Higher latex prices, plantations hamper Dipped Products 1Q

Hayleys group rubber glove maker Dipped Products PLC (DPL) saw its June quarter (1Q20) earnings impacted by increases in latex prices and subpar performance of its plantations cluster, the interim accounts released to the Colombo Stock Exchange showed.

Telecom regulator mulls cutting termination rates

The Telecommunications and Regulatory Commission of Sri Lanka (TRCSL) has recently floated a White Paper on the telecom sector termination rate regime—which was introduced in 2010 to ex

Tata’s Rs.10bn mixed development project likely to begin construction next year

Tata Housing Development Company, the real-estate arm of India’s Tata Group and a wholly-owned subsidiary of Tata Sons, plans to commence construction of its proposed mixed development project, Colombo Square, next year following the completion of resettlement project last week. With a delay of over one year, the Rs.7 billion resettlement project, Metro Homes, was completed last week and was handed over to the residents. Tata Housin

Siyapatha Finance successfully raises Rs.1.5bn in debt

Siyapatha Finance PLC, a subsidiary of Sampath Bank PLC, has successfully raised Rs.1.5 billion through a listed debenture issue. The rated, unsecured subordinated, five-year debenture issue had an initial tranche of Rs.1 billion initially with an option to raise up to further Rs.500 million, in the event the initial tranche was oversubscribed.

Shares end at 1-week low; rupee weaker

(Colombo) REUTERS: Sri Lankan shares recovered from an intraday fall of over 1 percent to close flat yesterday, while the rupee ended weaker due to importer dollar demand. The country’s benchmark sto

Asia markets slump on Donald Trump’s tariff worries

HONG KONG (AFP) - Asian markets fell sharply yesterday as US President Donald Trump’s decision to slap new tariffs on China ratcheted up investor fears over the trade war between the world’s top two economies. The losses in Asia followed a broad-based sell-off on Wall Street, where the Dow finished 1.1 percent lower on Thursday, losing more than 400 points following Trump’s announcement that Washington would impose 10 per

China vows to strike back at US tariffs threat

BEIJING (AFP) - The trade war between the United States and China escalated yesterday as Beijing threatened to unleash “counter measures” against US plans to impose tariffs on US$300 billion in Chinese goods. President Donald T

EU tells France to recover 8.5 mn euros illegal aid from Ryanair

BRUSSELS (Reuters) - EU competition regulators yesterday ordered France to recover 8.5 million euros (7.75 million pounds) in illegal aid granted to Ryanair at Montpellier airport because it gave the Irish low-cost carrier an unfair advantage.

Climate battle will ‘succeed or fail’ in Asia: UN

TOKYO (AFP) - The battle to combat climate change will “succeed or fail” based on what happens in Asia, where growing energy needs are increasing demand for fossil fuels, UN officials said yesterday.

Profood Propack and Agbiz trade exhibition kicks off

Kicking off for the 18th consecutive year, the highly anticipated Profood Propack and Agbiz 2019 trade exhibition opened its doors to the public yesterday and will go on till August 4 from 10:00 a.m. to 8:00 p.m.

EU states begin voting to break deadlock on IMF pick

PARIS (AFP) - EU governments began voting yesterday on their candidate to lead the International Monetary Fund (IMF), France’s finance ministry said, an unusual move that underscores lingering mistrust between nort

S. Korea’s Moon condemns Japan’s ‘reckless’ trade decision

SEOUL (AFP) - South Korean President Moon Jae-in yesterday condemned Japan’s decision to remove his country from a ‘white list’ of favoured trading partners, calling it a ‘very reckless’ move and threatening unspecified countermeasures. Tokyo’s move is a “selfish, destruct

Funds sought to improve border control measures

The Immigration and Emigration Department is seeking funds from the Treasury to set up a deep risk analysis, targeting, tracking and operational centre to enhance measures to counter terrorist entering the country.

Rishad slams Ceylon Chamber for keeping mum on Muslim business boycott

Sri Lankan business chambers have failed to stand with Muslim-owned small and medium-sized enterprises at their darkest hour, a leading Muslim politician in the country said yesterday. “It was very sad for me to see the silence of the Chamber of Commerce as the backlash on Muslim-owned businesses raged,” said Minister of Industry and Commerce Rishad Bathiudeen on July 30

Union Assurance’s Dirk tenders resignation

Union Assurance PLC (UAL) said yesterday its Executive Director/CEO Dirk Pereira tendered three months notice of his resignation from his post.

