Ranil takes CB, SEC and Statistics office under his wing

In an interesting turn of events, the Central Bank (CB) and Securities and Exchange Commission (SEC) have been placed under Prime Minister Ranil Wickramasinghe, who is also the Policy Planning, Economic Affairs, Child, Youth and Cultural Affairs Minister, breaking the tradition of keeping the two institutions with the Finance Minister.

IMF help sought to cut debt burden

The new government plans to resume discussions with the International Monetary Fund (IMF) on reducing the debt burden that bloated under the previous regime, Bloomberg said quoting Sri Lanka’s new Finance Minister Ravi Karunanayake.According to Bloomberg, Karunanayake was scheduled to meet IMF officials yesterday.Sri Lanka’s total debt is estimated to be at Rs.7.2 trillion and the new President Maithripala Sirisena wants to reduce the

Planters renew call for alternative worker wage model

The Planters’ Association of Ceylon (PA) said t hat they will be lobbying for an alternative payment strategy such as a contract or an ownershipbased structure for estate workers, in face of unsustainable wage increases, during a round table discussion yesterday.“We need to move away from a wage-based payment structure,” Sunshine Holdings PLC CEO Dr. Dan Seevaratnam said.

CB caps senior citizen deposits to Rs.1mn at 12%

The Central Bank last week informed all commercial banks in the country to cap the single senior citizen’s deposit value to Rs.1 million from the previously announced maximum of Rs.2.5 million, a Central Bank source told Mirror Business.

Tourism stakeholders delighted over dedicated ministry

Tourism i ndustry experts have responded positively to the new regime’s decision to create a dedicated ministry for tourism under Minister Navin Dissanayake, and are hoping it would swiftly address issues and support the third highest exchange earner of the country.“I am very happy that there is a dedicated ministry. We haven’t met the Minister as of yet, but we’ll hopefully meet him early next week. He is a young, dynamic

Samaratunga appointed Treasury Secretary

Career civil servant and former Deputy Secretary to the Treasury Dr. R.H.S. Samaratunga yesterday assumed duties as the Finance Ministry Secretary.Samaratunga replaces longserving Dr. P.B. Jayasundera, the influential Finance Ministry Secretary under former Presidents Mahinda Rajapaksa and Chandrika Bandaranaike Kumaratunga.Samaratunga was previously the Secretary to the Petroleum Ministry and one-time Director at Bank of Ceylon.

Banking sector struggle to end this year

The Sri Lankan banking sector is to see a reversal of most of the negatives experienced during last three years, and will usher in an era of prosperity with the pick-up in private sector credit growth, improving asset quality and rising returns.

Stocks at near 4-year high on economic reform hopes

yesterday, while exporters stayed away awaiting clear policy direction after the election, dealers said.Four-day forwards, which were actively traded, ended at 132.75/85 per dollar compared with Thursday’s close of at 132.80/90, dealers said.“It was very dull. Everybody is awaiting to see the policies of the new government,” a dealer said.

Asian markets boosted by US data, Europe easing talk

Asian equity markets mostly rallied yesterday, while oil prices enjoyed a rare fillip following a surge in New York and Europe on strong US data and expectations for fresh eurozone stimulus measures.Confidence was also given a much needed boost by minutes from the US Federal Reserve’s December meeting suggesting it will not hike interest rates before April.

Tourist arrivals up 20% in 2014

Sri Lanka attracted 1,527,153 tourists for the past calendar year recording a 19.8 percent growth year-on-year (yoy), with India, UK and China leading the pack, according to statistics released by Sri Lanka Tourism Development Authority yesterday.While December observed the highest number of visitors for the year at 178,672, it recorded the fifth lowest monthly growth number at 16.1 percent yoy.State holidays and travel patterns of the exploding

Higher foreign borrowings and debt issuances slow private credit growth

The combined foreign borrowings by the Sri Lankan banks and the corporate sector is estimated to have topped US $ 1.825 billion (Rs.239 billion) in 2014, according to the data released by the Central Bank.

Senior citizens to get 2% more from FCs

Licensed finance companies in Sri Lanka may pay an additional interest rate of two percent, above the maximum interest rates stipulated by the Central Bank for savings deposits of persons who are over 55 years of age from January 1, 2015.

Hambantota Port Records Rs.5.4bn Revenue In 2014

The Chinese-funded Magam Ruhunupura Mahinda Rajapaksa Port (MRMRP) in Hambantota has recorded revenue of Rs.5.39 billion for the year 2014, compared to Rs.585.2 million in 2013, statistics released by Sri Lanka Ports Authority showed (SLPA).

Maithri and Ranil assure level-playing field for Biz

Private businesses will be able to operate without any political influence under a new government formed by t he Common Opposition, according to Common Opposition Presidential Candidate Maithreepala Sirisena and Opposition Leader Ranil Wickremasinghe, who were speaking at ‘Unite,’ the opposition’s forum held at Cinnamon Lakeside for the private sector yesterday.

3Q Earnings Up 51% To Rs. 51bn; Banking Sector Leads The Pack

The Colombo Stock Exchange (CSE) listed entities upped their total earnings for the quarter ended September 30, 2014 by as much as 51.3 percent to Rs.51.1 billion from the same quarter in 2013, according to a 3Q earnings update released by an independent research firm.This is an acceleration from a 21.7 percent year-on-year (YoY) earnings increase in the second quarter of 2014, Capital Alliance Securities (Private) Limited’s research uni

Real-Estate Financing Market To be Democratized

Sri Lanka’s small investors will soon be able to invest in large scale real-estate such as office space, shopping malls and apartment complexes through the stock exchange, as the capital market regulator, is currently working with the Colombo Stock Exchange (CSE) to introduce a realestate-based securities product next year.

