Merkel, Macron consider key eurozone reforms

AFP: Shocked by Brexit, the European Union has made reform a top priority, spurred on by the energetic French President Emmanuel Macron who wants big changes especially for the euro, the bloc’s single currency.

Stocks recover as investors buy select blue chips

REUTERS: Sri Lankan shares rose marginally yesterday, recovering from a one-and-a-half-month closing low hit in the previous session, as investors bought select blue chips in low volumes while lower economic growth weighed on the market. 

Indonesia wants Australia as full ASEAN member

AFP: Indonesian President Joko Widodo wants Australia to become a full member of ASEAN, signalling yesterday he is keen on Canberra playing a bigger regional role in trade and defence matters.

EU readies tax on US tech titans

AFP: The European Union will next week unveil plans for a digital tax on US tech giants like Facebook, Amazon and Google as transatlantic tensions flare over prospects of a trade war.

Rupee hits new low on importer dollar demand

REUTERS: The Sri Lankan rupee hit an all-time low for a second straight session yesterday due to importer dollar demand, but ended steady as exporters sold the U.S. currency in late trade, dealers said. 

Hong Kong’s richest man Li Ka-shing to retire

AFP: Hong Kong’s richest man Li Ka-shing announced yesterday he was stepping down as chairman of his flagship company CK Hutchison, marking the end of an era for one of the world’s most storied tycoons.

SL’s largest independent power producer calls for depoliticisation of govt. tender procedures

LTL Holdings, which claimed to have submitted the lowest bid of US $ 160 million for the construction of 300MW liquefied natural gas (LNG) power plant in Kerawalapitiya, this week urged the authorities to think of the national interest when going ahead with the tender procedures. 

HNB says troubles in agri, tourism, construction sectors slowed loan growth

Hatton National Bank PLC (HNB), Sri Lanka’s second largest private lender by assets, is hoping to be more aggressive in 2018, after a challenging environment for the key agriculture, tourism and construction sectors held back higher lending, the top management said this week.

New rules restricting fag sales rattle tobacco retailers

The Tobacco Retailers’ Association yesterday voiced opposition against the government’s intentions to ban the sale of cigarettes at outlets within 100 metres of schools and places of religious worship, since such a move would drive most eateries and shops out of business.

Control of payment gateways by a few said to be trapping Lankan e-commerce surge

The control of payment gateways by a handful of large banks and financial institutions is trapping the e-commerce revolution from taking off in Sri Lanka, a Canadian e-commerce expert was quoted as saying in a communiqué issued by the Industry and Commerce Ministry.

New rule to make rating mandatory for private debt issuances

The private debt issuances in Sri Lanka, which have thus far been spared from the regulatory purview, will soon come under the Securities and Exchange Commission (SEC) oversight, as they will be required to obtain a credit rating before they raise any kind of debt, even if such instruments are not listed on the Colombo bourse.

Terminal operators at Colombo port ink pact to operate as one unit

A historic tripartite agreement was entered into yesterday by the three main terminal operators at the Port of Colombo to operate as one unit to further smoothen the activities at Sri Lanka’s main port.

NSB records highest ever pre-tax profit in its history

The financial year 2017 proved to be a remarkable year for state-owned National Savings Bank (NSB) as the banking giant recorded profit before tax (PBT) of Rs.14 billion, the highest ever in its history. Profit after tax (PAT) kept abreast at Rs.9.6 billion. 

Credit growth to surge beyond Central Bank’s expectation if agriculture sector picks up

Private credit growth may exceed the Central Bank projections of 13.5 percent for 2018 by a significant margin if the agriculture sector recovers this year, according to Hatton National Bank PLC (HNB), Sri Lanka’s second largest private lender by assets.

Exporters want decisive action taken against hate-mongers

The National Chamber of Exporters (NCE) yesterday called on the government to take decisive action against the perpetrators of the recent civil unrest in order to send a strong message to the world that there will be no room for similar situations in the future.

