Rupee edges down on importer, state bank dollar demand

(Colombo) REUTERS: Sri Lanka’s rupee closed slightly weaker yesterday due to dollar demand from importers and state banks, while investors remained cautious over debt repayment by the government.   

New team of FTA negotiators to be appointed

Development Strategies and International Trade Minister Malik Samarawickrama plans to appoint a new free trade agreement (FTA) negotiation team shortly with the approval of the Cabinet of Ministers, a top ministry official told Mirror Business.   

DFCC Bank in Rs.7.6bn cash call to bolster capital base

DFCC Bank PLC yesterday announced a rights issue to bolster its capital base, in view of supporting its growth projections, the bank said in a stock exchange filing.   

National inflation decelerates to 0.4% in December

Sri Lanka’s countrywide headline inflation, measured by the year-on-year change in the National Consumer Price Index (NCPI), decelerated to 0.4 percent in December 2018, from 1.0 percent a month ago, the da

Hayleys Fabric 3Q net up on strong sales

 Hayleys Fabric PLC, the knit fabric maker of Hayleys group, reported solid performance for the three months ended December 31, 2018 (3Q19) as the company extended its positive earnings for the third quarter in a row supported by a strong top line performance.  Hayleys Fabric reported earnings of 52 cents a share or Rs.107.6 million profit for the quarter under review from a loss of 5 cents a share or Rs.10.8 million reported for the sa

Keells Food Products December profits down on higher costs

Keells Food Products PLC (KFP), the processed food maker of John Keells group, reported lower profits for the quarter ended December 31, 2018 (3Q19) amid weak consumer sentiment and difficult operating conditions.

sl urged to strive for 2nd demographic dividend driven by ‘Silver Economy’

Sri Lanka needs to focus on improving productivity, health and saving capacity of its current workforce in order to earn a second demographic dividend driven by its ‘Silver Economy’, a t

JLanka to invest US $10m in Bahrain’s renewable energy sector

TRADE ARABIA: Sri Lanka-based JLanka International, a premier solar and renewable energy technology solutions provider, has announced an investment of up to US $10 million within the coming five years in Bahrain’s renewable energy sector. Commencing operations in Bahrain, JLanka has been commissioned by the kingdom’s Sustainable Energy Unit (SEU) under the supervision of Dr. Abdul Hussain Bin Ali Mirza, Minister of Electr

Rupee slips on importer, bank dollar demand; stocks down

(Colombo) REUTERS: Sri Lanka’s rupee closed slightly weaker yesterday, snapping two straight sessions of gains, due to dollar demand from banks and importers.   

South Asia tops ranks of world’s highest real interest rates

Bloomberg: Real interest rates in South Asia are among the highest in the world, raising the prospect of more dovish monetary policy in the region.  

MTD Walkers transfers subsidiaries to Malaysian parent in US $ 19mn deal to settle debt

The troubled construction firm, MTD Walkers PLC, has transferred three of its subsidiaries to its Malaysian parent, MTD Capital Berhard, for a purchase consideration of little over US $ 19 million, to settle a debt payable by one of its subsidiaries.   

Global FDI skids 19% on Trump tax reform, may rebound in 2019: UN

(Geneva) REUTERS: Global foreign direct investment (FDI) fell 19 percent last year to an estimated US $ 1.2 trillion, largely caused by US President Donald Trump’s tax reforms, the United Nations trade and development agency UNCTAD said yesterday.  

After downgrading Sri Lanka, Fitch says frontier market ratings mostly stable

Fitch-rated frontier markets saw more positive than negative sovereign rating actions in 2018, partly due to higher commodity prices, although the rating agency cut Sri Lanka’s sovereign rating over political uncertainty in December.   

Tax reversal helps Tea Smallholders’ 3Q

Tea Smallholder Factories PLC has returned to the black during the December quarter (3Q19), as the company saw its earnings for the period rising 47 percent year-on-year (YoY) to Rs.13.7 million, thanks to a Rs.8.9 million tax reversal. The earnings per shar

Tourism earnings hit US $ 4.4bn in 2018

Tourism earnings are estimated to have risen 11.6 percent year-on-year to US $ 4.4 billion in 2018, according a press release issued by Sri Lanka Tourism Development Authority (SLTDA)  on Friday.