Srilankan Airlines Takes Delivery Of Second A330-300

Sri Lanka’s national carrier and oneworld member, SriLankan Airlines, continuing its extensive wide-body re-fleeting programme, took delivery of its second Airbus 330-300, yesterday (December 19th).

Achieving Results is Good Governance: MR

Political continuity, good governance, stability and end of corruption were the key messages conveyed by President Mahinda Rajapaksa when top businessmen rallied towards his cause yesterday at a business forum titled ‘Momentum’ - Asia’s Largest Synchronized Forum hosted by ‘Professionals for a Stable Sri Lanka’.

HNB Gets Us $ 50mn Loan From Korea Exim Bank

Hatton National Bank PLC (HNB) has entered into an agreement with Korea’s Export-Import Bank (KEXIM) to establish a revolving credit line of US $50 million to finance trade between Sri Lanka and Korea, becoming the first bank in Sri Lanka to do so.The master interbank credit agreement was signed in Colombo by HNB Chairperson Dr.Ranee Jayamaha, and MD/CEO Jonathan Alles on behalf of HNB and KEXIM Senior Executive Director Young-whanSul on

CB Keeps Policy Rates Unchanged

Sri Lanka’s Central Bank yesterday left its key policy rates unchanged for the eleventh consecutive month in December on account of strong economic growth, pick up in credit growth and the benign inflation, but did not rule out the possibility of another round of easing towards the next year.As a result, the monetary board left the key policy rates—the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR)

Malaysian Expertise To Upgrade Colombo’s Transportation Infrastructure

Malaysia’s Maju group signed an agreement to transfer technology, experience and expertise related t o public transport infrastructure probono to the Sri Lankan Transport Ministry to create an integrated transportation hub in Colombo.

H’tota Gets Us $ 36mn Residential Project

The ‘New City Apartments’ residential project by Quest Ventures was launched in Hambantota yesterday, by former Malaysian Prime Minister Dr. Mahathir Mohamad.

First Vietnam Trade Delegation In Town To Bolster Trade Relations

The first Vietnamese trade delegation to the country is currently holding talks with its Sri Lankan counterparts at the Ceylon Chamber of Commerce to further strengthen bilateral trade and investment between the two countries.“The bilateral trade volume has been growing at a remarkable 30 percent annually. This is the highest growth of bilateral trade in South Asia,” Vietnam Ambassador for Sri Lanka Phan Kieu Thu said.

Chevron Commissions US$ 15mn Blending Plant

Chevron Lubricants Lanka PLC, a unit of US-based multinational inaugurated its new US $ 15 million state-of-the-art blending plant and warehouse complex at the Lindel Industrial Estate in Sapugaskanda, yesterday.

November Tourist Arrivals Up 9.4%

Tourist arrivals to Sri Lanka during the month of November rose 9.4 percent year-on-year (YoY) to 119,727 visitors while total arrivals for the first 11 months of the year stood at 1.34 million, up 20.3 percent YoY, the official tourism data showed. Sri Lanka targets 1.5 million tourists at the end of this year and 2.5 million by 2016. To achieve this year’s target Sri Lanka needs 151,519 tourists visiting the country in December. The hi

Cse Launches Rs. 150mn State of the art Cds

Colombo Stock Exchange (CSE) yesterday launched its Rs.150 million state-ofthe-art, new generation Central Depository System (CDS) supplied and maintained by Millenium IT, with an upgrade to the Automated Trading System (ATS).“With t he launch of t he new CDS and ATS, we have become world-class,” CSE Chairman Vajira Kulatilaka said.CSE launched its first CDS, funded by USAID, in 1991 and was the first in Asia and eighth in the worl

Vietnam Calls For FTA

Stepping up its trade cooperation with Sri Lanka to new levels, Vietnam had said that it was vying for a groundbreaking free trade agreement (FTA) with Sri Lanka, a media statement by Sri Lanka’s Industry and Commerce Ministry said.

Jkh Set To Draw Record Syndicated Loan

John Keells Holdings PLC (JKH) will be going for a 7-year syndicated loan to the tune US$445 million, the largest ever in the country, to partly finance its US$ 820 million Waterfront Project, according to foreign media reports.“Standard Chartered will be handling the process, and it will be at a LIBOR plus rate. We will get a fine rate,” JKH Deputy Chairman Ajit Gunawardene responding to an inquiry by Mirror Business said.

Experts Urge Lankan Businesses To Restructure For Trade Benefits

The country will not get any trade benefits from the China-Sri Lanka Free Trade Agreement (FTA) if the local industries continue their current modus operandi, was the consensus reached at a recently held forum titled “Doing Business with China: FTA and Beyond Forum,” organized by the Sri Lanka ExportersAssociation and Verité Research.

Cabraal Spells Out 8-point Agenda For Banks

Central Bank Governor Ajith Nivard Cabraal yesterday spelled out an eight-point agenda for the Lankan banking sector to get themselves aligned with the government’s ‘Vision 2020’.The government hopes to achieve the US $ 150 billion economy and gross domestic product (GDP) per capita of US $ 7000+ by 2020. According to Cabraal, the banking sector, which represents 60 percent of the financial system, has a pivotal role to play