Switzerland’s Richemont, China’s Alibaba team up

ZURICH (AFP) - Swiss luxury goods group Richemont announced yesterday a partnership with Chinese e-commerce giant Alibaba to develop platforms in China for high-end products.  

Google, Amazon suffer market setbacks on sales outlook

SAN FRANCISCO (AFP) - Internet titans Google and Amazon came under an investor cloud after posting disappointing sales updates, with the search leader also on the defensive for reportedly hushing up sexual misconduct.  

Volkswagen has held kick-off meeting for 2019 Traton IPO: sources

FRANKFURT (Reuters) - Volkswagen has held an initial meeting to discuss plans for the flotation of its trucks unit Traton, set to be Germany’s biggest of 2019, after hiring a quartet of banks to manage the potential 6 billion euro (US$6.8 billion) IPO, people close to the matter said. Visitors stand at the booth of Volkswagen’s truck unit Traton Group, former Volkswagen Truck & Bus AG, in Hanover, Germany September 19, 2018. 

Sri Lanka’s first Per Day Motor Insurance launched

Insureme.lk, Sri Lanka’s first online platform for comparing insurance policies, launched  the Per Day Motor Insurance in partnership with Dialog Axiata PLC, Sri Lanka’s premier connectivity provider,

RPCs push for productivity based wage model

The Regional Plantation Companies (RPC) urge estate labour unions to embrace a productivity-based wage model in order to achieve a daily wage above Rs. 1000, which would also boost low productivity levels of RPCs. Addressing a press conference in Colombo yesterday, Planters’ Association (PA) Chairman Sunil Poholiyadde revealed that negotiati

TSIA calls govt. to do away with protectionist policies

The Tiles and Sanitaryware importers yesterday urged the government to do away with its protectionist policies, as impacts of the same are more detrimental than constructive to the national econo

Air traffic to double by 2037: IATA

GENEVA (AFP) - The number of people travelling by air should double to 8.2 billion a year by 2037, with Asia and the Pacific leading the way, sector federation IATA forecast this week. Protectionist measures could nonetheless curb the surge, The International Air Transport Association added in an update to its 20-year passenger forecast.From the current level of 4.1 billion passengers, traffic should expand by 3.5 percent annually,  

Capital city land prices up 16% in 2018 first half

Land prices in Sri Lanka’s capital, Colombo district have risen by a sharp 16.3 percent during the first half of 2018 from the same period in 2017 with the biggest increase seen in the commercial land of the region.  The Land Price Index measured bi-annually by the Statistics Department of the Central Bank showed the overall index value rising to 116.3 for the first half of 2018 from the base period of f

Exxon Mobil sued in US over climate disclosures

NEW YORK (AFP) - New York state sued Exxon Mobil on Wednesday, alleging it defrauded investors by misrepresenting the costs that climate change legislation poses to the company.

Rupee closes near record low; stocks steady

COLOMBO (Reuters) - The Sri Lankan rupee closed yesterday near a record low hit earlier this week as banks and importers purchased the dollar, while stocks closed flat with higher tu

‘So Sri Lanka’ to become newest tourism tagline

‘So Sri Lanka’ will become Sri Lanka’s new tourism tagline from November 5, replacing ‘Wonder of Asia’, Mirror Business reliably learns. Sources close to developing the tagline s

Hemasiri new BOI Chairman, Champika Director General

President Maithripala Sirisena has appointed former People’s Bank Chairman and his Chief of Staff, Hemasiri Fernando as Chairman of the Board of Investment (BOI), on Tuesday. 

SWISS to offer Colombo-Zurich direct flights from Nov. 4

Swiss International Air Lines (SWISS) in codeshare with Edelweiss Air will commence direct non-stop flights from Sri Lanka to Switzerland with effect from November 4, 2018.

Emirates SkyCargo transports close to a quarter of SL’s total air exports in 2017-18

Emirates SkyCargo, the air cargo unit of Dubai-based Emirates, has transported close to a quarter of Sri Lanka’s produce exported by air in 2017-18, a statement by the airline said.

