National Chamber calls for SME development through trade facilitation

Asset quality fallout, IFRS 9 dent Sampath Bank 4Q

Sampath Bank PLC suffered a decline in profits during the three months ended December 31, 2018 (4Q18) as the lender became a casualty of the general weakening of banking sector asset quality and the first time adoption of a new accounting standard resulting in significantly higher provisions for possible bad loans.  Sampath Bank, t

Forex losses, group-wide digital push hurt Dialog Axiata 4Q

Dialog Axiata PLC’s December quarter (4Q18) profits were hurt by the continued translational losses stemming from its dollar borrowings and the one-off cost made on group-wide business process re-engineering exercise towards digital technology. Accordin

CTC sees 3.2% volume decline in 4Q

Sales slowed at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), during the December quarter (4Q18), as CTC had to jack up prices of some of its products, as a result

Right strategies, policy reforms key to handling ageing problem: WB

Sri Lanka having reached the advanced stage of a demographic transition, where it now has a fast-growing ageing population, will require increased focus to cater to that group as current measures by the government remain inadequate. Highlighting Sri Lanka’s changing demographics in their latest development report, the World Bank (WB) said the country needs the right strategies and policy reforms to better hand

Move to establish wider shipping and logistics sector chamber opposed

Attempts are said to be underway to thwart a move to establish Sri Lanka’s first shipping and logistics industry chamber under the name National Chamber of Shipping of Sri Lanka, Mirr

Australia targets March signing of stalled Indonesia trade deal

SYDNEY (AFP) - Australia said yesterday a long-awaited trade deal with Indonesia will be signed in March, following months of diplomatic tension over Canberra's contentious plan to move its embassy to Jerusalem. 

US report calls car imports national security threat: sources

NEW YORK (AFP) - A US Commerce Department report has concluded that American auto imports threaten national security, setting the stage for possible tariffs by the White House, two people familiar with the matter said this week. The investigation, ordered by President Donald T

Asian shares drop on trade talks fears, weak US retail

HONG KONG (AFP) - Asian stocks retreated yesterday as the US hailed "productive" trade talks in Beijing despite earlier reports suggesting an impasse, while Wall Street was hit by weak US retail sales. Bourses across the region were already well

Rupee ends weaker on importer dollar demand

(Colombo) REUTERS: Sri Lanka's rupee ended weaker yesterday, as dollar demand from importers weighed on the currency, market sources said.  The stock market also closed weaker at a near four-month low, as foreign investors sold the island nation's risky assets.  The rupee, ended at 178.65/

Alibaba takes stake in Chinese video platform

BEIJING (AFP) - Alibaba has bought an eight percent stake in Chinese online video sharing and entertainment service Bilibili for an undisclosed  amount, state news agency Xinhua reported. 

Ex-Goldman banker facing 1MDB charges agrees to US extradition

 KUALA LUMPUR (AFP) - An ex-Goldman Sachs banker accused of involvement in the multi-billion-dollar 1MDB scandal has agreed to be extradited from Malaysia to the United States to face charges, his lawyers said yesterday.

CB halts The Finance from taking new deposits, issuing loans

The Central Bank suspended the troubled non-banking financial institution The Finance Company (TFC) from taking new deposits and issuing loans with effects from yesterday (15th) as the losses at TFC continued to expand, amplifying the firm’s already severe liquidity issues. 

Tourism leaders rattled by FCID witch hunt

Two private sector tourism leaders, who had been caught up in a legal battle for over two years initiated by the Financial Crimes Investigation Division (FCID), yesterday called for law 

Sri Lanka urged to keep economic reforms on track

The World Bank yesterday tipped Sri Lanka as one of the stronger economies in the South Asian region, but asserted the country is yet to reach its full potential, and will struggle to do s

Melstacorp 3Q flat amid pressure on alcobev segment

Profits at Melstacorp PLC remained flat during the quarter ended December 31, 2018 (3Q19) compared to the same period a year ago, as the diversified conglomerate which houses the country’s largest spirits maker is facing prolonged challenges in maintaining the top line.  Melstacorp reporte

