UK industrial output jumps in January: official data

AFP: British industrial production rebounded sharply last month on the re-opening of a major North Sea pipeline, official data showed yesterday.

Markets steadied after Trump agrees Kim talks

AFP: European stock markets steadied yesterday following an Asian rally, with traders reacting to a shock decision by Donald Trump and Kim Jong Un to hold talks. Markets were tracking also the latest developments in US President Trump’s tariffs plans, while traders awaited key monthly US jobs data due yesterday.

Florida passes law blocking US state investment in Venezuela

AFP: Florida lawmakers on Thursday passed a law prohibiting the US state from investing in companies that have business ties with the Venezuelan government.  Citing the socialist government’s “use of extreme violence and political persecution,” the law will now appear before state governor Rick Scott, who has expressed backing for the measure in the past and is expected to sign the bill this week or next.

Rupee edges down on importer dollar demand

REUTERS:  The Sri Lankan rupee slipped yesterday as importer dollar demand surpassed the selling of the greenback by exporters and banks, and inward remittances, while communal violence in the central district of Kandy weighed on sentiment, dealers said. 

Thailand Week 2018 opens at BMICH

‘Thailand Week’ trade fair and business opportunity with Thailand opened yesterday at the BMICH. 

China can be more ‘courageous’ in opening: central banker

AFP: China's chief central banker said yesterday the country could be more "courageous" in opening its markets, as European and American firms push for greater access to the world's second largest economy.

Going places

Despite the politico hubby being under pressure to give up one of his portfolios, the better half undaunted was shopping around for a luxury car for their son-in-law. The wife had visited a car dealer in the city and settled down for Benz E type for twenty three million smackers. Someone had remarked that not so long ago the father-in-law was riding around in two wheels. Hmmmmm.

Vidullanka finally gets approval to set up second mini-hydro plant in Uganda

Vidullanka PLC has received the necessary regulatory approvals to construct their second mini-hydro plant in Uganda after a significant delay, and will be issuing shares worth Rs.75.3 million to Timex Garments (Pvt) Ltd to fully acquire Timex Bukinda Hydro (U) Limited.

February tourist arrivals up 19% with China upsurge

Tourism arrivals to Sri Lanka in 2018 continued to grow in double digits for the second consecutive month in February, with China reclaiming the top spot as the largest tourist sourcing country after a lapse of 18 months, according to data released by the Sri Lanka Tourism Development Authority.

NCC says unrest will take economy to a difficult situation

The National Chamber of Commerce (NCC) yesterday vehemently condemned the situation that has suddenly erupted in the country, sparked off by a minor incident that took place recently in the Central Province.

Rupee steady; violence hurts sentiment

REUTERS: The Sri Lankan rupee ended steady yesterday as importer dollar demand offset selling of the greenback by exporters even as communal violence in the central district of Kandy continued to weigh on sentiment, dealers said.

Increasing foreign interest will heat up competition in general insurance market: People’s Insurance

The general insurance industry in Sri Lanka is set to become even more competitive in the future with increasing foreign interest, according to the state-controlled People’s Insurance PLC.

First UNCTAD backed hi-tech policy work for developing nations unveiled in Colombo

Sri Lanka’s Department of Commerce created history as it jointly launched the first ever ‘Policymakers’ Session on Digitalisation of Trade and Industries’ series by UNCTAD for UNCTAD member countries yesterday in Colombo.

Kandy violence leads tourists to cancel visits

The religious and communal violence that erupted in Kandy could end up stymying the momentum built up in the tourism industry over the past three months, as signs are emerging that foreign tourists are cancelling their visits to Sri Lanka.

Colombo Dockyard sees no immediate recovery in shipbuilding industry

Sri Lanka’s largest shipbuilder, Colombo Dockyard PLC (DOCK), is not hopeful of a recovery in the shipbuilding market over the short and medium term and will continue to focus on building niche, high-tech ships as a coping strategy, until the demand for its popular offshore support vessels return to normalcy.

IFC and CSE ring the bell for gender equality

The International Finance Corporation (IFC), a member of the World Bank Group, yesterday partnered with the Colombo Stock Exchange (CSE) for the third consecutive year to ring the opening bell for trading to celebrate International Women’s Day 2018—a partnership that highlights how the private sector can spur women’s participation in the global economy and promote  sustainable development.

