Asian markets mostly up at end of a painful quarter

HONG KONG (AFP): Asian markets mostly rose yesterday, bringing an end to a tumultuous quarter that has seen sharp losses around the world, with China-US trade tensions showing no sign of calming.

WB says SL’s outlook will remain stable provided govt.’s commitment to reform agenda

Sri Lanka’s economic growth is expected to rebound this year to around 4.3 percent in the medium term, the World Bank (WB) said yesterday, while giving the island nation a stable outlook provided that the government maintains momentum in its reform agenda.

Sri Lanka among most vulnerable economies that strengthens dollar

As appreciating U.S. dollar is testing the resilience of many emerging and frontier markets this year, Sri Lanka stands among the most vulnerable economies for the dollar’s rising phenomenon, 

CB Governor defends his most senior official

Defending his senior-most official, the Central Bank Governor Dr. Indrajit  Coomaraswamy yesterday dismissed the allegations levelled against Senior Deputy Governor Dr. Nandalal Weerasinghe by former Finance Minister Ravi Karunanayake. 

Bad loan provisions hamper Cargills Bank March profits

The hefty provisions made against possible bad loans eroded an otherwise good performance at Cargills Bank, as the lender increased its top line and expanded its loan book during the first three months of the year. 

Shares extend fall to near 15-month closing low

(Colombo) REUTERS: Sri Lankan shares declined for a fourth straight session yesterday and posted their lowest close in nearly 15 months, as foreign investors continued to offload th

Sri Lanka sleepwalking into a Rajapaksa dynasty: Prof. Sally

Sri Lanka is sleepwalking into a Rajapaksa dynasty characterized by illiberal democracy, state-dominated inefficient capitalism and ethnic chauvinism, after a failed test of good governance by an unholy coalition of left and right wing parties for three years, according to Prof. Razeen Sally, Chairman of Colombo-based think tank, the Institute of Policy Studies (IPS).

Research recommends govt. to revisit 2020 tobacco cultivation ban

A recent research has recommended the government to have a relook at the proposed tobacco cultivation ban by 2020, with a four-year phase-out period and financial assistance to tobacco farmers to diversify into other crops, as the employment of over 500,000 stakeholders in three tobacco value chains in the country, is at jeopardy.

SEC clears Rs.667.5mn Anilana private placement deal

The Securities and Exchange Commission (SEC) has cleared a private placement deal the troubled Anilana Hotels & Properties PLC was trying to enter into with Singapore-based Somap International Private Limited, since last year.

SLANA says Ceylon Shipping Corporation can be reignited by transforming it to regional NVOCC

The Sri Lanka Association of NVOCC Agents (SLANA) this week urged the government to convert Ceylon Shipping Corporation (CSC) to a strong regional non-vessel operating common carrier (NVOCC) operator and remove excess regulations to revive the national carrier to become a sustainable operator.

New MLA to clip FinMin’s voting powers in monetary policy formulation

The almost 70-year old Monetary Law Act (MLA) is currently being amended to take away the voting powers of the Finance Ministry at the Monetary Board, as the amended law aims to provide greater autonomy for the Central Bank over monetary policy formulation, free of political influence.  

Govt. to set up Development Finance Corporation

A Cabinet paper to establish a Development Finance Corporation (DFC) is being prepared by the Finance and Mass Media Ministry, Prime Minister Ranil Wickremesinghe said yesterday.

Sri Lanka may receive AIIB funding to relocate Colombo slum dwellers

Sri Lanka may receive funding assistance from China-backed Asian Infrastructure Investment Bank (AIIB) for its Urban Regeneration Programme, which aims at relocating 50, 000 lower middle-income households living in slums in Colombo into new apartments.

Criticism of Sri Lanka-Singapore FTA not based on facts: CB Governor

Central Bank Governor Dr.Indrajit Coomaraswamy says the criticism on Sri Lanka-Singapore Free Trade Agreement (SLSFTA) is not based on facts as there are no provisions enabling the free movement of professionals. 

Customs to launch automated container tracking and logging system

The Sri Lanka Customs is to launch an automated container tracking and logging system for imported cargo on a temporary basis at the Colombo port within the next six months, until the work on the proposed ‘smart customs area’ is completed, a senior Sri Lanka Customs official said. 

