Dialog redials Suntel

Sri Lanka’s celco leader Dialog Axiata is believed to have finalized a deal to buy over 100 percent of fixed line-CDMA operator Suntel Private Limited; an informed source reveled to Mirror Business

ComBank gets Rs.7.4bn IFC facility for SMEs

The International Finance Corporation (IFC), a member of the World Bank Group, has extended a seven-year, US$ 65 million (approximately Rs 7.4 billion) financing facility to the Commercial Bank of Ceylon PLC to expand the latter’s lending to Small and Medium Enterprises (SME), a statement by the bank said.

Inflation down in October

Sri Lanka’s point to point inflation slowed to 5.1 percent in October, from 6.4 percent in September, recording the third straight monthly slowdown, according to Census and Statistics Department data

ADB, SL to form new CPS

Sri Lanka and the Asian Development Bank (ADB) have agreed on a new Country Partnership Strategy (CPS) for 2012 to 2016 to reduce regional disparities, catalyze private sector participation in development, and remove human resource constraints. The CPS builds on the priorities of government’s Development Policy Framework and ADB’s Strategy 2020, and also refines the focus of the CPS 2009–2011

August exports, imports up

Sri Lanka’s exports rose 19.1 percent to US$ 952 million while expenditure on imports increased 66.5 percent to US$ 1, 837 million in the month of August year-on-year, country’s Central Bank said

CB to maintain policy rates unchanged

Central Bank of Sri Lanka (CB) has decided to maintain interest policy rates at its current levels, banking on an expanding economy, decline in inflation and excess liquidity in money markets, and expected growth in export earnings.

SL records US$ 1 bn BoP surplus

Sri Lanka recorded a Balance of payment (BoP) surplus of US$ 1, 006 in the first seven months of 2001, amidst officials reserves hitting over US$ 8 billion the Central Bank said

Law tightens on illegal deposit takers

The proposed Finance Business Bill was passed by the Parliament and this new act will enhance the supervisory powers of the regulators over licensed finance companies and provide legal provisions to effectively curb unauthorised deposit taking persons and institutions

CB keeps Policy rates unchanged

Central Bank of Sri Lanka is to maintain its policy rates at their current levels i. e. repurchase rate at 7 percent and reverse repurchase rate at 8.5 percent, a statement by the Central Bank said

SL June trade deficit US $850mn

Sri Lanka’s exports during the month of June rose 32 percent to US $.620 million while the expenditure on imports also increased 50 percent to US $1.6 billion, resulting in a trade deficit of US $850 million over the same period of the previous year

Moody's cuts Japan's sovereign rating

TOKYO: Ratings agency Moody's downgraded Japan's sovereign rating by one notch on Wednesday, heaping more pressure on the country's political leaders to address the industrialised world's largest debt

Barack Obama talks to Buffett & Mulally on economy

Massachusetts: US President Barack Obama on Monday reached out to respected business figures Warren Buffett and Ford chief Alan Mulally as he frames a major new plan on jobs and the deficit

CB further relaxes exchange regulations

With a view to facilitating the foreign exchange transactions of the growing economy of Sri Lanka, a few new policy measures have been introduced by the Central Bank to relax the foreign exchange regulations further, a statement by the Central Bank said

Fitch affirms U.S. AAA rating, disagrees with S&P

Fitch Ratings has confirmed the United States' top-notch credit rating and, in blatant disagreement with rival Standard & Poor's, gave a vote of confidence to Washington's deficit-reduction efforts

Smart Media redefines Annual Reports, achieves world recognition

Smart Media – The Annual Report Company, continued its exceptional performance on the world stage with outstanding results at the League of American Communications Professionals (LACP) Vision Awards 2010. 

Pan Asia first half net up 169%

Pan Asia Bank announced the completion of a very successful first half in 2011, with Net Profit after Tax increasing to Rs 406 Mn which is 169 % better than  the  corresponding period for 2010. Bank’s Net Interest Income for the period rose by 43% to Rs 1,024 Mn from Rs 716 Mn in 2010 which came mainly from the core banking income.

