Import of Johnson & Johnson Baby Powder halted

COLOMBO (Reuters) - Sri Lanka has halted imports of Johnson & Johnson Baby Powder until the company proves its product is free from cancer-causing asbestos, two government officials and the product›s local distributor told Reuters.

Sri Lanka’s largest poultry producer warns of weaker demand;fallout from Sena

Ceylon Grain Elevators PLC, Sri Lanka’s largest poultry sector operator and the producer of ‘Prima Chicken,’ warns of higher prices due to the spread of ‘Sena’ caterpillar (fall armyworm) in many maize farmlands in the country.

Commerce Dept. DG to be appointed Chief FTA Negotiator

Director General of Department of Commerce (DoC) Sonali Wijeratne is tipped to be appointed the Chief Negotiator of Sri Lanka’s Free Trade Agreement (FTA) negotiation team shortly, as the country plans to resume FTA talks from this March following the completion of the reviewing process of proposed FTAs. “It is most likely that the

Thilak Piyadigama to head Sanasa Development Bank

Senior banker Thilak Piyadigama will be taking over the role of CEO/GM of Sanasa Development Bank PLC with effect from March 01, 2019. His appointment comes following the retiremen

Construction firms hit by delayed government payments

Sri Lanka’s economy is likely to have an adverse impact from a potential slowdown in construction sector activities, as over 3500 small and medium sized construction firms employing ov

JKH records growth in 3Q despite challenging operating conditions

Challenging operating conditions and weak consumer sentiment continued to weigh on the performance of Sri Lanka’s premier blue chip John Keells Holdings PLC during the December quarter (3Q19), despite the positive performance of some the group’s business segments, the interim financial accounts released to the Colombo b

Rupee gains on dollar sales; Fitch downgrades forecast

(Colombo) REUTERS: Sri Lanka’s rupee rose 0.5 percent yesterday, and posted a gain of 2.4 percent for the month, as foreign investors purchased government securities, while Fitch Ratin

PM requested more time to review nominees, says Tourism Minister

In response to our story titled ‘PM rains on John’s parade’ appeared yesterday, a ‘right of reply’ from Tourism Development, Wildlife and Christian Religions Affairs Minister John Amaratunga, sent through his Media Secretary, said the appointments of heads to the tourism bodies were postponed because Prime Minister Ranil Wickremesinghe requested more time to review the nominees.    

Rupee firmer on dollar sales; stocks end weaker

(Colombo) REUTERS: Sri Lanka’s rupee rose 0.9 percent yesterday on banks’ dollar sales from inward remittances, while foreign investors purchased short-term bills. Stocks ended weaker.   

Renewable energy promising but not cheap, says Ravi K

As the current non-renewable energy sources in Sri Lanka are costly and contribute to increased emission of greenhouse gases, it is high time for the country to focus on transitioning from conventional sources to renewable energy sources, according to Power, Energy and Business Development Minister Ravi Karunanayake.

SLPA to place over US $ 3mn order with Colombo Dockyard for 2 pilot vessels

The Sri Lanka Ports Authority (SLPA) will sign an agreement with Colombo Dockyard PLC to build two pilot boats for the Colombo port, enabling it to handle a greater volume of activities with more efficiency.   

Fitch affirms and withdraws ratings of SLT

Fitch Ratings affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B’. The Outlook is Stable. The agency has simultaneously withdrawn the ratings for commercial reasons.  

Juul plans India e-cigarette entry with new hires, subsidiary

(New Delhi/Los Angeles) REUTERS: US-based electronic cigarette company Juul Labs Inc. is hoping to launch its products in India by late 2019, a person familiar with the strategy told Reuters, marking one of its boldest bets to expand away from its home turf.   

US Federal Reserve to remain patient on interest rates

(Washington) AFP: The Federal Reserve will make its first interest rate announcement of the year on Wednesday but almost certainly will make it clear it will remain patient about any further moves.  