SL not immune to global economic and political developments: Eran

Sri Lanka’s economy state minister this week said the national economy could face further volatility in the near future, as the negative spillover effects from the recent changes in the global economy wo

EU urges govt. to push forward with economic reform agenda despite challenges

European Union (EU) Ambassador to Sri Lanka and the Maldives Tung-Lai Margue said that the government must give priority to its economic reform agenda and should forge ahead with it, despite the challenges in the country’s political environment. 

Govt. to call tenders to develop 2 oil and gas discoveries

The Petroleum Resources Development Ministry will call international tenders shortly for a 2,924 square kilometre offshore M2 block in the Mannar Basin to develop the two oil and gas discoveries and for further explorations.  

Rupee depreciation has made recently borrowed US $ 1bn more expensive: Cabraal

Former Central Bank Governor Ajith Nivard Cabraal yesterday argued that the depreciation of the rupee during the last five days has increased the repayment commitment of the recently borrowed US $ 1 billion to over US $ 1.1 billion.   

Rupee at record low; stocks up from near 5-year closing trough

(Colombo) REUTERS: The Sri Lankan rupee hit a record low yesterday as banks and importers purchased the U.S. dollar, while stocks edge up from their nearly five-year closing low hit in the previous session.  

Sri Lankans now can sell their products on eBay

Sri Lankans now can sell their products to overseas customers through e-commerce platforms such as eBay.  

Pradeshiya Sanwardena Bank outlook cut to ‘Negative’

ICRA Lanka has revised down the outlook of Pradeshiya Sanwardena Bank to ‘Negative’ form ‘Stable’ while affirming the issuer rating at ‘A’.  

Grand Hyatt has already gobbled up Rs.15bn in public funds: FinMin

The unfinished Grand Hyatt hotel has already cost Rs.15 billion to the public as its main shareholders are the Employees’ Provident Fund (EPF), Sri Lanka Insurance and Litro Gas—all state-owned organisations accountable to people.   

Govt. in discussion with 4 parties to build US $ 2bn oil refinery

The government is in discussion with four foreign parties to build a US $ 2 billion new oil refinery in Sapugaskanda, Petroleum Resources Development Minister Arjuna Ranatunga said, yesterday.  

John Keells owned tea processing subsidiary’s 2Q in red

Sri Lanka’s Tea Smallholder Factories PLC reported a loss for quarter ended September 2018, extending the losses made from the beginning of the financial year as production and auction prices fell from a record high last year.  Tea Smallholder Factorie

Govt. opens up LCL and MCC operations to private sector

The Finance and Mass Media Ministry has issued a gazette opening up the Less than Container Load (LCL) clearance operations to private sector liberalising the Multi-Country Consolidation (MCC) and entrepot trade to all players effective from October 1, 2018, albeit certain restrictions.

Profits would suffice for banking sector funding as loan growth eases: Moody’s

Sri Lankan banks until recently were going after fresh capital, and the capital market was inundated with a slew of debt and equity issues as the banks were trying to keep abreast with the burst in pr

MoU inked to set up Sri Lanka’s first 5G innovation centre

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, in partnership with Ericsson—the world leader in communications technology and services—along with the Telecommunication, Digital Infrastructure and Foreign Employment Ministry, signed a Memorandum of Understanding (MoU) to establish Sri Lanka’s first state-of-the-art 5G innovation centre. 

Ceramic & glass industry urges govt. to re-evaluate trade liberalisation agenda

The apex body of Sri Lanka’s ceramic and glass industry recently urged the government to re-evaluate its trade liberalisation agenda, tax structure and energy prices to boost exports and to c

Asian markets mixed but Shanghai rebounds on officials’ support

HONG KONG (AFP) - Asian markets were mixed yesterday, with Shanghai bouncing back from early losses to end the week with a rally following a rare joint intervention by some of China’s t

Fintech startups win Gold and Merit at APICTA Awards

The 18th Asia Pacific ICT Alliance (APITCA) awards 2018, which was held in Guangzhou, China from the 10th to 14th October, named DirectPay as the overall winner in the Consumer - Wealth and Retail Category and Park and Pay with a Merit Award in the Start Up of the Year - Business and Community Category.