Recognition for SL’s growing trade potential – an endorsement to govt.’s reform agenda: Malik

Sri Lanka’s recent recognition as one of the top 20 countries with highest trade growth potential by the international banking giant, Standard Chartered is a powerful global endorsement of the government’s ongoing trade and competitiveness reform agenda, Development Strategies and International Trade Minister Malik Samarawickrama sai

Stocks close at 7-week high; rupee strengthens

(Colombo) REUTERS: Sri Lankan shares closed at their highest level in seven weeks yesterday, led by a rally in banks and manufacturing stocks, while the rupee ended firmer. The benchmark stock index rose 0.28 percent to 5,880.40, the highest close since Sept. 3, 2019. This is the fourth straight session of positive close for the index, which has fallen 2.84 percent so far this year.

Finance company deposit rate ceiling raised as competition from banks intensifies

The Central Bank last week issued fresh directions to the licensed finance company sector by stipulating new guidelines on their deposits rates and rates offered when issuing debt instruments.

Contraband fags destroyed

Illegally imported cigarettes from China, worth Rs.74 million, were destroyed by the officers of Sri Lanka Customs’ Central Investigation Bureau (CIB), yesterday. The stock consisted of over 1.2 million sticks. The picture shows CIB Director General and Ceylon Tobacco CEO/MD Nedal Salem taking part in destroying the illicit cigarettes

Legal barrier to Access Tower 3, now car park likely

Access Engineering PLC plans to set up an eight-storey car park in the land plot adjoining Access Tower 1 and 2, after discovering the legal barriers to move ahead with the proposed Rs.8 billion Access Tower 3 office building.

Government cuts excise duty on smaller cigarettes

The government reduced the excise tax on the cigarettes measuring between 67mm-72mm by Rs.4.60 per stick, with effect from October 15, 2019.

Tea factory owners say facing continued pressure to cease operations

Sri Lanka’s tea factories are facing continued pressure to cease operations with 62 factories already being forced to shut down since 2018, driven by the dwindling tea prices and stagnant green leaf production, which is further exacerbated by the self-inflicted industry malpractices compromising the quality of Ceylon Tea. “As per the Colombo Tea Brokers Association data, there were 707 factories in operation in 2018. Out of which, approximately 6

Apparel exports boost bilateral trade between SL-Canada

The bilateral trade between Sri Lanka and Canada has risen 10 percent in 2018 from a year ago to US $ 436 million, according to the Commerce Department of Sri Lanka.

Stocks end flat; rupee strengthens

(Colombo) REUTERS: Sri Lankan shares closed flat yesterday, as gains in consumer staples were offset by losses in telecommunications shares, while investors also waited for policy manifestos of key presidential candidates. The rupee ended firmer.

National inflation in Sept. spikes to 5%

Sri Lanka’s countrywide headline inflation as measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) spiked to 5 percent in September, from 3.4 percent a month ago, amid price increases in both food and non-food items.

PA sounds alarm on growing discrepancy between tea auction and export prices

The Planters’ Association of Ceylon (PA) sounded a cautionary note with regard to the health and sustainability of the entire tea industry – including the Regional Plantation Companies (RPCs) and government and smallholder sectors at large – as tea and rubber prices at the Colombo auction continuously plummeted in 2019.

Farm Smart! Developing Sri Lanka’s agriculture sector in 4IR

Rapid population growth has put tremendous pressure on the world’s agricultural systems to provide safe and nutritious food to all. Unfortunately, productivity growth has been hampered by land and water resources degradation and climate change. The economic and social costs of such disruptive drivers imply that the food systems need to adapt and transform.

Sri Lanka removed from FATF’s ‘Grey List’

Sri Lanka has been removed from Paris-based Financial Action Task Force’s (FATF) ‘Grey List’ owing to the progress made by the island nation strengthening its anti-money laundering/combating financing for terrorism regime. The FATF, whose five-day p

Sri Lanka set to become outlier in slowing global economy: stockbroker

Colombo-based Softlogic Stockbrokers is bullish on Sri Lanka’s potential to become an outlier in a slowing global economy, moving up from the current depressed economic state following the conclusion of presidential election next month, irrespec

UNICEF urges presidential candidates to commit to tackling six critical issues faced by children

The United Nations Children’s Fund (UNICEF) in Sri Lanka last week requested Sri Lanka’s presidential candidates to fully commit to resolve six critical issues faced by the six million child population to prepare the country for future-oriented, knowledge-based economy.

