Dilmah eyes expansion in Gulf region

Sri Lanka’s Dilmah, one of the world’s leading tea brands, is looking to further expand operations in the Middle Eastern region.

Heavy tax charges, margin squeeze hamper BOC 4Q

Heavy tax charges and margin squeeze dented Bank of Ceylon profits for the quarter ended in December (4Q17) though the bank expanded its assets at a healthy pace to near the Rs.2.0 trillion mark by the year end. 

Global tobacco results highlight next generation product shift: Fitch

The financial results of global tobacco companies highlight the shift towards a next generation products (NGPs), Fitch  Ratings says. 

Bairaha Farms to invest Rs.1.3bn on 3-year expansion

Bairaha Farms PLC, the pioneer chicken processor in the country for well over four decades, said it has embarked on a Rs.1.3 billion expansion project to increase the day-old broiler chick production by over 50 percent over a period of 3 years. 

Marginal slowdown in land price rise in Colombo

The surge in land prices in Colombo slowed down marginally in 2017 after recording sustained growth for over one and a half years, according to the Central Bank’s Land Price Index (LPI).

Global gas markets roiled by Papua quake, Europe deep-freeze

REUTERS: Global natural gas markets were roiled this week as an earthquake in Papua New Guinea caused a large-scale supply disruption of liquefied natural gas (LNG) while a late winter blast in Europe triggered unprecedented price spikes.

British PM to back EU free trade deal after Brexit

AFP: Prime Minister Theresa May will call for an unprecedented free trade deal with the EU after Brexit in a major speech, but is expected to acknowledge that Britain will have to make sacrifices in its economic relationship.

Rupee ends lower on importer dollar demand

REUTERS: The Sri Lankan rupee ended weaker yesterday as dollar demand from importers and banks outpaced inward remittances and the selling of the US currency by exporters, dealers said.

Asian markets tumble as Trump tariffs fan trade war fears

AFP:  Donald Trump’s controversial decision to slap tariffs on steel and aluminium imports sent Asian stocks plunging yesterday as the move fuelled fresh fears of a global trade war.

Stakeholder consultations conducted to finalise innovation and entrepreneurship strategy

A series of stakeholder consultations for a new innovation and entrepreneurship strategy for Sri Lanka was concluded this week, ahead of its submission to the cabinet next month.

Oil prices give up gains; set for weekly drop

REUTERS: US oil prices fell yesterday, taking declines to a fourth day as Asian share markets extended a sell-off on Wall Street after news of planned U.S. tariffs on steel and aluminium raised fears of a trade war. 

Steelcase and Widac announce first dealership in Sri Lanka

Steelcase, a leader in office furniture and innovative workspace solutions, in partnership with Widac Commercial Interiors (Pvt.) Ltd recently announced its official launch in Sri Lanka, at a ceremony held at Shangri-La Hotel, Colombo.

What the signs on fingers say – Part 2

The week before last we discussed what the signs on the first and second fingers signify phalanx by phalanx. In this article, we propose to discuss what the signs on the third and fourth fingers say. Signs on the Third Finger

Blue Diamonds in Rs.100mn cash call

Blue Diamonds Jewellery Worldwide PLC (BLUE) this week announced plans to go for a rights issue to raise money for working capital requirements, factory refurbishments, marketing and settle debt.

US says keen to expand open, fair and reciprocal trade with SL

Stephen Renna, Director of the Advocacy Center at the U.S. Department of Commerce, recently met with government leaders and U.S. companies in Colombo to discuss opportunities to increase US exports to Sri Lanka.  

SLT revenue growth slows in 2017; Mobitel lifts group performance

Sri Lanka Telecom PLC (STL) revenue grew slower while the direct costs and depreciation charges weighed on profits as Sri Lanka’s only wireline telecom provider was found struggling to compete in a world where people are taking fast on to mobile and mobile data for their day-to-day communication needs.   

UK assures trade pact with Sri Lanka post-Brexit

The UK Government said it intends to provide continuity and stability to Sri Lanka’s current trade agreements with the EU, even after Brexit comes into effect.  Minister of State for Trade and Investment Greg Hands said Sri Lanka’s exports to the UK are made under the EU’s unilateral trade arrangement, the Generalised Scheme of Preferences (GSP) Plus at present. 

Recon car registrations surge in January

Sri Lanka’s pre-owned or reconditioned car registrations hit a 2-year high in January amid slightly eased interest rates and banks and finance companies racing to grab the largest share of the vehicle leasing market with very attractive offers.  

February inflation eases to 4.5% on base effects and low food prices

Sri Lanka’s headline inflation, which consists of all items in the basket of Colombo Consumer Price Index (CCPI) eased to 4.5 percent during the 12 months to February from 5.8 percent in January over the base effects and lower food prices. 

Union Bank December profit dips; sour assets climb

Union Bank of Colombo PLC suffered a setback in both its top and bottom lines as the bank failed to capitalise on the rising market interest rates although the loans grew at a healthy rate. 

Nations Trust Bank profits surge on stronger loans, higher margins

Nations Trust Bank PLC (NTB) reported a marked increase in profits in 2017 as the bank grew its loan book while preserving its margins despite some increase in specific provisions. 

Sri Lanka to hold 15% ownership in proposed LNG import terminal

The Sri Lankan government and Sri Lanka Gas Terminal Ltd will hold a 15 percent shareholding in the country’s first liquefied natural gas (LNG) import terminal, a cabinet spokesperson said.

Stocks slip to 2-week closing low on foreign selling

REUTERS: Sri Lankan shares slipped for a third straight session yesterday and posted their lowest close in two weeks, weighed down by foreign selling amid concerns about political stability, stock brokers said.

Rupee ends lower on importer dollar demand

REUTERS: The Sri Lankan rupee ended weaker yesterday as dollar demand by importers and banks outpaced selling of the greenback by exporters, dealers said.

SL’s economic outlook and investment opportunities positive: Eran

For Sri Lanka to achieve the 2025 goal of being an upper-middle income country, the government has formulated a 3-year Economic Delivery Programme to increase per capita income to US $ 5000, create one million new jobs, and increase FDI to US $5 billion per year, State Finance Minister Eran  Wickramaratne said.

State enterprises borrow Rs.19bn in 2017; govt. debt up by Rs.197bn

Sri Lanka’s State-owned Enterprises (SoEs) borrowed a net Rs.19 billion during 2017 from the banking system as the total outstanding credit to the public corporations rose to Rs.514 billion by the end of 

Sri Lanka urged to tap into cruise tourism market

With cruise tourism and yacht marinas being the fastest growing categories in the leisure travel market, as an island nation, these are the areas Sri Lanka should fix its focus on, Admiral Dr. 

Allianz completes Janashakthi General Insurance acquisition

 Allianz yesterday announced the completion of its acquisition of Janashakthi General Insurance Limited, after receiving all the necessary regulatory approvals. 

Rupee ends firmer on expectation of dlr inflows

REUTERS: The Sri Lankan rupee ended firmer yesterday as exporters and banks sold dollars on fears of an appreciation in the local currency amid expectations of equity and capital inflows, dealers said.

Stocks slip to over 1-week closing low

REUTERS: Sri Lankan shares slipped yesterday to a more than one-week closing low, as selling by foreign investors and some concerns about political stability weighed on sentiment, dealers said. Shares hit a more than three-week high last week after two key parties decided to  remain in the ruling coalition,