Sri Lanka’s May tea production up 11%

(Colombo) REUTERS: Sri Lanka’s tea output rose 11.04 percent in May from a year earlier, aided by good agro-climatic conditions and lower production in the previous month, the state-run Tea Board said yesterday. 

Sri Lanka becoming a budget travellers’ paradise: Jetwing chief

Sri Lanka is increasingly becoming a destination for budget travellers, with the island nation failing to attract high-spending tourists due to a lack of a comprehensive destination marketing campaign and reliance on promotional activities carried out by bloggers and other social media influencers, a top hotelier asserted. 

Plantation Minister says coconut yield may normalise by next month

Sri Lanka’s coconut yield may normalise by next month to reach 2800 to 2900 million nuts for this year, according to Plantation Industries Minister Navin Dissanayake.

Malnutrition still an issue in Sri Lanka: WB

Although Sri Lanka has been successful in improving the agricultural production to achieve food security, the World Bank yesterday highlighted that malnutrition still remains a major issue, just as it is the case for the rest of South Asia, due to the inability to access nutritious food and make smart dietary choices.

Rupee closes slightly weaker; state bank dollar sales cap fall

(Colombo) REUTERS:  The Sri Lankan rupee closed slightly weaker yesterday in dull trade, while dollar selling by a state bank limited the downside, dealers said.

March corporate earnings defy overall negative sentiment

Sri Lanka’s listed entities reported some strong growth in earnings for the quarter ended in March (1Q18), as the traditional leading sectors continue to push up market earnings while the one-off gains in insurance sector further lifted overall profits.

SEC and CSE to launch proposed SME board on July 5

The Securities and Exchange Commission (SEC) said yesterday it would expedite the launch of the proposed Small and Medium Enterprises (SME) board on the Colombo Stock Exchange (CSE) to attract small and medium sized firms to the country’s capital market.

SLPA to seek Cabinet approval for new East Container Terminal development plan

The Sri Lanka Ports Authority will soon seek Cabinet approval for the new development plan of the East Container Terminal (ECT) of the Colombo port, according to a top SLPA official. 

Entrepreneurs will be engine of growth in new economy: Mangala

Launching the ‘Enterprise Sri Lanka: Entrepreneurs Paradise Loan Scheme’ last Friday in Colombo, Finance and Mass Media Minister Mangala Samaraweera said entrepreneurs would be the engine of growth of the new economy which the government wishes to create. 

OPEC moves towards raising oil supply as Iran softens stance

(Vienna) REUTERS:  OPEC moved closer yesterday towards boosting oil output as its leader Saudi Arabia appeared to have persuaded arch-rival Iran to cooperate, after major consumers warned of a supply shortage.

Rupee extends recovery as exporters sell dollars

(Colombo) REUTERS: The Sri Lankan rupee ended firmer yesterday, further pulling away from a record-low, as exporters sold the U.S. dollar and foreign investors bought government securities a day after the

Stocks end steady, marking fifth straight losing week

(Colombo) REUTERS: Sri Lankan shares ended steady yesterday, staying close to the 14-month low hit this week and marking their fifth straight week of losses. The Colombo stock index ended 0.01 percent weaker at 6,228.15, hovering near its lowest close since April 2017 hit on Wednesday. The bourse fell 1.63 percent this week.

CMPort’s last tranche settlement to have major effect on economy: Samarasinghe

There will be a marked improvement in the country’s macroeconomic fundamentals, following the payment of US$ 584 million (approximately Rs.94 billion), the last tranche for the Hambantota Port Development Project by China’s  CMPort, Ports and Shipping Minister Mahinda Samarasinghe said.  “As a result of this payment, there will be a con

Mangala stresses need for sustainable oceanic resource management

As the government is moving forward with expanding market access for Sri Lankan exporters, sustainable resource management practices remain crucial to successfully penetrate into advanced marke

Export Development Board holds 14th Exporters’ Forum

The 14th Exporters’ Forum Chaired by State Minister of International Trade Sujeewa Senasinghe was held at the EDB auditorium recently.  The session prov