Developing human resources SL’s best bet to move forward

Sri Lanka must prioritize developing its human resources with continuous investments over hard infrastructure developments, to move forward with the increasing competition in the South Asian region, which is overshadowed by economies with large populations, according to the country’s junior finance minister. 

Sampath Bank says investigating financial irregularity

Samapth Bank PLC yesterday said it is investigating a ‘financial irregularity’ at one of its branches, and said the ongoing investigation prevents them from disclosing details any further.

Proposed port tariff hike deferred until March 15

Ports, Shipping and Southern Development Minister Sagala Ratnayaka said the implementation of the proposed port tariff revision will be deferred until March 15 considering concerns raised by numerous industry stakeholders.  The Cabinet of 

Maxims Holdings unveils Rs.2bn modern warehousing complex

Maxims Holdings, a diversified Board of Investment (BOI) approved company opened its futuristic modern warehousing complex at Mulleriyawa yesterday.  The brand new facility is built on a 4.5 acre land with a total investment of  Rs.2 billion

Sri Lanka’s political problems imperil a fragile economy

Sri Lanka plunged into a political crisis in October 2018 when President Maithripala Sirisena suddenly and unexpectedly sacked the sitting prime minister Ranil Wickremesinghe, his former partner in the National Unity Government formed in January 2015. It could not have come at a worse time for the Sri Lankan economy. In a peculiar turn of events,

PM rains on John’s parade

Tourism Development, Wildlife & Christian Religious Affairs Minister John Amaratunga faced an embarrassing situation yesterday when he was compelled to postpone the appo

Mirror Biz Toon

JKH resort sector Dec. profits still lower but healthier than previous quarters

John Keells Hotels PLC, the resort sector arm of the John Keells group, reported lower revenue and profits for the quarter ended December 2018 (3Q19), mainly due to weak performance from the group’s Maldivian resorts.  John Keells Hotels reported earnin

Rupee firmer on dollar sales; stocks climb

(Colombo) REUTERS: Sri Lanka’s rupee closed firmer yesterday on banks’ dollar sales from inward remittances and on behalf of foreign investors who are purchasing short-term bills, while stocks en

Sri Lanka to do away with discriminatory FBR regulations on female migrant workers

Sri Lanka will soon replace the discriminatory Family Background Report (FBR) regulations imposed on female migrant workers leaving the country for foreign employment with a supportive family background plan scheme. Telecommunication, Foreign Em

SLT to access domestic bank borrowings to roll-over foreign debt

Sri Lanka Telecom PLC (SLT), the leading fixed line operator will access domestic banking sources to refinance its maturing foreign currency debt, Fitch Ratings said in its latest report on Asia-Pacific telecom sector.  According to Fit

Plantation firms and trade unions end wage deadlock

An agreement was reached last Friday between the Employers’ Federation of Ceylon (EFC) and the estate sector trade unions to revise the collective agreement pertaining to plantation workers’ wage. Secretary General of The Planters’ As

CB cuts foreign holding in G-Secs to limit hot money stock

Sri Lanka’s Central Bank has cut foreign investor threshold in purchasing government securities (G-secs) in a bid to increase the quality of the country’s foreign reserves and significantly reduce the a

Govt. offers loans to trishaw owners, migrant workers up to Rs.10mn

The government on realising the success of Enterprise Sri Lanka concessionary loan scheme is to introduce further concessionary loans to widen the schemes enabling the stakeholders to move towards next generation economic activities in their respective areas. Accordingly, migrant workers wi

Lanka IOC December quarter swings to Rs.1bn loss

Lanka IOC PLC (LIOC) swung to a heavy loss of Rs.986.9 million or Rs.1.85 a share during the three months ended December 2018 (3Q19) as Sri Lanka’s only private sector fuel distributor saw its cost of sales rising faster than sales.

Crop-eating armyworms hit Sri Lanka’s rice and maize output

(Colombo) REUTERS: Sri Lanka is facing what could be its worst pest infestation in history, potentially cutting the country’s rice and maize output and forcing the island nation to im