China’s Ant Financial raises US$14bn to become biggest fintech firm

SHANGHAI (AFP): Chinese digital payments giant Ant Financial said yesterday it had raised US$14 billion in its latest financing round, making it the world’s largest fintech company ahead of an expected mammoth IPO.

CB rubbishes reports of its involvement in manipulating GDP estimates

The Central Bank yesterday rubbished misleading reports suggesting the monetary authority’s involvement in manipulating GDP estimates of the country. The Central Bank noted that t

Argentina and IMF agree on US$50 bn loan: minister

BUENOS AIRES (AFP): The International Monetary Fund (IMF) agreed with Argentina to a standby loan of US$50 billion over a three-year period, Finance Minister Nicolas Dujovne said this week.

Rupee extends declines, hits record low

REUTERS: The Sri Lankan rupee hit a fresh record low of 159.00 per dollar yesterday, as importer dollar demand outpaced greenback sales by exporters who held back from selling the U.S. currency expecting a further decline in the rupee, dealers said. 

Laugfs Gas cut March quarter losses as costs under check

Laugfs Gas PLC cut losses in the January–March quarter as the group managed to keep the costs under check while the revenues rose moderately.  The downstream LPG player whic

Sri Lanka attracted US$ 1303 mn FDIs in 2017 – UNCTAD

Sri Lanka attracted US$ 1303 million in net Foreign Direct Investments (FDIs) in 2017, almost doubling FDIs YoY compared to 2016, according to United Nations Conference on Trade and Developm

Rupee hits all-time low, exporters see further decline

REUTERS: The Sri Lankan rupee hit a fresh record low of 158.90 per dollar yesterday, as importer dollar demand offset the lack of greenback sales by exporters who expect the currency to drop further, 

Shares end lower; blue chips lead

REUTERS: Sri Lankan shares ended weaker yesterday, after breaching the psychological barrier of 6,400, pulled down by blue-chip shares such as John Keells Holdings Plc , brokers said. 

State enterprises to consider ‘retraining’ employees to enhance productivity

If there is a single most nagging issue in the country’s State sector, it is the weak productivity inherent in the public service which has been dragging the economic growth in the post independence Sri Lanka, and the 

Exports to China gets major boost

Sri Lanka’s Export Development Board (EDB) has drawn up a new entry strat

Shares hover near 5-month closing low

(Colombo) REUTERS: Sri Lankan shares ended slightly weaker on Wednesday, hovering near their lowest close in over five months hit earlier in the week, led by diversified shares such as John Keells Holdings PLC, while foreign buying helped boost the turnover.

Removal of JKH from MSCI Index drives Tundra Fund to up stake to 2.5%

The Sweden-based global asset management company, Tundra Fonder’s Tundra Sustainable Frontier Fund said they upped their position in Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) following the latter’s exclusion from the Frontier100 Index.

May tourist arrivals up 6.2%

Tourist arrivals to Sri Lanka in May rose 6.2 percent year-on-year (YoY) to 129, 466, recording the lowest arrival number so far this year. For the first five months of the year, the cumulat

The Finance revival efforts go south as firm mounts losses amid shrinking loan book

The losses at The Finance Company PLC (TFC) widened many-fold during the period ended in March 31, 2018, as the troubled licensed finance company saw the hole in its balance sheet deepening with over Rs.16 billion in negative shareholder funds.

Finlays Colombo to divest insurance broking arm to Singaporean party

Finlays Colombo Limited has entered into a binding agreement to dispose its insurance broking business to a Singaporean party, according to the company’s 2017/18 annual report.

Fitch says more M&As likely in Lankan insurance sector

Fitch Ratings sees further consolidation by way of mergers and acquisitions (M&As) in Sri Lanka’s insurance market, particularly in the general insurance segment, as the players continue to compete in a crowded market amid tougher operating conditions due to enhanced capital requirements. 

SLTPB gets new Chairman

The Tourism Development and Christian Religious Affairs Ministry yesterday announced the appointment of veteran marketer Dehan Seneviratne as the Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman with effect from June 4, 2018.

Sri Lanka Insurance does it again; declares highest life insurance bonus

Sri Lanka Insurance (SLI) has declared a life insurance bonus of Rs.6.8 billion for this year, recording the largest life insurance bonus ever to be declared in Sri Lanka’s insurance industry. 

Shares hit 5-month closing low, foreign investors cap falls

(Colombo) REUTERS: Sri Lankan shares ended weaker yesterday to hit their lowest close in more than five months as investors sold telecom and banking shares, while foreign buying curbed further decline.

CIC Holdings hopeful of turnaround with new re-strategizing exercise

Sri Lanka’s CIC Holdings PLC, which has its core interests in the country’s agriculture sector, said it carried out a re-strategizing exercise, which accompanied a voluntary retirement scheme (VRS), aimed at creating a more fluid and efficient organisation. 

Better logistics ops lift Expolanka March quarter earnings

The growing global trade volumes across all trade lines kept both air and ocean freight operations busy at Expolanka Holdings PLC during the January-March quarter, giving the much-needed impetus to the logistics player’s top and bottom lines. 

IMF tells govt. automatic pricing formula for electricity “essential”

Following the introduction of the automatic pricing formula on fuel prices by the government last month, the International Monetary Fund (IMF), with whom Sri Lanka has an ongoing Extended Fund Facility (EFF) arrangement, now wants the government to consider a similar formula for electricity prices and a plan to restructure debt-laden state-run     

Improved performance from Softlogic as group starts de-leveraging

The top line growth across major business sectors led by retail and healthcare and the tight cost controls helped Softlogic Holdings PLC to report better operating profits for the quarter ended March (4Q18), as the group

Sri Lanka’s banking sector bracing for tough operating conditions: Fitch

Fitch Ratings last week said Sri Lanka’s banking sector is bracing for some tough operating conditions in 2018 with muted loan growth and moderate asset quality, which could put pressure on profits.  As a result

Rajaratnam fails to cut U.S. insider trading conviction, sentence

(New York) REUTERS: A federal appeals court on Friday rejected a bid by Raj Rajaratnam, the highest-profile hedge fund manager convicted in a sweeping U.S. crackdown on insider trading, to void much of his 2011 conviction and shorte

SL to move ahead with decision to plant 20,000 hectares of oil palm

Sri Lanka is to move ahead with the former government’s policy of establishing 20,000 hectares of oil palm in the country as a ‘supplementary income’ to the rubber plantation, Plantations Industries Minister Navin Dissanayake said recently. 

April vehicle imports match March highs as holidays fail to deter imports

Vehicle registrations in April remained almost unchanged from the highs it reached in March, the vehicle registrations data compiled by JB Securities, a Colombo-based equity brokerage, showed.

Sri Lanka Tourism in major promotion drive in China

Sri Lanka was showcased in all its splendour at the Shanghai World Travel Fair held at Shanghai Exhibition Centre in China last week.  This was the main highlight of a series of promotional events and meetings that were conducted across major cities in China during the course of the past week. Minister of Tourism Devel

Rishad says only 6% entering Sri Lanka’s higher education

Skilling and improved human resources are crucial in government’s economic vision, but Sri Lanka is facing a supply crunch in such skilled personnel. 

‘Very limited’ impact of World Cup on Russia’s economy: Moody’s

MOSCOW(AFP): While the World Cup that kicks off later this month will focus the attention of football fans around the world on Russia it will have little impact on the country’s economy, analysts at Moody’s rating agency have said.