Further highlighting its strong position as one of Sri Lanka’s fastest growing banks, Union Bank reported a noticeable upturn in its performance for the period ended 31 March 2012. The bank’s operating profit before VAT and corporate tax improved by 21.4 %, recording Rs 142.7 m up from Rs. 117.5 m for the period ended ...

Much has been spoken of the Sri Lankan economy by different bodies including the guardians of the economy (the Central Bank and Government Treasury). There is constant backlash to the Government bringing out historical events while portraying a very bleak future, although the Government has taken corrective action to address any major economic catastrophe. The ...

Reuters: Sri Lanka’s annual inflation rate accelerated to a seven-month high of 6.1% in April from a year earlier mainly due to expensive imports after rupee depreciation and price hikes in fuel and electricity to reflect rising oil prices. Inflation rose to 6.1%, above the 6.0% expected

SINGAPORE (Reuters): The Ceylon Petroleum Co (Ceypetco) has unexpectedly shut a unit at its 50,000 barrels-per-day refinery, reducing its jet fuel production, a company source said on Monday. The shutdown is expected to last a week, said the source who was speaking on condition of anonymity

SINGAPORE (Reuters): Asian gasoil and jet fuel margins slipped on Monday as refineries returned from maintenance, adding to supply, while demand remained steady. The gasoil crack for May slipped 30 cents to $16.47 a barrel over Dubai crude, while the jet fuel crack fell 32 cents to $16.79 a barrel

VESAK is the festival of light. Yet this year it seems that the lights will have to be dimmed to reflect the reduced lustre of the country’s economy. As the Power and Energy Ministry organisers raffle draws for people who save electricity during the upcoming religious season there are many other efforts happening behind the ...

Reuters: Indian Oil Corp is ready to help Sri Lanka cut its heavy dependence on Iranian crude imports, as tighter Western sanctions hit supplies from Tehran, IOC subsidiary Lanka IOC told Reuters on Thursday. A top Lanka official said it was ready to help in a $ 2-billion upgrade of Sri Lanka’s 50,000 barrels per ...

HNB Pathum Vimana, the biggest deposit draw in Sri Lanka, has rewarded countless Sri Lankans with amazing prizes over the last twenty years. The lucky winners of the Pathum Vimana 2011 draw received their prizes at a ceremony organized by Hatton National Bank. The prize presentation for the winners was held at HNB Towers on ...

The Department of Railways has imported 15 oil tank carriages from Pakistan to expand transportation of fuel through the railways. These oil tank carriages have been imported under the Pakistani Aid Program. Each tank has the capacity of storing eleven thousand gallons. The General Manager

The rupee edged down on Friday due to importer dollar demand despite the Central Bank saying $ 574 million inflows are expected within a month. The rupee ended at 120.20/30 against the dollar, weaker than Thursday’s close of 129.70/90. It fell to 130.60 intraday, but a State-owned bank sold dollars at 130.40, helping the currency ...

The release of the annual Central Bank report is a time for many to take a second look at the economy, particularly the performance of State-Owned Enterprises. It was reported that the Ceylon Petroleum Corporation (CPC) and the Ceylon Electricity Board (CEB) alone have made a combined loss of Rs. 119.5 billion in 2011 on ...

The 2012 race season started with Team NGK DSL joining hands with more qualified and high performance drivers with proven records in the race tracks. The team comprises of Upulwan Serasinghe, Janaka Dias, Lakmal Wijayarathne, Ajith Keerthi and Lalin Kirinda. From left: Janaka Dias,  Upulwan Serasinghe,  Lakmal Wijayarathne,  Lalin Kirinda and  Ajith Keerthi The market ...

Mackwoods Energy Ltd. has launched high powered DV gensets for both local and export markets. The DV Series has been designed and developed by Kirloskar to deliver reliable high power in the ranges of 320 to 625 KVA. The Kirloskar Green DV engines are environmentally friendly and proven for their durability and reliability and are ...

The all-new Boxer BM 150 is a more powerful, newly-designed and overall even more high-performing bike than its former model. High on reputation and trusted as the best-performing bike for any workload, the new Boxer BM 150 with its 150 cc four-stroke Engine has a wide array of new features that makes it the Number ...

Importers secure increase in age limit for cars and commercial vehicles; higher duty to stay President Mahinda Rajapaksa yesterday stepped up the accelerator for re-conditioned vehicles agreeing to revise the recently imposed age limit rules at a meeting with importers. Responding to pleas by motorists as well as Vehicle Importers Association, the President has agreed ...