High-profile German travel industry delegation arrives tomorrow

A high-ranking delegation of Germany’s tourism industry led by German Travel Association (DRV) President Norbert Fiebig will arrive in Sri Lanka tomorrow on the invitation of Tourism Minister John Amaratung

Hemas says seeing steady recovery after subdued 1Q

Diversified Hemas Holdings PLC has witnessed a steady recovery in its core business segments during the second quarter of 2019/2020 financial year, following subdued performance in the first quarter amid a general economic slowdown and adverse impacts of Easter Sunday attacks. “What we have seen througho

Britain going to leave EU by October 31

(London) REUTERS: Brexit will happen by October 31, British government minister Michael Gove said yesterday, despite lawmakers forcing Prime Minister Boris Johnson to send a letter on Saturday to the EU requesting a delay. Parliament thwarted Johnson’s

Accused fined Rs.400,000 for 5 smuggled cigarettes

A suspect pleaded guilty on Tuesday for the possession of five smuggled cigarettes and was fined Rs.400,000 by the Gampaha Magistrate. The case was handled by

Stocks end higher; rupee strengthens

Sri Lankan shares closed slightly higher yesterday, buoyed by telecom and diversified stocks. The rupee ended firmer. The benchmark stock index closed 0.06 percent higher at 5,863.48. The index gained 0.49 percent for the week, but has fallen 3.12 percent so far this year. Meanwhi

China’s Q3 Gross Domestic Product growth slows to 6%, slowest in 27 years

BEIJING (AFP) - China’s economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed yesterday. The Chinese economy grew 6.0 percent in July-September, compared with 6.2 percent in the second quarter, according to the National Bureau of Statistics (NBS). The reading - in line with

FIU strikes deal to obtain direct access to INTERPOL Information System

In terms of the provisions of the Financial Transactions Reporting Act (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into an agreement with INTERPOL National Central Bureau for Sri Lanka (NCB Colombo) recently at the Central Bank of Sri Lanka to obtain direct access to the INTERPOL Information System. Senior Deputy Inspector General of Police, Head of NCB Colombo, D. W. R. B. Seneviratne and D.M. Rupasinghe, Director, FIU si

Senaka Zenn to setup US$ 10.3 mn concrete electric poles manufacturing plant under BOI

The Board of Investment of Sri Lanka signed a supplementary agreement with M/s Senaka Zenn (Private) Limited to set up a project to manufacture pre-stressed spun concrete electrical poles, piles and railway sleepers with improved technology, for both local and export markets. The Initial investment made by the c

Apple boss Cook meets Chinese regulator after HK app criticism

BEIJING (AFP) - The CEO of Apple has met with the top market regulator in China, a statement said yesterday, a week after the tech giant faced heavy criticism over an app Beijing accused of supporting Hong Kong protesters. Apple removed HKmap.live from the

G7 says Libra should not launch until risks ‘adequately addressed’

WASHINGTON (AFP) - Facebook should not launch its global digital currency Libra until proper regulations are in place to handle the potential risks, the Group of Seven said Thursday. And France’s Economy Minister Bruno Le Maire warned that a currency like Libra could undermine sovereign nations’ control over their exchange rates.

Saudi Aramco to delay initial public offering: source

NEW YORK (AFP) - Saudi Aramco plans to push back its initial public offering, which had been expected to be launched next week, a person familiar with the situation said. The move could delay stock market trading of the

Longest non-stop flight to take off from New York to Sydney

SYDNEY (AFP) - A plane and its passengers are set to test the mental and physical limits of long-haul aviation when Qantas operates the first direct flight by a commercial airline from New York to Sydney.

Jaffna Int’l Airport opens

The first Alliance Air flight from Chennai, India, landed at the Jaffna International Airport (JIA), which was declared open yesterday. The picture shows the aircraft receiving cannon salute. Alliance Air is expected to operate three flights a week from Chennai to JIA from November.

Sri Lanka plans big for 6-month long Expo 2020 Dubai

Sri Lanka yesterday launched the official website announcing the country’s participation in the six-month long Expo 2020 Dubai, anticipating a major boost to exports, tourism and investments while looking to enhance the country’s brand value and image globally. The official website was launched by the Ambassador of UA

World Bank likely to cut global growth forecasts again

(Washington) REUTERS: World Bank President David Malpass said it is likely the development lender will downgrade its global growth outlook amid uncertainty over falling trade and investment flows, but he stopped short of calling on the United States and China to resolve their trade war. “As we look at the data today, w