Teejay Lanka doubles India plant capacity with US $ 15mn expansion

Teejay Lanka, one of the region’s largest textile manufacturers, has announced a doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US $ 15 million (approx. Rs.2.3 billion at current rates).

Govt.’s net borrowings equal to foreign reserves: Cabraal

Former Central Bank Governor Ajith Nivard Cabraal yesterday charged that the net borrowings by the present government almost equal the country’s current foreign reserve stock and hence, hinted that the pressure on the rupee is not unwarranted as the Central Bank says.

Rolf Blaser, new CEO at Baurs

Baur & Co. (Pvt.) Ltd has announced the appointment of Rolf Blaser as the company’s CEO/Managing Director with effect from October 1, 2018. 

Interim orders issued against Global Grange Lanka and directors

On or around May 16, 2018, pursuant to an application made by two directors of Global Grange Lanka (Pvt.) Limited, namely Raj Matharu and Harpal Matharu, the Commercial High Court of Colombo granted interim orders restraining the company and its other directors from preventing Raj and Harpal from acting as directors and also preventing Priya Matharu and Tara Matharu from acting as directors of the said company.

Casino-bound Telugus ditch Goa, fly to Sri Lanka

The Hindu: It’s Goa’s loss and Sri Lanka’s gain as far as Telugu tourist flow to the island nation is concerned. More and more Casino-bound tourists from the Telugu States of Andhra Pradesh and Telangana are flying to Sri Lanka.

Lanka IOC prepared to set own fuel prices to minimise losses

REUTERS: Sri Lankan fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company said on Friday.

Lion Brewery returns to profit on benign beer tax

The reversal of the government’s lopsided tax policy on beer and the recovery of operations from the production halt caused by floods helped Lion Brewery (Ceylon) PLC (LION) to return to profit as the lower tax on beer pulled more people into mild alcohol from hard liquor and illicit alcoholic beverages.   LION, Sri Lanka’s largest brewery recorded 

Dipped Products top line up on new glove markets, strong plantation results

Hayleys group company, Dipped Products PLC (DIPD) posted higher revenues as the non-medical glove maker ventured into new markets while the group’s plantation segment rebounded strongly. But the profit for the latest quarter came down due to higher direct and indirect costs.  Releasing its interim accounts for the quarter ended in March 31, 2018 (4Q18), DIPD reported consolidated revenue of Rs.7.1 billion, from Rs.6.6 billion revenue i

Two new board appointments to SriLankan

Consultant Physician Prof. Arjuna de Silva and private sector professional Johann Wijesinghe have been appointed to the board of ailing SriLankan Airlines, which is currently undergoing a three-year restructuring programme under a new director board. 

Fairway’s waste-to-energy project likely to get IFC financing

Sri Lanka’s Fairway Waste Management (Pvt) Ltd. is likely to receive a US$ 7 million financing facility from the International Finance Corporation (IFC), the private sector funding arm of the World Bank Group, for a waste-to-energy project.

Payment to ETI Finance deposit holders to begin next month

The Central Bank of Sri Lanka said yesterday the payment for deposit

LB Big Wheels Motor Show 2018 kicks off

The LB Big Wheels Motor Show 2018, organised by the Vehicle Importers 

Malik visits Biyagama EPZ, meets investors and zone workers

The BOI organized an interactive meeting at the Biyagama Export Processing Zone (BEPZ) where the keynote speaker was Development Strategies and International Trade Minister Malik Samarawickrama.  

China denies it offered package to slash U.S. trade gap by US$200 bn

REUTERS: China denied yesterday that it had offered a package to slash the U.S. trade deficit by up to US$200 billion, hours after it dropped 

Shares hit 2-week closing high in thin trade

REUTERS: Sri Lankan shares rose to a two-week closing high yesterday, led by diversified and banking stocks, but trading was thin as investors waited for more clarity on the political and economic front. 

