Asian markets swing after bruising week with trade centre stage

HONG KONG (AFP): Asian equities were mixed yesterday after another painful week as fears of an all-out trade war between Beijing and Washington keept investors on edge, while China’s stock market wa

Profood Propack and Agbiz expo kicks off

Known to be Sri Lanka’s largest food, packaging and agriculture expo, the three-day Profood Propack and Agbiz 2018 trade exhibition opened for the 17th consecutive year yesterday at the 

CMTA acknowledges need to cut vehicle imports

The Ceylon Motor Traders Association (CMTA), which represents all major international motor manufacturers in Sri Lanka yesterday acknowledged the need to stem excessive vehicle imports to the country to have a sound economic footing in the long run. The Association said this w

ASEAN, EU close ranks in face of trade war threat

SINGAPORE (AFP): Southeast Asia and Europe stressed the importance of pushing back against protectionism and the threat of global trade wars yesterday, as their ministers work towards the eventual goal of a region-to-region free trade pact.

Shares up for second session on foreign buying

COLOMBO (REUTERS) : Sri Lankan shares rose for the second straight session yesterday as foreign investors picked up shares that had been battered in recent days, brokers said. 

Banking sector loan growth moderates amid weak economic activities, asset quality

The demand for new loans has shown clear signs of moderation in June as economic activities have slowed down amid the banks maintaining an extremely cautious approach to granting fresh facilities as they battle the deteriorating asset quality after a bout of strong growth in their asset portfolios.  The banking sector new loans and advances

People’s Leasing & Finance 1Q profit up on higher margins

People’s Leasing & Finance PLC reported a 25 percent increase in profits during the three months ended on June 30, 2018, as the country’s second biggest non-bank lender improved its loan margins 

Small vehicles still cheaper than in 2014: Mangala

Finance and Mass Media Minister Mangala Samaraweera yesterday said the vehicles below the engine capacity of 1000 cubic centimetres (cc) still remain more affordable compared to 2014, despite the recent duty hike.  

Nihal Sri institutes action against Hilton sale

Anti-corruption activist and public interest litigant Nihal Sri Ameresekere has instituted action in the District Court of Colombo against the sale of the Hilton Colombo hotel. In this regard, Ameresekere has instituted action against

Central Bank seen holding rates to spur growth

Sri Lanka’s Central Bank is expected to keep key interest rates steady at its policy review on Friday as it looks to spur faltering economic growth amid heavy downward pressure on the nation’s currency, a Reuters poll showed. 

CPSTL ensures uninterrupted fuel supply

Ceylon Petroleum Storage Terminals Limited (CPSTL) yesterday said it is ready to face any trade union actions by the Ceylon Petroleum Bowser Owners’ Association (CPPBOA) to ensure an uninterrupted fuel supply to the nation by engaging directly with the independent bowser owners.

July inflation hits 6-mth high

Sri Lanka’s inflation measured by the Colombo Consumer Price Index (CCPI) accelerated to a six-month high of 5.4 percent during the 12 months to July, up sharply from 4.4 percent in June, largely due to the base effects and higher food prices. 

Rupee ends marginally firmer in dull trade

(Colombo) REUTERS: The Sri Lankan rupee ended marginally firmer in dull trade yesterday as selling off dollars by banks surpassed mild demand for greenbacks from importers, traders said.

Susantha announces retirement from CTC

Ceylon Tobacco Company PLC (CTC) yesterday announced that Susantha Ratnayake, who served as Chairman of the board of directors of the company, retired from the position with effect from July 31, 2018, having completed a term of five years as Chairman and a term of six years as a Non-Executive Independent Director.  

Malaysia calls for Sri Lanka FTA

Malaysia has expressed its strong interest in moving forward on the free trade agreement (FTA) with Sri Lanka that was initially contemplated in 2013, a communiqué from Sri Lanka’s Industry and Commerce Ministry said yesterday. 

Losses at JKH resort sector arm widen

John Keells Hotels PLC, the resort sector arm of the John Keells group, produced yet another disappointing quarterly performance as three of its resorts – two in the Maldives and one in Sri Lanka – were closed for refurbishment. 

