17th K. Sivagananathan memorial oration on Monday

The 17th Annual K Sivagananathan Memorial Awards and oration will be held on Monday, 11th March 2019.

NTB Dec. stymied by higher credit costs, weak liquidity

Profits declined at Nations Trust Bank PLC during the October–December quarter (4Q18), as the lender grappled with multiple issues stemming from higher credit costs, weak liquidity and modest growth in the demand for new loans. The banking group reported earnings of

Working with govt., biz community to remove barriers to invest: US envoy

The United States is working with the Sri Lankan government and the business community to remove barriers to investment, U.S. Ambassador in Colombo Alaina B. Teplitz said. She said they are looking forward to seeing the business environment improving and the country’s legislation and rules getting modenized. “Publishing guidelines for areas li

AIA Insurance Lanka in fresh bid to go private; offers Rs.2, 500 per share

AIA Insurance Lanka PLC has upped its offer to the firm’s minority shareholders considerably in a fresh attempt to take the company private, following a failed bid to do the same in August last year.

Rattled ETI buyers say reviewing steps to protect investments

The buyers of ETI assets yesterday said they are presently reviewing the measures to be taken to protect their investments amid misleading statements by interested parties with misguided age

SL reaches staff level agreement with IMF on 5th tranche

Sri Lanka has reached a staff level agreement with the International Monetary Fund (IMF) on the fifth review of the US $ 1.5 billion 3-year Extended Fund Facility (EEF) the country entered in June 2016.

Access Engineering to carry out civil works of ADB-funded wind farm project

Access Engineering PLC has been awarded with the civil works of Ceylon Electricity Board’s (CEB) 100MW Mannar Island wind farm project that is financed by the Asian Development Bank (ADB).

Shares recover from 4-month closing low

(Colombo) REUTERS: Sri Lankan shares rose yesterday after declining for eight straight sessions to a four-month closing low in the previous day, as investors picked up beaten-down stocks ahead of an increase in liquidity, analysts said. The rupee closed weaker with investors waiting for directions from next week’s budget and the outcome of talks between government authorities and the IMF, market sources said. The Colombo Stock Exchange index cl

Prima Ceylon celebrates 40 years in Sri Lanka

Prima Ceylon, the flagship company of the Prima Group Sri Lanka, celebrated four decades of successful partnerships and growing together with the nation, at an event recently in Trincomalee, where its state-of-theart flour milling complex and one of the largest flour mills in the world under one roof, is located. Being Sri Lanka’s first recorded Foreign Direct Investment (

Govt. asks IMF for 1-yr loan extension, relax tight spending targets

(Colombo) REUTERS: Sri Lanka has asked the International Monetary Fund (IMF) to extend a US $1.5 billion loan by another year and relax its tight spending targets ahead of key elections, two government sources close to the negotiations told Reuters yesterday.

January motorcar registrations rebound

Motorcar registrations in January saw a rebound after a sharp fall in December, but still significantly lower in registrations in January 2018, a vehicle registrations tracker by Colombo-based stock broking and research house JB Securities showed. Motorcar registrations recorded 3,147 units in Jan

Stocks, rupee ease ahead of budget, IMF talks outcome

(Colombo) REUTERS: Sri Lankan shares and the rupee closed weaker yesterday, with investors waiting for directions from next week’s budget and the outcome of talks between government authorities and the International Monetary Fund (IMF), market sources said. Sri Lanka has asked the IMF to extend a U

SLT 4Q profits up despite heavy forex translation losses

Sri Lanka Telecom PLC’s (SLT) profits surged despite some significant foreign exchange translation losses incurred on its foreign borrowing portfolio, as the State-controlled telecom operator is pivoting towards data related services from traditional services.

Sri Lanka sets eyes on exiting FATF grey list by this June

The Financial Action Task Force (FATF), the global policy setter on anti-money laundering and countering the financing of terrorism (AML/CFT), has made the initial determination that Sri Lanka has completed its action plan

Job creation schemes urged to avert rampant youth migration in NP

The Northern Province public representatives recently urged the government to adopt short-term employment creation schemes in the Northern Province, as skilled youth migration has spiked, due to the lack of employment opportunities for the youth in the province. “The high unemployment i

Resus Energy to invest Rs.1.3bn in hydro and solar projects

The renewable energy developer, Resus Energy PLC is to invest Rs.1.3 billion in a couple of hydropower and solar power projects during this year, the company said in a media statement. The company said these projects have been structured with focus to generating renewable and sustainable energy, combining the latest tech and an environmentally responsible business proposition.

