Rupee hits record low amid political turmoil

REUTERS: The Sri Lankan rupee fell to a record low of 176.15 to the U.S. dollar yesterday, surpassing the 175.90 hit in the previous session, amid political uncertainty triggered by President Maithripala Sirisena’s decision to dissolve parliament.

Higher credit costs, asset quality erosion dampen Sampath Bank third quarter

Sampath Bank PLC profits edged lower over significantly higher provisions made against possible loan losses while the bank’s asset quality eroded as debt serviceability of the borrowers weakened significantly.   The bank reported a net operating income 

Neil Umagiliya appointed BOC chief

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

Higher finance costs continue to hurt Hayleys despite strong top 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 e

Western diplomats shun meeting with Sri Lanka minister on political crisis

(Colombo) REUTERS: Eight Western countries stayed away from a meeting with Sri Lanka’s government yesterday to register their protest against President Maithripala Sirisena’s decision to dissolve Parliament, diplomatic and government sources said.  

SL dollar bonds drop more than 2 cents as political crisis deepens

(London) REUTERS: Sri Lanka’s dollar-denominated bonds tumbled yesterday after President Maithripala Sirisena dissolved Parliament on Friday night and called a general election for January 5 in a move that will likely deepen the country’s political crisis.   

JKH announces Rs.11.1bn share buyback

Premier blue chip John Keells Holdings PLC (PLC) yesterday announced plans to execute a share buyback to the tune of Rs.11.1 billion.   

Improved logistics performance boosts Expolanka 2Q

Expolanka Holdings PLC returned to profits during the three months ended September 30, 2018 (2Q19), from a loss made in the corresponding quarter, last year, as a result of consistent performance of its core logistics business.   

Rupee hits record low of 175.90 on political uncertainty

(Colombo) REUTERS: The Sri Lankan rupee fell to a record low yesterday, as political uncertainty triggered by President Maithripala Sirisena’s decision to sack Parliament weighed on sentiment, in line with bonds, market sources said.  

Cigarette sales drop in 3Q after two quarters of volume growth

The sales dropped at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), during its most recent quarter, after two quarters of volume growth, with the government again hiking the taxes in August 2018, which led CTC to jack up the prices of some of its products.  During the July-September quarter (3Q18), CTC said the cigarette sales fell 14.2 percent from a year ago and as a result, the gross revenue fell by almost Rs.3.0 b

Sunshine 2Q overshadowed by poor tea biz, price controls and higher finance costs

Sunshine Holdings PLC’s performance for the September quarter was hurt by the poor agri business led by tea and weak margins in the healthcare segment, due to the controlled prices imposed by the government and higher borrowing costs.  The diversified conglome

Legal challenge as Sri Lankan political turmoil deepens

(Colombo) AFP: Sri Lanka’s largest party announced Saturday a legal challenge to President Maithripala Sirisena’s sacking of Parliament, a move that has plunged the Indian Ocean island nation into fresh turmoil and alarmed the international community. Sirisena announced on Friday

Softlogic to open first modern supermarket in Delkanda

Diversified conglomerate Softlogic Holdings PLC said it will soon be opening its first modern supermarket outlet “with the launch of a truly global market experience” in Delkanda, a rapidly expanding suburb of Colombo. A statement by Softlogic Holdings said the grou

Asian markets sink at end of healthy week, dollar up

HONG KONG (AFP) - Asian markets turned lower yesterday as investors took their foot off the pedal at the end of a broadly positive week, while the dollar strengthened after the Federal Reserve flagged more interest rate hikes down the line. Energy firms were among the bi

SL may re-renegotiate Singapore free trade deal after study

Sri Lanka may re-negotiate a free trade with Singapore for mutual benefit, after looking at an expert report and a Supreme Court ruling, newly appointed International Trade Minister Bandula Gunewardene said. “Nothing will be stopped in a fit of hate witho

