Chinese casino tycoon 'missing' as stocks plunge

HONG KONG (AFP) - Shares in an Asian casino operator plunged in Hong Kong yesterday as it said its tycoon head had gone missing, the latest setback for the firm after a project in Manila had 

Food delivery app Uber Eats readying for Colombo launch

Uber Eats, the food delivery app by ride-hailing company Uber, is all set to launch its services in Colombo next month. Similar to the Uber rides app, Uber Eats is a food delivery app that helps bring food to consumers in a convenient and reliable manner from all the best and latest restaurants. 

Asian markets mixed after trade talks

Asian markets were mixed yesterday as China-US trade talks wrapped up with little progress being made, while the dollar held up ahead of a key speech by the head of the Federal Reserve.

Germany books record budget surplus in first half

FRANKFURT (AFP) - European powerhouse economy Germany notched up a record government budget surplus in the first half of 2018 as well as rebounding to stronger growth in the second quarter, official data showed yesterday.  Federal, state and municipal coffers added together were 48.1 billion euros (US$

A Sri Lankan man carries clothes racks for sale in Colombo

A  Sri  Lankan man carries clothes racks for sale in Colombo. Sri Lanka’s countrywide consumer prices in July rose to 3.4 percent on year-on-year basis from 2.5 percent in June.  The increase was driven by low base in the previous year and acceleration of prices in non-food items.  (AFP Photo)

India to part-finance refrigerated storage facility in Dambulla

The Cabinet of Ministers this week approved a proposal to set up a temperature-controlled storage facility with an investment of Rs.475 million in Dambulla, a key farming region in the country’s North Central Province. 

Govt. increases concessions given to plantation sector

The government has decided to increase concessions and thereby improve the productivity of the plantation sector, which still remains a major foreign exchange earner that e

Rupee hits record low on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee hit a fresh low of 160.82 per dollar yesterday as importer dollar demand and foreign outflows from government securities weighed on the currency, dealers said.

Moody’s sees room for Central Bank to cut rates as inflation eases

Moody’s Investors Service (Moody’s)  said the Central Bank has room to be more accommodative in their monetary policy, as the planned changes to the Monetary Law Act (MLA) are expected to enhance monetary policy effectiveness, helping to tame inflation while preventing fiscal dominance. 

WB launches world-first blockchain bond

(Sydney) REUTERS: The World Bank has priced the world’s first public bond created and managed using only blockchain in an A$100 million (US$73.16 million) deal 

SriLankan Airlines in new hunt for buyer

(Colombo) AFP: Sri Lanka’s national carrier will launch a new search for an equity partner after the IMF warned the loss-making airline was dragging the country’s economy down, officials said Wednesday.

Tata Motors expects SL’s car market and penetration to double by 2022

Tata Motors, a member of India’s Tata Group, expects Sri Lanka’s motorcar market to more than double by 2022 while the motor car penetration is also predicted to be doubled in the period.

Ceylinco Life doubles 1H18 pre and post-tax profits

Ceylinco Life has more than doubled the pre and post-tax profits at the end of the second quarter of 2018, sustaining its growth momentum with consistent operational performance.

UberTUK rides now in Colombo

Uber, the world’s largest on-demand ride-sharing company recently announced the launch of its UberTUK service in Colombo. 

Japan offers to boost Sri Lanka security as China makes inroads

(Colombo) AFP: Japan has pledged to help strengthen Sri Lanka’s maritime security, authorities said Tuesday, in a new sign of efforts to counter China’s strategic grip on the Indian Ocean island. President Maithripala Sirisena thanked Japan’s Defence Minister Itsunori Onodera for donating two coast guard patrol craft costing over US $ 11 million in total, his office said in a statement after talks in Colombo.

