Sri Lanka gets US $ 100mn WB loan to modernise education system

Sri Lanka yesterday signed a US $ 100 million credit agreement with the World Bank to support Sri Lanka’s efforts to strengthen and modernise the general education system in the country. 

Chinese mining giant keen to set up gem and jewellery exchange in SL

A Chinese state-owned gold mining giant has expressed interest to set up a US $ 30 million gem and jewellery exchange in Sri Lanka with the support of the Sri Lankan government and a major local gem and jewellery supplier to China.  

CB cancels Standard Credit Finance licence

The Monetary Board of the Central Bank yesterday announced the cancellation of the licence issued to Standard Credit Finance Limited (TSCFL), with effect from July 25, 2018.

Ceylon Cold Stores survives another difficult quarter

The decline in consumer discretionary spending and shift in consumer demand for healthier alternatives appear to be continuing to hurt the performance of the John Keells group subsidiary, Ceylon Cold Stores PLC (CCS). 

Industry body seeks government intervention to tame errant microfinance practitioners

The Lanka Microfinance Practitioners’ Association (LMFPA) yesterday called for government intervention to formulate a national micro credit policy framework to regulate over 1000 micro finance businesses as concerns over indebtedness caused by microfinance companies comes under spotlight.

Hayleys debentures snapped up on opening day

Diversified conglomerate Hayleys PLC yesterday said its Rs.3 billion debenture issue, which had an option to raise a further Rs.1 billion, was oversubscribed on the opening day.

Union Bank June profits edge up

Union Bank of Colombo PLC reported slightly higher profits during its April – June quarter (2Q18) as the bank could not escape from the industry-wide phenomenon of stress building up on loans amid challenging economic conditions. 

Rigid Tyre to create 3,000 new jobs

Rigid Tyre Corporation (Pvt.) Ltd, which is said to be building Sri Lanka’s largest tyre plant, will generate 3,000 direct employment opportunities and possibly three times as many indirect jobs, the country’s apex investment promotion agency, the Board of Investment (BOI) said. 

Worker remittances lose steam in May; tourism earnings remain robust

The worker remittances to Sri Lanka have declined during May, though the earnings from tourism have continued to grow, providing a cushion to the current account of the external account of Sri Lanka. 

Rupee firms as exporters, foreign banks sell dollar

(Colombo) REUTERS- The Sri Lankan rupee ended firmer yesterday as exporters and some foreign banks sold the dollar, surpassing importer demand for the US currency, traders said.

Shares edge lower from 3-wk high in dull trade

(Colombo) REUTERS-Sri Lankan shares ended weaker yesterday, slipping from the last session’s three-week closing high but foreign buying prevented  steeper losses.

Defendants give undertaking to court not to use IP of young inventor

In one of the first cases filed in Sri Lanka in respect of an infringement of the layout design of an integrated circuit, on or around July 6, 2018, A.M.T. Nirmala, a young inventor from an engineering background, instituted action against Sri Lanka Telecom PLC and Sri Lanka Telecom (Services) Ltd, under the Intellectual Property Act No. 36 of 2003.

Poor show by Tea Smallholder Factories in 1Q despite higher tea prices

The modest tea sector performance of late appears to have failed to translate into better tea smallholder performance as Tea Smallholder Factories PLC (TSF) generated weaker financial performance for the quarter ende

AIA Lanka to go private; seeks permission to delist from CSE

AIA Insurance Lanka PLC last Friday announced its intention to delist its securities from the Colombo Stock Exchange (CSE), subject to obtaining requisite approvals.  AIA Insurance Lanka Director & Chief Off

Parallel vehicle importers eye government tenders

Sri Lanka’s parallel vehicle importers recently urged the government to provide ‘brand new’ status for vehicle imports with zero mileage by them in order to pursue government tenders.

ComBank expands footprint in Myanmar with microfinance firm

The Commercial Bank of Ceylon has opened a microfinance company as its second subsidiary in Myanmar, two years after opening a representative office in Yangon that offers advisory services

SL moves to implement national export strategy launching new trade portal

Sri Lanka yesterday took the first step towards implementing its national export strategy by making available to the business community the Sri Lanka Trade Information Portal (SLTIP), a one

Shares hit 3-wk high, mark second weekly gain in nine

COLOMBO (REUTERS): Sri Lankan shares rose yesterday to their highest close in three weeks and marked their second weekly gain in nine. The Colombo stock index ended 0.13 percent

Talk Trump may tap strategic oil reserves raises questions

NEW YORK (AFP): Reports that President Donald Trump could soon tap the strategic petroleum reserve in a bid to lower gasoline prices have raised concerns the emergency stockpile is being compromised for political purposes. Constructed in the wake 

Microsoft profit climbs as cloud grows

 SAN FRANCISCO (AFP): Microsoft on Thursday said its revenue and profit climbed in the recently ended quarter, getting results from its bets on cloud computing services and artificial intelligence.

Asia markets rally as China’s yuan defies Trump dollar warning

HONG KONG (AFP): Asian markets advanced yesterday, with Shanghai gaining two percent as China’s weak yuan currency defied US President Donald Trump’s criticism of a strong dollar and Fed rate hikes.

Christine Chevalaz appointed Kingsbury Hotel GM

The Kingsbury Hotel, the flagship five-star hotel which stands tall in the Leisure arm of Hayleys PLC, recently announced the appointment of their new General Manager, Christine Chevalaz. 

Rothschild Bank AG broke anti-money laundering rules in 1MDB case: Swiss regulator

ZURICH (REUTERS): Rothschild Bank AG and one of its subsidiaries committed serious violations of anti-money laundering rules in relation to 1MDB, the Malaysian sovereign wealth fund, Switzerland’s financial regulator said yesterday.

Rupee firms as remittances boost dollar inflows

COLOMBO (REUTERS): The Sri Lankan rupee ended slightly firmer yesterday as remittances boosted dollar inflows, helping offset the importer dollar demand, traders said.

Rupee ends steady in dull trade

(Colombo) REUTERS: The Sri Lankan rupee closed steady yesterday in mild trading as dollar demand from importers were offset by greenback selling by exporters, traders said.

Shares close at 3-week high; Keells leads

(Colombo) REUTERS: Sri Lankan shares rose yesterday and marked their highest close in nearly three weeks, led by market heavyweight John Keells Holdings, as foreign buying boosted sentiment.

John Keells group processed food maker ups profits in 1Q

Keells Food Products PLC (KFP) reported higher revenues and profits in the three months ended in June 30, 2018 as the group specializing in processed food increased its sales during the first quarter of its financial year. 

Merchant Bank of Sri Lanka transferred to Watch List due to undercapitalized insurance subsidiary

The Colombo Stock Exchange (CSE) has transferred the securities of the Merchant Bank of Sri Lanka and Finance PLC (MBSL) to the Watch List with effect from July 17, 2018 due to the issues pertaining to its undercapitalized insurance subsidiary, MBSL Insurance Company Ltd. (MBSLI).

Local rubber industry renews plea for assistance to ensure sustenance

Sri Lanka’s struggling rubber industry yesterday urged the government and relevant authorities to give due attention by looking at means to boost productivity, a key aspect that remains to be activel

Sour loans mount at finance firms with adoption of riskier business models

The deteriorating asset quality appears to be a common phenomenon with Sri Lanka’s banks and non-banks but the intensity of the problem of the latter suggests that the ailment runs deep.