Rupee rises on exporter dollar sales

REUTERS: The Sri Lankan rupee gained further yesterday due to dollar selling by exporters and a state bank, days after the central bank said underlying fundamentals do not warrant the current downward pressure on the currency. 

SLAITO stresses need for automated immigration processes at BIA

Stressing the need for better management of systems and processes at the Katunayake Bandaranaike International Airport, the Sri Lanka Association of Inbound Tour Operators (SLAITO) President Harith Perera said Sri Lanka should move faster on adopting automated immigration systems. 

Oil prices set for sixth week of gains, India sounds alarm

REUTERS: Brent oil prices rose yesterday and were set for a sixth straight week of gains, boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions, as Saudi Arabia moved to assuage supply concerns.

Asia stocks steady as markets eye US-China trade talks, dollar elevated

REUTERS: Asian stocks were steady yesterday amid caution over developments in U.S.-China trade negotiations, while the dollar perched near a five-month peak after the benchmark U.S. Treasury yield hit its highest in seven years.

SL aims to double local dairy output with U.S. assistance

Sri Lanka aims to double its dairy production by enhancing the small and medium dairy farmers’ productivity and competitiveness through a US $14.1 million project funded by the United States Department of Agriculture (USDA). 

Rupee ends firmer in dull trade

REUTERS: The Sri Lankan rupee ended firmer yesterday in dull trade due to dollar selling by a state bank, a day after the central bank said underlying fundamentals do not warrant the current downward pressure on the currency.

Innovation in 3 key sectors enough to boost growth by 3%: McKinsey

Sri Lanka’s economic growth will witness a leap in the near future, if efforts are taken to iron out issues and integrate innovation across all levels in three of its key sectors, assured leading global management consulting firm, McKinsey.

Hayleys Fabric losses expand in March over higher costs, tax charge

Hayleys Fabric PLC’s problems persisted in controlling direct costs and overheads as the knit fabric maker expanded losses during the quarter ended in March 2018 while the top line grew. 

Sunshine Holdings in private placement deal with SBI to cut debt

Sunshine Holdings PLC said yesterday its board of directors resolved to raise Rs.775 million through a private placement deal with SBI Ven Holdings (Pte) Limited, which already holds a 10.99 percent stake in Sunshine as the third largest shareholder.

Singer Sri Lanka emerges out of temporary slump in demand

Singer Sri Lanka PLC emerged out of a temporary slump in demand as the country’s leading consumer durables retailer reported financial performance with higher revenues and profits for the quarter ended in March 2018. 

Chandana Aluthugama new CEO at Sri Lanka Insurance

Insurance industry professional Chandana L. Aluthgama has been appointed as CEO of Sri Lanka Insurance Corporation Ltd with effect from May 3, 2018.  

SLT 1Q performance reflects shifting subscriber habits

The rapid shift towards data from voice services and intense competition inflicted pain on Sri Lanka Telecom PLC (SLT) as the March quarter profits and revenues showed some challenging operating conditions faced by the state-controlled telecommunication behemoth.  

Colombo Dockyard ends 1Q in red as income from shipbuilding slows

Sri Lanka’s largest shipbuilder, Colombo Dockyard PLC (DOCK), which operates in collaboration with Japan’s Onomichi Dockyard, which owns 51 percent of the company, reported a net loss of Rs.120.3 million for the March quarter (1Q18), as the income from both shipbuilding and repairing slowed.   

Iran agrees to build new refinery for Sri lanka

REUTERS: Iran has agreed to build a new oil refinery for Sri Lanka in addition to upgrading its ageing 50,000 barrel per day (bpd) state-owned refinery,  Sri Lankan cabinet spokesman Rajitha Senaratne said yesterday.

Belt and Road offers massive opportunities for local SMEs: CCC chair

As fears continue to grow concerning China’s role in Sri Lanka’s development agenda, an industry influencer yesterday pointed out that the mega Belt and Road Initiative (BRI) paves the way for local sm