Rupee depreciation, pharma price ceilings could hurt Hemas FY19 profits: Fitch

The depreciation of the Sri Lankan rupee and regulated pricing on pharmaceutical drugs could threaten the diversified conglomerate Hemas Holdings PLC’s (AA-(lka)/Stable) profitability in FY19, credit rating agency Fitch Ratings said in a brief note.Sri Lanka has already slapped price ceilings on nearly 50 pharmaceutical drugs. The country’s health minister recently indicated that price controls would be introduced on several more drug

Non-adoption of delisting resolution has no impact on business, commitment: AIA

The failure to adopt a resolution to take AIA Insurance Lanka PLC (AIA Sri Lanka) private at an Extraordinary General Meeting (EGM) this week will neither affect the insurer’s business in Sri Lanka nor its parent company’s commitment towards the market, a top company official said. 

How Legal Entity Identifiers will transform small business in Asia

Even within the financial sector, few are familiar with the term Legal Entity Identifier (LEI). Understandable, given that it’s hard to associate a directory of legal entities with high-quality information flows that meet regulatory requirements, increase the availability of credit, reduce costs and help businesses grow.

Lankan firms encouraged to explore opportunities in Bangladesh

Sri Lankan firms are encouraged to explore opportunities in Bangladesh’s growing 160 million market for long-term growth prospects, which has also been termed as next China, due to the low cost and high return in manufacturing, as Sri Lanka’s little over 21 million market becomes saturated.

Shares extend falls to near 17-month closing low

(Colombo) REUTERS: Sri Lankan shares extended losses into an eighth session yesterday and posted their lowest close in nearly 17 months, as foreign investors continued to sell, while a report about new tax proposals weighed on the market as well.

New country branding for Sri Lanka Tourism to be unveiled at WTM

The new country branding for Sri Lanka Tourism will be unveiled at the World Travel Mart (WTM) in London in November this year, Tourism and Christian Religious Affairs Minister John Amaratunga said yesterday. 

Rupee hits fresh low on foreign outflows

(Colombo) REUTERS: The Sri Lankan rupee touched a record low of 160.65 per dollar yesterday as importer dollar demand and foreign outflows from government securities weighed on the currency, dealers said. The rupee hit 160.65 earlier in the trade, before closi

Harry J set to re-enter healthcare business through Melstacorp

Business tycoon Harry Jayawardena-controlled diversified conglomerate Melstacorp PLC yesterday announced its entry into Sri Lanka’s healthcare sector. The company said it incorporated a holding company namely Melsta Health (Pvt) Ltd., through which investments in health related fields would be made. “This would involve management of hospitals, 

National inflation accelerates to 3.4% in July

Sri Lanka’s countrywide inflation measured by National Consumer Price Index (NCPI) increased to 3.4 percent in July from 2.5 percent in June on year-on-year basis, the Department of Census and Statistics said yesterday.

First cut of H’tota port master plan by November

The first cut of the master plan drafted by the British consulting firm Atkins on Hambantota port is likely to be received by November this year, a top official of the Hambantota International Port Group (HIPG) said.

Rupee hits all-time low

(Colombo) REUTERS: The Sri Lankan rupee touched a record low yesterday as importer dollar demand, foreign outflows and government securities weighed on the currency, dealers said.

July tea output down 7.3%

(Colombo) REUTERS: Sri Lanka’s tea output fell 7.3 percent in July from a year earlier, the state-run Tea Board said yesterday and the brokers attributed the fall to adverse weather conditions. 

Shares fall for 7th session in thin trade

(Colombo) REUTERS: Sri Lankan shares extended losses into a seventh session yesterday and posted their lowest close in nearly seven weeks, as foreign investors continued to reduce their holdings, while confusion over new tax measures weighed on the market as well.

CMTA hopes govt. will continue to follow int’l practices when procuring vehicles

Amid the calls to open up the government tenders to the used or non-brand-new vehicle importers, the Ceylon Motor Traders’ Association (CMTA) yesterday urged the government not to move away from the internationally accepted procurement processes. 

Study reveals SL’s import tax exemption schemes prone to abuse

Sri Lanka’s import tax exemption schemes are prone to abuse as they lack predictability, efficiency and openness, a study by a Colombo-based think tank has revealed.