Excise duty reforms on beer has made everybody a winner, says Lion Brewery

The excise duty reforms on beer in November last year have delivered social and financial returns to all stakeholders, Sri Lanka’s largest brewery, Lion Brewery (Ceylon) PLC (LION) said releasing its first quarter results for the 2018/19 financial year.

Election goodies-driven demand to fuel bank credit next year: report

Sri Lanka’s banks will see a rebound in private sector credit triggered by the acceleration in consumption towards mid-2019, as the election minded-government is likely to loosen its grip on the tight spending and offer fiscal handouts to buy votes. 

Rupee erases early losses to end flat

(Colombo) REUTERS: The Sri Lankan rupee hit a near-record low yesterday as weakness in emerging market currencies weighed, but later recovered to end the day flat, dealers said.

Chevron Lubricants sees pickup in sales in 2Q

Chevron Lubricants Lanka PLC saw a growth in the company’s sales during its most recent financial quarter ended on June 30, 2018 (2Q18), ending a long losing streak in its quarterly revenues and made an operating profit, compared to what it posted a year ago. 

SLT opts for private placement to comply with public free float rules

The director board of Sri Lanka Telecom PLC (SLT) has resolved to go for a private placement of shares to meet the minimum public free float requirement as per the Colombo Stock Exchange Listing Rules.

Free-trade pacts hamper India’s efforts to curb China textile imports

(Mumbai) REUTERS: China is exporting textiles to India through Bangladesh to get around a tax increase on imports, undermining New Delhi’s efforts to support local manufacturers, industry sources said.

Aitken Spence 1Q hampered by poor power and tourism sector performance

Weak sales and profits from the key power generation and tourism businesses hit Aitken Spence PLC performance as the Sri Lankan corporate monolith with interests in to wider business

Central Bank makes SLTDA license a pre-requisite for tourism related loans

The Central Bank has directed all finance companies in the country to consider the Sri Lanka Tourism Development Authority’s (SLTDA) license as a pre-requisite for granting loans to any tourism related business.

President appoints experts to study FTA with Singapore

President Maithripala Sirisena last week appointed a committee of experts to study the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) and submit a report.  The President’s 

SLT June net up 58% amid strong top line performance

The State-controlled telecommunication behemoth, Sri Lanka Telecom PLC (SLT) reported strong growth during quarter ended June 30, 2018 (2Q18), as the group witnessed pick up in revenues in its fixed telephony and data operations.

Asia markets sink at end of upbeat week, lira battered

HONG KONG (AFP) - Asian markets fell yesterday after a broadly positive week as traders await the latest developments in the China-US trade row, while the Turkish lira briefly dived 12 percent to fr

Troubled UK retailer House of Fraser snapped up by sports chain

LONDON (AFP) - House of Fraser, the Chinese-owned UK department store chain, entered administration yesterday only to be swiftly snapped up by retailer Sports Direct for £90 million (US$115 million, 100 million euros).

UK economy gathers speed, outpaces eurozone

LONDON (AFP) - Britain’s economy picked up speed to outpace the eurozone in the second quarter despite mounting concerns over Brexit, official data showed yesterday, helped partly by sunny weather and the World Cup football tournament.

IEA says calm in oil markets could be short-lived

(Moscow) REUTERS: Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S. sanctions are poised to slash supplies of Iranian oil, the Inte

Rupee skids in line with other emerging-market currencies

(Colombo) REUTERS: The Sri Lankan rupee edged down yesterday, in line with other emerging-market currencies, mainly due to global concerns, dealers said. The rupee, which hit an intraday low of 160.10 per dollar, ended at 160.00/10, compared with Thursday’s close of 159.95/160.10. It hit a record low of 160.17 on June 20 and has declined 4.2 percent so far this year.

Minister Samaraweera invites Rotary Club to partner with Finance Ministry

Dushan Soza, District Governor of the Rotary Club and its past District Governor Senake Amerasinghe called on the Minister of Finance & Mass Media, Mangala Samaraweera at the Finance Ministry yesterday. 

JICA discusses Greater Kandy Urban Development Plan at seminar

The Urban Development Authority (UDA) of Sri Lanka and Japan International Cooperation Agency (JICA) have been working together since February 2017 to formulate the urban development vision, plan and design guidelines with the objective of realizing Kandy’s unique socio-economic potential while preserving its ancient heritage.

Volumes at CTC continue to pick up during 2Q

Volumes continued to pick up at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), with the company generating higher revenues and profits for shareholders and taxes for the gov

Singer Sri Lanka ups sales and profits with recovery in rural economy

Singer Sri Lanka PLC reported modest growth in revenues and profits for the quarter ended on June 30, 2018 (1Q19) as the consumer durables retailer saw a rebound in business in all its segments, as the rural agricultural economy is seen recovering from last year’s crop losses.  Singer reported Rs.15

Haycarb June profits hit by charcoal shortage

Hayleys group’s coconut-shell based activated carbon manufacturer, Haycarb PLC, saw its June quarter (1Q19) earnings declining amid shortages and price escalations of coconut shell-bas

Sri Lanka strengthens core FTA negotiation team

The Cabinet of Ministers this week approved a Cabinet proposal presented by Development Strategies and International Trade Minister Malik Samarawickrama to institutionally strengthen Sri Lanka’s main trade negotiation team, with the addition of Central Bank Senior Deputy Governor Dr. P. Nandalal Weerasinghe and experts from technical committees, bri

Rupee edges down on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee closed marginally weaker yesterday on importer dollar demand, while dealers expect the local currency to stabilise around the current level in the short term.

H’tota port control to revert to Sri Lanka after 80-years for one dollar

ECONOMYNEXT: Sri Lanka can regain a majority stake in the terminal company at Hambantota port from China after 80-years for one dollar and the port will pay standard royalties on containers and bulk cargo after 25-ye

New regulatory framework proposed for zero duty gold imports for exports

The Sri Lanka Gem and Jewellery Association (SLGJA) is proposing a regulatory framework to enhance the accountability in order to allow importation of gold bullion at zero duty for direct and indirect jewellery exports, while warning that the current 15 percent import duty on gold imports could adversely affect the earnings from the tourism industry. 

SL to develop 6 milk processing centres with French funding

Sri Lanka is to develop six milk processing centres under the financial assistance from Natixis Investment Bank of France.

Cabinet nod for Kandy airport feasibility study

The Cabinet of Ministers has given its approval to conduct a feasibility study to construct a domestic airport in the Digana, Maberiyathenna area.

Postponement of local govt. polls identified as primary reason for construction sector slowdown

Leading cement manufacturer, Tokyo Cement PLC, has identified the long delay in holding local government polls as the primary reason for the major slowdown experienced by the country’s construction sector, in addition to the negative effects from bad weather and rupee depreciation. 

Port City land reclamation to conclude by June next year

The land reclamation of Colombo Port City (CPC) is scheduled to be completed by June next year as the land filling is nearing 90 percent completion while the breakwater construction is expected to restart in September-October this year, following the monsoon season.  

Order on interim relief fixed for Sept.07

The order on the interim reliefs sought by the petitioners at the Ceylon & Foreign Trades PLC (CFT) case was fixed for September 7, 2018 by the Commercial High Court judge Ruwan Fernando.

Rupee edges down on importer dollar demand

COLOMBO (Reuters): The Sri Lankan rupee ended marginally weaker yesterday as demand for the U.S. dollar from foreign banks surpassed mild inward remittances, traders said.