Most Asia markets up, Tokyo lifted by weak yen

AFP - Most Asian markets rose again yesterday following another positive lead from Wall Street, with Tokyo boosted by a plunging yen, although traders remain nervous about the outlook for global trade with Donald Trump in the White House.

EU slaps China with new steel anti-dumping duties

AFP - The EU slapped definitive anti-dumping duties on steel products from China and Taiwan yesterday, as it broadens its campaign to protect struggling steel manufacturers in Europe.

Opposition group sabotaging govt.’s development efforts: FinMin

In an attempt to garner support for the coalition government’s plan to monetize some of the mega infrastructure projects built by the previous regime, Finance Minister Ravi Karunanayake yesterday urged the public to think rationally and not get swayed by the misleading remarks of Opposition politicians. 

Key segments boost John Keells December profits to Rs.5.1bn

Premier blue chip John Keells Holdings PLC saw its December quarter (3Q17) performance bolstered by its key business segments transport; leisure, retail and financial services, but the property segment saw a dent until the new projects under construction start contributing to the finances. 

TeeJay Lanka 3Q profits hurt by higher costs, income tax payments

Teejay Lanka PLC, a unit of leading apparel exporter, Brandix Lanka Limited saw its December quarter (3Q17) profits declining a sharp 30 percent to Rs.473. 4 million or 68 cents per share from a year ago due to steeper rise in costs, finance expenses and higher income tax payments, the interim results showed. 

Sri Lanka 2016 tea output falls to 7-year low

REUTERS: Sri Lanka’s tea output hit a seven-year low in 2016, falling 11.1 percent in its third straight year of declining production, the state-run Tea Board said yesterday. 

Lanka Tiles expands operations to India

To meet the rapidly growing demand for wall and floor tiles in the local market, Lanka Tiles recently entered into a strategic partnership with an Indian tile manufacturer Ambani Vitrified (Pvt.) Ltd.  The successful venture has seen Lanka Tiles placing a large order with the expectation of releasing more quantities of 24” x 24” tiles to the market in order to meet the escalating market demand. These tiles will also comply with t

Fitch re-affirms BOC AA+ (lka); outlook Stable

Fitch’s periodic review re-affirmed the Bank of Ceylon’s (BOC) National long-Term Rating at AA+ (lka) with a Stable outlook this January and the International Long-Term Issuer Default Rating (IDR) as B+ outlook Negative. 

Ease of Doing Business Forum today

The Finance Ministry will be holding the eleventh Ease of Doing Business Forum today 2017 at 2.00 p.m. at the fourth floor auditorium of MILODA Academy of Financial Studies, (Old Times Building) located at Sir Razik Fareed Mawatha, Colombo 01. 

Metropolitan Communications wins international award for innovation

Metropolitan Communications was recognized as the winner under the Government and Public Services category at the Asia Enterprise Innovations awards held in Singapore recently. 

Unilever-Cargills reward Shopping Star – Season Four winners

Unilever Sri Lanka together with Cargills Food City drew the curtain on 2016 with the action-packed grand finale of the Shopping Star – Season Four promotion, held at the Thalawathugoda Cargills Food City outlet, recently. 

Dole Lanka terminates services of labour outsourcing firm

Dole Lanka (Pvt.) Ltd – a subsidiary of Dole Asia Holdings Pte., the world’s largest producer and marketer of high-quality fresh fruits and fresh vegetables, recently terminated the contract with one of its labour outsourcing companies, Southern Force Ltd.

Harsha hails China as new white knight of free world

Sri Lanka’s Deputy Foreign Affairs Minister Dr. Harsha de Silva this week labelled Chinese President Xi Jinping as the new champion of trade and globalization of the free world, who would fill the vacuum created by US President Donald Trump with his inward-looking political and economic policies.  

Energy regulator wants CEB to fast-track connecting domestic solar panels to national grid

The electricity sector regulator, the Public Utilities Commission of Sri Lanka (PUCSL), yesterday directed the Ceylon Electricity Board (CEB) and Lanka Electricity Company Private Limited (LECO) to connect the domestic rooftop solar panels to the national grid within two weeks from the date of application.

