Chevron Lubricants Sept. net falls amid flat top line

Sri Lanka’s lubricant market leader Chevron Lubricants Lanka PLC saw its earnings for the September quarter (3Q18) falling 21 percent year-on-year (YoY) to Rs.516.4 million with tepid growth in sales, the interim financial accounts released to the Colombo Stock Exchange showed. The revenue from lubricants sales edged up only 1 percent YoY to Rs.2.8 bill

NDB plows ahead beating economic odds

The 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 

Developers urged to avoid “cookie cutter” approach in apartment designing

The apartments in Colombo are witnessing lacklustre sales despite an increase in ‘branded’ properties due to the developers and investors failing to capture the unique requirements of the locals in the design concept, a top architect said.  

Nestlé Lanka announces change in top management

Nestlé Lanka yesterday announced that its local operations will be taken over by Fabrice Cavallin, currently Regional Business Head Infant Nutrition for South Asia, effective January 1, 2019.    

Madu appointed to HNB board; Damien returns

Hatton National Bank PLC (HNB) yesterday announced the appointment of Madu Ratnayake and Damien Fernando to its director board with effect from October 25, 2018.  

Rupee sharply down, stocks surge 1.9%

ECONOMYNEXT: The rupee closed weaker at around 173.80/174.00 rupees against the US dollar in the spot market yesterday amidst a constitutional crisis and gilt yields ended sharply higher and stocks surged 1.92 percent, the highest gain in four years, market participants said.  

IBM to acquire software company Red Hat for US $ 34bn

REUTERS: IBM Corp said it had agreed to acquire U.S. software company Red Hat Inc. for US $ 34 billion, including debt, as it seeks to diversify its technology hardware and consulting business into higher-margin products and services.  

Hotel closures dent JKH resort sector earnings

John Keells Hotels PLC, the resort sector arm of the John Keells group, saw its earnings for the September quarter (2Q19) falling almost 100 percent amid the closure of three resort hotels for refurbishments.   

Cold Stores profits plunge amid weak consumer sentiment, rise in costs

Weak consumer sentiments continued to weigh in on Ceylon Cold Stores PLC’s (CCS) performance as Sri Lanka’s largest beverage and frozen foods company filed one of its weakest quarterly performances for September.  

Lanka IOC Sept. performance helped by pricing formula

Lanka IOC PLC reported profits for the quarter ended September 30, 2018 (2Q19) against a loss made in the same quarter last year, indicating that the automatic fuel pricing formula in place has helped the company to stabalise its performance. 

Sri Lanka mostly visited by young tourists: SLTDA survey

Sri Lanka is a tourist destination mostly visited by young travellers, according to a survey compiled by the Research and International Relations Division of the Sri Lanka Tourism Development Authority (SLTDA).

Seylan Bank 3Q hurt by higher credit costs, weak margins and slowdown in new loans

Higher provisions made for possible bad loans, weak margins amid rising funding costs and slowdown in the growth for new loans dragged down the September (3Q18) quarter profits of Seylan Bank PLC. 

CB stresses on continuation of fiscal consolidation

The Central Bank last Friday emphasised on the continuation of fiscal consolidation trajectory, which aims to bring down the budget deficit to 3.5 percent of GDP by 2020, as such is crucial 

ADB provides US$ 50 mn to improve Lanka’s health system

The Board of Directors of the Asian Development Bank (ADB) has approved a grant and loan package totaling US$50 million to support the development of a more responsive and efficient primary health care system in four underserved Sri Lankan provinces.  

Asian markets end week down, more volatility tipped

HONG KONG (AFP) - Asian markets fell yesterday as trade tensions and geopolitical worries kept investors from tracking a rebound on Wall Street, with observers warning of further volatility to come.  

Japan, China strike deals during Abe visit as ties improve

BEIJING (AFP) - Japan and China signed US$2.6 billion in business deals and touted their warmer ties yesterday during a rare visit to Beijing by Japanese Prime Minister Shinzo Abe as both face trade challenges from US President Donald Trump.  

