JKH’s two city hotels record disappointing 3Q results

Asian Hotels & Properties PLC (AHPL), the owner of Cinnamon Grand and Cinnamon Lakeside hotels, reported weak financial performance with subdued profits and revenues for the December quarter (3Q18), possibly reflecting the increasing competition in the city hotels sector in Colombo.  

Footwear and Leather Fair 2018 kicks off

The Footwear and Leather Fair 2018, organised by the Sri Lanka Footwear and Leather Products Manufacturers Association in collaboration with the Ministry of Industry and Commerce, Industrial Development Board of Ceylon and Sri Lanka Export Development Board, has opened its doors to the general public.

Hatton Plantations commences trading at CSE

The shares of Hatton Plantations Ltd commenced trading on the Colombo Stock Exchange (CSE) yesterday. 

Asian markets mixed, rising borrowing costs spook dealers

AFP: Asian markets swung yesterday with some recovering from early losses but traders remain on edge over a rise in US Treasury yields to four-year highs, while fresh US political turmoil is also causing unease.

Stocks climb for 3rd session as Janashakthi Insurance jumps

REUTERS: Sri Lankan shares rose for a third straight session yesterday to their highest close in more than three weeks, boosted by a surge in Janashakthi Insurance Plc as it agreed to sell its general insurance unit to Germany’s Allianz SE.

NSBM enhances industry partnerships with Hemas Manufacturing

NSBM Green University Town took another step to enhance its industry partnerships by joining hands with Hemas Manufacturing (Pvt.) Ltd recently. 

Rupee hits record low for second day on importer dollar demand

REUTERS: The Sri Lankan rupee hit a record low for a second day running yesterday due to dollar demand from banks and importers, but remittances and greenback sales by exporters checked the fall, dealers said.

Idea Group holds ‘Abhiman’ musical extravaganza

Idea Group Limited that offers a total solution for roof thatching and home interior décor via ‘Sivilima’ showrooms offered its staff and stakeholders a gift of surprise with the dawn of the new year.

‘Love Sri Lanka Festival’ to celebrate 70th Independence Day

Sri Lanka will be celebrating the 70th Independence Day tomorrow. The Mother Sri Lanka movement (MSL) has decided that the Independence Day of our Motherland, as the most appropriate day that all Sri Lankans can celebrate together. 

Next crisis could threaten eurozone cohesion: ECB official

AFP: The euro single currency area must shore itself up with reforms or face renewed threats of breakup when a new economic crisis strikes, a top European Central Bank official warned yesterday.

SL to launch new export strategy to coincide with 70th Independence

Coinciding with Sri Lanka’s 70th Independence Anniversary, the government will be launching a new national export strategy this month in collaboration with the government of Singapore, following the strengthening of bilateral relations last month.

National Economic Council in top gear to fulfil country’s economic agenda

The National Economic Council (NEC), Sri Lanka’s apex economic policy advisory body chaired by President Maithripala Sirisena, is gearing to expand its scope of work within its mandate by this April, NEC Secretary General Prof. Lalith P. Samarakoon said.

December sees second lowest vehicle registrations in 2017

The number of vehicles registered in Sri Lanka during December 2017 fell to the second lowest level in 2017, with the only noteworthy positive development coming from the small hybrid car segment due to recent tax revisions in the budget.

NDB records strong December; full year profit up 38%

National Development Bank PLC (NDB), becoming the first bank to release December quarter (4Q17) earnings, reported group earnings of Rs.7.10 a share or Rs.1.20 billion compared to the Rs. 4.41 a share or Rs.726.1 million reported for the same period, last year. 

Chevron’s Lankan unit December quarter net down 21%

Chevron Lubricants (Lanka) PLC, the leader in Sri Lanka’s lubricant market, saw its December quarter (4Q17) earnings narrowing 21 percent t year-on-year (YoY) to Rs.549.2 million, the interim financial accounts released to the Colombo Stock Exchange showed yesterday.