SLT gets new CEO and COO

Sri Lanka Telecom (SLT) last week announced a new leadership team with the appointment of Kiththi Perera as the Chief Executive Officer (CEO) and B.P. Fernandez as the Chief Operating Officer (COO) with effect from January 1, 2019.  

India’s SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways

(New Delhi) REUTERS: The State Bank of India (SBI)-led consortium of lenders is waiting for India’s capital markets regulator to decide on a bailout offer by Etihad Airways for the financially stressed Jet Airways, SBI Chairman Rajnish Kumar said, the Business Standard reported on Saturday. The UAE-based carrier, w

Port City to become catalyst for banking sector to reach Rs.30tn in assets by 2025

The Colombo Port City (CPC) will attract foreign banks to set up their operations in Sri Lanka, paving the way for the country’s banking sector’s asset base to more than double to Rs.30 tril

SriLankan says A330-200 idling at BIA lacks suitable cabin configuration for their use

In response to an exposure by one of their trade unions recently, SriLankan Airlines yesterday said an Airbus A330-200 4R ALS acquired by the previous management, which is 

Asian markets end week on a high as China-US trade hopes rise

HONG KONG (AFP) - Asian markets rallied yesterday as another broadly positive week drew to a close, with investors cheered by a report that the US was considering lifting tariffs on China 

Malaysia open to talks if Goldman pays US$ 7.5 bn, says minister

(Kuala Lumpur) REUTERS: Malaysia’s finance minister said yesterday the government would be ready to discuss dropping criminal charges against Goldman Sachs linked to the 1MDB scandal if the bank pays US$7.5 billion in reparations. Goldman Sachs is be

Malicious phishing attempt impersonating Central Bank

The public and institutions, particularly the financial institutions were yesterday warned by Central Bank to be beware of a malicious email being circulated, impersonating the Employees Provident Fund (EPF) Department of the Central Bank. Issuing a notice, Central Bank stated “It has been reported to the Central Bank of Sri Lanka (CBSL) that a phishing attempt has been initiated targeting mainly the financial institutions

Jinasena introduces Sri Lanka’s first solar pumping solution

Jinasena Pvt Ltd, the pump manufacturing giant in Sri Lanka has launched a first of its kind pumping solution for Sri Lanka, adding to the many accolades achieved since its inception in 1905

‘We will miss you’ - Germany pleads with the British to stay in EU

(London) REUTERS: German Chancellor Angela Merkel’s protégé appealed to the British yesterday to stay in the European Union, saying her compatriots had not forgotten how Britain welcomed Germany back as a sovereign nation after World War Two.Conservative leader Annegret Kramp-Karrenbauer, who succeeded Merkel as leader of the Christian

Rupee extends gains on dollar sales by bank; stocks steady

COLOMBO (Reuters) -  Sri Lanka’s rupee closed firmer for a second straight session yesterday, helped by dollar selling by banks and after the IMF said it would resume discussions with the island nation for further disbursal of part of a US$1.5 billion loan and the Central Bank chief said around US$5 borrowing in the pipeline could help debt repayments. 

Kavan appointed SLPA Chairman

Top professional Kavan Ratnayaka yesterday assumed duties as the Chairman of Sri Lanka Ports Authority (SLPA).  Before his appointmen

IMF willing to revise fiscal targets, says CB

The Central Bank Governor Dr.Indrajit Coomaraswamy said the International Monetary Fund (IMF) has agreed for flexibility to revise fiscal targets set for this year, following the discussions held in Washington, early this week.  Delivering the keyn

Sri Lanka targets US $ 1bn from seafood exports by 2022

Sri Lanka’s seafood industry is eyeing US $ 350 million in exports this year in line with a three-year target of achieving US $ 1 billion in seafood export revenue by 2022.

CB expects all fund raising to end in 1Q

Meanwhile Governor Coomaraswamy told Mirror Business that the Central Bank will start the process to raise at least US $ 1 to US $ 1.5 billion via issuing dollar denominated international sovereign bonds (ISBs) in a matter of days. The Cabinet has approved a proposal to raise up to US $2 billion via ISBs, he said. Coomaraswam

Carbon Tax applies to State-owned vehicles too : Finance Ministry

Responding to criticism, Finance and Mass Media Ministry said yesterday that the Carbon Tax, which came into effect from January this year, is applicable to State-owned vehicles as well.