NDB-DFCC : Evaluation report to decide merger fate

NDB Bank PLC and DFCC Bank PLC which were supposed to merge under the Central Bank’s financial sector consolidation plan are now awaiting the results of an evaluation conducted by a committee appointed by Prime Minister Ranil Wickramasinghe.

Japanese firm to invest over US $ 100mn in Lankan hospitality projects

Diversified Japanese conglomerate Belluna Co. Ltd has partnered with Asia Capital PLC to bring one of the largest private sector foreign direct investments (FDIs) from Japan worth over US $ 100 million into the leisure industry of Sri Lanka.

Dialog scores at Mobile World Congress with two global awards

Sri Lanka’s premier connectivity provider, Dialog Axiata PLC, clinched two Global awards at the Mobile World Congress (MWC) held in Barcelona Spain.  The lineup of Global Award winners and nominees featured the world’s leading mobile operators, innovators and solutions providers. 

New Risk Management Dept. to oversee EPF fund management

A new risk management unit has been set up by the Central Bank to outline proper rules and regulations that would ensure risks are minimized in the process of managing the Employees’Provident Fund (EPF).The unit has been established on the instructions of Central Bank Governor, Arjuna Mahendran in a bid to avoid explicit conflict of interest, when the EPF invests in banks’ shares, which are regulated by the Central Bank.

Sri Lanka waiting for right time to raise up to US $1.5bn bond

REUTERS: Sri Lanka is waiting for the right time to launch a sovereign bond of up to US $1.5 billion, possibly with a longer tenure to roll over its debts in 2015, Central Bank Governor Arjuna Mahendran said.

Banks, businesses should reorganise, restructure

Sri Lankan banks and businesses should be dynamic and adapt to the existing environment which is here to stay despite any political changes, according to a head of a leading Sri Lankan bank.

Inflation drops to record low of 0.6% in February

The headline inflation measured by the Colombo Consumer Price Index (CCPI) for the month of February 2015 dropped to a 11-year low of 0.6 percent from a year ago, declining from 3.2 percent recorded in January.

‘Chap running the policy shop’ wants villagers to trade in John Keells stocks

By Indika Sakalasooriya alling himself the “chap who is running the policy shop,” Policy Planning and Economic Affairs Deputy Minister Dr. Harsha de Silva said his government’s objective was to create a capital market where people from rural areas could trade in John Keells shares.

Culture tourism

The picture shows a group of tourists enjoying the ruins of Anuradhapura. Tourist arrivals to Sri Lanka during January rose 6.6 percent year-on-year (YoY) to 156,246 visitors, helped by increased arrivals from the countries in the Western European and South Asian regions.

December trade gap widens 40%

Sri Lanka’s December trade deficit widened 39.8 percent year-on-year (YoY) to US $ 787.6 million amid a surge in consumer and investment goods imports, the data released by the Central Bank showed.

Certifying safe eateries

The Colombo Municipal Council (CMC) has begun placing boards in front of eateries which have been certified by them, to indicate to the public that eating at such eateries is safe. CMC Chief Medical officer Dr. Ruwan Wijayamuni is seen placing the first board at an eatery in Grand Pass

Restructuring move

A fruit vendor waits to sell pineapple in Galle Face. The new government will seek loans exceeding US $ 4 billion from international lenders, including the International Monetary Fund (IMF), as it “restructures” expensive debt owed to China, Finance Minister Ravi Karunanayake said (AFP)

Celcos in Crisis Mode

The five mobile service providers in the country gathered for a crisis meeting last Friday, to discuss possible actions to avert impacts of the farreaching tax proposals of the new government on the sector.Mirror Business learns that the possibility of taking legal action was also discussed, among others, if the government went ahead with enacting laws demanding celcos to pay the 25 percent reload tax.

Paradigm shift in apparel sector imminent: stakeholder

The apparel industry will be in for a shock in the near future, and all stakeholders would be in safe hands only if they change their mindsets and focus on disruptive concepts, according to a highly regarded figure in the industry.

Cargills to ‘engage’ government over tax

A leading retailer in the country said it was “engaging” the new government over the higher taxes the sector was slapped with.“If we are to contribute towards the development of the agriculture and rural sector to create sustainable jobs, the government has to revisit the VAT impacts towards organised trade,” Cargills Ceylon Deputy Chairman and Group CEO Ranjit Page said.

Tilak happy with new SEC Commissioners

The first Commission meeting of the Securities and Exchange Commission (SEC) under new Chairman Tilak Karunaratne was convened on Monday around 3.30 in the afternoon, and the meeting went on for nearly three hours.

