Sri Lanka’s first dedicated SME listing board launched

The Securities and Exchange Commission of Sri Lanka (SEC) together with the Colombo Stock Exchange (CSE) yesterday launched ‘Empower – a dedicated listing platform for small and medium enterprises (SMEs) in a bid to provide much-needed equity for high growth potential SMEs.

Dr. Dinusha Panditaratne appointed Verité Research advisor

Dr. Dinusha Panditaratne was recently appointed as an Advisor to Verité Research. 

Sarath Ganegoda appointed as Dipped Products acting MD

The Hayleys group long-timer Sarath Ganegoda has been appointed as the acting Managing Director of Dipped Products PLC, a Hayleys group subsidiary, effective from July 1, 2018. Ganegoda was appointed to the board of directors of Hayleys in September 2009. 

June tourist arrivals up 19%

Buoyed by higher tourist arrivals from India and China, Sri Lanka’s total tourist arrivals during the month of June rose 19 percent year-on-year (YoY) to 146,828, the data released by the country’s tourism office showed.

Credit to private sector moderates in May but spike in SoE debt seen

Private borrowings have shown some respite in recent months as such borrowings from the banking sector have moderated substantially during April and May, after the spike seen in the month before. 

Govt. to borrow 100bn yen from Japan’s MUFJ Bank for Central Highway

Sri Lanka is to borrow 100 billion yen (approximately US $ 936 million) from Japan’s MUFJ Bank to construct a 32.5km distance of the Central Highway from Potuhera to Galagedara, under the phase three of the highway project. 

Govt. to award 10MW solar power contract to Didul

The government has decided to award a 10 MW solar power plant contract to Didul (Pvt.) Ltd. A proposal by Power and Renewable Energy Minister Ranjith Siyambalapitiya in this regard has been approved by the Cabinet this week. 

Shares hit 15-month closing low on foreign selling

(Colombo) REUTERS: Sri Lankan shares extended losses yesterday to hit their lowest close in more than 15 months as continued foreign selling in blue-chip stocks dampened sentiment.

Govt. sanctions study on infrastructure sharing to expedite digitization

Sri Lanka is to set up a committee of experts to study the possibility of sharing the infrastructure facilities for the deployment of high-speed broadband services and electricity in a bid to fast-track the digitization of the country. 

Central Bank seen on hold but rate hike not ruled out

(Colombo) REUTERS: Sri Lanka’s Central Bank is likely to keep key interest rates unchanged at its policy review on Friday but a rate hike cannot be ruled out as the authorities struggle to ease depreciation pressure on the rupee currency. 

Bangladesh blames Sri Lanka for slow progress in proposed FTA

The Bangladeshi government blamed Sri Lanka’s “unstable political situation” for the slow progress in the proposed Sri Lanka-Bangladesh Free Trade Agreement (SLBFTA). 

Shares hit by continued foreign selling

(Colombo) REUTERS: Sri Lankan shares extended falls yesterday to a 15-month closing low as continued foreign selling in blue chips, political uncertainty and concerns about lower economic g

Final decision on Kerawalapitiya LNG plant delayed until SC verdict on FR case

President Maithripala Sirisena yesterday directed the Cabinet to delay the final decision on the controversial tender for 300 MW Kerawalapitiya LNG power plant until the Supreme Court’s verdict on a f

Rupee slips; dollar selling by State bank caps fall

(Colombo) REUTERS: The Sri Lankan rupee edged lower for a second straight session yesterday in moderate trade, as importer dollar demand outpaced inflows from inward remittances, while a State bank helped ease downward pressure by selling the U.S. currency, dealers said.

Brush maker BPPL invests in new Rs.180mn filament extrusion plant

Listed brush maker, BPPL Holdings PLC said it has invested Rs.180 million in a new monofilament extrusion plant, which is expected to be commissioned by July/August this year.

Waning finance company asset quality under spotlight

The asset quality of the non-bank finance sector is not something which often comes to the fore or commented on. But with the economic conditions getting tougher, it is slowly coming into the spotlight. 

ComBank announces appointments of new MD, COO

Commercial Bank of Ceylon PLC has announced the appointments of Sivakrishnarajah Renganathan and Sanath Manatunge, two career bankers, who have served the bank for 37 years and 29 years, respectively, as Managing Director and Chief Operating Officer, effective July 27, 2018.

Shares post worst fall in 28 months on foreign selling

(Colombo) REUTERS: Sri Lankan shares fell over one percent yesterday, the sharpest in nearly 28 months, as continued foreign selling and concerns about lower economic growth hurt sentiment, stockbrokers said.

Lion Brewery urges govt. to restore 12% concessionary tax rate on exports

Sri Lanka’s largest brewery, Lion Brewery (Ceylon) PLC, has urged the government to restore the concessionary rate of income tax on its export profits.

Rupee edges lower on thin importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee closed slightly weaker yesterday in dull trade as thin dollar demand from importers and banks outpaced little inflows from inward remittances, dealers said. The rupee ended at 158.35/45 per dollar, compared with Friday’s close of 158.20/35.

Ascot to raise Rs.633mn via rights issue

Property development and hospitality holding company Ascot Holdings PLC is to raise Rs.632.8 million through a rights issue, subject to shareholder and stock exchange approval, the company announced last Friday.

June inflation surges on higher food prices, transport costs

Sri Lanka’s general prices accelerated in June on the back of higher food prices and transport costs resulting from the fuel price hike in May, as policymakers battle reining in escalating cost of living. 

Laugfs Gas cries foul over LPG price reduction

Laugfs Gas PLC, the second largest distributor of liquid petroleum gas (LPG) or cooking gas in Sri Lanka yesterday cried foul over the “baseless” price reduction of 12.5 kg LPG cylinder, which came into effec

April trade deficit widens amid import binge

Sri Lanka’s merchandise trade deficit worsened during April as the consumption-hungry nation imported record-high consumption goods and personal vehicles, while exports languished.  

China’s Xiaomi raises US $4.72bn after pricing HK IPO at bottom of range

(Hong Kong) REUTERS: China’s Xiaomi Corp priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, raising US$4.72 billion in the world’s biggest tech float in four years, people close to the transaction said yesterday.

CCC says political uncertainty hurt biz last year; commends consistent policies

he Ceylon Chamber of Commerce (CCC), the apex body representing the country’s private sector emphasised that business confidence had been adversely impacted by political uncertainty last year, but commended the government for its more consistent policies in the recent past.

Construction sector continues to weigh heavily on economy despite setback: Rishad

Sri Lanka’s construction sector is increasingly played by foreign investments (FDI), rather than locally generated funds. The main reason for this is the sector’s annual output value now totalling to a huge US$3 billion without even adding values of mega projects such as the Colombo Port City or Hambantota Port related constructions.

Greece’s long-term debt prospects ‘uncertain’: IMF

ATHENS (AFP):  Greece’s long-term debt prospects are uncertain, the International Monetary Fund said yesterday, questioning the country’s ability to maintain high budget surpluses to 2060 under a recent eurozone deal.

SL expects to wrap up US$1.7bn LRT project finance by November

ECONOMYNEXT: Sri Lanka is expecting to wrap up financing for a 1.7 billion US dollar light rail transit project for the capital Colombo by November 2018, for construction to begin by 2020, officials said.

China unveils easing of investment curbs as trade war looms

BEIJING (AFP):  China has announced sectors of the economy where it will ease foreign investment rules, with leaders stepping up efforts to portray the country as opening up as they prepare for a possible trade war with the United States.