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.

Innovation and Entrepreneurship Strategy to be tabled in Cabinet in two weeks

Development Strategies and International Trade Minister Malik Samarawickrama is likely to present the ‘Innovation and Entrepreneurship Strategy (IES) of Sri Lanka 2018-2022’ to the Ca

Sri Lanka highly vulnerable to disaster risks: WB

Sri Lanka may be the envy of many countries in the region over its income and development bracket, according to the World Bank (WB), but concerns have become grave over its vulnerability t

Consumer durables market expected to pick up with adjustment to higher costs

Sri Lanka’s consumer durables market, which is currently undergoing a cycle of tepid consumer demand, is expected to pick up in the medium term as consumers adjust to higher costs, according to Fitch Ratings. 

Implementation of National QR code-based transactions to begin shortly

Sri Lanka plans to implement the standardised National Quick Response (QR) code-based transactions named LANKAQR shortly, aiming to speed up electronic transactions and to make electronic payments affordable to masses, while several other initiatives are underway to promote cashless transactions. 

Delay in MTD Walkers rating downgrade disclosure hints firm’s debt repayment challenge

MTD Walkers PLC was queried by the Colombo Stock Exchange (CSE) last week over the firm’s ability and measures taken to retire a substantial part of its debenture maturing by the end of this month, after the company failed to disclose its rating downgrade. 

National inflation eases in August; core prices up

Sri Lanka’s national prices, measured by the National Consumer Price Index (NCPI), eased in August but the so-called core prices, which exclude the often volatile items like food and energy, rose. 

Malik to head investment delegation to Germany

A high-powered investment delegation led by Development Strategies and International Trade Minister Malik Samarawickrama will make a strong pitch this week for German investments to Sri Lanka.

Right mindset vital to make climate change adaptation effective: expert

Sri Lanka has seen a historical increase in both the number and intensity of droughts, floods and geographic changes to vector borne diseases, coastal erosion, tropical storms, lightening, crop failures, and landslides.

Unit of LTL Holdings secures Rs.3bn loan from NDB to build 2 wind power plants in North

Ceylex Engineering (Pvt.) Ltd, an associate company of LTL Holdings, has secured a Rs.3 billion loan from National Development Bank PLC (NDB)  to develop two 10 MW wind power plants in Chavakachcheri. 

Research-based inputs: Key to climate adaptation in Sri Lanka

Sri Lanka ranked in the fourth place among countries most affected by extreme weather events in 2016, according to the Global Climate Risk Index (CRI).  The average CRI for Sri Lanka for the last 20 years (1997-2017) was recorded as 48. 

Coca-Cola, Walmart to cut plastic pollution in oceans

MONTREAL (AFP) - Coca-Cola, Walmart and other big multinationals pledged this week to help reduce plastic pollution in the world’s oceans in support of a campaign by five of the G7 industrialized nations.

Central Bank ready to thwart excessive rupee volatility

The Central Bank of Sri Lanka (CBSL) stands ready to prevent excessive volatility in exchange rate while managing it, CBSL Governor, Dr. Indrajit Coomaraswamy asserted. 

Asian markets pick up Wall St baton to end week on a high

HONG KONG (AFP) - Asian markets enjoyed another day of strong buying yesterday, helping them to end the week with a flourish as investors looked past the China-US trade row to focus on the booming American economy.

High-tech Tokyo Game Show opens

MAKUHARI, Japan (AFP) -  At the Tokyo Game Show, the world’s top firms compete to show off their very latest in high-tech gaming gadgetry: from head-spinning virtual reality to cutting-edge multiplayer eSports.

NAFTA deal not yet in sight, Canada stands firm on auto tariffs

WASHINGTON (Reuters) - Canada and the United States showed scant sign on Thursday of closing a deal to revamp NAFTA, and Canadian officials made clear Washington neede

Auxenta in ‘30 Most Innovative Companies to Watch 2018’ listing

The fast-growing boutique technology solutions firm Auxenta, has been named as one of ‘30 Most Innovative Companies to Watch for 2018’, rubbing shoulders with some of the leading tech firms around 

Shares hit over 30-month closing low on rupee woes

COLOMBO (Reuters) - Sri Lankan shares dropped to their lowest close in more than 30 months yesterday as foreign investors sold banking stocks, while a weaker rupee dented investor sentiment as well. 

Singapore Airlines bans lion bones in cargo

SINGAPORE (AFP) - Singapore Airlines said yesterday it has stopped accepting lion bones for cargo after the carrier was singled out in a report for transporting the animal parts from South Africa.

No Mirror Business on Monday

There will be no Mirror Business on Monday (24) in view of the Poya Day. The next issue will be on 25th.  

Enterprise Sri Lanka loans top Rs.49bn

The Enterprise Sri Lanka subsidized loan scheme has already loaned over Rs.49.1 billion to individuals and institutions, Finance and Mass Media Ministry said yesterday.