Higher loan-loss provisions hurt HNB 4Q; full-year profit up 11%

Hatton National Bank PLC (HNB) reported lower profits for the quarter ended December 31 (4Q18) as the increased credit loss expenses upended the financial performance of the country’s second largest private lender. The banking group,

Pan Asia Bank’s 4Q earnings flat; full-year profit up 11%

Pan Asia Banking Corporation PLC (PABC) was able to somewhat contain the blows from the first-time impact of the adoption of new accounting standards and implementation of financial sector-specific levies during the December quarter (4Q18), while recording a 11 percent growth in earnings for the full year (FY18). According to the 4Q1

Diversified LOLC group joins trillion rupee club

Sustaining its unblemished track record in performance, the LOLC group crossed the rupees trillion mark, with total assets reaching Rs.1.008 trillion, as at December 2018. This significant achievement is on account of the group’s consistently resilient financial sector – both local and international, coupled with its strategic investments in non-financial sectors—leisure, plantations, cons

Combination of factors dim ComBank 4Q; full year earnings grow modestly

Commercial Bank of Ceylon PLC saw its earnings for the quarter ended December (4Q18) declining, as the country’s largest private lender failed to reflect its solid loan growth in its net interest income amid attempts to reverse the impact from weakening asset quality. The lender with assets of Rs.1.3 trillion saw its earnings falling by 16 percent year-on-year (YoY) to Rs.4.06 billion or Rs.4.05 a share for the quarter under review, as hefty prov

Foreign purchaser of ETIFL assets dumps Swarnamahal Financial out of deal

The buyer of the troubled ETI Finance Limited’s (ETIFL) assets has decided to refrain from purchasing Swarnamahal Financial Services, thereby bringing down the value of the deal to US$ 70 million from the original US$ 75 million. “There is an issue regarding the

Tough market conditions, weak consumer demand hurt Nestlé Lanka performance

Nestlé Lanka PLC reported lower revenues and profits for the quarter ended December 31, 2018 (4Q18), as the local unit of the world’s largest food company suffered from tough market conditions and weak consumer demand. Nestlé Lanka reported earnings of Rs.16.11 a share or Rs.865.6 million in total earnings for the October-December period compared to Rs.21.95 a share or Rs.1.18 billion in total earnings made during the correspondin

SLTDA’s new unit commences registering nearly 2200 tourist establishments in informal sector

Sri Lanka has commenced registering nearly 2200 tourist establishments in the informal sector amounting to a 50,000 room stock under the newly established enforcement unit of Sri Lanka Touris

Govt. to engage rating agencies for upgrade following IMF deal

Sri Lanka will start discussions with credit rating agencies for a rating upgrade after reaching a staff level agreement with the International Monetary Fund (IMF) for the 5th instalment of the US $1.5 loan facility.

Harsha calls for paradigm shift in country’s labour pool

Economic Reforms and Public Distributions Minister Dr. Harsha de Silva lashed out at his own government last week for its lackluster efforts in getting the local talent pool up to mark, and stressed a more proactive approach is mandatory to bring the national economy on track, so that it can have the edge to compete on the world stage. Asserting the island nation “will

Russia indicts big US investor for fraud: lawyer

MOSCOW (AFP) - Russian investigators formally charged US investor Michael Calvey with fraud on Thursday following his controversial arrest, his lawyer said. Investigators presented Calvey with the indictment on the charge of large-scale fraud as part of an organised group, which can be punished by up to 10 years in prison. “He has refused to admit his guilt or give any testimony” before consulting with his defence, lawyer Dmitry Kletochkin told

Australia plays down reports of Chinese coal ban

SYDNEY (AFP) - Canberra yesterday played down reports a major Chinese port had banned coal imports from Australia, as fears grow that worsening diplomatic tensions are damaging the nations’ crucial trading relation

Months-long slide in German business morale deepens

FRANKFURT AM MAIN (AFP) - Confidence among business leaders in Germany fell for the sixth month in a row in February, a closely-watched survey showed yesterday, as global trade struggles cast a pall over Europe’s powerhouse economy. The Munich-based Ifo institute’s busin

Rupee, stocks end largely flat after Central Bank’s reserve ratio cut

COLOMBO (REUTERS) - The Sri Lankan rupee and the main stock index ended little changed yesterday after the Central Bank surprisingly reduced commercial banks’ statutory reserve ratio (SRR) by 100 basis points with effect from March 1, market sources said. Sri Lanka’s Central Bank reduced com

Most Asian stocks dip with Wall St, dealers await trade talk news

HONG KONG (AFP) - Asian stocks mostly rose yesterday as early concerns about weak US data were replaced by hopes for success in the China-US trade talks. With high-level negotiations between the w