SEAsia leaders to push for progress on China-backed trade pact

BANGKOK (AFP) - Southeast Asian leaders will race to get a sprawling China-backed trade pact over the line at a regional meeting in Thailand this weekend, as Beijing’s bruising trade war with Washington rumbles on. If signed, the Regiona

Asian markets mostly up but trade concerns cast shadow

HONG KONG (AFP) - Most Asian markets rose yesterday as traders overcame early jitters about the China-US trade talks that were fuelled by a report saying Beijing officials had raised doubts about the chances of a long-term deal. Investors were also spooked by a speech by Secretary of State Mike Pompeo, in which he called China ‘truly hostile’ to the US, leading Beijing to accuse the White House of “viciously” attacking it.

UK defends Brexit deal after Trump trade warning

LONDON (AFP) - British Prime Minister Boris Johnson’s office has defended his Brexit deal with the EU, after US President Donald Trump warned it would make it impossible for the two nations to strike a future trade agreement. The president, whose impeachment in the US has moved a stage closer following a key vote in Congress, waded into the British election campaign on Thursday to criticise Johnson’s divorce terms with the European bloc. “This

HSBC eyes even bigger slice of SL’s trade finance pie

Sri Lanka’s largest international bank, HSBC Sri Lanka, yesterday said it financed over 80, 000 trade transactions to the tune of US$ 2.3 billion, last year, and is investing to transform the country’s trade finance landscape by digitizing it.

WTM London 2019 unveils Sri Lanka as Premier Partner

Sri Lankan Tourism Promotion Bureau (SLTPB) will be the Premier Partner at WTM London 2019 as the island’s tourism industry continues its resolute recovery following April 21 terror attacks.

Lankan universities urged to adopt sustainable funding model to be competitive

Unless Sri Lanka’s universities move away from the conventional State funding system to a sustainable financing model opening up to competition, the country’s higher education is doomed to fail, according to the head of University Grants Commission (UGC).

Govt. to seek Parliamentary approval to sign agreement with MCC

The government is to seek parliamentary approval to enact the US $480 million Millennium Challenge Corporation (MCC) Compact agreement and the Programme Implementation Agreement, which were drafted with the consent of theAttorney General, according to the Finance Ministry.

Overseas Realty 3Q net up on higher rental income, apartment sales

Overseas Realty Ceylon PLC reported higher revenues and profits for the three months ended September 30, 2019 (3Q19) amid healthy rental incomes from World Trade Centre (WTC), Colombo, and the revenues recognized on account of the sales of apartments from its Havelock City Phase 4 towers.

Saudi’s new tourism industry faces huge training challenge

(Riyadh) AFP: Saudi Arabia has opened its doors to tourists, but faces huge challenges to train an estimated one million staff needed to operate the sector, according to the head of one forthcoming mega-project.

Shares post over 13-week closing high; rupee firmer

REUTERS: Sri Lankan shares rose yesterday to close at their highest in more than 13 weeks as investors took positions two weeks ahead of presidential polls, analysts said.

Tax anomaly needs immediate correction for greater benefit of public, company: HNBA CEO

Following is an interview with HNB Assurance PLC (HNBA) CEO Deepthi Lokuarachchi, which is part of an interview series of S&P SL20 companies conducted by the Colombo Stock Exchange in partnership with Mirror Business.

‘BOC Digi’ opens at Marino Mall Colombo 3

Bank of Ceylon’s state-of-the-art ‘BOC Digi Centre’ opens its fourth outlet at the mega shopping complex Marino Mall Colombo 3.

Vallibel Finance 2Q earnings up 10%

Leading licensed finance company, Vallibel Finance PLC, saw its earnings for the September quarter (2Q20) improving to 10.4 percent year-on-year (YoY) to Rs.285.9 million amid the challenging operating environment that is prevailing in the country.

Cargills Bank shines with 3 awards at LankaPay Technovation Awards 2019

Cargills Bank won three awards for the second year in succession at the recent LankaPay Technovation Awards 2019.

HSBC eyes even bigger slice of SL’s trade finance pie

Sri Lanka’s largest international bank, HSBC Sri Lanka, yesterday said it financed over 80, 000 trade transactions to the tune of US$ 2.3 billion, last year, and is investing to transform the country’s trade finance landscape by digitizing it. “Over the last twelve mo

Overseas Realty 3Q net up on higher rental income, apartment sales

Overseas Realty Ceylon PLC reported higher revenues and profits for the three months ended September 30, 2019 (3Q19) amid healthy rental incomes from World Trade Center (WTC), Colombo, and the revenues recognized on account of the sales of apartments from its Havelock City Phase 4 towers.

