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Sri Lanka rupee snaps winning edge; stocks hit 2-week high

Reuters – The Sri Lankan rupee snapped a six-session winning streak to end lower on Wednesday due to importer dollar demand, but greenback inflows from inward remittances ahead of the traditional new year capped further decline, sources said. ** The currency edged down at 174.60/80 to the dollar, compared with Tuesday’s close of 174.45/60. **…

(0)Comments | April 4, 2019 6:04 am

PA responds to Reuters “expose” on allegations of labour abuse in the RPC sector

The Planters’ Association of Ceylon (PA) wishes to draw the general public’s attention to serious factual misrepresentations and inaccuracies initially published by Thomson Reuters Foundation and authored by freelance journalist, Lisa Fuller in her article titled: ‘Tea Label Giants Vow Probe after Sri Lanka Labour Abuse Expose’ At the outset, the PA notes with disappointment…

(0)Comments | April 3, 2019 2:38 pm

Sri Lanka’s Ceylon Electricity Board needs Rs. 40 Bn bailout immediately from tax-payers – Minister Ravi

Sri Lanka’s Power Minister Ravi Karunanayake had recently out-cried at Parliament that country’s government owned Ceylon Electricity Board (CEB) needed a Rs. 40 billion bailout from tax-payers now for fuel bought on credit amidst another Rs. 89 billion loss projected for the year 2019.   “We need Rs. 40 billion to pay Ceylon Petroleum Corporation…

(0)Comments | April 3, 2019 11:35 am

Colombo Consumer Price Index hits 4.3% year-on-year during March 2019

Sri Lanka’s Colombo Consumer Price Index (CCPI) accelerated to 4.3% year-on-year in March this year from 4% recorded in February, as inflation on non-food items increased, recent statistics outline. Accordingly Department of Census and Statistics latest data noted that the price deflation in food items during March 2019 remained unchanged at 1.4% year-on-year, while the…

(0)Comments | April 3, 2019 11:28 am

2018, A challenging year, yet ticked off by BOC preserving its undisputed market leadership

– Profit Before Tax of Rs. 31.9 billion, highest in the industry – Operating profit of Rs. 41.5 billion – Assets crossing Rs. 2.0 trillion mark with a 16% growth – Growth in loan book by 24%upto, Rs. 1.5 trillion Bank of Ceylon, having nearly completed 80 successful years, has closed 2018 with another spearheading…

(0)Comments | April 3, 2019 10:42 am

Sri Lanka rupee extends gains; stocks hit 2-week closing high

Reuters – The Sri Lankan rupee closed firmer on Tuesday as more foreign investors purchased government securities, while inward remittances remained high ahead of the traditional new year celebrations, market sources said. ** The currency extended gains into a sixth session to end firmer at 174.45/60 to the dollar, compared with Monday’s close of 174.70/85….

(0)Comments | April 3, 2019 10:09 am

Sri Lankan Billionaire Dhammika Perera to earn over Rs. 189 Mn as Dividend Income from Hayleys

Sri Lanka’s one of the oldest conglomerates Hayleys PLC founded by British Charles P Hayley but now owned by Sri Lanka Billionaire Dhammika Perera will generate a dividend income of over Rs. 189 million this April 17th 2019 as dividend income to Perera’s coffers. Hayleys PLC recently announced (29th March 2019) a dividend of Rs….

(0)Comments | April 2, 2019 2:49 pm

MTD Walkers delays debenture interest payment till April 30, to be paid with 2% Penal Interest

Sri Lanka’s crisis run MTD Walkers PLC recently (April 1st) in a disclosure to Colombo Stock Exchange (CSE) said that the debenture interest that was to be paid on or before 31st March 2019, would now be delayed till on or before 30th April 2019. The company raised Rs. 3 billion as debentures in September…

(0)Comments | April 2, 2019 11:25 am

Business Sentiment – Index Stumbles on Budget Fears 

Panic ahead of the 2019 budget leads to a retreat in business confidence in March A recent communiqué by Fitch Ratings asserts that Sri Lanka is taking steps to reduce fiscal and economic risks while also restoring policy certainty following the disruption caused by political upheaval late last year. However, it cautions that “there remain…

(0)Comments | April 2, 2019 10:28 am

Saudi Aramco was the world’s most profitable company in 2018

Saudi Arabian national petroleum and natural gas company generated net income of $111.1 bn in 2018 Saudi Aramcowas the world’s most profitable company in 2018, easily surpassing US behemoths including Apple and Exxon Mobil, according to accounts published by ratings agencies before the firm’s debut in the international bond market. Yet the Saudi kingdom’s influence…

(0)Comments | April 2, 2019 10:25 am