Indian pepper growers concerned over Sri Lanka’s move to ease exports

Business Line: Indian domestic pepper growers have taken strong exception to the reported move by the Sri Lankan government to hold talks with India for relaxing the minimum import price (MIP) fixed for black pepper, which has led to the decline in exports from the island nation.

Sri Lanka’s largest brewer sees challenging year ahead with tourism slowdown

Sri Lanka’s largest brewer saw its earnings for the quarter ended June 30, 2019 (1Q20) rising modestly but Lion Brewery PLC (LION) expects a difficult financial year ahead, following the April 21 Easter Sunday attacks that dealt a paralysing blow to the country’s

Hayleys to raise Rs.3bn via listed debentures

Hayleys PLC is to raise up to Rs.3 billion via a listed debenture issue.

Minister blames govt.’s unscientific approach for plantation industry woes

Sri Lanka’s top executive’s lack of knowledge in modern agriculture led to ad hoc decision-making in the plantations sector, threatening an entire industry, which brings in significant foreign exchange to the country, a top minister asserted.

Singer 1Q hit by sluggish consumer demand, Easter bombings

The earnings at Sri Lanka’s leading white goods seller and lifestyle retailer, Singer Sri Lanka PLC, plunged during the June quarter (1Q20) amid sluggish consumer demand and Easter bombings, the interim financial accounts released to the Colombo Stock Exchange showed.

Sampath Bank 2Q hurt by higher loan loss provisions

Sampath Bank PLC’s profit fell as the provisions made for possible bad loans surged during the June quarter (2Q19) marked by anaemic growth in new loans amid widespread economic uncertainty exacerbated by the Easter attacks.

CTC says cigarette sales down 21.5% in June quarter

The sales at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), fell during the June quarter (2Q19) due to two Excise-led price increases in a span of eight months and Easter bombings in April, which slowed consumer spending and tourist arrivals to the country. The government increased Excise duty on legal cigarettes during August 2018 and March 2019.

Hemas eyes recovery after difficult first quarter

Diversified Hemas Holdings PLC reported depressed performance for the quarter ended June 1, 2019 (1Q20) amid the general slowdown in the country’s business and economic environment and Easter Sunday attacks on April 21.

Sri Lanka risks losing MCC grant if agreement signing delayed

Sri Lankan risks losing the US $ 480 million Millennium Challenge Corporation (MCC) grant, if the government fails to sign the Compact agreement within a month.

Thyssenkrupp puts units up for review due to cash drain

REUTERS: Struggling German conglomerate Thyssenkrupp, whose shares hit a fresh 16-year low yesterday, put three underperforming businesses under review last week, hoping this will ease pressure on the group’s cash flow.

Gold holds firm above US $ 1,500 on global growth worries

REUTERS: Gold rose yesterday, holding above the psychological US $ 1,500 level as investors’ demand for safe-haven bullion increased on concerns over the impact of the trade war between Washington and Beijing on global economic growth.

A family of tourists enjoying

A family of tourists enjoying a walk along the Kurunegala lake indicating that Sri Lanka’s tourism industry is recovering fast. The arrivals have picked up since May and crossed the 100,000 mark in July—first time since the Easter attacks on April 21. The tourism authorities target 150,000 arrivals this month, backed by the world-famous Esela Perahera in Kandy

Sri Lanka risks losing debt market access if future govt. policy changes

(Colombo) REUTERS: Sri Lanka could lose access to global debt markets if a new government shifts away from the country’s current fiscal policy that’s aimed at shoring up the economy and managing inflation, a Central Bank official

Sri Lanka slips 2 places in UNCTAD’s latest shipping connectivity index

Sri Lanka slips two positions in the United Nations Conference on Trade and Development’s (UNCTAD) 2019 Liner Shipping Connectivity Index (LSCI), to 20th position.

Huawei unveils own operating system to compete with Android

AFP: Chinese telecom giant Huawei has unveiled its own operating system, as it faces the threat of losing access to Android systems amid escalating US-China trade tensions.