TRACE urges government to reconsider social media ban

TRACE, an organisation committed to promoting technology and innovation in Sri Lanka, yesterday urged the government to reconsider the current ban of social media.

DHL Express offers innovative delivery options in Sri Lanka

DHL Express, the world’s leading international express services provider, announced the launch of a new innovative DHL Locker. This is part of its global On Demand Delivery service offering, providing customers with an innovative and convenient option to pick up their online shopping packages.

Dialog-Samsung announce pre-order for Galaxy S9 & S9 Plus

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider and the exclusive partner network for Samsung in Sri Lanka, announced the launch of the Samsung Galaxy S9 and S9 Plus along with pre-order facilities. 

Maldives Education & Career Exhibition to kick off on March 29 in Male´

The Maldives International Education and Career Expo will be held for three consecutive days on March 29, 30, and 31, 2018, in Male´. 

IPM successfully completes 4th Certified HR Auditor Programme

IPM Sri Lanka – the nation’s leader in human resource management, conducted its popular IPM Certified HR Auditor Programme in collaboration with TV Rao Learning Systems (TVRLS), India recently at OZO Hotel in Colombo.

New accounting standard on loan-loss provisions to dent bank profits

Sri Lanka’s banks are expected to face a yet another challenge, this time from a new accounting standard, which came into effect on January 1, 2018.  The new International Financial Reporting Standard 9 issued on financial instruments will increase the provisions against the possible loan losses and compress margins exerting pressure on the bottom line and thereby the regulatory capital, the banks said. 

Rupee down on importer dollar demand

REUTERS: The Sri Lankan rupee ended weaker yesterday due to importer dollar demand while late exporter sales of greenback capped the fall, dealers said. The rupee which traded at 155.83 during the day closed at 155.70/75 per dollar, compared with Monday’s close of 155.50/70. It hit a record low of 155.90 per dollar on February 14.

Stocks edge up as foreign investors return

REUTERS: Sri Lankan shares rose slightly yesterday and posted their highest close in nearly two weeks as investors picked up beverage and telecom stocks, and foreign investors returned to the market following a communal violence last week, dealers said.

Credit growth to surge beyond Central Bank’s expectation if agriculture sector picks up

Private credit growth may exceed the Central Bank projections of 13.5 percent for 2018 by a significant margin if the agriculture sector recovers this year, according to Hatton National Bank PLC (HNB), Sri Lanka’s second largest private lender by assets.

President arrives in Japan to boost bilateral trade

After concluding the two-day official visit to India, President Maithripala Sirisena arrived in Japan yesterday to further strengthen the long-standing bilateral relations between Japan and Sri Lanka, the President’s Media Unit said.

SLTPB rolls out effective media campaign at ITB 2018

The Sri Lanka Tourism Promotion Bureau (SLTPB) conducted a well-coordinated media campaign at ITB 2018 in Berlin last week, the Tourism and Christian Religious Affairs Ministry said in a statement. As part of this campaign, a high-profile press conference was arranged on the sidelines of the trade exhibition with the participation of many well-known travel journalists. 

LRA approaches SEC to re-enter credit rating biz

The officials behind the now defunct Lanka Rating Agency (LRA) have sent a fresh application to the Securities and Exchange Commission (SEC) requesting permission to re-enter credit rating space in the country, Mirror Business learns.

Laugfs says loss-making resorts will break even by 2020

The Laugfs group is expecting its heavily indebted, loss-making hospitality subsidiary, Laugfs Leisure Ltd, to break even by the 2020 financial year, after going public this year.

JKH gets land in Muthurajawela to carry out logistics business

The country’s largest conglomerate, the John Keells group, has won a government tender for two land plots in the Muthurajawela sand fill area for the next 30 years to conduct logistics operators.

Citizens Development to raise up to Rs.2bn to fund rapid growth

Citizens Development Business Finance PLC (CDB) is raising up to Rs.2.0 billion via corporate bonds to fund its aggressive growth during the ensuing financial year, as the company has been seeing some handsome growth in assets and profits during recent quarters.