Home decorations
Devotees at a street market in Colombo buying Vesak decorations. With worries over the celebration of Vesak in public places, most Buddhists are expected to engage in rituals in temples and homes. Pic by Priyanka Samaraweera.
Strengthening financial stability after Easter attacks
Sri Lanka will be taking austerity measures to strengthen financial sector stability in the wake of economic instability inflicted in the aftermath of the Easter Sunday terror, official sources said. The Treasury has already tightened fiscal policy controlling government expenditure while diverting the cash flow towards meeting out defence expenses. A sum of around Rs.4.12 [...]
Discounted holiday weekend
Sri Lankans are taking time out during the Vesak weekend and taking up on the highly discounted hotel rates on offer in some parts of the country. In the wake of the Easter Sunday bombings, occupancy in most hotels sank to zero and are found to be turning to Sri Lankan travellers with prices slashed [...]
Chinese workers recalled after attacks
As a crippling effect of the recent bombings and racial attacks, Chinese companies involved in as much as 40 per cent of construction in the country, have recalled some of their key staff while most other blue collar workers don’t turn up for work, industry officials say. Supervisors and top management including engineers, etc were [...]
GK saga nears the end after a decade of depositor sufferings
The last lot in the official list of disgruntled depositors of Golden Key Credit Card Co Ltd (GK) will be getting their 41 per cent repayment of their security deposits soon signalling the end of an over 10-year saga tainted with sorrowful memories, deception, back-stabbing and political interfering. The Treasury will release Rs.500 million to [...]
Terror strikes killjoy in Pettah’s retail trade
Colombo’s retailers, already suffering in a downbeat market, have experienced a sharp drop in sales in the wake of the April terror attacks, but what happened earlier last week has crippled them even further, adding weight to calls for support for the small businesses and retail shops. The police arrested some people recently after racist [...]
Raising hopes
Bleary-eyed, I was woken up by the shrill rings of the landline. As I picked it up, I was distracted by the barking of the neighbourhood dogs. Looking out of the window, I could see they were disturbed by the presence of Kussi Amma Sera, Serapina and Mabel Rasthiyadu engaged in a conversation at the [...]
Dark side of the global economy
Students, learning economics know that the value of “illicit liquor” made by someone does not enter into the gross domestic product (GDP) of that country. In many countries like Sri Lanka, no one is permitted by the law to brew liquor without an expensive licence. Sometime ago in fact it was a “government business” so [...]
Foreign buying high; swimming against the tide
It was a case of ‘the time to buy is when there is blood on the streets’ for foreign investors at the Colombo share market for the past month. The worse things seem in the market, the better the opportunities are for profit for foreigners, when analysing their buying behaviour since the Easter terror attacks [...]
Dousing the flames of fake news on local firms
Fake news connected to business activities that hit headlines in social media at a time of extremist terror can damage the image and impair a company’s bottom line, several heads of leading firms said. Now, many companies are planning to sign up with third-party firms with IT expert monitors and the latest artificial intelligence to [...]
UGC says “no” to Colombo School of Economics
In today’s context where a doubtful university in eastern Batticaloa hasn’t got permission from the University Grants Commission (UGC) to offer accredited courses, comes news of how a legitimate offer to set up an economics school in Colombo was shot down by the higher education authority. In 2016, the UGC rejected a proposal by the [...]
SLT records highest ever quarterly profits
Sri Lanka Telecom Group (SLT) has reported a Rs.2.20 billion net profit for the first quarter ending March 2019, the highest ever first quarter of any year, with a remarkable 86.8 per cent YoY growth compared to the same quarter in 2018. “The outstanding results were largely driven by healthy revenue growth coupled with cost [...]
Dialog consolidates performance with strong 1stQ results
Dialog Axiata PLC’s Group Net Profit After Tax (NPAT) has recorded significant growth in the first quarter ending March 2019 to reach Rs. 4.9 billion against Rs. 0.1billion in the same quarter last year. The company, in a media release, said that it benefited from strong Group Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) [...]
HNB Group warns of negative business impact from April 21 incidents
Amidst challenging market conditions, Hatton National Bank (HNB)posted a profit before tax of Rs. 3.3 billion and a profit after tax of Rs. 2 billion for the first quarter of 2019 but reflected on negative impact ahead owing to the chain effect of the tragic April 21 bombings. Commenting on the performance, HNB Chairman Dinesh [...]
DFCC maintains profitability in 1stQ
The core business of DFCC Bank posted a profit before tax of Rs.1,585 million and profit after tax of Rs.1,124 million for the quarter ending March 2019 compared to profit before tax of Rs.1,243 million and profit after tax of Rs.1,034 million in the comparative period. After accounting for the fair value loss on Commercial [...]
ComBank deposits surpass landmark Rs 1 trillion in Q1 2019
The Commercial Bank Group comprising the Commercial Bank of Ceylon PLC, its subsidiaries and associates, has reported gross income of Rs. 35.501 billion for the three months ended March 2019, an improvement of 12.86 per cent over the first quarter of 2018. Operating profit before impairment charges for the period represented an increase of 4.86 [...]
Subdued 1stQ performance from NTB
Nations Trust Bank’s (NTB) performance during the quarter ending 31st March 2019 reflected a continuation of the issues witnessed in the previous few quarters with increasing non-performing loans and moderation of credit growth. The increased credit cost arising from both higher NPLs and policy changes relating to SLFRS 9 impairment provisioning added further pressure to [...]
