Expert panel to discuss 2018 economic outlook and implications for biz

The Ceylon Chamber of Commerce has lined up a distinguished panel of experts to discuss the economic outlook and its implication for business during the year 2018. 

Fitch cuts Sunshine Holdings rating over debt-funded acquisition

The high debt burden on diversified conglomerate Sunshine Holdings PLC following the acquisition of an additional stake in one of its subsidiaries recently,  has resulted in credit rating agency Fitch downgrading the firm.

SL records Rs.22bn primary surplus for first time in 63 years

For the first time since 63 years, the government has been able to a record Rs.21.9 billion surplus in the primary balance of fiscal accounts during the first 10 months of 2017, the Finance and Mass Media Ministry 

Watawala Plantations announces Rs.1.3bn share buyback

Watawala Plantations PLC, a unit of Sunshine group, has announced a share buyback from its shareholders to the tune of Rs.1.3 billion.

Mark Mobius  retires from Franklin Templeton

REUTERS: Well-known emerging markets investor Mark Mobius will retire from Franklin Templeton Investments at the end of January, the investment fund announced recently.

Government seeks to hire advisor to sell Hilton, Grand Hyatt

The Sri Lankan government last week took the first step in the long overdue process of divesting non-strategic state-owned enterprises by announcing that it is headhunting for a Transaction Advisor for the Colombo Hilton and the Grand Hyatt.

EFL leads the way in sustainable logistics to obtain ISO 14064 certification

Leading global logistics provider, Expolanka Freight (EFL) once again set a new industry benchmark with the obtainin

Shares climb to near 2-month closing high

REUTERS: Sri Lankan shares rose yesterday, closing the first week of the New Year on a firm note, on the back of heavy foreign buying in blue chips. The Colombo Stock Index ended 0.85 percent firmer at 6,514.73, its highest close since Nov. 11. 

Qatar allows full ownership for foreign investors

AFP: Qatar has approved legislation allowing 100-percent ownership for foreign investors in most sectors of the economy in a bid to boost non-energy revenues, the government said this week.

Rupee ends higher on exporter dollar sales

REUTERS: The Sri Lankan rupee closed slightly firmer yesterday due to dollar conversions by exporters, but demand for the U.S. currency from banks capped the gains, dealers said. 

AmCham says overall impact of US GSP withdrawal on Lankan exports “small”

The United States’ Generalized System of Preferences (GSP) programme was discontinued for 120 countries across the world, with effect from the 1st of January 2018. Sri Lanka is one of them.

Lanka Sathosa playing great role of lowest price setter: PM

State-owned Lanka Sathosa shopping chain has dramatically ascended to become the largest retail player in Sri Lanka, beating all other local supermarket brands unmistakably.

Jetwing Symphony makes CSE trading debut as first listing in 2018

Jetwing Symphony Limited rang the opening bell to commence trading and celebrate the listing of its shares as the first listing at the Colombo Stock Exchange (CSE) for 2018. 

Most Asian markets rise as New Year rally extends

AFP: The equity rally that has kicked off 2018 continued yesterday, with Asian markets picking up the baton from another set of records on Wall Street. Dealers are now turning their attention to the release later in the day of key US jobs data, which is expected to show the world’s top economy continuing to improve. A forecast-smashing reading Thursday on private take-ups boosted optimism, which had already been bolstered by US tax cuts, he

Monetary Board extends suspension on Perpetual Treasuries

The Monetary Board of the Central Bank has extended the suspension on controversial primary dealer Perpetual Treasury for a period of six months from January 5, 2018.

DFCC’s FinTech subsidiary, Synapsys, joins hands with Tenaga Car Parks

Synapsys, the FinTech subsidiary of DFCC Bank, recently signed an agreement with Tenaga Car Parks (Pvt

Eimsky emerged victorious at APICTA Awards 2017

Eimsky Business Solutions Pvt Ltd, providing world class customizable software solutions serving multiple

China boosts investment in Sri Lankan mega-project

AFP: China will invest US$1 billion in the construction of three 60-storey buildings at a mega-project near Sri Lanka’s main port, Colombo, as Beijing aims to boost its influence in the Indian Ocean.

Lanka Exhibition and Conference Services celebrates 15 years

Creating the perfect opportunities for industries to prosper, Lanka Exhibition and Conference Services (Pvt.) Ltd (LECS) has been a true facilitator of trade for well over a decade.

Former WTO chief in town to win support for French bid for World Expo 2025

Former Director General of the World Trade Organisation (WTO) Pascal Lamy, inter-ministerial delegate in charge of the preparation of the French candidature for the World Expo 2025 will arrive to Sri Lanka on January5thto present the French bid.

First tea sale for 2018 concludes with 5.8mn/kg on offer

The first sale of the year concluded this Wednesday had on offer 5.8 million-kilograms. Low Growns (large leaf teas) witnessed a buoyant market whilst weak demand was encountered by the high and mid grown small 

Pakistan’s central bank allows yuan-based trade with China

The Hindu: Pakistan’s central bank has allowed the Chinese yuan to be used for bilateral trade and investment activities, a move which could replace the US dollar for transactions in strategic CPEC projects.

Chandula to Speak on impact investing in Ottawa International Forum

Chandula Abeywickrema, the Chairman of Lanka Impact Investing Network (Pvt.) Ltd (LIIN), the first impact investing private equity fund and network of Sri Lankan Impact Investors and the Co-Fonder of Ath Pavura, the first TV reality show for social entrepreneurs and impact investors was invited by World University Service of Canada  (WUSC).

THASL up in arms against ‘No locals allowed’ policy

The apex hotel association in the country yesterday expressed dismay over ‘no locals allowed’ policy of certain hotels in the country, who are not the members of their association.

Cargills Bank reports recurring net loss of Rs.16mn for 3Q

Cargills Bank Limited made a recurring net loss of Rs.16 million for the third quarter ended in September 30, 2017 from a profit of Rs.26.4 million during the corresponding quarter last year, as loan loss provisions rose and operating expenditure swelled.  

Jetwing Symphony shares to debut on CSE today

Over 502 million ordinary voting shares of Jetwing Symphony Ltd. will debut on the Colombo Stock Exchange today. The share under the security code JETS-N-0000 will be listed on the secondary Diri Savi Board.

Renuka Capital ups stake in Unity Plaza owners; triggers mandatory offer

Renuka Capital PLC, formerly Kalamazoo Systems PLC, this week bought 2.1 million shares or 12.25 percent of On’ally Holdings PLC, the owners and operators of the Unity Plaza building in Bambalapitiya, for Rs.103 million.

DFCC announces up to Rs.7bn Basel III sub debt

DFCC Bank PLC yesterday announced its director board’s decision to raise up to Rs.7 billion as Basel III compliant subordinated debt. 

Flexible inflation targeting regime by 2020: CB

The Central Bank will transition towards a Flexible Inflation Targeting (FIT) framework by 2020 under a new Monetary Law Act, Central Bank Governor Dr. Indrajit Coomaraswamy said this week.

Central Bank vows to tighten screws on finance firms

The Central Bank will tighten the screws when regulating the Non-Banking Financial Institutions (NBFIs) going forward and remain committed to consolidation in the financial sector, Central Bank Governor Dr. Indrajit Coomaraswamy said.