Janashakthi Insurance says in talks to divest general insurance arm

Schaffter family controlled Janashakthi Insurance PLC (JINS) yesterday confirmed market speculations that they were in talks to sell their general insurance business carried out by fully owned subsidiary Janashakthi General Insurance Limited.

Higher tea prices boost glove maker Dipped Products 3Q

Dipped Products PLC reported a jump in earnings in its December quarter as the company’s non-medical gloves received an unprecedented fillip from its plantation business. 

Southeast Asia’s top drugmaker eyes Sri Lanka

PT Kalbe Farma, Southeast Asia’s biggest pharmaceutical manufacturer, is seeking a partner in Sri Lanka and eyeing the Middle East as a new market for its nutritional products.

Sri Lanka records highest annual apparel export revenue in 2017

Sri Lanka’s 2017 apparel performance has matched the recent forecast made by the Minister of industry and Commerce. 

Chinese initiative termed unique in the field of infrastructure development

Addressing the Joint symposium conducted by the Institute of South Asian Studies (ISAS) of the National University of Singapore (NUS) on the Belt and Road Initiative, held in collaboration with the Pathfinder Foundation (PF), Senior Minister of State for Trade and Industry and Ministry of Culture, Community and Youth, Sim Annin her keynote address said that the Chinese initiative is unique in the contemporary world in the field of infrastructure

IPS highlights importance of developing skills in Sri Lankan graduates

While Sri Lanka has been performing well at the primary education level, significant policy gaps exist when it comes to secondary and tertiary education, the Institute of Policy Studies of Sri Lanka (IPS) revealed recently. 

SL’s Supreme Global partners Alibaba to boost tourism, e-commerce

Sri Lanka’s Supreme Global Holdings and Alibaba Group owned ‘Alitrip’ which is now called ‘Fliggy’ launched the ‘Sri Lanka Pavilion’ in Fliggy’s tourism platform that will target to bring a million new Chinese tourists to Sri Lanka every year. 

SLID continues to contribute towards good coporate stewardship

The Sri Lanka Institute of Directors (SLID), from certified 29 participants from the 5th and 6th intake who completed all 4 parts of the Board Leadership Director Certification Programme (BLT) at a recently held event at the Galadari Hotel. 

Australia’s MyBudget announces Sri Lankan entry in November

MyBudget Pty Ltd, Australia’s largest firm for providing personal budget management services has announced that it will be officially entering Sri Lanka and expanding its operations in November this year. 

November exports up, but trade deficit hits record high

Sri Lanka continued to do well in merchandise exports as the country recorded gains in exports for the fifth consecutive month in November but the trade gap widened to a record high due to higher oil imports. 

Capacity limitations at FinMin key reason for lack of budget transparency: think tank

The Finance Ministry does not have the capacity to analyse and plan a budget, which has led to the lack of budget transparency, proposals, which may not be in the public interest and poor discretionary spending through a possible slush fund, according to Verité Research.

John Keells December net profit down 13%

John Keells Holdings PLC (JKH) saw another quarter of declining profits in December with the diversified corporate giant’s consumer-related businesses struggling amid a weaker economy and the below par performance of the group’s leisure sector operations.   

CB seen keeping policy rates steady; rate cut not ruled out

REUTERS: Sri Lanka’s Central Bank is expected to keep key interest rates unchanged today, a Reuters poll showed, but a surprise rate cut is not ruled out to quash uncertainty after coalition partners in the country’s government suffered a loss in local polls.

Need to modernize Sri Lanka’s archaic education law highlighted

The need to modernise Sri Lanka’s existing education law, which is required to carry out educational reforms, was underscored recently at a forum held in Colombo.

Cabinet nod for CSE demutualization

The cabinet approval has been received for a draft law to demutualize the Colombo Stock Exchange (CSE) into a for-profit company. The draft will be published by gazette in a few weeks.