Ryanair faces fresh strike in Europe

BRUSSELS (AFP) - Ryanair cancelled scores of European flights yesterday as unions staged what they warned could be the biggest strike in the airline’s history. The Dublin-based carrier has played down fears of widespread disruption but confirmed it would cancel nearly 250 flights. Walk-outs 

Sued by Starbucks, Indian coffee chain changes name

NEW DELHI (AFP) -  An Indian coffee shop chain rhyming with Starbucks and with a similar logo has agreed to change its name after being sued by the US giant, the Indian firm said yesterday.

Senior China securities regulator jailed for graft

BEIJING (AFP) - The former deputy head of China’s top securities regulator was handed an 18-year prison sentence for taking bribes and insider trading yesterday.  Yao Gang, former vice chairman of the China Securities Regulato

US regulators charge Tesla CEO Elon Musk with fraud

WASHINGTON (AFP) - The US Securities and Exchange Commission on Thursday charged Tesla CEO Elon Musk with securities fraud, alleging he misled investors last month in tweets about taki

Tech billionaire buys Australia’s most expensive home

SYDNEY (AFP) - Tech billionaire Mike Cannon-Brookes has bought a Sydney waterfront mansion for a reported Aus$100 million (US$72 million), media said Thursday, eclipsing th

SL misses two key IMF targets as economy faces multiple challenges

Sri Lanka has missed two key International Monetary Fund (IMF) targets set for June end as part of her three-year bail out money, but the missed targets are unlikely to derail the stabilization programme as talks will continue between the p

Fitch assigns Serendib Finance first-time ‘A+(lka)’ rating; Outlook Stable

Fitch Ratings Lanka Limited has assigned Serendib Finance Limited a national long-term rating of ‘A+(lka)’. The Outlook is Stable.   Serendib’s rating is driven by Fitch’s view that support would be forthcoming from its parent, Commercial Bank of Ceylon PLC (CB), the largest private commercial bank in Sri Lanka. 

Asian markets up with Wall St on growth optimism

HONG KONG (AFP) - Asian markets rose yesterday, tracking a rally on Wall Street where investors were buoyed by the Federal Reserve’s positive outlook for the US economy, and oil added to gains with predictions it could be headed back to US $100.

ETI Finance likely to make comeback with fresh US $75mn infusion

The Central Bank is in negotiation with a new foreign investor to restructure the troubled ETI Finance Limited (ETIFL) who may invest up to US $75 million in the troubled finance company, Mirror Business learns. 

ADB slashes SL’s growth forecast for 2018 and 2019

The Asian Development Bank (ADB) yesterday downgraded Sri Lanka’s economic growth forecast for both 2018 and 2019 as weaker domestic demand, investment and exports continue to 

Laugfs Gas calls for full implementation of LPG pricing formula to avoid supply disruptions

Responding to concerns arising from possible disruptions to LP gas (LPG) distribution of State-run Litro Gas, Laugfs Gas affirmed that the full implementation of the LPG pricing formula is the only way to resolves the issues in the LPG value chain.

Rupee hits record low

(Colombo) REUTERS: The Sri Lankan rupee hit a record low yesterday as foreign investors exited government securities after the U.S. Federal Reserve raised interest rate for a third time this year, while shares fell in thin trade amid foreign outflows.

Mounting import of Vietnamese pepper via Sri Lanka worries India

(Kochi) ECONOMIC TIMES: Pepper exporters have expressed concern at the rising import of Vietnamese pepper routed through Sri Lanka into the country despite the imposition of minimum import price of Rs.500 per kg by India. 

US Fed raises benchmark interest rate amid strong economy

(Washington) AFP: With the US economy still strong, the Federal Reserve raised the benchmark interest rate on Wednesday for the third time this year but showed no indication it would be more aggressive in efforts to head off inflation.

Govt. keen on resuming ferry service between Rameshwaram and Thalaimannar: John

Tourism Development and Christian Affairs Minister John Amaratunga said yesterday the government has strongly considered the possibility of resuming the ferry service between Rameshwaram

Ironwood Capital invests US$ 2mn in findmyfare.com

Private equity fund manager Ironwood Capital Partners has invested US$ 2 million in findmyfare.com, a leading Sri Lankan online travel company.

How can Sri Lanka better protect its people against disasters?

Sri Lanka has a long history of coping with weather impacts.    About two thousand years ago, the country built one of the world’s first irrigation systems to control its water supply.

Rupee depreciation during MR’s 9 years was only 2.8% per year

The rupee depreciated by Rs.29 from 2005 to 2014 and the average year-on-year (YoY) depreciation of the Sri Lankan rupee was 2.8 percent per year. The official foreign reserves increased from US $ 2.7 billion to US $ 8.2 billion over the same period.

Sri Lanka to raise US $ 500mn by selling Panda and Samurai bonds

Sri Lanka will soon raise US $ 500 million by selling ‘Panda’ and ‘Samurai’ bonds in China and Japan for the first time, in an effort to expand the country’s investor base.

MTD Walkers rating further slashed

The credit rating of construction major MTD Walkers PLC has been further slashed to ‘B-‘ with a Negative Outlook, from ‘BB-‘ with a Negative Outlook, on the group’s falling profitability and increasing debt.  

Pharma Chamber calls for viable pricing mechanism as rupee continues to slide

The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) yesterday called on the health minister and National Medicines Regulatory Authority (NMRA) for a viable pricing mechanism for the country’s pharma industry, amid the depreciation of the rupee against the US dollar.  

HNB announces plans to raise Rs.7bn subject to market conditions

Hatton National Bank PLC (HNB) yesterday announced it would be raising Rs.7 billion in a corporate bond issue in a clear indication that the lender is getting ready to meet the higher capital ratios with the BASEL III final deadline approaching in January 2019. 

Rupee hits fresh low; CB intervention caps fall

(Colombo) REUTERS: The Sri Lankan rupee hit a fresh low of 169.05 yesterday on importer dollar demand, while intervention by the Central Bank limited the fall, market sources said.

Shares recover from near 5-yr closing low on bargain-hunting

(Colombo) REUTERS: Sri Lankan shares recovered from their lowest close in nearly five years hit in the previous session and ended about one percent higher yesterdayas investors picked up battered stocks.

Sri Lankans urged to shun luxury imports to help stabilise rupee

(Colombo) REUTERS: Sri Lanka’s finance minister urged its people to buy local products and shun unnecessary imports in order to reduce the trade deficit and help stabilise a rupee currency that revisited its all-time low yesterday.

Motorcar registrations steady in August defying higher duties, fuel prices

Motorcar registrations remained steady in August despite the higher duties kicking in at the beginning of the month as buyers appeared to have remained unfazed at the higher vehicle prices in return for some added comfort and the glamour of owning a personal vehicle. 

Shares fall to near 5-year closing low on foreign selling

(Colombo) REUTERS: Sri Lankan shares fell over 1 percent yesterday to their lowest close in nearly five years, as foreign investor selling, a weaker rupee and government plans to curb imports hurt investor sentiment.

Singer Sri Lanka’s debenture issue falls victim to rate volatility

The Rs.1.5 billion debenture issue of the consumer durables retail giant Singer Sri Lanka PLC yesterday became the latest victim of the exchange and interest rate volatilities afflicting the island nation’s economy and causing investors to panic. 

Rupee closes near record low

(Colombo) REUTERS: The Sri Lankan rupee declined yesterday and closed above its record low hit last week, while intervention by the Central Bank limited the fall, market sources said.

Kanishka appointed to SLT board

Sri Lanka Telecom PLC has appointed Kanishka Senanayake to its board as a Non-Executive Independent Director.