South African Airways signs wage deal with non-striking union

JOHANNESBURG (Reuters) - South African Airways (SAA) signed a deal yesterdayday with a union not involved in a strike that has crippled the heavily indebted carrier, giving its members a 5.9 percent pay rise backdated to April.

Prima Ceylon withdraws recent price increase

Prima Ceylon (Private) Ltd stated that, as the newly elected President of Sri Lanka is making the best effort to bring the Sri Lankan economy back on to a strong recovery path, whilst addressing many challenges, it will assist the President’s endeavours by withdrawing the recent price increase.

British Opposition Leader Corbyn’s manifesto rooted in nationalisation

LONDON (AFP) - Plans by Britain’s Labour party to nationalise key industries would reverse a business trend begun by Margaret Thatcher in the 1980s, while it proposes state spending not seen since the 1970s.

AmCham congratulates Sri Lanka’s new President

Issuing a statement, the American Chamber of Commerce (AmCham) in Sri Lanka has congratulated Gotabaya Rajapaksa on being elected as the seventh Executive President of Sri Lanka.

Most Asian markets on the rise as trade optimism returns

HONG KONG (AFP) - Asian markets mostly rose yesterday as a sense of optimism returned to trading floors after a report said China’s point man on the US tariffs talks had offered to host a meeting to help push through their crucial mini pact.

ECB’s Lagarde tells eurozone to ‘innovate and invest’

FRANKFURT AM MAIN (AFP) - Christine Lagarde yesterday urged European countries to “innovate and invest” more to support growth at a time of global uncertainty, in her first major policy speech as president of the European Central Bank.

China wants US trade deal but ‘not afraid’ to fight: Xi

BEIJING (AFP) - President Xi Jinping said yesterday that China wants to reach an initial trade deal with the United States but is “not afraid” to fight back when necessary and will enact economic reforms at its own pace.

Shares, rupee end lower with new govt’s policies in focus

Sri Lankan shares closed lower yesterday, slipping from a more than one-year high hit earlier in the week, while the rupee ended weaker as investors awaited the newly elected leader’s economic policies.

Sri Lanka’s new leader appoints his PM brother as Finance Minister

COLOMBO (Reuters): Mahinda Rajapaksa, the current Prime Minister, as the interim government’s new Finance Minister, State television showed in a live telecast yesterday.

Sri Lanka’s ruling siblings: New President swears in his brother as PM

(Colombo) REUTERS : Sri Lanka’s newly elected president Gotabaya Rajapaksa yesterday swore in his elder brother, former president Mahinda Rajapaksa, as Prime Minister, cementing the powerful family’s political comeback.

CB rubbishes Fitch statement on election outcome

The Central Bank yesterday rubbished a statement issued by Fitch Ratings on the outcome of Sri Lanka’s presidential election, saying that the contents of it were “purely based on loose assumptions” and “very much at variance with the actual market developments and expectations.”

Public warned of rising online financial frauds and scams

The Central Bank (CB) yesterday cautioned the public to beware of financial frauds and scams being operated through social media and Internet-based applications and to refrain from sharing confidential information such as bank passwords and PINs with third parties.

TRCSL committed to making SL a smart nation

Entrepreneur and business and technology specialist Oshada Senanayake yesterday assumed duties as new Director General of the Telecommunications and Regulatory Commission of Sri Lanka (TRCSL). Addressing the TRCSL staff after assuming duties, Senanayake said TRCSL has a huge role to play in developing the country’s digital infrastructure to make Sri Lanka a smart nation as mentioned in President Gotabaya Rajapaksa’s manifesto.

SLTDA Chairman Jayaratne steps down

A Sri Lanka Tourism Development Authority (SLTDA) statement yesterday said Johanne Jayaratne tendered his resignation from the position of SLTDA Chairman and Acting Chairman of Sri Lanka Tourism Promotion Bureau (SLTPB).

National inflation increases to 5.6% in October

Headline inflation as measured by the year-on-year change in the National Consumer Price Index increased to 5.6 percent in October 2019 from 5.0 percent in September 2019.

US Fed members unanimously reject negative rates

(Washington) AFP: US central bankers last month dismissed the idea of taking interest rates into negative territory, something President Donald Trump has called for many times, according to meeting minutes released Wednesday.

Shares end flat, rupee falls; all eyes on new govt. policies

(Colombo) REUTERS: Sri Lankan shares ended largely unchanged yesterday, hovering near a more than one-year high hit earlier this week, while the rupee ended weaker as investors awaited policies from the newly elected government.

President Ghani congratulates President Rajapaksa and calls for stronger Afghan-Lankan ties

President Mohammad Ashraf Ghani was one of the first leaders in the region to send a message of congratulations to President Gotabaya Rajapaksa, following his recent electoral victory and assumption of official duties as the seventh Executive President of Sri Lanka.

A hospital and clean water: China on the charm offensive in Sri Lanka

(Polonnaruwa) REUTERS: Amid the lush paddy fields of central Sri Lanka, a large, state-of-the-art hospital rises between the cranes and cement mixers.

New Treasury Secy. pledges to restore Finance Ministry’s lost honour

The new Treasury Secretary and Finance Ministry Secretary S.R. Attygalle yesterday pledged to rebuild the lost honour and glory of the Treasury, working efficiently and progressively with the newly-elected President Gotabaya Rajapaksa.

THASL seeks new President’s support to rebuild tourism sector

The Hotels Association of Sri Lanka (THASL) yesterday congratulated President Gotabaya Rajapaksa on his successful election as the seventh Executive President of Sri Lanka and sought his fullest support to revive the crisis-hit industry.

UNICEF calls on biz community to help protect children’s rights

The United Nations Children’s Fund (UNICEF), as it celebrated 30 years of the United Nations Convention on the Rights of the Child (UNCRC), yesterday called on the local business community to partner with the agency in the journey towards ensuring every child survives, thrives and reaches his/her full potential.

Ocean Lanka to expand operations to synthetic fabric manufacturing

Sri Lanka’s largest weft knitted fabric manufacturer, Ocean Lanka (Pvt.) Ltd, plans to expand its operations to synthetic fabric manufacturing with the support of its minority shareholder, Brandix.

Shares edge down on profit taking; rupee ends higher

(Colombo) REUTERS: Sri Lankan shares ended marginally lower yesterday from their highest level in more than a year hit in the previous session, as investors booked profits after a post-election rally, while the rupee rose to a nearly three-month peak.

SL likely to miss this year’s tea production and export targets

Sri Lanka is likely to miss the tea production and export targets set for the year as tea output sharply declined in October due to extreme weather conditions, although the demand for quality Ceylon Teas continue to rise at the Colombo Tea Auction driven by winter buying.

President Gotabaya makes key appointments

President Gotabaya Rajapaksa yesterday made several key appointments in his new administration.

Sunshine Holdings 2Q earnings up amid strong healthcare performance

Diversified conglomerate Sunshine Holdings PLC saw its September quarter (2Q20) earnings surging amid decline in sales costs and a strong healthcare sector performance, the interim financial accounts released to the Colombo Stock Exchange showed.

Dilmah wins Product of the Year in Australia

Dilmah Founder Merrill J. Fernando accepted the Australian consumer award for Product of the Year for Dilmah’s Natural Infusions last week in Sydney.

Kishu Gomes joins Dreamron as Group CEO/Director

Kishu Gomes has joined Dreamron Group of Companies this week as Group CEO and Group Director, after bidding farewell to Sri Lanka Tourism.

BOI chief Mangala Yapa resigns

Board of Investment (BOI) Chairman Mangala Yapa said yesterday that he tendered his resignation with effect from November 18.