Tourism authorities on high alert

The tourism industry is working with the local authorities to ensure that the tourists visiting the Kandy area face minimal inconvenience, the state’s tourism office said.

Colombo Trust Finance to raise Rs.600mn to beef up capital

Colombo Trust Finance PLC yesterday announced plans to raise Rs.600 million via a rights issue subject to the approval of the Colombo Stock Exchange and shareholders. 

East West Properties to sell Weligama Bay Marriot to Singaporean firm

East West Properties PLC has signed a letter of intent to sell the entire stake it owns in its subsidiary, Weligama Hotel Properties Ltd, the property owners of recently opened Weligama Bay Marriot Resort & Spa, to Singapore’s HPL Hotels & Resorts Pte. Ltd. However, the stock market disclosure filed by the company yesterday did not give any indication of the possible sale price. 

Rupee falls on importer dollar demand; violence weighs

REUTERS: The Sri Lankan rupee ended weaker yesterday as importers bought dollars on fears that the local currency could depreciate further if communal violence in the central district of Kandy spreads to other areas, dealers said.

Economically empowering Sri Lankan women: One strategy does not fit all

More than half the working population in Sri Lanka consists of women. But out of the total working age population, the share of employed women is only 18 percent. At the same time, around 80 percent of the economically active women of Sri Lanka are from the rural sector. 

Why Sri Lanka’s financial services industry needs to be data-governed and data-driven?

The quality of data used in every business is more important in today’s global business landscape. Our world is changing at a rapid pace as organizations and societies are digitizing faster and moving online and mobile to conduct business. We have more people doing their day to day shopping from home via a smartphone and cutting unnecessary costs and saving time to get involve in many other 

Climate smart agriculture: Key to ensuring food security and rural livelihood

The Intergovernmental Panel on Climate Change (IPCC)’s report on “Climate Change 2014: Impacts, Adaptation, and Vulnerability” says: “Climate change without adaptation could potentially affect the farm livelihood and all aspects of food security including food access, utilization, and price stability.” This is arguably the best way to summarize the impacts of recent climatic situation in Sri Lanka. 

Laugfs bets on group restructuring to return to profitability

Laugfs Gas PLC is planning to return to the black within one financial year, following its corporate restructuring process, which would happen over the next three months, edged along by the new liquefied petroleum gas (LPG) terminal in Hambantota. 

Sri Lanka’s Chief FTA Negotiator says export market diversification key for long-term economic grow

On the invitation extended by the National Chamber of Exporters (NCE), K. J. Weerasinghe Advisor to the Ministry of Strategy Development an International Trade, and Chief Negotiator of the Government, related to the free trade agreements (FTA) with Singapore, India and China, addressed the Council of the National Chamber of Exporters (NCE) of Sri Lanka at its last meeting, to elucidate the important aspects of these FTAs, and particularly the FTA

We must identify our strengths when developing human resources: SLIIT VC

Sri Lanka Institute of Information Technology (SLIIT) Vice Chancellor Prof. Lalith Gamage.

Women-favoured policies, laws to entice them more to tourism jobs

Tourism is an industry that is filled with endless opportunities. For example, being an experienced hotelier can guide a person to be an entrepreneur – to move into their own ventures such as to have five-star venues, boutique hotels and many more.

Colombo Trust Finance to raise Rs.600mn to beef up capital

Colombo Trust Finance PLC yesterday announced plans to raise Rs.600 million via a rights issue subject to the approval of the Colombo Stock Exchange and shareholders. 

Central Bank says CIFL depositors will be paid up to Rs.600, 000

Depositors of failed Central Investments and Finance PLC (CIFL) will receive up to a maximum of Rs.600, 000 per depositor following the cancellation of the finance company’s license, the Central Bank said.

FD rates surge despite Central Bank saying seeing no hike in market interest rates

Sri Lanka’s third largest private bank, Sampath Bank PLC, yesterday raised its interest rates on 12-month fixed deposits by 100 basis points to 11.5 percent, just a day after the Central Bank insisted that there is no short-term upward trend in market interest rates.