Teejay Lanka Sept. profits surge 84%

Leading textile maker, Teejay Lanka PLC, with manufacturing plants in Sri Lanka and India, saw its September quarter (2Q20) profits soaring, supported by efficiency improvements, strong order book and stable cotton prices. The earnings for the period under review rose 84 percent year-on-year (YoY) to Rs.783.1 million, on a revenue of Rs.9.3 billion, up 22 percent.

Lankan universities urged to adopt sustainable funding model to be competitive

Unless Sri Lanka’s universities move away from the conventional State funding system to a sustainable financing model opening up to competition, the country’s higher education is doomed to fail, according to the head of University Grants Commission (UGC). “UGC st

WTM London 2019 unveils Sri Lanka as Premier Partner

Sri Lankan Tourism Promotion Bureau (SLTPB) will be the Premier Partner at WTM London 2019 as the island’s tourism industry continues its resolute recovery following April 21 terror attacks. According to SLTPB, the high-profile partnership will ensure global coverage for the island nation. Sri Lankan cric

Govt. to seek Parliamentary approval to sign agreement with MCC

The government is to seek parliamentary approval to enact the US $480 million Millennium Challenge Corporation (MCC) Compact agreement and the Programme Implementation Agreement, which were drafted with the consent of theAttorney General, according to the Finance Ministry. “The Compact Agre

Shares post over 13-week closing high; rupee firmer

REUTERS:  Sri Lankan shares rose yesterday to close at their highest in more than 13 weeks as investors took positions two weeks ahead of presidential polls, analysts said. Sajith Premadasa, the Housing Minister and one of the two presidential front-runners, announced his election manifesto, which is seen by analysts as a ‘broader policy framework’. His close rival Gotabaya Rajapaksa has pledged a tax overhaul that would reduce tax to 8 percent f

FinMin says can amend MCC projects even after agreement signing

The Sri Lankan government will retain the option to amend the identified projects in the US $ 480 million Millennium Challenge Corporation (MCC) Compact even after the signing of the agreement, the Finance Ministry said.

Laugfs mulls 2nd phase of LPG transhipment terminal at H’tota to support overseas expansions

Laugfs LPG terminal, a subsidiary of Laugfs Gas PLC, may begin the construction of the second stage of its state-of-the-art LPG transhipment terminal at the Hambantota Port by next April, increasing the capacity of the terminal by further 15,000 MT to support the firm’s aggressive expansion plans into Myanmar and Kenya.

Teejay Lanka Sept. profits surge 84%

Leading textile maker, Teejay Lanka PLC, with manufacturing plants in Sri Lanka and India, saw its September quarter (2Q20) profits soaring, supported by efficiency improvements, strong order book and stable cotton prices.

Ceylon Cold Stores Sept. profits up 45%

Ceylon Cold Stores PLC (CCS) saw its September quarter (2Q20) earnings improving 45 percent year-on-year (YoY) to Rs.277.9 million, mainly supported by the group’s manufacturing business segment.

Seylan Bank Sept. earnings flat

Seylan Bank PLC, with an asset base of Rs.489.5 billion, reported a subdued performance for the September quarter (3Q19) amid a sharp rise in the provisions made against the possible bad loans, the interim accounts released to the Colombo bourse showed.

Shares slip from 13-week closing high; rupee weaker

(Colombo) REUTERS: Sri Lankan shares slipped yesterday after nine straight sessions of gains to a 13-week closing high, while the rupee closed slightly weaker.

Laugfs Gas says adequate LPG supplies secured

Laugfs Gas PLC, Sri Lanka’s only private sector LPG supplier, yesterday said it has secured adequate LPG supplies for the next four months, after experiencing a shortage due to the drone attack at the Saudi Aramco oil processing facilities in Abqaiq and Khurais, in eastern Saudi Arabia.

Misconception of tea auction and export prices

The sustainability of Ceylon Tea or Sri Lanka tea industry depends on how efficiently and effectively it can adapt to match the changing global consumer preferences and consumption patterns.

Getting priorities right for Sri Lanka post 2020

Indonesian President Jokowi, who was re-elected for a second term, has made start-up founder Nadiem Makarim the country’s Education Minister. The minister was quick to say that Indonesia thrives on talent and if Indonesia is to produce more high-quality talent, the country’s educational system is going to have to undergo a transformation just like the one that began on the streets of Jakarta in 2010.