Rupee falls on uncertainty amid foreign outflow; stocks down

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

Central Bank says no significant increase in money printing

The Central Bank of Sri Lanka (CBSL) yesterday said despite the media reports on increased money printing to help finance the government’s fiscal commitments, the monetary authority is well within its projections for this year, in terms of expanding the monetary base.  

Professionals say Colombo risks becoming a “ghost city” if their advice not sought

Colombo’s booming real estate market risks turning Sri Lanka’s capital city into a “ghost town” as there may not be an effective demand to satisfy the increase in supply as many developers and policymakers are reluctant to utilise professional services.    

New investment to boost cargo handling at Hambantota port

The Hambantota International Port Group (HIPG) has invested further to develop Hambantota International Port’s operations. HIPG in a statement said it invested over US$ 600, 000 for the purchase of 40-foot Ro-Ro trailers with goosenecks (to allow efficient maneuverability), break-bulk lifting gear, detachable goosenecks, and a turbo safe-neck 

Singhe Hospitals to carry out private placement deal to repay loan

The board of directors of Singhe Hospitals PLC is to issue little over 33 million shares or 7.67 percent of the hospital firm to its Chairman/CEO A.M. Weerasighe via a private placement in lieu of a repayment of a loan Weerasinghe has granted to the company.  Singhe Hospitals in a stock exchange filing o

Bourse likely to stagnate until political crisis resolved

Sri Lanka’s stock market stakeholders expect the bourse to stagnate for the next few days amid accelerated foreign outflows due to the prevailing political uncertainty, and are of the view that a majority government would be critical to retain the enthusiasm at the Colombo Stock Exchange (CSE). The All Share Price Index (ASPI)

Sri Lanka eyes high-spending Swiss tourists

Sri Lanka expects to lure in high spending Swiss tourists as the country recently took part in the Swiss International Holiday Exhibition known as ‘iViaggiatori’.  iViaggiatori is the prestigiou

Jetwing Symphony revenues register strong growth, operating profits robust

Jetwing Symphony PLC registered a strong growth in revenues and operating profit for the July-September quarter (2Q19)—an indication that the hotel chain catering to a niche luxury market is being well received by the traveller, both local and foreign. 

DFCC Bank Sept. profits surge amid solid core banking performance

DFCC Bank PLC registered some solid performance in core banking for the September quarter (3Q18), but showed clear slowdown in new loans during the period while quality of some of the assets weake

‘So Sri Lanka’ launch in WTM London today

The new brand identity and the tagline of Sri Lanka tourism ‘So Sri Lanka’ will be launched at 10.30 a.m. (UK time) today along with the launch of World Travel Market (WTM) in London, government sources told Mirror Business.  The government is like

Existing social security and pension schemes need to be converted to one system – Labour Chief

Sri Lanka needs to review the existing social security and pension schemes and convert it to one system to encourage employees to save, as only 45-50 percent of labourers are covered by the current

US to exempt eight countries from new Iran oil sanctions

(Washington) AFP: The United States will allow eight countries to continue importing Iranian oil but only at much lower levels after the reimposition of sanctions today, Secretary of State Mike Pompeo said. The US Treasury will also demand the SWIFT global financial network stop servicing Iran’s banking industry as part of enforcing sanctions over th

Daraz announces 11.11 in Sri Lanka for the first time

e-commerce company, Daraz, is bringing 11.11, the ‘World’s Biggest Sale Day’, to Sri Lanka for the first time. 

