NEWS UPDATES - 14th June 2018

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Sri Lankan Corporate Updates

Govt. to stop importing chicken, eggs, canned fish, dry-fish – Daily Mirror

The import of chicken, eggs, canned fish and dry-fish will soon be stopped, Fisheries Minister Wijith Vijayamuni Soysa said.

 

Sri Lanka mulls price controls on private hospital charges – EconomyNext

Sri Lanka’s government is considering imposing price ceiling on charges at private hospitals to ensure more affordable health care, government spokesman, Health Minister Rajitha Senaratne said.

 

Plantation Ministry mulls special fund to assist tea industry – DailyFT

In a bid to face any downturn in the tea sector, Plantation Industries Minister Navin Dissanayake on Tuesday said the setting up of a special fund of Rs. 5 billion within the next three months is under consideration. 

 

Standard Chartered loan for Sri Lanka purchase of US railway engines – EconomyNext

Standard Chartered Bank will provide a loan supported by Export Development Canada, Canada's export credit agency,for Sri Lanka to buy 12 railway engines from the United States, a government spokesman said.

 

Sri Lanka and Finland economic ties get big boost  – Daily Mirror

Enhancing economic corporation, the Government of Sri Lanka on Tuesday signed three memorandums of understanding (MoUs) with the Government of Finland, on digitalization, health and education sectors in addition to two private sector agreements on higher education and fertiliser.

 

Lankans continue to splurge; loans to manufacturing, agriculture take back seat – Daily Mirror

Sri Lankans have mostly borrowed for consumption but borrowings for manufacturing and agriculture come at distant fourth and fifth positions, demonstrating the country’s increasing tilt toward a consumption economy at the expense of industrialization and food security—the key ingredients for a sustainable economy.  

 

Lanka aims for US$ 3 bn rubber exports target – Daily News

Sri Lanka is sending 20 industrialists to this week’s global exposition in Myanmar as part of the country’s revived efforts to hit $3 billion in rubber exports.

 

Over 316 new hotel projects granted approval – Daily News

Tourism Development and Christian Religious Affairs Minister John Amaratunga said, some 316 new hotel projects have been granted the final approval so far while 130 projects are under construction and 161 are in operation.

 

‘Over-promoting single destination should end’ – Daily News

Jetwing Hotels and Travels Chairman Hiran Cooray emphasized the need to implement a high-value, sustainable, low-impact form of tourism model to promote tourist attractions across the country, rather than over-promoting a single destination.

 

Government to check cost overruns in mega projects – DailyFT

The Government has decided to set up a special Cost Estimate Review Committee, in a bid to avoid cost overruns and discrepancies in Total Cost Estimates (TCE) and actual cost in infrastructure projects. 

 

Sri Lanka state enterprises lose Rs87bn in 2017 – EconomyNext

Sri Lanka's 55 largest state-owned enterprises have lost 87 billion rupees in 2017, with energy enterprises again making big losses without a price formula, while big state banks whose governance was strengthened in the late 1990s were making profits.

 

Sampath Bank to launch SL’s first-ever blockchain-based banking product – Daily Mirror

Sri Lanka’s third largest private lender by assets, Sampath Bank PLC, which was recently included in the MSCI Frontier Market 100 Index, says the bank is ready to launch the first-ever blockchain-based product in Sri Lanka, this year.

 

Probe coal scams from 2009 to 2016: Champika – Daily Mirror

Megapolis and Western Development Minister Champika Ranawaka yesterday urged President Maithripala Sirisena to appoint a Presidential Commission with extraordinary powers to investigate the alleged coal scams that took place from 2009 to 2016.

 

Rupee ends weaker in dull trade – DailyFT

Reuters: The Sri Lankan rupee closed slightly lower in thin trade yesterday, hovering near an all-time low hit earlier this week, as importer dollar demand surpassed mild selling of the greenback by banks, dealers said.

 

CE near 6-month closing low on foreign selling – DailyFT

Reuters: Sri Lankan shares ended lower for a sixth straight session yesterday to hit their lowest closing in nearly six months, as foreign investors sold banking shares such as Commercial Bank of Ceylon PLC.

 

Secondary market bond yields decrease – DailyFT

The secondary bond markets remained active yesterday as yields were seen decreasing across the yield curve. Buying interest on the two 2023’s (i.e. 15.03.23 and 15.05.23), 01.08.25, two 2028’s (i.e. 15.03.28 and 01.09.28) and the 15.05.30 saw its yields decrease to intraday lows of 10.40%,  10.42%, 10.58%, 10.60% each and 10.72% respectively against its previous day’s closing levels of 10.42/45, 10.43/50, 10.52/62, 10.60/70, 10.62/70 and 10.70/80.

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