Industrial activity accelerates in June

Sri Lanka’s industrial activity in the month of June rose 2.2 percent from a year earlier, as the production volumes of refined petroleum products, paper and paper products and furniture grew, the data released by the government statistics office showed. The Census and Statistics Department said the Index of Industrial Production rose to 107.3 points in June, from 105 points in June, last year.

Tourism industry begins to recover after attacks, election is next hurdle

(Colombo) REUTERS: Sri Lanka’s tourism industry, badly hurt by the Easter day bombings, is showing signs of gradual recovery, industry executives say, although a national election later this year is likely to weigh on

Rubexpo 2019

The international trade fair for rubber industry “Rubexpo” opened at the BMICH yesterday. Here Plantation Industries Minister Navin Dissanayake making inquiries at a stall.

Huawei launches own operating system to rival Android

DONGGUAN, China (AFP) - Chinese telecom giant Huawei unveiled its own operating system yesterday, as it faces the threat of losing access to Android systems amid escalating US-China trade tensions.

Trump flirts with currency war in escalating conflict with China

WASHINGTON (AFP) - President Donald Trump on Thursday took a step closer to sparking a currency war in the escalating conflict with China, saying he is not happy with the strong US dollar. Trump has pursued a policy

Govt., KOICA, WFP launch climate-resilient project

The Government of Sri Lanka, together with the United Nations World Food Programme (WFP) and Korea International Cooperation Agency (KOICA), yesterday launched a three-year, Rs. 1.06 billion (US$ 6 million) project to build resilience of communities against the impact of natural disasters. “This year Sri Lanka has been officially recognised as an upper middle income country, marking a new stage of prosperity and development for the country. Howe

Shares jump over 1% on banks, beverages; rupee inches higher after continuous fall

REUTERS - Sri Lankan shares rose over 1 percent yesterday, posting their seventh straight weekly gain, as investors bought beverage and banking stocks. The rupee ended slightly stronger as exporter dollar sales surpassed importer greenback demand. The benchmark stock inde

Asia markets reverse gains as trade war fears persist

HONG KONG (AFP) - Asian markets largely reversed early gains yesterday from a bargain-hunting push as investors remained cautious over the intensifying US-China trade war. Tokyo managed to hold on to its winnings as

Global economic uncertainty threatens oil demand: IEA

PARIS (AFP) - Concerns over the health of the global economy, marked by the US-China trade dispute, forced the International Energy Agency yesterday to lower its growth forecast for oil demand for 2019 and 2020. “There have been concerns about the

Brexit turmoil drives UK economy towards recession

LONDON (AFP) - Britain’s economy unexpectedly shrank in the second quarter of the year on Brexit turmoil, official data showed yesterday, placing the country on the verge of a recession. Gross domestic product (GDP) fell 0.2 percent in the April-June period, the first time the economy has contracted in almost seven years, the Office for National Statistics (ONS) said in a statement. The data, which was worse than market expectations for zero gro

Sri Lanka eyes 150, 000 tourists this month with Kandy Esala Perahera

Sri Lanka’s tourism authorities target 150,000 tourists this month, betting on the continual momentum of the sector’s recovery in the aftermath of Easter Sunday attacks. August is consid

Sri Lanka, a gem hidden among too much pessimism

The current global low interest rate environment, ongoing trade tensions and recession fears make Sri Lanka a brighter spot on global investors’ radar, particularly with the attractive valuations offered by the country’s stock market and its negative correlation with the U.S. equities. According to investm

Hayleys 1Q hurt by higher finance costs, Easter attacks

Losses at diversified conglomerate Hayleys PLC surged during the quarter ended June 30, 2019 (1Q20), as gains made at the group’s top line level were eaten by the group’s expanding finance costs, the interim financial accounts released to the Colombo Stock Exchange showed. The group

CTC announces appointment of new Chairman

Ceylon Tobacco PLC (CTC) yesterday announced the appointment of a new Chairman to its board. Accordingly, William Francis Pegel has been appointed as CTC Chairman, represent

Easter attacks overshadow Aitken Spence 1Q earnings

Diversified conglomerate Aitken Spence PLC, one of the leading resort hotel operators in the country saw its earnings for the June quarter (1Q20) impacted by the Easter Sunday attacks. Easter Sunday attacks, which target