Sri Lanka seals nuclear energy pact with India

Sri Lanka sealed a nuclear energy agreement with India yesterday.Under the deal, India will help Sri Lanka build its nuclear energy infrastructure, including training of personnel, the Indian Foreign Ministry said. Later, India could also sell light small-scale nuclear reactors to Sri Lanka, which wants to establish 600 MW of nuclear capacity by 2030, a Sri Lankan official and an Indian analyst said.

Budget reflects ideological clashes within government

Top economists in the country slammed the new regime’s interim budget for political indecisiveness and failing to rectify past economic missteps, during a post-budget seminar organized by the Sri Lanka Economic Association (SLEA) and the University of Colombo recently.

Budget concessions could revive inflation : Moody's

The public sector salary increase, fuel price cut and a number of other concessions given in the revised budget of the new government may revive inflation amid the expected boost in consumption, Moody's Investor services cautioned in a brief comment, yesterday.

Technology boost for social enterprises

A group of leading young experts from the Information Communication Technology (ICT) sector have collaborated to create Saviman, a platform which would allow non-profit organizations and social enterprises to ask for technological solutions in using ICT to take their projects to new heights.

Swiss saga!

A cache of leaked Swiss bank files analysed by a network of investigative reporters contained information linked to 92 Sri Lankan clients holding 129 accounts with a total value to the tune of approximately US $ 58.3 million (approx. Rs.7.7 billion).

Many revisions to revised budget

Many proposals in the revised budget of the new government that was passed in Parliament last Saturday were amended or further revised, following feedback received from the public.

‘We are not socialists’

Despite the retrospective taxes proposed in the revised budget of the new government, the second in command of Sri Lanka’s economy said that the government will have minimum interference in free markets going forward while enhancing social welfare, adopting the Germanmodel of Social Market Economy. “We believe, like everyone here, that markets are the most efficient way to allocate resources.

EPF contemplates divesting some capital market investments

The Employees’ Provident Fund (EPF), the largest state-run private sector pension fund may divest its holdings in commercial banks and certain other companies trading in the Colombo Stock Exchange, newly appointed Central Bank Governor Arjuna Mahendran told a recent forum.

Robin Hood in the House!

Right-wing United National Party (UNP) led government of President Maithripala Sirisena yesterday presented a revised budget, making the previous regime’s last budget, perceived a highly populist one targeting an impending presidential election, look extremely bad.

Expert calls for major reforms to maritime policy

Major reforms for the country’s maritime policy were called for to take advantage of its geographical location and new portrelated infrastructure, during the 12th P.B. Karandawela Memorial Lecture organised by the Chartered Institute of Logistics and Transport (CILT) this week. “The maritime industry is at a critical juncture.

Central Bank keeps policy rates at record lows

The monetary board under the stewardship of new Central Bank Governor Arjuna Mahendran decided to maintain key policy rates unchanged for the twelfth straight month as widely expected, and shattered hopes of the banks which were eagerly awaiting a scrapping of the two tier Standing Deposit Facility Rate.The new monetary board considered the current accommodative monetary policy largely appropriate given the benign price pressures and the economic

Tough regulator will ensure better governance: stockbroker

A local stockbroking firm with a foreign partner said in a report that the appointment of Thilak Karunaratne as the new Chairman of the Securities and Exchange Commission (SEC) will be beneficial for the country’s capital market in the longer run.Stock brokerage Bartleet Religare Securities (Pvt.) Ltd (BRS), a joint venture between Sri Lanka’s Bartleet group and India’s Religare Capital, said the return of Karunaratne, who is ge

November trade gap widens 35%

The trade deficit in November widened by US $ 186 million or 35 percent year-on-year (yoy), much slower than the previous month despite exports continuing to go south, data released by the Central Bank showed.November exports income fell 10.7 percent yoy to US $ 921 million, largely due to base effects. The import expenditure rose by a moderate 4.8 percent yoy to US $ 1.65 billion, as falling world oil prices took effect.

Thilak says ‘market stability’ his first priority

Thilak Karunaratne, who is to assume duties as Chairman of the Securities and Exchange Commission (SEC) told Mirror Business that his first priority is to stabilize the country’s capital market. The announcement of Karunaratne’s return as SEC head has evidently sent shockwaves among some capital market stakeholders as he is perceived a tough regulator, tirelessly going after market malpractices, at times even at the risk of upsetting