NDB records solid growth for June quarter

Some solid growth in new loans and better margins lifted the profits of National Development Bank PLC (NDB) but the hefty provisioning against the possible bad loans and the resulting asset quality weakening stood out by  June 30, 2018. 

Golden Key clarifies; says repayment plan has reached tail-end of execution

In response to the Mirror Business article titled ‘Spat between CB and FinMin delays Golden Key repayment’, published on July 30 (yesterday), Golden Key Credit Card Company (GKCCL) Ltd Chairman Priyantha Fernando clarified that GKCCL has paid 9,123 security deposit holders, equivalent to 99.31 percent of deposit holders, under the repayment plan.

Rupee ends tad weaker on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee ended slightly weaker yesterday as dollar demand from importers surpassed greenback sales by banks, traders said.

Damro opens Rs.12.5bn Marino Mall

Marino Mall, the mega shopping mall by Damro Group with an investment of Rs.12.5 billion, was opened to the public yesterday. 

GlobalData ranks Sri Lanka among top 5 fastest growing tourism markets

GlobalData has ranked Sri Lanka as the fourth fastest growing tourism market in the world.  

Australian of Sri Lankan origin to head Macquarie Group

(Sydney) REUTERS: Australian investment bank Macquarie Group has appointed its first female CEO last week, promoting the 10-year head of its funds unit Shemara Wikramanayake to t

Court allows Hayleys and McLarens to enter as intervenient petitioners

The Appeal Court last week allowed Hayleys Advantis Ltd and McLarens Investments (Pvt) Ltd to enter as intervenient petitioners to the writ petition filed by Parliamentarian Vasudeva Nanayakk

Spat between CB and FinMin delays Golden Key re-payments

A dispute between Central Bank and the Finance Ministry has delayed the re-payment of above Rs.10 million deposit holders of the failed Golden Key Credit Card Ltd (GKCCL), failing to honour a pledge made to the Supreme Court by the government, Mirror Business learns. 

Moody’s maintains negative outlook; affirms B1 rating

Moody’s Investors Service yesterday affirmed Sri Lanka’s foreign currency issuer and senior unsecured ratings at B1 but maintained the negative outlook, which it first assigned to the island nation’s credit rating in June, 2016 and maintained during last year too.

AHK Sri Lanka to promote key Lankan industries to draw German investments

The recently launched Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) plans to carry out investment promotions for Sri Lanka’s Rubber, IT, apparel and logistics industries in Germany as the German businesses are increasingly becoming interested in Sri Lanka.

Shares fall for fourth straight session

(Colombo) REUTERS: Sri Lankan shares extended their losses to a fourth straight session yesterday as foreign investors sold blue-chip stocks such as John Keells Holdings Plc and Hemas Holdings Plc. The Colombo stock index ended 0.14 percent weaker at 6,153.99, its lowest close since July 16. The index dropped 0.47 percent this week, its first weekly fall in three, bringing its year-to-date losses to 3.4 percent.

Rising temperatures to carry big price tag in steamy Sri Lanka

(Colombo) THOMSON REUTERS FOUNDATION: Dinesh de Alwis has lived all his life in Ratmalana, a suburb of Sri Lanka’s capital Colombo. When he was young, he remembers, he would rush outside every day at 4 p.m., to play with friends after school.

Rupee ends steady in dull trade

(Colombo) REUTERS: The Sri Lankan rupee ended steady yesterday as dollar demand from importers offset greenback selling by exporters in dull trade ahead of the long weekend, traders said. The rupee ended flat at 159.50/60 per dollar. It has declined 3.98 percent so far this year and had hit a record low of 160.17 on June 20.

PM to launch first tourist-friendly tuk programme on Monday

 The Sri Lanka Tourism Development Authority (SLTDA) will launch Sri Lanka’s first-ever tourist-friendly tuk tuk service on July 30, 2018, at Galle Face Green, under the patronage of Prime Minister Ranil Wickremesinghe.