Rupee ends firmer on dollar remittances

(Colombo) REUTERS: The Sri Lankan rupee closed firmer yesterday as banks sold dollars due to month-end inward remittances, but the rupee is still under pressure as investors continue to sell rupee-denominated assets on a credit rating downgrade and a delayed IMF loan discussion in the wake of a political crisis.

Central Bank ordered to release EPF data

The Right to Information (RTI) Commission issued an order on November 27, 2018 directing the Central Bank of Sri Lanka (CBSL) to release data on Employee Provident Fund (EPF) secondary market transactions relating to 2015 and 2016.

Seylan Bank announces Rs.5bn debenture issue

The director board of Seylan Bank PLC has decided to raise Rs.5 billion through Basel III compliant debentures, the bank said in a stock exchange filing on Friday. Accordingly, Seylan plans to issue 50 million rated, unsecured, subordinated redeemable Basel III compliant debentures at Rs.100 each, subject to the debentures being listed on the Colombo Stock Exchange.

Sampath Bank in three-tranche debt issue

Sampath Bank PLC said it is raising up to Rs.7 billion in Basel III compliant debentures, following a director board decision on the same on November 29. The debenture issue will have three tranches. The initial issue will see the bank issuing 50 million 5-year, rated, unsecured, subordinated, redeemable Basel III compliant convertible debentures.

Protests as Sri Lanka cuts tax on sugary drinks

(Colombo) AFP: Sri Lanka on Saturday slashed a tax on sugary drinks in a controversial reversal of an anti-diabetes policy that attracted immediate criticism. The finance ministry ordered an immediate 40 percent reduction in the levy as part of a package of tax cuts launched by the disputed government to win over public opinion as a bitter pow

NEC advocates growth-oriented policy to solve core issues in economy

The National Economic Council (NEC) asserted that a medium to long-term economic policy and programme enhancing economic growth is the best and only viable remedy to address the fundame

Consumer prices rise 3.3% in November on non-food items

Consumer prices in Colombo rose 3.3 percent during the month of November on year-on-year basis, accelerating from 3.1 percent recorded for October, the data released by the Census and Statistics Department showed. 

JKH-Indra Traders sign agreement with BOI for TRI-ZEN

Braybrooke Residential Towers (Pvt) Ltd, signed an agreement with the Board of Investment (BOI) for TRI-ZEN, a pioneering residential development.  The project is a joint venture between JK Land (Pvt) Ltd., a subsidiary of John Keells Holdings PLC, and Indra Traders (Pvt) Ltd., and the project will be marketed and managed by John Keells under its brand John Keells Properties.  Located in the heart of th

BOI signs agreement for Braybrooke apartment complex

BOI signed an agreement with Braybrooke Residential Towers (Pvt) Ltd to set up an apartment complex in Colombo 2.  The total investment of this proj

Japan court extends Ghosn detention

(Tokyo) AFP: A Tokyo court yesterday extended the detention of former Nissan chief Carlos Ghosn, local media said, after his arrest on allegations of financial misconduct that have shake

Marriott says up to 500 million guests affected by hack

(Washington) AFP: Marriott International said yesterday that up to 500 million hotel guests may have had their data compromised in a hack of the Starwood reservation database.

Rupee ends firmer on remittances, but remains under pressure

(Colombo) REUTERS: The Sri Lankan rupee closed firmer yesterday as banks sold dollars due to month-end inward remittances, but the currency is still under pressure as investors continue to dump rupee-denominated assets on a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis. Foreigners sold a net Rs.415.1 million (US $2.33 million) worth of stocks yesterday, and they have been net sellers of Rs.8.7 bil

India economic growth slows to 7.1%

(Mumbai) AFP: India’s economic growth slowed to 7.1 percent in the second quarter, official data showed yesterday, as its banks endure a liquidity crunch that is hampering investment in Asia’s third-largest economy.

Parliament halts ministers’ salaries to pressure disputed PM

(Colombo) REUTERS: Sri Lanka’s parliament yesterday voted to halt payment of ministers’ salaries and travel expenses, but it remained unclear how the move would impact the disputed government of Prime Minister Mahinda Rajapaksa whose ministers boycotted the vote. The South Asian island has bee

Asian markets mostly rise ahead of Trump-Xi, oil extends gains

HONG KONG (AFP) - Asian markets mostly rose yesterday bringing a broadly upbeat week to a positive end as attention turns to the much-anticipated meeting between Donald Trump and Xi Jinping.

