MAS Holdings announces new JV with Best Pacific

MAS Holdings entered into a joint venture agreement with Best Pacific International Holdings Limited earlier this year, which was formalized on August 1st with the official signing ceremony. 

Shares climb on foreign buying, post 3rd week of gains

COLOMBO (Reuters) - Sri Lankan shares ended slightly firmer yesterday, boosted by foreign buying, and posted their third straight week of gains. The Colombo stock index ended 0.09 percent firmer at 6,117.89. The bourse rose 0.6 percent during the week. The day’s turnover was

Asian markets mostly down on China tariff fears

 HONG KONG (AFP) - Most Asian equities sank yesterday as investors fret that the US will ramp up its trade war with China by imposing fresh tariffs, while chip-makers were among the

CA Sri Lanka launches auditing standard for Non-SBEs

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), recently launched the Sri Lanka Auditing Standard (SLAuS) for the Audits of Non – Specified Business Enterprises (Non-SBEs). 

Moody’s says CB has no room to cut rates any further

Moody’s Investors Service does not see room for further rate cuts by Sri Lanka’s Central Bank as further easing in yields at home could threaten capital outflows from government securities, which will in turn put pressure on the currency and foreign reserves. 

SL’s only reinsurer gets ‘AA-’ rating from Fitch

Fitch Ratings has affirmed National Insurance Trust Fund Board’s (NITF) National Insurer Financial Strength (IFS) Rating and National Long-Term Rating at ‘AA-(lka)’. The Outlook is Stable.    

Rupee ends firmer after hitting fresh low

(Colombo) REUTERS: Sri Lankan rupee hit a fresh low for the 13th straight session yesterday, but ended firmer after the Central Bank cut the net open positions of commercial banks, dealers said.

Shares end weaker; turnover slumps to near 5-month low

(Colombo) REUTERES: Sri Lankan shares ended weaker yesterday and turnover slumped to a near five-month low as investors stayed on the sidelines in the absence of fresh triggers.

Expert urges Sri Lanka to expedite reforms to drive e-commerce

Sri Lanka has much work to do for its economy to fully reap e-commerce benefits, according to an International Trade Centre (ITC) expert, who stressed the need to push for the necessary ref

August tourist arrivals up 4.9%

Sri Lanka crossed the 200, 000 tourist arrival mark for a single month again as arrivals in August rose 4.9 percent year-on-year (YoY) to 200, 359, the data released by the Sri Lanka Touris

UK to continue farm subsidies for five years after Brexit

AFP: The British government said this week it will match European Union subsidies for farmers for around five years after Brexit until it puts in place a new system focusing more on environmental protection.

Corporate debt serviceability to weaken amid higher interest rates: Moody’s

Sri Lankan corporates, which piled up heavy bank borrowings leading up to the balance of payment crisis in 2016, will have a tough time going forward as the borrowing costs will eat a bigger slice of their operating profits, weakening their debt servicing capacity as the interest rates are on the rise.

Microsoft ScaleUp to take local start-ups global

Microsoft plans to take the local start-ups to the next level supporting them to expand globally with the launch of the Microsoft ScaleUp programme in Sri Lanka. 

Govt.’s budgetary operations pose positive signs to down deficit to 3.5% by 2020

Suffering from little to no sustainable fiscal outcomes and the budget pumping excess demand through unsustainable budget deficits, Sri Lanka finally seems to be heading on a positive note to overcome these issues, according to Central Bank Governor Dr. Indrajit Coomaraswamy.

Shares slip from over 3-wk high on foreign selling

(Colombo) Reuters: Sri Lankan shares ended slightly weaker yesterday, snapping a five-session winning streak, on foreign selling.

EOIs to be called for new lubricant import licences

The Petroleum Resources Development Ministry is preparing to call for Expressions of Interest (EOIs) this week, to issue new licences for lubricant imports, paving the way for new players to enter into the industry, under the third round of liberalisation of Sri Lanka’s lubricant industry, based on a 2016 budget proposal.