ASIA’S rapid growth is leaving millions behind, causing a widening gap between rich and poor that threatens to undermine the region’s stability, according to a new report from the Asian Development Bank (ADB). The report points out that as many as 240 million more people could have been lifted out of poverty in the last ...

Reuters: Sri Lanka will face a challenge in meeting this year’s budget deficit target as the recent monetary and fiscal tightening measures may hurt revenue growth, the island nation’s central bank chief told Reuters on Monday. The $59 billion economy has agreed with the International Monetary Fund (IMF) to target a budget deficit of 6.2 ...

Unfolding new chapter in the construction industry LAUGFS Engineering Limited (LEL), subsidiary of the LAUGFS Holdings Limited was ranked as ‘EM 1 for steel fabrication’ activities by Institute of Construction Training and Development (ICTAD), the governing body of the Ministry of Housing and Construction. EM1 is the highest level rank for this sector and LEL is ...

Times of India: CHENNAI: The Madras high court on Wednesday reserved orders on petitions seeking lof ifting the ban on LTTE in India. The MDMK leader Vaiko, who had moved the high court against the ban, told newspersons later even though the statue of Mahatma Gandhi had been vandalized and desecrated in Sri Lanka, the ...

Sri Lanka will continue Iran crude, but will have to reduce Sri Lanka indirectly penalised by US sanction – Basil Reuters: Sri Lanka could trim Iran crude imports up to 20 per cent in the face of US sanctions, the island nation’s economic development minister said on Tuesday as it had taken strong measures to ...

With ending of the Maha season paddy harvesting, newspapers and TV have been highlighting problems encountered by farmers in disposing of their harvest. Due excellent weather, free from drought, flood and disease, farmers have received a bumper crop but the problem is to convert the harvest into cash, in order to settle debts incurred in ...

Since taking over operations of the China Bay tank farm ten years ago in 2002, Lanka IOC has made significant investments in developing the tank farm, while ambitious plans are also underway to make Trincomalee an important industrial site. Lanka IOC PLC’s Managing Director, K.R  Suresh Kumar said, “Over the past 10 years, since 2002, ...

By Asia Wealth Management Government’s recent measure to impose new exchange controls by raising taxes on vehicle imports may further moderate the excessive credit expansion in the economy. The fact that nearly 80 percent of Sri Lanka’s vehicle purchases are financed through domestic borrowings indicates that newly imposed exchange controls may considerably curb consumer demand ...

Broking firm Arrenga Capital Ltd., has come up with an analysis on the outlook for Sri Lankan economy capturing some of recent developments and their implications. Here are excerpts Economic Summary: Delayed decision to curb excessive credit growth Sri Lanka’s excessive credit growth experienced in the 2H2011 coupled unsustainable rupee peg was leading the country ...

Several days after its original announcement of suspension of flights during off-peak season, SriLankan Airlines retracted saying services to Rome, Milan and Moscow will continue uninterrupted. “SriLankan Airlines’ services to Rome, Milan and Moscow will remain uninterrupted as per the present schedule. The flight frequencies to these three destinations will also remain the same,”...

Central bank Governor says country is targeting per capita income of $4,000 by 2015Ajit Nivard Cabraal is a man intimately associated with the economic development of Sri Lanka. Well before he became the Governor of the Central Bank of Sri Lanka, in 2006, Cabraal was the chief economic adviser to President Mahinda Rajapaksa, who was ...

The Government has revised upward import tariffs and excise duties intensely for all motor vehicles and spare parts except on agricultural tractors, buses, lorries and trucks with effect from 31 March 2012. According to the Government, the current upward revision was effected to achieve the objective of controlling the sharp increase of import bills and ...

UNP MP Dr. Harsha de Silva yesterday charged that the Government and the Central Bank seriously lacked credibility, whilst the people were being taken for a ride with falsehood. He alleged that a few months ago the Government, especially the Central Bank, was hoodwinking the masses saying the economy was robust and fiscal and monetary ...

COLOMBO (Reuters): Sri Lanka’s central bank will have room to raise interest rates by at least another 50 basis points if April trade and inflation data show signs of stabilizing, the treasury secretary said on Wednesday. “Since we have already raised policy rates by half a percent (in February), maybe another 50 basis points upward ...

Fitch Ratings has affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign-Currency (FC) and Local-Currency (LC) Issuer Default Ratings (IDRs) at ‘BB-’, respectively, as well as its National Long-Term rating at ‘AAA(lka)’. The Outlook is Stable. SLT’s IDRs are constrained by the respective sovereign IDRs of ‘BB-’. This is principally due to the Gover...