Guardian Capital terminates JV agreement with foreign party due to ‘unfavourable investment’ climate

Guardian Capital Partners PLC (WAPO), a unit of the Carson Cumberbatch group, on Tuesday said it is terminating a joint venture (JV) agreement it had entered into with a foreign party due to the “current economic conditions and unfavourable investment environment” in the country. 

Central Bank extends suspension on Pan Asia Bank’s primary dealer

The Monetary Board of the Central Bank yesterday said it has decided to extend the suspension of business and activities of the primary dealer operations of Pan Asia Banking Corporation PLC (PABC) for a period of six months, with effect from today.

Trade union strikes causing a stroke in economy

Sri Lanka has been a country repeatedly hit by trade union strikes and street protests for past few years. Labor is one of the key factors that drive economic growth, in addition to capital. There are more labour-intensive industries than capital-intensive industries in Sri Lanka. Hence, the country cannot bear any kind of shock in its workforce.

Waiting in hope

The former foreign ministering type is livid with his party that he has not been given the portfolio back despite many promises by the green leader and the presiding type. The man, who is well known as a mover, is getting ready to make his next move to rock the system before the next hustings. 

Tourism digital marketing campaign in Europe to be launched this month

Sri Lanka will launch the long-delayed six-month digital marketing campaign in top source markets in Europe—the United Kingdom, Germany and France—from end of August, after the Cabinet of Ministers on Tuesday approved the Cabinet paper presented by Tourism and Christian Religious Affairs Minister John Amaratunga, to award the contracts to the selected marketing agencies. 

Silent diminishing and demise of wildlife species in Sri Lanka

Having decided a few years ago to make my permanent home in the remote village of Samagipura in the Anuradhapura District, I have been reawakened too much. The intention to seek village life and roots of my ancestors has been rewarded in many ways. Shedding trivia of city social life has led to among other things great contentment with all around and life itself.

Delayed payments

A state-owned entity in the communications set up has mismanaged its finances to such a level that the entity has started to delay payments to its creditors. No creditor wants to take on the institution, given the size of its reach and the power the people on the board wield at the top. Hmm…

Poor policy coordination blamed for agri sector poverty

The poor coordination of agricultural policies among government agencies, disharmony between agricultural and trade policies and the lack of congruence between agricultural and other national policies and goals, have become major roadblocks to uplift the general living standards of Sri Lanka’s farming community. Addressing a joint se

SLTDA relaunches Sri Lanka Tourism Awards

The Sri Lanka Tourism Development Authority (SLTDA) Monday announced the relaunch of the annual Sri Lanka Tourism Awards, which is scheduled to be held on December 6, following a six-year hiatus.

Rupee hits near-record low on Indian currency weakness

(Colombo) REUTERS: The Sri Lankan rupee hit a near-record low yesterday on weakness in emerging-market currencies including the Indian rupee, and importer dollar demand, dealers said.

Excise duty reforms on beer has made everybody a winner, says Lion Brewery

The excise duty reforms on beer in November last year have delivered social and financial returns to all stakeholders, Sri Lanka’s largest brewery, Lion Brewery (Ceylon) PLC (LION) said releasing its first quarter results for the 2018/19 financial year.

Election goodies-driven demand to fuel bank credit next year: report

Sri Lanka’s banks will see a rebound in private sector credit triggered by the acceleration in consumption towards mid-2019, as the election minded-government is likely to loosen its grip on the tight spending and offer fiscal handouts to buy votes. 

Rupee erases early losses to end flat

(Colombo) REUTERS: The Sri Lankan rupee hit a near-record low yesterday as weakness in emerging market currencies weighed, but later recovered to end the day flat, dealers said.

Chevron Lubricants sees pickup in sales in 2Q

Chevron Lubricants Lanka PLC saw a growth in the company’s sales during its most recent financial quarter ended on June 30, 2018 (2Q18), ending a long losing streak in its quarterly revenues and made an operating profit, compared to what it posted a year ago. 

