Economic
The Colombo stock market ended yesterday and the week on a negative note as investors turned bearish amidst global concerns over the rapid spread of coronavirus.
Business Today recognised the top 30 best-performing corporates in Sri Lanka for 2018-2019, a year in which resilience, innovation and the search for new markets played a vastly important role.
DFCC Bank said yesterday it was continuing with its growth strategy despite the turbulent macro situation which had resulted in dip in profit though top-line saw improvement.
The posts of General Manager at the State banks are speculated to be changing, as the new Government is keen to re-energise key agencies as part of kick-starting the economy and supporting the private sector, especially the small and medium enterprises.
Hatton National Bank (HNB) Plc weathered external headwinds in 2019 to post Rs. 15 billion in Group Profit After Taxes (PAT) and Rs. 14 billion in Bank PAT, remaining the best capitalised bank in the sector.
Business tycoon Harry Jayawardena-controlled Melstacorp Group has acquired Ishara Nanayakkara-fame Browns’ hospital business for Rs. 1.6 billion in a move to get aggressive in the booming healthcare industry.
The Colombo stock market bounced back yesterday after being bearish most part of the week. The ASPI increased by 0.43% or 24.25 points and the S&P SL20 Index also increased by 0.17% or 4.44 points.
The Hotels Association of Sri Lanka (THASL) is crying foul over the licence levy based on 1% of turnover that the Municipalities and Provincial Councils are proposing to charge exclusively on the hotel industry, where all other industries are charged Rs. 6,000 as trade licence fees.
Sri Lanka’s gold price has risen to a new high of Rs. 80,000 per sovereign gold, Colombo sea street jewelers said.
The Monetary Board of the Central Bank of Sri Lanka decided to discontinue the compilation and publication of Sri Lanka Inter Bank Offered Rate (SLIBOR) with effect from 1 July, the Monetary Institution said in a statement yesterday.
The government will be taking measures to revitalise loss-making and defunct state-owned enterprises.
Popular Indian low-cost carrier GoAir yesterday announced Colombo as its first international destination for 2020, and 10th in its network, with plans to start flights to and from Sri Lanka from Delhi and Bangalore from 20 March. The airline is working in partnership with the aviation sector of iconic Sri Lankan multinational conglomerate Aitken Spence PLC as its General Sales Agent (GSA) in Colombo.
The Commercial Bank Group ended 2019 with the performance milestone of gross income surpassing Rs. 150 billion for the first time, but substantially higher impairment charges and the impact of a full year of Debt Repayment Levy (DRL) in a year the bank describes as “difficult for the bank and the country” saw declines in profit indicators.
Secretary to the Ministry of Finance S.R. Attygalle says that Government’s withdrawal of the proposed amendment to the Vote on Account (VoA) to raise additional funds will inconvenience over 150,000 people including contractors, sub contractors, suppliers and family members of the employees.
The Sri Lanka Tourism Development Authority (SLTDA) and Board of Investment (BOI) have signed a Memorandum of Understanding (MoU) to enhance cooperation between the two agencies.
In the backdrop of challenging external environment, Seylan Bank said yesterday it recorded a profit after tax of Rs. 3.68 billion for the year ended 31 December 2019.
Business tycoon Harry Jayawardena-controlled diversified conglomerate Melstacorp PLC has acquired 100% control of Browns Health Care (Pvt) Ltd from Brown and Company PLC for an estimated Rs. 1.6 billion, company officials said.
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