NDB 4Q earnings beat economic odds, reports aggressive lending growth

National Development Bank PLC (NDB) reported robust earnings supported by aggressive growth in assets as the lender ploughed strongly through multiple headwinds in the economy to pull off some solid performance for the quarter ended December 31, 2018 (4Q18).  

Expolanka delivers a strong 3Q as earnings up 40%

Expolanka Holdings PLC marched forward with substantial growth in the top and bottom lines during the quarter ended December 31, 2018 (3Q19), led by its key logistics and freight forwarding business.   

CB says US $ 16mn pending from ETI Finance deal

The Central Bank yesterday said US $ 16 million from the ETI Finance (ETIF) deal is yet to be received.  

UK posts slowest growth in 6 yrs ahead of Brexit

(London)AFP: Britain’s economy grew at the slowest pace in six years in 2018 with near-flat output in the final quarter, data showed yesterday, as Brexit uncertainty and weaker global growth bites.  

Rupee ends higher as exporters, foreign banks sell dollar

(Colombo) REUTERS: Sri Lanka’s rupee ended a tad higher yesterday, as exporters and foreign banks sold dollars, amid government securities’ purchase by foreign investors, market sources said.

Positive performance of key sectors boost Aitken Spence 3Q

Harry Jayawardena-controlled diversified conglomerate Aitken Spence PLC recorded strong top and bottom line growth for the quarter ended December 31, 2019 (3Q19), backed by improved performance in all its four key business segments.

Hemas pulls off solid quarter despite challenging macro-economic conditions

Hemas Holdings PLC delivered some  strong top and bottom line performance during the quarter ended in December 2018 (3Q19) led by its key consumer business along with the recent acquisition in the sector. 

Estate sector housing and infrastructure development reaches Rs.2bn in 2018

The Plantations Human Development Trust (PHDT) in a statement yesterday said it completed housing and infrastructure development projects to the value of Rs. 2 billion in 2018, as compared with Rs.1.4 billion in 2017.  Comprised of a tripartite coa

Sri Lanka requires broader focus on gender responsive budgeting: UNW

Sri Lanka, in its commitment to creating an inclusive economy must apply more focused efforts towards gender responsive budgeting, according to United Nations Women (UNW), 

Govt. sets guaranteed prices for paddy ahead of 2019 harvest

ECONOMYNEXT: Sri Lanka’s Finance Ministry had allocated Rs.5 billion to purchase rice at guaranteed prices from farmers ahead of the upcoming major harvest season, the government said.

Colombo Port to invest in new equipment to speed up operations

The Colombo Port has embarked on a major infrastructure drive as the Sri Lanka Ports Authority (SLPA) is set to receive fourteen new terminal tractors that will substantially increase the efficiency of the country’s busiest port. 

Albert Edirisinghe Opticians marks 70 relaunching Colpetty branch

Albert Edirisinghe Opticians Ltd, one of Sri Lanka’s leaders in the optometric services segment, recently hosted an event to celebrate its 70th anniversary at the premises of its newly relaunched Colpetty branch. The event was attended 

Priyantha appointed Vice Chairman of Airport & Aviation Services

Priyantha Kariyapperuma has been appointed as the Vice Chairman of Airport and Aviation Services Ltd. by Civil Aviation and Transport Minister Arjuna Ranatunga. Priyantha previously has held a host of positions in the public sector. He was a former Director General of the Telecommunications Regulatory Commission of Sri Lanka (TRCSL), Chairman o

Trade wars and Brexit fears sap German export surplus

FRANKFURT AM MAIN (AFP) -  Germany’s trade surplus narrowed last year compared with 2017, official data showed yesterday, with trade wars making themselves felt even as both imports and exports hit record highs. Europe’s powerhouse economy exported 227.8 billion euros (US$258.3 billion) more than it imported in 2018, federal statistics authority Destatis said. That figure was just ove

Asian markets fall on US-China talks, gloomy growth forecasts

HONG KONG (AFP) - Asian stocks fell yesterday following losses on Wall Street as fresh doubts emerged over the prospects for US-China trade talks and global growth outlook. Tokyo led the slump, while H

Rupee ends weaker as importer dollar demand weighs

COLOMBO (Reuters) - Sri Lanka’s rupee ended weaker yesterday as importers purchased U.S. dollars while releasing goods after a week-long strike by customs officers that left 6,000 containers stranded at the country’s main port was called off. The strike by thousands of officials began a week ago in protest at the sacking of Director General PSM Charles, who authorities blamed for a drop in customs revenue last year. The s

New division at Customs to crackdown on narcotics

Finance and Mass Media Minister Mangala Samaraweera this week announced that a separate marine division will be set up at Sri Lanka Customs (SLC) to tackle narcotics entering Sri Lanka.

