Emerging market rout prompts Sampath Bank to suspend bond issue

Sampath Bank PLC yesterday said it decided to suspend its planned dollar bond issue quoted in the Singapore Exchange as the unfriendly international capital market conditions have prompted the issuer to rethink about the timing of the issue.  

EU says “time is ripe” for SL to implement logistic sector reforms

Sri Lanka’s snail-paced efforts towards reforms in the maritime and logistics space was frowned upon by the Europe Union (EU) yesterday, pointing out that “the time is ripe to accelerate structural and regulatory reform” in the island nation. As the country continues to harp o

Bank credit accelerates in August despite tight market conditions

The growth in bank credit accelerated in August despite the tight credit and money conditions and rising non-performing loans in the  banking sector. 

Joint marketing strategy needed to boost tourism, exports: Navin

Plantation Industries Minister Navin Dissanayake has called for a joint marketing strategy to promote Sri Lanka or the Ceylon brand to market the country’s exports and tourism products, pointing out that the individual marketing campaigns are less effective to compete with the top  global brands. 

Dr. Radhika Coomaraswamy appointed to JKH board

John Keells Holdings PLC (JKH) yesterday announced the appointment of Dr. Radhika Coomaraswamy to its board as an Independent Non-Executive Director with effect from October  1, 2018.

Plantation sector wage negotiations still in deadlock

The regional plantation companies (RPC) and plantation trade unions are in deadlock over the terms for a fresh collective agreement on wages, as the trade unions haven’t agreed to the offer made by the RPCs.

Rupee extends recovery ahead of rate decision; stocks down

(Colombo) REUTERS: The Sri Lankan rupee closed firmer yesterday, further recovering from a record low touched last week as banks sold dollars ahead of the Central Bank’s monetary policy meeting while shares fell for a third straight session to hit a four-and-a-half-year low amid foreign outflows.

Brent oil hits highest since 2014 before US sanctions on Iran bite

(London) REUTERS: Brent crude oil hovered close to its highest since November 2014 yesterday, supported by supply concerns before the US sanctions against Iran come into force next month.

MTD Walkers gets investor consent to delay debenture redemption

MTD Walkers PLC last Friday said it had obtained consent from the majority debenture holders to delay the redemption of their debentures by a year, with a promise to offer an additional 2 percent interest.

Fuel-led prices push September inflation up; but overall prices moderate from August

Fuel prices-led transport and other non-food items continued to nudge the prices in Colombo higher in September, but increased supplies in vegetables and coconut kept overall prices under check moderating the month’s inflation. 

CB seen raising rates to support rupee despite sluggish growth

(Colombo) REUTERS: Sri Lanka’s Central Bank is expected to raise its key interest rates tomorrow, a Reuters poll showed, to prop up the rupee amid foreign outflows from government bonds and after the U.S. Federal Reserve raised rates earlier this week. 

Govt. tightens grip on consumption imports to ease pressure on rupee

The government last Saturday imposed a series of temporary measures to cut consumption imports drastically with a view of fending off the pressure on rupee, which has depreciated over 10 percent so far this year against the US dollar.   

Planters blame government’s ad-hoc policy making for low RPC productivity

Regional Plantation Companies (RPCs) last week blamed the government’s ad-hoc policy decision for low productivity of their plantations, which is adding to the financial woes of the already reeling 

Ryanair faces fresh strike in Europe

BRUSSELS (AFP) - Ryanair cancelled scores of European flights yesterday as unions staged what they warned could be the biggest strike in the airline’s history. The Dublin-based carrier has played down fears of widespread disruption but confirmed it would cancel nearly 250 flights. Walk-outs 

Sued by Starbucks, Indian coffee chain changes name

NEW DELHI (AFP) -  An Indian coffee shop chain rhyming with Starbucks and with a similar logo has agreed to change its name after being sued by the US giant, the Indian firm said yesterday.

