Private sector credit surge in Sept.; state credit follows suit

The credit granted to the private sector by the banks has surged while the credit to the government and public corporations followed suit, as the Central Bank printed money to keep the interest rates low in September.  The banks in September gave a 

Colombo Dockyard returns to profit in Sept. quarter

Sri Lanka’s largest shipbuilder, Colombo Dockyard PLC (DOCK), a unit of Japan’s Onomichi Dockyard, returned to profit during the September quarter (3Q18), after two quarters of losses, larg

Rupee hits record low amid continued political uncertainty

(Colombo) REUTERS: The Sri Lankan rupee fell to an all-time low of 177.35 per dollar yesterday, as political uncertainty outweighed the positive impact of a policy rate hike, sources said. Stocks closed weaker for the second straight session due to political uncertainty and the policy rate hike. The political uncertainty rem

LSE moves bond trading from London to Italy ahead of Brexit

(Milan/London) REUTERS: The London Stock Exchange will move its European government bond trading from London to Italy before Britain’s exit from the European Union next March, it said yesterday.

Umagiliya assumes duties as BOC Chairman

Former Monetary Board member Neil Umagiliya assumed duties yesterday as the 25th Chairman of state-run Bank of Ceylon (BOC). Umagiliya is a Fellow Member of the Institute of Chartered Management Accountants, United Kingdom and a Member of the British Institute of Management.  He is presently 

Uber loss tops US$1 bn as it seeks to diversify

(San Francisco) AFP: Ride-share company Uber said that its net loss topped a billion dollars in the recently ended quarter as it pumped money into bikes, scooters, freight and food delivery.

Sri Lanka’s largest brewer says many spirit makers are tax evaders

Sri Lanka’s largest brewer, Lion Brewery PLC has called for a level-playing field, as according to the firm, a number of players in the country’s spirits industry resort to tax evasion and the regulators have turned a blind eye to such unlawful behaviour.  “Whilst the beer industry has signif

Maldives’ new president warns State coffers ‘looted’ after China-led boom

(Male) REUTERS: The new president of the Maldives took office on Saturday, declaring the State coffers to have been looted and warned that the country was in financial difficulty after racking up debt with Chinese lenders in an infrastructure boom. The Maldives, famous for its lux

UDA approval process delays Rs.8bn third Access Tower

The development of the Rs.8 billion ‘Access Tower 3’ is facing delays due to the current political crisis, as the Urban Development Authority (UDA) is yet to award the lease agreement to Access Realties (Pvt) Ltd. despite the approval of the proposal by the Cabinet of Ministers in September.  The Cabinet approved the propo

Sri Lanka’s IMF loan programme to experience delays

Sri Lanka’s ongoing loan programme with the International Monetary Fund (IMF) has met with delays due to the current political crisis prevailing in the country, Central Bank Governor Dr. Indrajit Coomaraswamy said.

Asia markets mixed with eyes on China-US trade

Asian markets swung throughout yesterday as investors weighed China-US trade speculation, while the pound struggled to stage a strong recovery from the previous day’s Brexit-fuelled bruising. As a volatile week drew to a close, so

U.S. envoy to Japan defends trade policies, say not protectionist

Reuters - “The United States is the most open major economy in the world,” Ambassador William Hagerty told reporters at the Japan National Press Club.  “Japan and other countries have benefited greatly from that openness. So I want to make sure that we don’t mistake our efforts to achieve reciprocity for protectionism.”  U.S. President Donald Trump has roiled Washington’s trade relations around the wo

Rupee ends steady, stocks down 0.20%

The Sri Lanka rupee closed steady at around Rs.176.50/65 against the US dollar yesterday, while stocks ended 0.20 percent lower after another day of chaotic scenes in the country’s legislature as the nation plunges deeper into crisis.  Loyalists of Mahinda Rajapaksa o

EU states wary of losing fishing rights in Brexit deal

BRUSSELS (AFP) - Some EU member states have concerns about the draft Brexit deal, particularly about access to fishing in British waters, but there is little appetite in Brussels to reopen negotiatio

BlackBerry to buy cyber security firm Cylance for US$ 1.4 bn

REUTERS - BlackBerry Ltd said yesterday it will acquire Cylance, an artificial intelligence and cyber security company, for US$1.4 billion in cash to help expand its QNX unit that makes software for next-generation autonomous cars.  Besides the cash compone

Australia takes India to WTO over sugar subsidies

SYDNEY (AFP) - Australia announced yesterday it was taking legal action against India at the WTO over sugar subsidies it said caused a “significant downturn” in world prices and hurt domestic producers.