Hayleys wins 5 Presidential Export Awards

Nationally significant export contributions by companies in the Hayleys Group have been acknowledged with five awards and a Certificate of Merit at the recently concluded Presidential Export Awards.

Insurance sector grows 19.63% in 2010

The Sri Lanka Insurance sector has recorded a 19.63 percent growth in 2010 compared with 2009, taking in a Gross Written Premium Income (GWMI) of Rs.68.4 billion, according to the data released by the insurance regulator, Insurance Board of Sri Lanka (IBSL)

Harry J to spread insurance wings?

The latest guesswork of analyst revolving the ‘cash in hand’ situation of Harry Jayawardena owned Distilleries Company Plc has indicated that the business tycoon is in the look out to acquire an insurance company, Mirror Business learns.

Trillium Residencies offers investment decision of lifetime

At the time of its inception, Trillium Residencies, a BOI-approved luxury condominium project was the only one of its kind in the country that was willing to pledge an investment of Rs. 7 billion to-date. 

SL records 2nd best post-independence GDP growth

The economic output of Sri Lanka as measured  by GDP for the year 2010  at constant (2002) prices is estimated at  Rs. billion 2,645.4 as  against Rs. billion 2,449.2  in the previous year, registering an 8.0 percent growth rate as against 3.5 percent growth in the previous year. 

Influential govt official in Combank board

State-owned funds once again showed muscle, pushing the appointment of a top government official to the director board of Sri Lanka’s largest private bank, Commercial Bank of (Ceylon) Plc.

WB MD reinforces support to Lanka

Dr. Mahmoud Mohieldin, Managing Director of the World Bank, visited Sri Lanka to get a first hand view of the country’s achievements, challenges and potential. He was accompanied by Diarietou Gaye, World Bank’s Country Director for Sri Lanka, and a team of officials from Washington and the local country office.

Standard Chartered operating profit climbs 19% to $6.12BN

Standard Chartered PLC today announced an eighth successive year of record income and operating profit, demonstrating the consistent and sustainable growth strategy of the Group. The bank continues to invest selectively in the business, positioning them well to take advantage of the long-term growth opportunities across markets, whilst maintaining a strong focus on the fundamentals of the bank.

SriLankan Catering profits soar 40% to Rs.640mn

SriLankan Catering (Pvt) Ltd. has reported an impressive Net Profit of Rs. 640 million in the 9-month period up to 31st December 2010; a 40% increase over the same period in the previous year.  This excellent performance came despite the company registering an exchange loss of Rs. 160 million during the period due to the appreciation of the Sri Lankan rupee. The company also recently announced that it has plans to list 20 percent of equity

LB Finance doubles profit

LB Finance recorded an income of Rs. 1.4 billion for the three months ended t December 31, 2010. This is an increase of 35% in income over the previous period of Rs 1.0 billion.  Profits after tax for the three months stood at Rs. 228 million up by 85% from Rs 123 million for the same period last year according to the interim results released.

Hemas earnings up by 59.2%

Hemas PLC recorded a turnover of Rs 4.7 Billion for the quarter ending December 2010 with earnings of Rs 311 million. For the nine month period the company recorded earnings of Rs 900 million from a turnover of Rs 13.4 billion according to a review made by CEO Husein Eusafally.

S&P downgrades Japan credit rating to AA

Standard & Poor's on Thursday lowered Japan's long-term sovereign credit rating to AA minus from AA, saying it expected the country's fiscal deficits to stay high in coming years

Hidden unemployment among skilled force labour in Sri Lanka-Buhne

The United Nation Resident and Humanitarian Coordinator in Sri Lanka, Neil Buhne yesterday said that though economic indicators showed there was development, a closer look at the employment of the labour force in Sri Lanka shows the unemployment of skilled labour in the country.

Kenya and Sri Lanka sign air traffic deal

Kenya has opened the way for local airlines to launch direct flights to Colombo, Sri Lanka, after it signed a bilateral air services agreement that allows access to its skies