Weak link between CSE and global market trends hinders earnings growth: analysts

The weak link between Colombo Stock Exchange (CSE) and global market trends is keeping earnings growth of CSE indices below growth rates of competing markets. 

Sri Lankan apparel stands to gain from US-China trade spat

The apparel industry, which is Sri Lanka’s leading export revenue earner, is set to gain fresh impetus from the U.S. market in the coming months, as American garment importers look for produce

Motor car registrations surge in March

Sri Lanka’s motor car registrations in March rose sharply with pre-owned or reconditioned cars hitting a record since September 2015 when the vehicle imports reached an all-time high after the Central Bank printed money to keep bank credit cheaper, so that everyone could have a vehicle of their own. 

Prof. Samarajiva to head ICTA

Professor Rohan Samarajiva has been appointed the new Chairman of the Information and Communication Technology Agency of Sri Lanka (ICTA) along with a new director board.

Power crisis looms as CEB engineers set to launch trade union action this Friday

Amidst the growing fears of an impending power crisis, the Ceylon Electricity Board Engineers’ Union (CEBEU) has informed the government that the country could experience intermittent power failures and prolonged recovery of such outages, as it will be launching a work-to-rule action this Friday, until its demands are met.

Govt. amends Companies Act to counter money laundering

Sri Lanka has tightened its screws on money laundering and terrorist financing by amending the Companies Act, a Finance and Mass Media Ministry communiqué said. The European Parliament recently confirmed that Sri Lanka, Tunisia and Trinidad and Tobago were on the European Commission’s blacklist of countries at risk for acts of money laundering. 

SLT’s Rs.7bn debenture snapped up on opening day

Sri Lanka Telecom PLC’s (SLT) unsecured Rs.7 billion debenture issue, inclusive of two greenshoe options, was subscribed on the opening day (April 11), despite two other large debenture issues opening on the same day.

Lankan banking sector resilience weak, asset quality to deteriorate further: S&P

Sri Lanka’s banking sector’s strength to withstand cyclical economic shocks remains weak and is affected by the country’s low income levels, said Standard & Poor’s, while revising the country’s economic risk trend to ‘stable’ from ‘negative’.  

SriLankan says achieved record revenue for FY2017/18

National carrier SriLankan Airlines yesterday said it achieved a record unaudited annual passenger revenue of Rs.126.9 billion (US $ 830.7 million) for the FY2017/18 ended this March.

Central Bank cautions on cryptocurrencies for first time

Amid the growing interest towards virtual currencies globally and locally, Sri Lanka’s Central Bank yesterday said it has not given the licence or authorization to any entity or company to operate schemes involving virtual currencies, including cryptocurrencies and has not authorized any Initial Coin Offerings (ICOs).   

Karu says lack of good governance killing public enterprises

As the economy continues to fall victim to nepotism, which taxes the nation in terms of income and productivity, Speaker of Parliament Karu Jayasuriya this week stressed the need to do away with the corrupt practice, so that the public enterprises can be revived from their inefficient status.

Rupee ends weaker on importer demand

REUTERS: The Sri Lankan rupee closed marginally down yesterday on importer dollar demand in light trading ahead of the traditional festival this week, dealers said. The rupee closed at 155.65/75 per dollar, compared with Tuesday’s close of 155.55/65.

Cabinet nod to introduce colourless standard packaging for cigarettes

A proposal to the effect of introducing ‘standard packaging’ (colourless) for tobacco products has received the green light from the cabinet of ministers. The government said the proposal 

Ceylon Petroleum under pressure to raise fuel rates

REUTERS: Sri Lanka’s state-owned Ceylon Petroleum Corp (CPC) is under pressure to raise fuel prices as the refiner incurred huge losses this year, cabinet spokesman Rajitha Senaratne said yesterday.

ADB says weather and politics will decide SL’s future growth

Sri Lanka’s future economic growth largely hinges on the prospects in the agriculture and domestic politics as adverse weather and toxic politics could derail the growth similar to what the country experienced in 2017, according to the Asian Development Bank (ADB).  

