Rupee hits record low; investors shrug off CB rate decision

COLOMBO (Reuters) – The Sri Lankan rupee fell to a record low for a sixth straight session yesterday on continued outflows of foreign funds mainly from government bonds as political uncertainty dented investor sentiment.   

US consumers less upbeat about economy: survey

WASHINGTON (AFP) - US consumer confidence suffered the biggest decline in more than three years in December amid a sharp selloff on Wall Street and political turmoil in Washington during the month, according to a survey released Thursday.  

Nissan to cut China auto output over 3 months as demand slows: source

TOKYO (Reuters) - Nissan Motor Co plans to cut vehicle production in China by 30,000 units in the coming months, a person briefed on the matter told Reuters, as global automakers grapple with falling demand in the world’s biggest car market.   

Vatican hands down first money laundering sentence

VATICAN CITY (AFP) - A Vatican court has ordered an Italian businessman jailed for money laundering, a first for the notoriously secret micro-state.

Central Bank holds policy rates steady

The Monetary Board of the Central Bank of Sri Lanka (CBSL) at the last policy review of the year decided to maintain policy interest rates at their current levels, as the private sector credit growth keeps accelerating and pressure on external reserves continues despite the economy performing below its potential.   

Asian markets meek after global turbulence

HONG KONG (AFP) - Asian investors moved with caution in yesterday’s trade after days of volatility on global financial markets failed to boost confidence.

Rupee hits record low amid dollar demand; foreign outflows weigh

(Colombo) REUTERS: The Sri Lankan rupee fell to a record low yesterday amid dollar demand by state banks and continued outflows of foreign funds mainly from government bonds as political uncertainty dented investor sentiment. The rupee hit an all-time low of 182.35 the dollar in early trade, surpassing its previous record of 181.85 marked in the prior session. It has weakened about 5 percent since Sri Lanka’s political crisis began on Oc

Laugfs Gas to inject Rs.1.15bn into Laugfs Terminals

Laugfs Gas PLC will be making an equity infusion to the tune of Rs.1.15 billion into its fully-owned subsidiary Laugfs Terminals Ltd to fund the latter’s project to construct the largest LPG transshipment terminal in South Asia. Laugfs Gas PLC in a stock market filing yesterday said, Rs.

Foxconn to begin assembling top-end Apple iPhones in India in 2019

(Mumbai/Delhi) REUTERS: Apple Inc. will begin assembling its top-end iPhones in India through the local unit of Foxconn as early as 2019, the first time the Taiwanese contract manufacturer will ha

Russia says unpredictable US, protectionism behind oil price volatility

(Moscow) REUTERS: Rising protectionism and trade wars and the unpredictability of the US administration have greatly contributed to global oil price volatility over the past two years, Russian Energy Minister Alexander Novak said yesterday. Oil prices have been volatile, falling by more than a third this quarter.

Huawei expects 2018 revenue to rise 21% despite international scrutiny

(Hong Kong) REUTERS: Huawei Technologies is expected to record a 21 percent jump in revenue for 2018 to US $ 109 billion, its rotating chairman said, marking the Chinese tech giant’s fastest pace of business growth in two years despite heightened global scrutiny of its activities.

Tourism industry projected to bring in US $ 4.4bn foreign exchange this year

The government’s revenue projection for this year from the country’s booming tourism industry is US $ 4.4 billion as tourist arrivals grew 11.2 percent in the first 11 months with India,

Super luxury Marella Discovery makes her maiden call to Colombo

Super luxury passenger vessel M.V. Marella Discovery of Marella Cruises, with 1,732 passengers and 764 crew on board, made her maiden call at the Port of Colombo in December 2018. 

Tea production, exports dip in November

Tea exports fell by 8.6 percent in November while tea production recorded a marginal decline overshadowed by unfavourable weather conditions and production disruptions due to trade union actions in the estates managed by Regional Plantation Companies (RPCs).  According to the Sri Lanka Tea Board (SLTB), tea export volumes dropped by two million kilogrammes (M/kg) to 21 M/kg in November, while tea production fell by a marginal 0.2 M/Kg or 0.

CB seen keeping policy rates steady despite pressure on rupee

(Colombo) REUTERS: Sri Lanka’s Central Bank is expected to leave its key interest rates steady yesterday, a Reuters poll showed, despite heavy pressure on the rupee from a political crisis that triggered foreign outflows from stocks and government bonds.    

Japan to resume commercial whaling after pulling out of IWC

(Tokyo) REUTERS: Japan will resume commercial whaling from July in its waters and exclusive economic zone while ending its controversial hunts in the Antarctic, it said yesterday, as it announced its withdrawal from the International Whaling Commission (IWC).  

UNF govt. should not squander this last opportunity

President Maithripala Sirisena appointed a 29-member Cabinet last week after two months of political turmoil. It was reported that the United National Party (UNP) has sent in 36 names to the president to be appointed as ministers and that Sirisena had struck off eight of them.   

Jetwing Lighthouse to undergo Rs.450mn upgrade

The Jetwing Lighthouse hotel in Galle will undergo a Rs.450 million refurbishment to its rooms, public areas, service areas and plant and equipment.  

Resus Energy to amalgamate with subsidiaries

Resus Energy PLC, a venture capital company, is to amalgamate with its wholly-owned mini-hydro subsidiary companies, which will alter the nature of business carried out by the company thus far.

NDB to raise up to Rs.6.5bn through Basel III debentures

National Development Bank PLC (NDB) last week announced plans to raise up to Rs.6.5 billion through Basel III-compliant debentures.  

SL’s merchandise exports to pick up in 2019: UNESCAP

Sri Lanka’s merchandise export earnings are likely to accelerate to 6.3 percent year-on-year (YoY) next year, while the growth of cost of merchandise imports is set to decelerate to 6.6 percent YoY, easing off the pressure on balance of payment, according to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).   

Worker remittances rebound in October

The earnings sent by Sri Lankans working aboard rebounded in October, ending a five-month declining streak, the data released by the Central  Bank showed. 

Mirror Biz on holiday !

Due to Christmas holidays, Mirror Business will not be printed on Dec.25th and 26th. The next issue will be on Dec.27.

This year’s final monetary policy review on Dec.28

This year final monetary policy review, Monetary Policy No.08, will be announced on Dec.28 at 7.30 a.m., the Central Bank said. The Central Bank is expected to hold the policy rates

Constituent changes to S&P Sri Lanka 20 Index announced

The Colombo Stock Exchange (CSE) last Friday announced the changes in the S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2018 year-end index rebalance.

Nov. vehicle registrations slow as restrictions seen taking effect

Registration of motor vehicles across most categories has finally slowed down in November in response to the restrictions imposed on such imports and their financing in August and Se

National inflation accelerates in November on higher food prices

Sri Lanka’s national inflation accelerated in November as the country’s high food prices further rose in the month pushing the overall prices by 1.0 percent during the last 12 months. 

Tourism industry expects boost hosting World Wildlife Conference in May

Sri Lanka tourism expects a boost by hosting the Convention on International Trade in Endangered Species of Wild Fauna and Flora’s (CITES) World Wildlife Conference next May where

Trade deficit soars on higher vehicle, fuel imports

Sri Lanka’s trade deficit hit US $ 903 million in October expanding from US $ 752 million recorded in the same month in 2017, as the country’s import bill rose significantly compared to languishing exports. 

Seasonal shopping

With Christmas round the corner, shopping hype has gained momentum with an array of goods for the festive season. Here some shoppers selecting Christmas decors in one of the streets in Colombo.