Apparel export earnings hit record US$ 5.3bn mark

Sri Lanka earned record US$ 5.3 billion with a 5.1 percent year-on-year (YoY) increase in apparel export earnings for 2019 despite slight decline in export earrings in December, according to Joint Apparel Association Forum (JAAF) data.

First 2020 monetary policy review on January 30

The first monetary policy review of 2020 will be announced on January 30 at 7.30 a.m., the Central Bank said yesterday.

IFAC President in town

Signaling a fresh boost to the ties enjoyed between the global organisation for the accountancy profession and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the incumbent President of the International Federation of Accountants (IFAC), Dr. In-Ki Joo arrived in Sri Lanka, on a two-day official visit following an invitation extended to him by CA Sri Lanka. 

Cabinet approves amendments to IRA to incorporate tax cuts

Sri Lanka’s Cabinet of Ministers has approved the proposed amendments to the Inland Revenue Act (IRA) presented by Prime Minister and Finance Minister Mahinda Rajapaksa to give effect to the tax cuts announced in November.

Uber sells Indian Eats business to Zomato in move to cut losses

(Bengaluru) REUTERSS: Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99 percent stake in the startup backed by China’s Ant Financial.

Forensic audits into Treasury bonds cost Rs.275mn: CB

The Central Bank said yesterday five forensic audits, which have already been completed, into Treasury bond issuances, cost approximately Rs.275 million, contrary to certain media reports.

Tentative stabilisation, sluggish recovery?

In the October World Economic Outlook, we described the global economy as in a synchronised slowdown, with escalating downside risks that could further derail growth. Since then, some risks have partially receded with the announcement of a US-China Phase I trade deal and lower likelihood of a no-deal Brexit. Monetary policy has continued to support growth and buoyant financial conditions. With these developments, there are now tentative signs tha

US-Iran stand off could hurt South Asia

The killing of the second most powerful leader in Iran by the US military a few days back immediately resulted in investors fleeing away from the volatile assets and also helped to destabilise the region once again.

Edex Expo 2020 Kandy leg to commence on 24th Jan ’20, after a successful event in Colombo

’’EDEX Expo 2020, the pioneering and largest higher education exhibition and Job Fair, concluded vibrantly at BMICH this weekend, drawing over 15,000 footfall during three days from Friday to Sunday. It was declared open by His Excellency Eric Lavertu, the Embassador of France, to Sri Lanka and Maldives.

Stockbrokers seek government support to revive bourse

The Colombo Stock Brokers Association (CSBA) has requested the government to immediately intervene to revive the activities at the Colombo Stock Exchange (CSE).

SME debt relief credit negative for banks, sovereign: Moody’s

The one-year debt moratorium announced by the government for the small and medium-sized enterprises (SMEs) is credit negative for the Sri Lankan banks and sovereign as it would undermine the banks’ asset quality and may not support the country’s overall economic growth, according to Moody’s Investors Service.

RPCs told to submit proposals to facilitate wage hike

The Regional Plantation Companies (RPCs) have agreed to consider favourably and to submit their proposals to implement the government’s decision to increase the minimum daily wage of plantation workers to Rs.1,000, with effect from March 1, somewhat backing down from their earlier position to oppose the wage hike.

New Chairman assumes duties at AASL

Upul Dharmadasa has assumed duties as the seventh Chairman of the Civil Aviation Authority of Sri Lanka (AASL).

Tax reversal lifts Tea Smallholder Factories’ 3Q

Tea Smallholder Factories PLC managed to return to profits in the quarter ended December 31, 2019, due to the one-off tax reversal but the operating results of the firm were in the red.

SMEs urged to apply for credit support scheme before 31st

The Finance Ministry yesterday urged the struggling small and medium-sized enterprises (SMEs) to contact their respective banks before 31st of this month to gain access to the announced loan moratorium under the government’s credit support programme.