Parliament blocks cash flow to Rajapaksa’s office

(Colombo) AFP: Sri Lanka’s parliament voted yesterday to block any spending by the Prime Minister’s office, further paralysing a government adrift from weeks of conflict as two rivals claim to run the country. The island has been in crisis since October 26 when the president sacked Prime Minister Ranil Wickremesinghe and replaced him with Mahinda Rajapaksa, a charismatic but di

Rupee ends slightly weaker on economic woes

(Colombo) REUTERS: The Sri Lankan rupee closed marginally weaker yesterday as investors dumped rupee-denominated assets on a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis. 

Sri Lanka agrees port deals with China amid political chaos

(Colombo) REUTERS: Sri Lanka signed two multi-million dollar contracts with Chinese firms for a port upgrade project yesterday in the middle of a political hiatus that has raised doubts over the legitimacy of the government and the legality of the deals. The debt-saddled island has long been a t

Manufacturers say political crisis affecting future order books

The Free Trade Zone Manufacturers’ Association (FTZMA), one of the largest manufacturing associations in Sri Lanka’s largest free trade zone in Katunayake yesterday said the current political crisis is having implications on the future order books of  its members. 

Samsung says still top dog in Lankan smartphone market

Samsung says it retains the top spot in Sri Lanka’s smartphone market with a 43.84 percent market share as of October, despite the reports that Huawei has taken over the top spot in the first half of this year from Samsung.

Ideal Group and Mahindra to make vehicle components locally

India’s leading auto manufacturer Mahindra & Mahindra Ltd and Sri Lanka’s Ideal Group (Pvt.) Ltd plan to setup a component manufacturing centre to complement their plans to set up a vehicle assembly plant in Sri Lanka.  

Melstacorp profits down on higher taxes, costs

Melstacorp PLC reported lower profits for the three months ended September 30, 2018 (2Q19), as the group incurred some hefty taxes while the cost surged against the same period, last year. The group’s alcoholic beverage (alcobev) segment’s top line also showed some weakness.   

Super luxury MV Mein Schiff 3 makes call at Colombo port

The super luxury passenger vessel MV Mein Schif 3 of TUI Cruises, with 2,430 passengers and 995 crew members on board, made her maiden call at the Port of Colombo, on Monday.   

NDB says strategic investor likely to invest in unsubscribed rights

National Development Bank PLC (NDB) yesterday said a strategic investor is currently carrying out a detailed evaluation of the bank as well as the current market conditions with a view to investing in the unsubscribed shares arising from the rights issue that was closed in October.  

China’s UnionPay to issue credit and debit cards for first time in Sri Lanka

Announcing its expansion plans, China’s UnionPay International (UPI) said it would be issuing UnionPay debt and credit cards in Sri Lanka for the first time in the near future.  

Rupee hits fresh low against dollar for 6th day running

(Colombo) REUTERS: The Sri Lankan rupee hit yet another record low against the dollar yesterday on continuing concerns about political uncertainty dragging down the island-nation’s economy, after a credit rating downgrade by Moody’s and the International Monetary Fund (IMF) halting a loan discussion last week.   

InterContinental to return to Colombo with Pearl Grand Tower Hotel

The Pearl Grand Tower Hotel, which is to be managed by InterContinental Group of Hotels (IHG), recently saw the completion of the concrete structure work carried out by China State Construction Engi

Recovery in demand for eggs, chicken propels Ceylon Grain Elevators 3Q

The increased demand for animal feed, chicken and eggs during 2018 has propelled the revenues and profits of Ceylon Grain Elevators PLC, but the country’s largest poultry operator expects some challenging times with the weakening of the rupee and declining consumer  purchasing power. 

Rupee hits record low on political uncertainty, economic woes

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a fifth straight session yesterday, as investors dumped currency-denominated assets following a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis.  The rupee hit a fresh low of 180.50 

Ensuring rule of law critical for Sri Lanka to reach full economic potential: Speaker

Speaker of Parliament, Karu Jayasuriya asserted that leaders who ensure the rule of law coupled with the right vision, dedication, commitment, discipline is critical for Sri Lanka to reach its full economic potential.  “What the country needs now is the right vision, dedication, commitment, discipline, ensuring rule of law coupled with right people at the right place,” he stressed. Jayasuriya was the chief guest at ‘Best Co