Senior China securities regulator jailed for graft

BEIJING (AFP) - The former deputy head of China’s top securities regulator was handed an 18-year prison sentence for taking bribes and insider trading yesterday.  Yao Gang, former vice chairman of the China Securities Regulato

US regulators charge Tesla CEO Elon Musk with fraud

WASHINGTON (AFP) - The US Securities and Exchange Commission on Thursday charged Tesla CEO Elon Musk with securities fraud, alleging he misled investors last month in tweets about taki

Tech billionaire buys Australia’s most expensive home

SYDNEY (AFP) - Tech billionaire Mike Cannon-Brookes has bought a Sydney waterfront mansion for a reported Aus$100 million (US$72 million), media said Thursday, eclipsing th

Fitch assigns Serendib Finance first-time ‘A+(lka)’ rating; Outlook Stable

Fitch Ratings Lanka Limited has assigned Serendib Finance Limited a national long-term rating of ‘A+(lka)’. The Outlook is Stable.   Serendib’s rating is driven by Fitch’s view that support would be forthcoming from its parent, Commercial Bank of Ceylon PLC (CB), the largest private commercial bank in Sri Lanka. 

Asian markets up with Wall St on growth optimism

HONG KONG (AFP) - Asian markets rose yesterday, tracking a rally on Wall Street where investors were buoyed by the Federal Reserve’s positive outlook for the US economy, and oil added to gains with predictions it could be headed back to US $100.

ETI Finance likely to make comeback with fresh US $75mn infusion

The Central Bank is in negotiation with a new foreign investor to restructure the troubled ETI Finance Limited (ETIFL) who may invest up to US $75 million in the troubled finance company, Mirror Business learns. 

ADB slashes SL’s growth forecast for 2018 and 2019

The Asian Development Bank (ADB) yesterday downgraded Sri Lanka’s economic growth forecast for both 2018 and 2019 as weaker domestic demand, investment and exports continue to 

Laugfs Gas calls for full implementation of LPG pricing formula to avoid supply disruptions

Responding to concerns arising from possible disruptions to LP gas (LPG) distribution of State-run Litro Gas, Laugfs Gas affirmed that the full implementation of the LPG pricing formula is the only way to resolves the issues in the LPG value chain.

Rupee hits record low

(Colombo) REUTERS: The Sri Lankan rupee hit a record low yesterday as foreign investors exited government securities after the U.S. Federal Reserve raised interest rate for a third time this year, while shares fell in thin trade amid foreign outflows.

Mounting import of Vietnamese pepper via Sri Lanka worries India

(Kochi) ECONOMIC TIMES: Pepper exporters have expressed concern at the rising import of Vietnamese pepper routed through Sri Lanka into the country despite the imposition of minimum import price of Rs.500 per kg by India. 

US Fed raises benchmark interest rate amid strong economy

(Washington) AFP: With the US economy still strong, the Federal Reserve raised the benchmark interest rate on Wednesday for the third time this year but showed no indication it would be more aggressive in efforts to head off inflation.

Govt. keen on resuming ferry service between Rameshwaram and Thalaimannar: John

Tourism Development and Christian Affairs Minister John Amaratunga said yesterday the government has strongly considered the possibility of resuming the ferry service between Rameshwaram

Sri Lanka to raise US $ 500mn by selling Panda and Samurai bonds

Sri Lanka will soon raise US $ 500 million by selling ‘Panda’ and ‘Samurai’ bonds in China and Japan for the first time, in an effort to expand the country’s investor base.

MTD Walkers rating further slashed

The credit rating of construction major MTD Walkers PLC has been further slashed to ‘B-‘ with a Negative Outlook, from ‘BB-‘ with a Negative Outlook, on the group’s falling profitability and increasing debt.  

Pharma Chamber calls for viable pricing mechanism as rupee continues to slide

The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) yesterday called on the health minister and National Medicines Regulatory Authority (NMRA) for a viable pricing mechanism for the country’s pharma industry, amid the depreciation of the rupee against the US dollar.