US TPP withdrawal has negative implication on Asian economies: Moody’s

US President Donald Trump’s decision to withdraw the US from the Trans-Pacific Partnership (TPP) would have an adverse effect on the income levels and structural reform programmes of its partners in Asia, international ratings agency Moody’s Investors Service said yesterday.

Rupee rises; cbank revises spot ref. rate to record low

REUTERS: The Sri Lankan rupee ended slightly firmer yesterday, recovering from losses earlier in the day as dollar selling by foreign banks helped gains despite the Central Bank revising the spot reference rate by 10 cents to a record low, dealers said.

Mattala Airport in full throttle

Mattala Rajapaksa International Airport (HRI), which was once dubbed as a ghost airport by both local and foreign commentators, has suddenly turned into life becoming one of the busiest airports in the world, due to the temporary closure of Bandaranaike International Airport (BIA) for the relaying of its decade-old runaway. 

Grain Elevators 4Q net edges down; full-year profit up

Sri Lanka’s largest listed poultry producer, Ceylon Grain Elevators PLC (GRAN), has posted a net profit of Rs.369.12 million for the quarter ended December 31, 2016 (4Q16), down from Rs.387.94 million year-on-year (YoY), despite the period being the festive season.

Shares hit near 10-mth closing low; foreign selling boosts turnover

REUTERS: Sri Lankan stocks fell for a third straight session yesterday to close at their lowest in nearly 10 months, dragged down by beverages and banking shares, as concerns over rising interest rates and ongoing political instability weighed on sentiment.

FinMin to open 10,000MT Mannar storehouse today

Another proposal in budget 2017 will become a reality when a new storehouse in Mannar is opened with the patronage of Finance Minister Ravi Karunanayake and with the participation of several other ministers today.

Keerthi Gunawardane reappointed as ICCSL Chairman

At the 50th Annual General Meeting of the International Chamber of Commerce Sri Lanka (ICCSL) Keerthi Gunawardane was re-elected as Chairman. 

SLID poses question on women in boardroom, “Are men ready for it?”

Join the Sri Lanka Institute of Directors (SLID) at the Cedar Room, Cinnamon Grand today and get the directors’ perspective

Tourism stakeholder proposes ‘colourful stories’ to sell wildlife to tourists

Stakeholders engaged in marketing Sri Lanka tourism should be creating colourful stories of the wildlife experiences in Sri Lanka instead of presenting basic facts in order to better promote tourism, an industry veteran stressed recently.

High-level Chinese delegation to visit Sri Lanka

To mark 60 years of diplomatic relations between the People’s Republic of China and Sri Lanka, a high ranking ministerial level delegation will visit Sri Lanka in March and April this year, Cultural Attaché of the Chinese Embassy in Colombo, Liu Dong, told reporters yesterday. 

IPS calls for index-based climate insurance products for Lankan farmers

Amid reports that two thirds of the main Maha season paddy crops this year have been destroyed due to weather anomalies, the state-run policy think tank,Institute of Policy Studies (IPS), called for index-based climate insurance products to be developed for Sri Lanka’s farmers.

Ravi K wants inefficient politicians, bureaucracy out

Professionals should not allow bureaucrats and inefficient politicians to disrupt ongoing development drive, Finance Minister Ravi Karunanayake said.

Rupee ends slightly weaker on importer dollar demand

REUTERS: The Sri Lankan rupee ended slightly weaker yesterday as importer dollar demand outpaced mild greenback sales by exporters, while the market expects the downward pressure to continue until some steady foreign inflows come in, dealers said.

Arpico goes green with new eco-friendly Supercentre at Kohuwala

The shopping experience in the Kohuwala area is scaling new heights following the opening of a spanking new, environment-friendly hypermarket in the heart of the suburb by Arpico.

Singer Sri Lanka tops LMD’s Trading Company category

LMD business magazine ranked the performance of Singer (Sri Lanka) PLC, as First in the Trading Companies category for the year 2015/16 (year ended December 2015 and March 2016).  The ranking was released in December 2016.  

SLIBC bids farewell to outgoing Indonesian Ambassador

The Sri Lanka-Indonesia Business Council (SLIBC) of the Ceylon Chamber of Commerce organized a farewell for the Ambassador of the Republic of Indonesia to Sri Lanka, Harimawan Suyitno, at the Hilton Colombo Residences recently.