Mirror Business on holiday

Due to the Sinhala and Tamil New Year holidays, Mirror Business will not be published from April 13 to 16. The next issue will be on April 17, 2018.  

New bill said to give powers to SEC to regulate unlisted public offers

It doesn’t matter if you are a listed company or not, you won’t be able to escape from the Securities and Exchange Commission’s (SEC) clout on you if you seek public funds for your business growth in the future.

Kotagala divests tea exporting unit to related parties for Rs.1bn

Kotagala  Plantations PLC has divested the majority ownership in fully owned tea exporting subsidiary Union Commodities (Private) Limited for over Rs.1 billion to related parties, according to a filing at the Colombo Stock Exchange.  

New tax law frees half a million PAYE tax payers

About half a million Pay As You Earn (PAYE) tax payers will not have to pay taxes under the new Inland Revenue Act which came into effect from April 01, 2018, Finance Ministry said yesterday.

WB reveals ‘wish-list’ for better governance of public enterprises

The World Bank yesterday commended the government’s keenness in promoting good governance but laid out its ‘wish list’ that may assist authorities to ensure better governance of public enterprises. 

Political climate, external shocks killing investor interest; not overpriced IPOs, says investment b

A top investment banker said the capital market experts pointing fingers at investment banks, for killing investor interest with improperly priced initial public offerings (IPOs), must have done so for fun, in order to create controversy.

Do you have 25% stake in a company? Then be ready for a visit by CID

If you are a director or a shareholder having 25 percent or more shares in a company, it won’t be too long before an officer from the Criminal Investigation Department (CID) making a visit to your home or office to inquire how you mange to own that and what your other income earning streams are. 

March tourist arrivals up 24% despite communal clashes

Despite the communal clashes that unsettled Sri Lanka’s hill country during the first two weeks of March, the tourist arrivals to the island nation in the same month grew 24.1 percent to 233,382, the data released by Sri Lanka Tourism Development Authority (SLTDA) showed. 

Absence of local LNG market dims allure of oil exploration activities

The refusal of the Ceylon Electricity Board (CEB) to tender liquefied natural gas (LNG) power plants may cost the country over US $ 1 billion in investment into the development of offshore gas fields over the next three years, in addition to further investment in the future, Mirror Business learns.

Stocks hit 11-week closing low

REUTERS: Sri Lankan share index yesterday touched its lowest close in 11 weeks, pulled down by blue-chips stocks in a moderate turnover, as many market participants were on leave ahead of the traditional Sinhala-Tamil New Year this week, brokers said.

Both Dialog and Mobitel claim first to introduce mobile wallet top ups via banks in SL

The mobile money platforms of Sri Lanka’s two leading celcos, Dialog Axiata PLC and Mobitel, have both claimed to be the first in Sri Lanka to have enabled customers to top up their mobile cash wallets directly via bank accounts.

SEC to come up with mandatory code of governance for listed firms

The discretion thus far enjoyed by listed entities following good governance practices voluntarily may soon come to an end as the Securities and Exchange Commission (SEC) is gearing to issue a mandatory code where no listed entity will be spared from compliance. 

Right price, customer behaviour and exports key to future profitability: Kishu

Sri Lanka’s lubricant market leader, Chevron Lubricants (Lanka) PLC (CLL), said the company’s ability to command right price and influence customers to buy packed products instead of loose sales will determine its future profitability amid the changing lubricant landscape in the country.

Banking sector bad loans surge in Feb.

Sri Lanka’s banking sector asset quality saw a sharp deterioration during the first two months of 2018 as individuals and businesses struggled to service their loans as the economy lost steam amid higher borrowing costs and taxes.  

FDIs hit all-time high of US $ 1.9bn in 2017

Foreign Direct Investments (FDIs) to Sri Lanka reached an all-time high of US $ 1.9 billion in 2017, Central Bank data released last week indicated.