Asian markets surge as Trump fuels China trade deal hopes

HONG KONG (AFP) - Asian markets enjoyed another rally yesterday after Donald Trump hailed positive talks with Chinese President Xi Jinping and a report said he had asked officials to draw up a draft bill as he eyes a potential trade deal between the two. Hong Kong jumped alm

China promises Pakistan support as Khan tells of “very difficult” economy

(BEIJING) REUTERS: China promised to support Pakistan’s economy on Friday as new Pakistani Prime Minister Imran Khan told of his country’s “very difficult” economic situation amid a burgeoning financial crisis. Pakistan’s foreign reserves have plunged 42 percen

Macquarie’s new boss takes the helm with all cylinders firing

BLOOMBERG: Shemara Wikramanayake will inherit an investment bank firing on all cylinders when she takes charge of Macquarie Group Ltd. next month. The Sydney-based company yest

Mahesh Wijewardene appointed Singer Sri Lanka CEO

Singer Sri Lanka yesterday announced the appointment of Mahesh Wijewardene an Executive Director/CEO with effect from November 1, 2018. Wijewardene 

China urged to move ‘beyond reform rhetoric’ at trade expo

SHANGHAI (AFP) - European ambassadors and foreign business lobbies are calling on China to introduce “bold” and concrete market reforms at a Shanghai trade fair next week that the g

Rupee ends weaker; stocks slip from nearly 2-month high

COLOMBO (REUTERS) - The Sri Lankan rupee ended slightly weaker yesterday due to dollar demand for outflows in government securities and stock-related transactions, sources said. 

Hayleys Global Beverages enters JV with Germany’s Martin Bauer

Hayleys Global Beverages (Pvt) Ltd (HGBL), a unit of diversified conglomerate Hayleys PLC yesterday announced a joint venture partnership with Germany’s botanicals giant Martin Bauer Group (BMG). Established in 2016, HGBL is a leading manufacturer of authentic pure Ceylon tea extracts, primarily in the form of powders, concentrates, aromas and flavours.  

NTB Sept. profit down on hefty credit costs

Rising funding costs, hefty credit costs and slowdown in new loans dented Nations Trust Bank PLC’s (NTB) September performance as the mid-size lender wasn’t spared from the recent headwinds experienced by the industry.  NTB reported 7 percent

PM outlines measures to ease cost of living

Prime Minister Mahinda Rajapaksa in the capacity of Finance and Economic Affairs Minister has given directions to the Finance Ministry to implement a number of initiatives to revive the country’s economy. Following are the full details of the measures. In order to ease the pressure 

Sri Lanka’s overall liabilities, assets still unknown: Auditor General

Sri Lanka’s overall liabilities and available assets are still unknown due to the poor maintenance of public accounts by accountants, the country’s top auditor said. “The government is ha

Stock market surge due to pump and dump: Harsha

Former State minister and economist Dr.Harsha de Silva yesterday said the recent surge in the country’s stock market is due to “pumping and dumping done by a few hands who are controlling the market.”

Teejay Lanka Sept. performance boosted by strong order book

Teejay Lanka PLC reported some solid top and bottom line growth for the three months ended September 30, 2018, despite the challenges from the still high cotton yarn prices, as the weft knit fabric maker could expand capacity on a strong order book, arising from the GSP facilities it enjoys.    

CB assures timely repayment of US $ 1.5bn maturing bonds early next year

The Central Bank of Sri Lanka yesterday assured the investors that Sri Lanka would meet the maturing international sovereign bond (ISB) obligations worth of US $ 1.5 in January and April next year, despite the current  political crisis. 

NDB plows ahead beating economic odds

 National Development Bank PLC (NDB) plowed ahead beating the odds in a slow-moving economy as the bank recorded some solid growth in new loans and reported strong top and bottom line performances for the September quarter (3Q18), the interim financial accounts showed. NDB reported Rs.6.49 a share or Rs.1.15 billion in total earnings for the July-September period, up 11.3 percent from the same period last year, supported by some solid core b

Rupee hits record low on political woes

(Colombo) REUTERS: The Sri Lankan rupee dropped 0.51 percent to a record low yesterday, dented by political uncertainty. Stocks slipped from   

Fitch warns prolonged power struggle could heighten SL’s debt re-financing risks

Fitch Ratings yesterday said the current political standoff triggered by the appointment of former President Mahinda Rajapaksa as the new Prime Minister has raised uncertainty over the con

Political crisis may lead to reduced investor interest, increased capital outflows: Moody’s

Sri Lanka is warned of reduced investor interest and increased capital outflows, leading to more pressure on rupee and raising financing costs amid the current fractious political environment.