Increased capacity utilization props up Teejay Lanka 3Q top line

Weft knit fabric maker, Teejay Lanka PLC reported higher rupee profits for the quarter ended December 31, 2018 (3Q19), partly stemming from the rupee depreciation against the US dollar, but the bottom line in dollar terms—the group’s functional currency— stayed put compared to the same quarter in the previous year. Teejay Lanka, a unit of Br

Banking sector grants record loans in 2018

Sri Lanka’s banks have granted a record amount of loans and their growth also picked up pace during 2018 despite higher interest rates and non-performing loans—though the latter’s rise sho

SEC charges person in Court for ignoring summons

The Securities and Exchange Commission of Sri Lanka (SEC) yesterday said they charged one Vidanalage Juvenal Aruna Melan Soysa at the Fort Magistrate’s Court on January 25, 201

Rise in activated carbon price shores up Haycarb 3Q

Haycarb PLC, a manufacturer of coconut shell based activated carbon, reported strong performance for the quarter ended December 31, 2018 (3Q19) as the company boosted its revenue through raising prices of its products, although it faced some stiff competition from India and Philippines, the largest coconut carbon producing countries in the region. 

SLTDA to call proposals to develop master plans for Kuchchaweli and Kalpitiya tourism zones

The Sri Lanka Tourism Development Authority (SLTDA) is to develop master plans for sustainable tourism development activities in Kuchchaweli Beach Tourism Zone and Kalpitiya Tourism Z

Bank of China’s US $ 300mn loan to Sri Lanka faces delay

(Colombo) REUTERS: A US $ 300 million loan offered by Bank of China to Sri Lanka is facing delays, government officials familiar with the negotiation told Reuters. The Indian Ocean island nation, a key battleground in the t

Long-delayed global tourism promotion campaign to Cabinet shortly

The Tourism Development, Wildlife and Christian Religious Affairs Ministry is preparing to present the detailed plan of  the long-delayed Rs.3 billion global promotion campaign to the Cabinet shortly

BOC and People’s Bank get acting chairmen

Finance and Mass Media Minister Mangala Samaraweera yesterday appointed acting heads for the two state banks—Bank of Ceylon (BOC) and People’s Bank. Treasury Senior Deputy Secretary A.R. Desapriya was appointed as Acting Chairman of BOC, while Treasury Deputy Secretary A.M.P.M.B. Atapattu was appointed as Acting Chairman of 

Rupee ends firmer on exporter dollar sales

(Colombo) REUTERS: Sri Lanka’s rupee rose 0.3 percent yesterday due to exporter dollar sales, while a trade union action at customs dampened importer demand for the greenback. 

Chevron, McLarens get government lube contracts

Chevron Lubricants Lanka PLC has been awarded two tenders to supply lubricants to the government’s electricity utility. The Cabinet of Ministers this week approved a proposal to award the contract of supplying 750,000 litres of cylinder lubricants and 175,000 litres of system lubricants needed for the barge-mounted power station of the Ceylon Electricity Board, to Chevron Lubricants. The proposal was present

New maritime policy not in favour of shipping sector liberalisation

The final draft of the National Policy for Maritime and Logistics Sectors advocates Sri Lanka to continue with the status-quo of minimum 60 percent equity holding for locals in shipping agency companies as opposed to the 2018 budget proposal to liberalise foreign ownership restrictions of shipping agencies.  Ports and Shipping and 

Cayman Island-based The Sri Lanka Fund to be wound up

Ceylon Guardian Investment Trust PLC (GUAR) and Ceylon Investment PLC (CINV) said yesterday that they are considering winding up the US$2.23 million Sri Lanka Fund incorporated in the Cayman Island, a tax haven. Both companies, subsidiaries of Carson group, each holds 43.34 of the dollar denominated fund.“After much analysis and discussion, it has been decided to consider winding up operations of The Sri Lanka Fund, as this investment vehic

Rupee ends 1% weaker on importer dollar demand

REUTERS - Sri Lanka’s rupee ended 1 percent weaker yesterday, due to dollar demand as importers purchased the greenback after the local currency gained nearly 3 percent last week.