SLT opts for private placement to comply with public free float rules

The director board of Sri Lanka Telecom PLC (SLT) has resolved to go for a private placement of shares to meet the minimum public free float requirement as per the Colombo Stock Exchange Listing Rules.

Free-trade pacts hamper India’s efforts to curb China textile imports

(Mumbai) REUTERS: China is exporting textiles to India through Bangladesh to get around a tax increase on imports, undermining New Delhi’s efforts to support local manufacturers, industry sources said.

What kinky neoliberals they are: Reply to Advocata

Avocado’s analysis (‘What kind of liberals are these?’ –June 29) inspired retort from “Fellows of the Advocata Institute” (“The kind of ‘liberals’ we are”, July 24). These Fellows accuse us of “casting aspersions on their motives”. 

Sri Lanka Tourism Awards relaunched

The Sri Lanka Tourism Development Authority yesterday announced the relaunch of the annual Sri Lanka Tourism Awards, which is scheduled to be held on December 6, following a six-year hiatus.

In search of an alternative economic development model

By One of the objectives of the open economic policy as articulated by President J.R. Jayewardene in 1977 was to have an export-led growth strategy and to accelerate international trade and investments. This would enable the country to eventually have a positive trade balance (exports to exceed imports) and a surplus in the current account of the balance of payments.

Over-leveraged but not worried, says Hayleys

Sri Lankan multinational Hayleys PLC, which accounts for 3.3 percent of the country’s export earnings and has business interests spanning over 16 sectors, says it is “not worried” about the debt pile it

Aitken Spence 1Q hampered by poor power and tourism sector performance

Weak sales and profits from the key power generation and tourism businesses hit Aitken Spence PLC performance as the Sri Lankan corporate monolith with interests in to wider business

Central Bank makes SLTDA license a pre-requisite for tourism related loans

The Central Bank has directed all finance companies in the country to consider the Sri Lanka Tourism Development Authority’s (SLTDA) license as a pre-requisite for granting loans to any tourism related business.

President appoints experts to study FTA with Singapore

President Maithripala Sirisena last week appointed a committee of experts to study the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) and submit a report.  The President’s 

SLT June net up 58% amid strong top line performance

The State-controlled telecommunication behemoth, Sri Lanka Telecom PLC (SLT) reported strong growth during quarter ended June 30, 2018 (2Q18), as the group witnessed pick up in revenues in its fixed telephony and data operations.

Asia markets sink at end of upbeat week, lira battered

HONG KONG (AFP) - Asian markets fell yesterday after a broadly positive week as traders await the latest developments in the China-US trade row, while the Turkish lira briefly dived 12 percent to fr

Troubled UK retailer House of Fraser snapped up by sports chain

LONDON (AFP) - House of Fraser, the Chinese-owned UK department store chain, entered administration yesterday only to be swiftly snapped up by retailer Sports Direct for £90 million (US$115 million, 100 million euros).

UK economy gathers speed, outpaces eurozone

LONDON (AFP) - Britain’s economy picked up speed to outpace the eurozone in the second quarter despite mounting concerns over Brexit, official data showed yesterday, helped partly by sunny weather and the World Cup football tournament.

Achchuveli Industrial Zone phase-II planned at Rs.100mn: Minister

Marching ahead with plans to industrialise the Northern Province, Industry and Commerce Minister Rishad Bathiudeen said the next phase of the development of Achchuveli Industrial Zone is plan

IEA says calm in oil markets could be short-lived

(Moscow) REUTERS: Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S. sanctions are poised to slash supplies of Iranian oil, the Inte

Rupee skids in line with other emerging-market currencies

(Colombo) REUTERS: The Sri Lankan rupee edged down yesterday, in line with other emerging-market currencies, mainly due to global concerns, dealers said. The rupee, which hit an intraday low of 160.10 per dollar, ended at 160.00/10, compared with Thursday’s close of 159.95/160.10. It hit a record low of 160.17 on June 20 and has declined 4.2 percent so far this year.