celebrated its 40th year anniversary, along with the bank’s past chairmen, past CEOs, current Chairman Kavan Ratnayake, Group CEO Dimantha Seneviratne and the senior management team and staff at the bank’s head office in Nawam Mawatha. The celebrations b

Shares recover from near 2-week closing low; rupee down

SEC files action against 4 investment advisors for market manipulation

The Securities and Exchange Commission (SEC) yesterday said it filed action against four investment advisors for market manipulation in relation to the shares of Radiant Gems International PLC (RGEM) d

Hayleys Rs.3bn debenture issue oversubscribed

Hayleys PLC yesterday said its Rs.3 billion debenture issue was oversubscribed on the opening day. Hence, the issue was closed at 4.30 p.m. yesterday. The diversified conglomerate offered 20 million listed, rated, unsecured, senior, redeemable, five-year debentures, each at Rs.100, with an option to issue up to further 10 million of the same debentures in the event of an oversubscription of the initial tranche.

Mahindra & Mahindra sets up Sri Lanka’s first auto assembly plant with Ideal Motors

India’s Mahindra & Mahindra( M&M) and Sri Lanka’ Ideal Motors launched their Rs.3 billion joint venture vehicle assembly plant with aspirations to set-up an automotive industrial park going forward to further boost local value additions. Prime Ministe

LOLC 1Q earnings surge with goodwill from int’l acquisition

Profits at LOLC Holdings PLC surged during the June quarter (1Q20) helped by a hefty negative goodwill stemming from an international acquisition by the group, the interim financial accounts released to the Colombo bourse showed. The group wh

Softlogic 1Q hurt by Easter attacks, higher finance costs

Diversified conglomerate Softlogic Holdings PLC’s (SHL) June quarter (1Q20) performance was hit by Easter bombings and resultant demand slowdown amid significantly higher finance costs due to the group’s high level of gearing, SHL’s interim financial accounts released to the Colombo Stock Exchange s

African Development Bank says risks to growth ‘increasing by the day’

(Dar Es Salaam) REUTERS: The U.S.-China trade war and uncertainty over Brexit pose risks to Africa’s economic prospects that are “increasing by the day,” the head of the African Development Bank (AfDB) told Reuters.

Manufacturing, services activities expand in July

Manufacturing activities picked up in July with increased new orders, signaling a recovery from the Easter attacks. The manufacturing

Advocata welcomes move to open COPE proceedings to media

Colombo-based free market think tank Advocata welcomed the decision by the government to open the Committee on Public Enterprises (COPE) hearings to the media. “The government has enforced this timely initiative in a greater attempt to promote accountability of State-Owned Enterprises (SOEs). Speaker Karu Jayasuriya, MP has officially announced

Indonesian leader pledges to move capital city, boost economy

JAKARTA (AFP) - Indonesian President Joko Widodo said yesterday he would press on with plans to move the nation’s capital and roll out measures to kickstart Southeast Asia’s biggest economy as it feels the sting of slow

North bagged large development funds last three years: Rishad

This government has allocated massive funds for the development of Northern province and more projects are to be launched, said Industry and Commerce Minister Rishad Bathiudeen yesterday, addressing the ceremonial opening of a new hospital wing in Vavuniya.

Consumers supporting US economy amid manufacturing slump

WASHINGTON (AFP) - American consumers appear to be carrying the US economy in their shopping carts as manufacturing slumps amid President Donald Trump’s trade conflict with China, and financial signals warn of a possible recession. “The economy is phenomenal,” Trum

Cathay Pacific’s torrid week ends with shock CEO resignation

HONG KONG (AFP) - Cathay Pacific announced the shock resignation yesterday of its CEO Rupert Hogg, compounding a torrid week for the Hong Kong carrier after it was excoriated by Beijing because some staff supported pro-democracy protests.

Asia stocks choppy as trade war fears dominate markets

HONG KONG (AFP) - Asian markets were jittery yesterday as a volatile week marked by lingering worries over the US-China trade war and its impact on the world economy drew to a close.

GE shares plunge after fraud accusation

NEW YORK (AFP) - General Electric shares plunged Thursday after an accounting expert accused the company of fraud, an allegation the industrial giant strongly denied and said was tainted by the accuser’s financial incentives.

ComBank reports subdued 2Q earnings amid higher provisions

Commercial Bank of (Ceylon) PLC, Sri Lanka’s largest private bank with over Rs.1.36 trillion in assets, saw its June quarter (2Q19) performance hampered by a spike in provisions made against possible bad loans and contraction in its loan book. The earnings of the bank were also

NTB June quarter hurt by bad loans, weak new loans growth

Nations Trust Bank PLC (NTB) reported lower profits for the period ended June 30, 2019 (2Q19) as the margins narrowed while sour loans rose as the bank became a yet another victim of the hobbling economy and weak sentiments.