NDB pre-tax profit for Q1 2019, a 9% growth over Q1 2018
National Development Bank PLC (NDB) recorded a pre-tax profit of Rs.3 billion for Q1 2019 ended 31 March 2019, a growth of 9 per cent over Q1 2018. Its post-tax profit at Rs.1.4 billion was however, a 12 per cent decline over Rs.1.6 billion reported for the comparative period, due to higher taxes including the [...]
Sampath Bank says 1stQ post-tax profit growth negative
Sampath Bank recorded a post-tax profit of Rs. 2.2 billion in the first quarter of 2019, which it said was negative growth over the corresponding period in 2018, due to several factors. These including higher impairment provisions, volatile interest rates, currency uncertainty and higher taxes including a Debt Repayment Levy all of which worked against [...]
Pan Asia Bank’s Rs.272 m profit in March quarter
Pan Asia Banking Corporation PLC managed to maintain a steady performance during the first quarter ended in March 31, 2019 (1Q’19) with the top-line rising 16 per cent. The bank recorded a net interest income of Rs.1.55 billion for the three months, up 16 per cent from the same period in 2018 as the growth [...]
London Stock Exchange signs MOU with Colombo Stock Exchange
The London Stock Exchange Group (LSEG) this week signed a landmark Memorandum of Understanding (MoU) with the Colombo Stock Exchange (CSE) to facilitate further collaboration between the two groups. The signing ceremony, held at London Stock Exchange Group’s office in London, was attended by Mark Field MP, UK Minister of State for Asia and the [...]
CICT opens Sri Lanka’s only Dangerous Goods Storage Facility
Sri Lanka’s first, and South Asia’s most advanced, Dangerous Goods Storage Facility (DGSF) was commissioned last week (May 10) at the Colombo International Container Terminal (CICT) equipping the Port of Colombo with a sophisticated storage yard for cargo classified under the International Maritime Dangerous Goods (IMDG) Code. An investment of US$ 1.5 million (about Rs. [...]
Advantis completes Phase 1 of pre-engineered boat manufacturing facility for BAFF Polymech
Advantis Engineering, a subsidiary of Hayleys Advantis Ltd, recently completed the first phase of the design, construction, furnishing and assembly of a pre-engineered boat manufacturing facility for BAFF Polymech at Ussangoda in Hambantota. In a media release, Advantis Engineering said Pre-engineered Steel Buildings (PESB) are steel structures where built-up sections are fabricated at a factory [...]
60 + age designated as Sri Lanka senior citizen for banking purposes
People who retire at age of 55 will now have to wait till they reach 60 years to be recognised as senior citizens to get banking and finance company benefits, according to a recent Central Bank (CB) directive. Licensed banks and finance companies (Non Bank Financial Institutions- NBFI) have been directed that senior citizens should [...]
Commerce in times of SL turbulence
Sri Lanka has suffered much in the last few weeks, from the Easter Sunday attacks to this week’s unfolding situation with mob attacks on minorities. Typically, such terror attacks have an immediate short-term impact on sectors such as tourism and investment. But if the security establishment is able to quickly identify and address relevant causative [...]
The Volatility, Uncertainty, Complexity and Ambiguity Times
The VUCA generation: It is an acronym for the words Volatility, Uncertainty, Complexity and Ambiguity. It can be used as a summative label for the landscape of the world we live in today; an adjective to describe the fragile nature of the status quo. And in Sri Lanka, the events that took place on Easter [...]
Key governance trends that are ever changing
According to Forbes, this year will see several key development factors impacting corporate governance. Aligning your organisation and being ahead of these trends will leverage you above the rest. Let’s take a look at five of these trends that are understood at a global level. Equality Gender equality has turned out to be one of [...]
Brexit seminar by Ceylon Chamber on May 24
The Ceylon Chamber of Commerce is organising a seminar under the theme of ‘Brexit and its Implications to Sri Lanka’ on May 24 at the Chamber auditorium starting at 9.00 am. The seminar will serve as an important opportunity to understand both the outlook for the economy and key sectors in 2019. The UK’s decision [...]
Unity: Where have all the flowers gone?
In a grave struggle for survival the business community and the tourism industry in particular are fighting tooth and nail to bring about unity and amity in a society torn apart on the social, political and cultural fronts and a leadership that needs to hear and see the reality of working together. Travel advisories scrapped [...]
Data is the ‘New Oil’
Oil has traditionally been considered as one of the most precious physical assets for the last few centuries but the advent of the computer and subsequent evolution of Internet to deploy information has seen ‘data’ replacing this commodity as the ‘new oil.’ Over the past decade ‘data’ has evolved into an essential resource that powers [...]
A.S. Jayawardena commemoration inaugural lecture
The inaugural A. S. Jayawardena commemorative lecture will be delivered by the Governor of the Central Bank, Dr. Indrajit Coomaraswamy on Friday, May 24th at 5 pm at the Central Bank’s College of Banking Studies Auditorium at 58, Sri Jayawardhana Mawatte, Rajagiriya. It is open to the public.
IMF keeps faith on Sri Lanka’s resilience in economic recovery despite shocks
The International Monetary Fund (IMF) says it has not decided to revise its projected economic growth of 3.5 per cent for Sri Lanka this year as it was too early to assess the economic impact on the country following the recent Easter terror. Sri Lankan authorities have successfully brought the economic programme back on track, [...]
Ceylinco Insurance PLC announces record 350 % dividend
Ceylinco Insurance PLC has announced a dividend of Rs.35 per share to its shareholders for the year 2018, which constitutes a 350 per cent dividend of the original share price at the AGM of the company held recently. This is an increase of 11 per cent of the dividend declared for 2017. Ceylinco Insurance PLC [...]