US Fed cuts key rate to ‘insure’ against global uncertainties

(Washington) AFP: The US Federal Reserve, under intense pressure from Donald Trump to stimulate the economy, produced on Wednesday the first interest rate cut in more than a decade but struggled to justify the move or explain where it goes next. The move to ease the cost of borrowing

CB urges adherence to adequate safety measures when making e-payments

The Payments and Settlements Department of the Central Bank yesterday urged people to register for real-time SMS alerts and obtain EMV chip-based payments cards to prevent fraudulent electronic transaction.

Shares end near one week low on selling in banks

(Colombo) REUTERS: Sri Lankan shares fell for a third straight session yesterday to near one-week low, dragged down by banking and diversified shares, while the rupee ended weaker due to importer dollar demand.

Are Sri Lanka’s economic policies targeted at addressing root cause of all problems?

One of the most common complaints of businesses/entrepreneurs in Sri Lanka is policy inconsistency and ad hoc policy changes. From the changes in taxes to changes in interest rates, Sri Lankan businesses are often faced with challenging conditions.

A Fed interest rate cut is in the bag. What then?

(San Francisco) REUTERS: U.S. central bankers are expected to lower borrowing costs this week for the first time since the depths of the financial crisis more than a decade ago. That’s the easy part.

MCC grant will assist SL to address constraints to growth: US envoy

The United States plans to become an equal partner to Sri Lanka from a donor by assisting the island nation to address the binding constraints to economic growth through Millennium Challenge Corporation’s (MCC) US $ 480 million grant.

Free-visa scheme aimed at tourism recovery goes live

The proposed free-visa scheme for 48 countries comes into effect from today for the next six months, aiming to speed up the recovery of the Sri Lanka tourism industry in the aftermath of the Easter Sunday attacks.

Sri Lanka’s anti-corruption agency to introduce sweeping legislation to curb graft

Sri Lanka’s anti-corruption authority is to introduce sweeping legislations to expand its scope to curb corruption stemming from the private sector, while holding public officials, including politicians, more accountable.

Sri Lanka’s first automobile manufacturing plant to begin operations this month

Come August, Sri Lanka will finally see the establishment of an automobile manufacturing plant as Indian multinational car manufacturing corporation Mahindra & Mahindra Ltd is set to inaugurate the complex, which will up the island nation’s scope for value addition.

Cabinet ministers with biz interests key obstacle for clean govt.: Eran

The Cabinet ministers with vested business interests should relinquish their interests or step down in order to create a clean government, asserted Finance State Minister Eran Wickramaratne, at a recent anti-graft forum in Colombo.

Inflation declines to 3.3% in July

Inflation measured by the Colombo Consumer Price Index (CCPI) fell to 3.3 percent in July on a year-on-year (YoY) basis, decelerating from 3.8 percent recorded for the month of June, the Census and Statistics Department said.

BOC begins 80th anniversary celebrations

Sri Lanka’s largest bank, Bank of Ceylon (BOC), yesterday commenced 80th anniversary celebrations of the bank at the BMICH under the patronage of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. The picture shows BOC Chairman Ronald C. Perera handing over a special publication printed to mark the 80th anniversary of the bank to President Sirisena. Also in the picture are Prime Minister Wickremesinghe and BOC General Manager

Exporters blame political leadership for failing to unlock SL’s growth potential

Exporters this week blamed the country’s political leadership for failing to unlock the growth potential in the post-war Sri Lanka while driving the country on path to increased corruption. “The political leadership has failed to lead this country to where we should be, but instead further marred the reputation of our beautiful island by being corrupt, none transparent and none-accountable, either through means of a dictatorial leadership or a

Seylan Bank earnings down in 2Q; records modest loan growth

Seylan Bank PLC saw its June quarter (2Q19) earnings hit by flat net interest income and impact stemming from Debt Repayment Levy, the interim accounts released by the bank to the Colombo Stock Exchange showed. The banking group record

Jinadasa Group exits logistics industry with sale of Califolink

Califolink Logistics (CLL), the logistics arm of the Jinadasa Group was recently acquired for an undisclosed sum by Ceyline Holdings, a Jinadasa Group statement said. The integrated logistics company, which has a strong presence in Sri Lanka, has been a reliable partner to many prominent local export businesses in the apparel, FMCG and automobile space over the past 10 years.