Shares slip from over 3-wk high on foreign selling

(Colombo) Reuters: Sri Lankan shares ended slightly weaker yesterday, snapping a five-session winning streak, on foreign selling.

EOIs to be called for new lubricant import licences

The Petroleum Resources Development Ministry is preparing to call for Expressions of Interest (EOIs) this week, to issue new licences for lubricant imports, paving the way for new players to enter into the industry, under the third round of liberalisation of Sri Lanka’s lubricant industry, based on a 2016 budget proposal.

Rupee hits record low for 12th straight session

(Colombo) Reuters: The Sri Lankan rupee hit a record low for a 12th straight session yesterday, tracking weakness in emerging markets stocks and currencies, while rising demand for the greenback from importers also weighed.

Tea industry should re-evaluate value chain, embrace technology: MAS CGO

Following is the keynote speech delivered by MAS Holdings Chief Growth Officer and Director Nathan Sivagananathan at the 19th annual general meeting of the Tea Exporters’ Association, held on August 31, 2018.

Finance Ministry special hotline to complain about ESL loan process

The Ministry of Finance will launch a special hotline next week to receive public complaints on the Enterprise Sri Lanka (ESL) loan scheme as several reports have emerged that some banks have turned away the ESL loan applicants.

Shares hit over 3-week closing high in lean trade

(Colombo) REUTERS: Sri Lankan shares rose for a fifth straight session yesterday and marked their highest close in more than three weeks, led by gains in banking and beverage stocks.

Rupee hits record low for 11th session

(Colombo) REUTERS: The Sri Lankan rupee fell to an all-time low yesterday, marking its 11th straight session of setting fresh record lows. The rupee, which hit a record low of 161.97 early in the trade, closed at 161.95/162.05 per dollar, compared with Monday’s close of 161.60/70.

Finance Ministry to launch special hotline for public complaints on ESL loan process

Ministry of Finance will launch a special hotline next week to receive public complaints on Enterprise Sri Lanka (ESL) loan scheme as several reports have emerged that some banks have turned away ESL loan applicants.

Logistics industry needs dynamic leadership to march forward: Ruwan

Sri Lanka’s striving logistics industry was yesterday advised by the government to take up a more proactive role in pushing the industry forward and overcoming prevailing challenges by capitalizing on the country’s strengths, so that the island nation can realize its aspirations of being a well-established and interconnected logistics hub. The gove

Russia’s Aeroflot to resume direct Colombo flights

Russian airline, Aeroflot, will re-launch regular non-stop flights to Colombo from October 28, the Moscow-based airline announced this week.  The airline stopped regular flights to Colombo around a decade ago.

Tea industry told to look outside in setting up hub

Nathan Sivagananathan who drives strategy, growth and innovation at local apparel major  MAS Holdings, proposes Sri Lankan tea industry to set up a tea trade zone or a bonded hub

Palm Oil Industry Association launched to advocate sustainable growth

Businesses with a cumulative investment of approximately Rs.26 billion in the oil palm industry in Sri Lanka came together in Colombo on August 30, 2018, to formally inaugurate an industry association under the aegis of the Ceylon Chamber of Commerce to promote common interests and advocate sustainable growth through responsible production.

Japan’s Belluna says will invest US$ 500mn in Lankan real estate, hospitality sectors

Belluna Co., a Tokyo Stock Exchange - First Section listed company, and a significant player in the global real estate industry said, it would invest up to US$ 500 million in Sri Lanka’s real estate and hospitality sectors. 

China’s ‘Silk Road’ project runs into debt jam

China’s massive and expanding ‘Belt and Road’ trade infrastructure project is running into speed bumps as some countries begin to grumble about being buried under Chinese debt.

IFC ceases to be among top 20 shareholders of Dialog

IFC, the private sector funding arm of the World Bank, has significantly cut its exposure to the shares of Sri Lanka’s leading telco, Dialog Axiata PLC, most likely at a loss, according to stock analysts Mirror Business talked to.

Asia Pacific sovereigns face rising external challenges: Fitch

The external environment facing Asia Pacific economies is becoming more difficult, but is unlikely as yet to have a significant impact on sovereign credit profiles, says Fitch Ratings.

Pulling back the curtain on privatization of Sri Lanka’s plantation sector

With the fate of Sri Lanka’s plantation industry continuing to remain a hot-button issue of debate in the media, numerous views have been aired on the rationale behind the privatization of State plantations in 1992. 

Poor consumer sentiment hinders Cargills 1Q

Weak consumer sentiments hit Cargills Ceylon PLC as the country’s largest privately-owned retailer saw very little growth in the basket values of the shoppers during the quarter ended June 30, 2018.

Why increase in salaries will not resolve economic problems?

Naturally, humans are willing to receive higher wages and salaries with the hope that it will lead to a better living standard. That is why; they stage strikes and demonstrations demanding higher salaries. 

Coordinated effort urged for Sri Lanka’s future water security

A leading academic recently proposed to set up a coordination body and to launch a comprehensive watershed management plan to manage Sri Lanka’s water resources effectively as the current uncoordinated intuitional framework poses risks to the country’s water security, despite having sufficient water resources.

July motor car registrations hit 3-year high

Motor car registration surged to three-year high in July before the Finance Ministry put brakes on the influx of motorcars with smaller engines in August, according to the vehicle registration data compiled by JB Securities, a Colombo-based equity brokerage and research house. Motor cars registrations—a c

Sri Lanka strengthening relations with Vietnam, ASEAN region

Sri Lanka is strengthening relations with Vietnam and the Association of South East Asian Nations with Prime Minister Ranil Wickremesinghe due to address a World Economic Forum regional meeting in Hanoi shortly, officials said.

CA Sri Lanka comes up with auditing framework for SMEs, informal sector

Turning a new page in the history for key Sri Lankan economic drivers—SMEs, informal enterprises and unlisted businesses—a pioneering financial auditing framework was unveiled in Colombo recently.   

Calling Ceylon Tea a matured industry a mistake: PM

Prime Minister Ranil Wickremesinghe affirmed that terming Sri Lanka’s tea industry as a matured industry was a mistake and asserted that the industry needs the state support to withstand growing

CB should be smart wife to government for healthy co-existence

The Central Bank should play the role of a smart wife when dealing with the government, treating it as a husband who does things for overall welfare of the family while preserving its independence, said a retired Central Banker. 

Seismic study for petroleum resources begins

The seismic vessel BGP Pioneer has arrived at the Colombo port to conduct a modern broadband 2D seismic survey for hydrocarbon exploration in selected offshore locations around the country. The study is carried out by Eastern Echo DMCC, a fully owned subsidiary of world’s largest oilfield player Schlumberger, at a cost of US$ 9 million. Picture shows Petrol

Indian rupee touches record low as Asia markets tumble

Emerging market currencies sank in Asia yesterday, with the Indian rupee at a record low as dealers fear contagion from financial crises in Argentina and Turkey.  

BOI hosts delegation from leading Chinese commerce chamber

A delegation of 14 entrepreneurs from one of China’s leading business chambers, the China International Chamber of Commerce for the Private Sector (CICCPS) visited the BOI with a view of exploring possibilities of investment in the island.

US-Canada NAFTA talks to resume as deadline looms

WASHINGTON (AFP) - With Friday’s deadline fast approaching, talks continued late into the night on Thursday without reaching a deal between Canada and the US on an overhaul of the North American Free Trade Agreement.

Beijing’s massive new airport ‘on time’ for 2019 launch

BEIJING (AFP) - Amid farmlands on the outskirts of Beijing, a massive construction site rising above the horizon bustles with activity as 8,000 workers build a new mega airport.