IMF trims global growth estimates 2020-21 but sees improving outlook

Improving US-China trade tensions have eased uncertainty and the world economy may have hit bottom but a sharp slowdown in India is creating a drag worldwide, the International Monetary Fund (IMF) said yesterday.

MTI releases business review of 2019 and outlook for 2020

For the ninth consecutive year, MTI Consulting (via its Corporate Finance practice), in partnership with Daily FT, Daily Mirror and Sunday Times, has concluded the MTI CEO Business Outlook Study, collectively outlining the Sri Lankan business community’s perception for the state of business in 2020.

Plantation firms to hold crucial talks on wage hike today

Top officials of the Planters’ Association (PA) of Ceylon are scheduled to hold a crucial round of discussions with Plantation Industries and Export Agriculture Minister Dr. Ramesh Pathirana today on the government’s decision to increase the minimum daily wage of plantation labourers to Rs.1, 000, with effect from March 1.

Wages could grow from January as economy starts humming amid benign inflation, says ICRA Lanka

Growth in wages is largely expected to keep pace in 2020 begining January, supported by the re-invigorated economy from expected high private sector credit and benign prices, opined ICRA Lanka.

First Capital Treasuries to raise Rs.750mn via listed debt

Primary dealer, First Capital Treasuries PLC, is to raise Rs.750 million via a listed debenture issue.

EU assures Sri Lanka GSP Plus till 2023

The European Union has assured the GSP Plus tariff concession for Sri Lanka till 2023, according to a media communiqué by the Industrial Export, Investment Promotion, Tourism and Aviation Ministry.

Trade deficit narrows in Nov.; exports down marginally

Sri Lanka’s trade deficit narrowed in November supported by lower import of vehicle and fuel imports, although export earnings declined marginally, the external trade data released by the Central Bank showed.

Keels Food Products 3Q profit under pressure, top-line intact

Keells Food Products PLC (KFP) recorded higher top line but weaker profits for the quarter ended December 31, 2019, reflecting some lingering problems faced by one of the largest processed food markers in the country.

Service sector activities reach 24- month high in Dec.

Sri Lanka’s service sector activities reached a 24-month high in December driven by acceleration of activities in peak tourism and festive season while manufacturing activities expanded at a slower pace, according to Central Bank’s SL Purchasing Managers’ Index (PMI).

Pan Asia Bank to raise Rs.1.25bn via debenture issue

Pan Asia Banking Corporation PLC has announced plans to raise up to Rs.1.25 billion through a Basel III compliant unlisted debenture issue.

Tim Cook – Genius CEO who took Apple to next level

Timothy Donald Cook was born in Alabama, United States, on November 1, 1960. He earned a Bachelor of Science in industrial engineering from Auburn University, in 1982. His Master of Business Administration was from Duke University.

Sri Lankan sustainable oil palm producers to target growing opportunities in first half

International market conditions are anticipated to generate extremely lucrative opportunities for Sri Lanka’s sustainable oil producers through the first half of 2020 (1H2020).

Auto tariff threat not mentioned in US talks: EU Commissioner

WASHINGTON (AFP) - US threats to put tariffs on European autos did not come up during talks this week with American trade officials in Washington, EU Trade Commissioner Phil Hogan said Thursday. Hogan’s remarks came hours after Germany’s defense minister confirmed a media report that Washington had threatened 25 percent duties on autos, demanding that three EU nations increase pressure on Iran.

Buoyant mood, upbeat data help lift most Asia stocks

Asian equities mostly rose yesterday as investors, still buoyed by the China-US trade deal, turned their focus to earnings season and the global outlook, while they were also cheered by data indicating China’s ec

Chinese economic growth hits three-decade low

BEIJING (AFP) - China’s economy grew last year at its slowest pace in three decades, hit by weak domestic demand and trade tensions, but while officials warned of further headwinds, separate figures yesterday suggest the downward trend is bottoming out. The 6.1 percent rate is a sharp drop f