Tea exports to China tops 10 mn kgs

Sri Lanka’s tea exports to China surpassed the 10 million kgs mark in 2018 for the first time in history, reaching an all-time high of 10.02 million kgs. However, the growth of tea exports to China slowed down to 1.2 percent last year from a record 30 percent achieved in 2017.  Ceylon Tea exports

Rupee ends lower on high dollar demand

(Colombo) REUTERS:  Sri Lanka’s rupee ended tad weaker yesterday led by higher importer dollar demand, market sources said.  The stock market closed steady in dull trade, but foreign investors bought into the island nation’s risky assets for the second straight session.  The rupee, ended at 178.50/

ADB to pump in US $ 145mn to local university system to nurture technology-oriented graduates

The Asian Development Bank (ADB) and four Sri Lankan universities yesterday signed project agreements totalling US $ 145 million, under the ADB-funded Science and Technology Human Resources Development project, to foster science and technology in Sri Lanka’s higher education.     

Sri Lanka’s largest brewer urges government to plug tax revenue leakages

Sri Lanka’s largest brewer has urged the government to come up with a foolproof mechanism to eliminate the tax revenue leakages stemming from non-declaration of full production volumes by spirits makers.  

New directors elected to CSE board

The Colombo Stock Exchange (CSE) yesterday announced the appointment of Dimuthu Sanjaya Abeyesekera and Murtaza Jafferjee as Directors of the CSE board with effect from February 1, 2019.   

Consumer and healthcare sectors lift Sunshine 3Q profits

The strong performance of the consumer, healthcare and energy sectors offset the negative results from the tea plantation business at Sunshine Holdings PLC, paving the way for the diversified conglomerate to pull off a robust performance for the quarter ended December 2018 (3Q19).   

MTD Walkers enjoined from transferring shares

The Colombo Commercial High Court has issued enjoining orders on MTD Walkers PLC restraining it from transferring its shares in the name of third parties or interfering with its shares in any other manner, until February 20. 

Rupee ends weaker on high dollar demand

(Colombo) REUTERS: Sri Lanka’s rupee ended tad weaker yesterday, as importer dollar demand surpassed the exporter greenback sales, market sources said.

World Bank South Asia Vice President in town

The World Bank Vice President for the South Asia region, Hartwig Schafer is currently in town on his first visit to Sri Lanka to gain a better understanding of the country’s development priorities and as to how the bank can continue to support its critical reform agenda.  “Sri Lanka has made good progress in reducing poverty and ranks the highest in South Asia in terms of human capital development” said Schafer.  &ldqu

Access Engineering set to secure largest overseas project

Access Engineering PLC is en route to secure its largest construction contract outside Sri Lanka worth of 14 million euros to design and construct substructures for a Spanish-funded steel overp

Singer 3Q weighed down by heavy gearing, exchange losses

Costs stemming from heavy borrowings and substantial exchange losses weighed on Singer Sri Lanka PLC as the country’s largest consumer durables retailer and white goods maker suffered a loss for the quarter ended in December 2018 (3Q19).  Singer Sri Lanka reported Rs.15.9 billion revenues for the October – December period, up 10 percent year-on-year (YoY) while the group operating profit rose by 21 percent YoY to Rs.1.1 billion.&

Europe accounts for half of tourist arrivals in January

European tourists accounted for 50 percent of the tourist arrivals to Sri Lanka during the first month of 2019, the data released by Sri Lanka Tourism Development Authority

Rupee ends weaker on stock-related outflows

(Colombo) REUTERS: Sri Lanka’s rupee ended weaker yesterday, as banks bought dollars to facilitate stock-related outflows and importer greenback demand, market sources said.  The stock market closed down as 

January tourist arrivals up 2.2% to 244,239

The tourist arrivals during the first month of this year rose 2.2 percent year-on-year to 244,239, the Sri Lanka Tourism Development Authority (SLTDA) said in a brief press release yesterday. The largest source markets during the month were India, followed by China and the United Kingdom.