PNG paves way towards new natural gas project

PORT MORESBY (AFP) - Papua New Guinea yesterday signed a deal with energy giants Total and ExxonMobil on a proposed new project that would significantly boost the natural gas exports from the poor Pacific Island nation. The parties hope to fi

ECB sees ‘no reason’ for eurozone slowdown

FRANKFURT AM MAIN (AFP) - European Central Bank President Mario Draghi said yesterday he saw “no reason” why growth in the eurozone should wither, minimising a sharp slowdown in the third quarter. “There is certainly no reason why t

Leading chambers call for sensible actions to avert economic downfall

Four leading business chambers yesterday in a joint statement expressed their grave concern over the current political situation in the country, while condemning the behaviour of some of the elected

Rupee falls to record low on continued political uncertainty

REUTERS: The Sri Lankan rupee fell to an all-time low yesterday, continuing its record-setting spree, as political uncertainty outweighed the positive impact of a policy rate hike, sources said. Stocks closed firmer for a fourt

Aitken Spence Sept. net down 17% to Rs.484mn

The modest performance of the tourism segment despite higher tourist arrivals weighed in on Aitken Spence PLC’s bottom line despite the steady performance of the group’s key maritime and logistics and service sectors for the period ended September 30, 2018 

Sri Lanka highly vulnerable to tightening global financing conditions: Moody’s

Moody’s investor services placed Sri Lanka (B1 negative) among Maldives (B2 negative), Mongolia (B3 stable), and Pakistan (B3 negative), who are particularly vulnerable to tightening external fi

Asite Talwatte appointed NSB Director

Asite Talwatte, a top professional and a veteran in the corporate world has been appointed to the Board of National Savings Bank by the Minister of Finance and Economic Affairs.

Ceylinco Life appoints new Chairman and MD in smooth transition

Ceylinco Life Insurance Limited (Ceylinco Life) has announced the appointment of R. Renganathan, the company’s Managing Director/CEO, as Executive Chairman effective November 14, 2018 and the concurrent appointment of Deputy CEO Thushara Ranasinghe as Managing Director/CEO.

Despite strong top line, higher finance costs continue to hurt Hayleys bottom line

Despite a strong top line performance, the bottom line of Sri Lanka’s diversified blue chip Hayleys PLC fell victim to significantly higher finance costs stemming from recent acquisitions and the exchange rate fluctuations.

ComBank shows resilience despite surge in NPLs, higher taxes

Commercial Bank of Ceylon PLC (ComBank) yesterday showed it has what it takes to withstand the shocks in the wider economy and could still post strong profits and growth. 

Neil Umagiliya appointed as BOC Chairman

Former Monetary Board member Neil Umagiliya has been appointed as Chairman of state-owned banking giant, Bank of Ceylon (BOC) with effect from November 13, 2018.

Nestlé Lanka 3Q bottom line helped by lower costs

Nestlé Lanka PLC, the local unit of the world’s largest food company, saw its September quarter (3Q18) net profits increasing 15.6 percent year-on-year (YoY) to Rs.941 million, as the company managed to contain its costs despite a drop in sales figures.    The firm’s cumulative profits for the nine months ended on September 30, 2018 also recorded an increase of 6.7 percent YoY to reach Rs.10.5 billion. 

CB seen keeping policy rates steady amid political crisis

The Central Bank is expected to leave its key interest rates steady today, despite heavy pressure on the rupee from a deepening political crisis, a Reuters  poll showed.

Int’l operations boost Dipped Products 2Q

Dipped Products PLC, the non-medical glove maker of Hayleys group, saw its performance improving significantly during the September quarter (2Q19) with positive contributions from the firm’s local and international operations.