S. Korea’s Moon sacks Finance Minister, Policy Chief

SEOUL (AFP) - South Korean President Moon Jae-in sacked his top two economic officials yesterday, the government said, as the world’s 11th-largest economy struggles with slowing growth, rising unemployment and persistent income gaps. Finance Minister Kim Dong-yeon an

UK economy picks up but slowdown looms before Brexit

LONDON (AFP) - Britain’s economy has grown at the fastest pace in nearly two years as strong exports and solid household spending offset slumping business investment, data showed yesterday awaiting a Brexit deal. Gross domestic product climbed by 0.6 percent in the third quarter, in line with analysts’ expectations and up on growth of 0.4 percent in the second quarter, the Office for National Statistics (ONS) said in an initial esti

Tech leaders call for greater social media regulation

LISBON (AFP) - Social networks need better regulation to stop them spreading “fake news” and undermining democracy, disillusioned tech pioneers said at an industry conference that closed in Lisbon Thursday. The issue has come to the fore after the spread of false information, and allegations of Russian meddling, during election campaigns around the world. “I think we’re only 10 percent d

EU demands end to Sri Lanka crisis

COLOMBO (AFP) - The European Union joined a chorus of international voices demanding an end to Sri Lanka’s two-week-old political crisis yesterday, saying the island nation’s international reputation and investments were at risk. President Maithripala Sirisena 

US sanctions Russians over Crimea business dealings

WASHINGTON (AFP) - The United States this week announced sanctions against three people and nine entities over Russia’s intervention in Ukraine, including for doing business in annexed Crimea.

France grounds Ryanair plane to force subsidy repayment

PARIS (AFP) - The French civil aviation authority said yesterday it had seized a Ryanair plane to get the Irish low-cost airline to repay illegal public aid, the latest in a string of troubles for the carrier.  The EU Commission in 2014 rul

India to sell ‘enemy shares’ of people who fled to Pakistan

NEW DELHI (AFP) - India’s government is to sell more than US$400 million worth of shares left behind by people who fled to Pakistan or China after wars with those countries.

Finance Ministry revives Tax Appeals Commission   

The Tax Appeals Commission (TAC), which had been inactive for some time, has been revived, the Finance Ministry said yesterday. A Finance Ministry statement said the new Prime Minister and Minister of Finance Mahinda Rajapaksa had reappointed Justice Hector Yapa as chairman of the Commission and Justice Sunil Ra

CB to announce monetary policy on November 14

The Central Bank yesterday said the seventh monetary policy for this year will be announced on November 14th at 7.30 a.m. This is the first monetary policy that wo

SLID expresses grave concern on current political turmoil

Sri Lanka Institute of Directors (SLID) in a brief statement yesterday expressed their grave concern on the current political situation and stressed it negatively affects the country’s businesses and international reputation.  

Rupee falls on uncertainty amid foreign outflow; stocks at near 2-week low

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday as outflows from government securities and stocks due to political uncertainty raised dollar demand.

Haycarb Sept. quarter earnings boosted by higher top line

Hayleys group’s coconut-shell based activated carbon manufacturer, Haycarb PLC recorded improved earnings for the September quarter (2Q19) as the group was able to significantly improve its 

Cargills Bank stalls in 3Q as new loans slow; deposit growth flat

Cargills Bank Limited (CBL) failed to maintain its growth momentum during the quarter ended September 30, 2018 (3Q18) as growth in new loans stalled and some sizable deposits left the bank, the interim financial accounts showed.

Govt. mulls to raise port charges

The government is looking to revise the tariff charges upwards for the services provided at the Colombo port, Cabinet Spokesperson and Ports and Shipping Minister Mahinda Samarasinghe said.  

Hefty tax reversal boosts Union Assurance September earnings

A hefty tax reversal on account of deferred tax asset boosted Union Assurance PLC’s bottom line for the quarter ended in September but the general business also performed better than a year earlier with both gross premiums and operating profits rising fast.