Rupee hits record low; stocks at 2-week closing high

COLOMBO (Reuters) - The Sri Lankan rupee touched a record low yesterday as banks and importers purchased U.S. dollar, while stocks climbed 1.1 percent to a two-week closing high but foreign investors’ exit from the island nation’s risky assets weighed on sentiment.  

Switzerland’s Richemont, China’s Alibaba team up

ZURICH (AFP) - Swiss luxury goods group Richemont announced yesterday a partnership with Chinese e-commerce giant Alibaba to develop platforms in China for high-end products.  

Google, Amazon suffer market setbacks on sales outlook

SAN FRANCISCO (AFP) - Internet titans Google and Amazon came under an investor cloud after posting disappointing sales updates, with the search leader also on the defensive for reportedly hushing up sexual misconduct.  

Volkswagen has held kick-off meeting for 2019 Traton IPO: sources

FRANKFURT (Reuters) - Volkswagen has held an initial meeting to discuss plans for the flotation of its trucks unit Traton, set to be Germany’s biggest of 2019, after hiring a quartet of banks to manage the potential 6 billion euro (US$6.8 billion) IPO, people close to the matter said. Visitors stand at the booth of Volkswagen’s truck unit Traton Group, former Volkswagen Truck & Bus AG, in Hanover, Germany September 19, 2018. 

TSIA calls govt. to do away with protectionist policies

The Tiles and Sanitaryware importers yesterday urged the government to do away with its protectionist policies, as impacts of the same are more detrimental than constructive to the national econo

Air traffic to double by 2037: IATA

GENEVA (AFP) - The number of people travelling by air should double to 8.2 billion a year by 2037, with Asia and the Pacific leading the way, sector federation IATA forecast this week. Protectionist measures could nonetheless curb the surge, The International Air Transport Association added in an update to its 20-year passenger forecast.From the current level of 4.1 billion passengers, traffic should expand by 3.5 percent annually,  

Capital city land prices up 16% in 2018 first half

Land prices in Sri Lanka’s capital, Colombo district have risen by a sharp 16.3 percent during the first half of 2018 from the same period in 2017 with the biggest increase seen in the commercial land of the region.  The Land Price Index measured bi-annually by the Statistics Department of the Central Bank showed the overall index value rising to 116.3 for the first half of 2018 from the base period of f

Exxon Mobil sued in US over climate disclosures

NEW YORK (AFP) - New York state sued Exxon Mobil on Wednesday, alleging it defrauded investors by misrepresenting the costs that climate change legislation poses to the company.

Rupee closes near record low; stocks steady

COLOMBO (Reuters) - The Sri Lankan rupee closed yesterday near a record low hit earlier this week as banks and importers purchased the dollar, while stocks closed flat with higher tu

‘So Sri Lanka’ to become newest tourism tagline

‘So Sri Lanka’ will become Sri Lanka’s new tourism tagline from November 5, replacing ‘Wonder of Asia’, Mirror Business reliably learns. Sources close to developing the tagline s

Hemasiri new BOI Chairman, Champika Director General

President Maithripala Sirisena has appointed former People’s Bank Chairman and his Chief of Staff, Hemasiri Fernando as Chairman of the Board of Investment (BOI), on Tuesday. 

SWISS to offer Colombo-Zurich direct flights from Nov. 4

Swiss International Air Lines (SWISS) in codeshare with Edelweiss Air will commence direct non-stop flights from Sri Lanka to Switzerland with effect from November 4, 2018.

Emirates SkyCargo transports close to a quarter of SL’s total air exports in 2017-18

Emirates SkyCargo, the air cargo unit of Dubai-based Emirates, has transported close to a quarter of Sri Lanka’s produce exported by air in 2017-18, a statement by the airline said.

SL not immune to global economic and political developments: Eran

Sri Lanka’s economy state minister this week said the national economy could face further volatility in the near future, as the negative spillover effects from the recent changes in the global economy wo