Rupee hits record low for 12th straight session

(Colombo) Reuters: The Sri Lankan rupee hit a record low for a 12th straight session yesterday, tracking weakness in emerging markets stocks and currencies, while rising demand for the greenback from importers also weighed.

Shares hit over 3-week closing high in lean trade

(Colombo) REUTERS: Sri Lankan shares rose for a fifth straight session yesterday and marked their highest close in more than three weeks, led by gains in banking and beverage stocks.

Rupee hits record low for 11th session

(Colombo) REUTERS: The Sri Lankan rupee fell to an all-time low yesterday, marking its 11th straight session of setting fresh record lows. The rupee, which hit a record low of 161.97 early in the trade, closed at 161.95/162.05 per dollar, compared with Monday’s close of 161.60/70.

Finance Ministry to launch special hotline for public complaints on ESL loan process

Ministry of Finance will launch a special hotline next week to receive public complaints on Enterprise Sri Lanka (ESL) loan scheme as several reports have emerged that some banks have turned away ESL loan applicants.

Logistics industry needs dynamic leadership to march forward: Ruwan

Sri Lanka’s striving logistics industry was yesterday advised by the government to take up a more proactive role in pushing the industry forward and overcoming prevailing challenges by capitalizing on the country’s strengths, so that the island nation can realize its aspirations of being a well-established and interconnected logistics hub. The gove

Russia’s Aeroflot to resume direct Colombo flights

Russian airline, Aeroflot, will re-launch regular non-stop flights to Colombo from October 28, the Moscow-based airline announced this week.  The airline stopped regular flights to Colombo around a decade ago.

Palm Oil Industry Association launched to advocate sustainable growth

Businesses with a cumulative investment of approximately Rs.26 billion in the oil palm industry in Sri Lanka came together in Colombo on August 30, 2018, to formally inaugurate an industry association under the aegis of the Ceylon Chamber of Commerce to promote common interests and advocate sustainable growth through responsible production.

Japan’s Belluna says will invest US$ 500mn in Lankan real estate, hospitality sectors

Belluna Co., a Tokyo Stock Exchange - First Section listed company, and a significant player in the global real estate industry said, it would invest up to US$ 500 million in Sri Lanka’s real estate and hospitality sectors. 

IFC ceases to be among top 20 shareholders of Dialog

IFC, the private sector funding arm of the World Bank, has significantly cut its exposure to the shares of Sri Lanka’s leading telco, Dialog Axiata PLC, most likely at a loss, according to stock analysts Mirror Business talked to.

Asia Pacific sovereigns face rising external challenges: Fitch

The external environment facing Asia Pacific economies is becoming more difficult, but is unlikely as yet to have a significant impact on sovereign credit profiles, says Fitch Ratings.

Poor consumer sentiment hinders Cargills 1Q

Weak consumer sentiments hit Cargills Ceylon PLC as the country’s largest privately-owned retailer saw very little growth in the basket values of the shoppers during the quarter ended June 30, 2018.

July motor car registrations hit 3-year high

Motor car registration surged to three-year high in July before the Finance Ministry put brakes on the influx of motorcars with smaller engines in August, according to the vehicle registration data compiled by JB Securities, a Colombo-based equity brokerage and research house. Motor cars registrations—a c

Sri Lanka strengthening relations with Vietnam, ASEAN region

Sri Lanka is strengthening relations with Vietnam and the Association of South East Asian Nations with Prime Minister Ranil Wickremesinghe due to address a World Economic Forum regional meeting in Hanoi shortly, officials said.

CA Sri Lanka comes up with auditing framework for SMEs, informal sector

Turning a new page in the history for key Sri Lankan economic drivers—SMEs, informal enterprises and unlisted businesses—a pioneering financial auditing framework was unveiled in Colombo recently.