ComBank launches pre-paid cards with online top-up facility

Commercial Bank of Ceylon has launched pre-paid cards that can be topped up with funds online and can be used for different or specific purposes while allowing its users to better manage spending and enjoy minimal exposure to risk.

Oil falls 1% as weak China exports highlight trade war impact

(London) REUTERS: Oil prices fell yesterday after data showed Chinese exports declined for a fourth straight month, sending jitters through a market already concerned about damage to global demand by the trade war between Washington and Beijing.

Hong Kong braces for wave of store closures after protests

(Hong Kong) REUTERS: More than one in 10 retailers in Hong Kong could close down in the next six months as social unrest and sometimes violent protests deter tourists, threatening the survival of smaller operators, the city’s main retailing group said yesterday.

The role of taxes in tobacco control: Has Sri Lanka got it right?

The recent hike in cigarette excise taxes to compensate for the reduction in value added taxes (VAT) is commendable, not only because this keeps government revenue from cigarettes unchanged, but also because it prevents a drop in the price of cigarettes, which can increase tobacco prevalence and related harm.

Opportunities for scaling up climate finance in Sri Lanka

The National Consultation on Climate Finance Mechanisms for Financial Institutions in Sri Lanka organized by ICC Sri Lanka together with UNESCAP brought together professionals from several sectors to discuss pressing issues in promoting climate-resilient investment from the private sector.

Port City declared open for investment

As fireworks lit up the Colombo skies, Prime Minister Mahinda Rajapaksa on Saturday evening officially opened the Chinese-backed Colombo Port City for investors. The event also marked the addition of 269 hectares of reclaimed land from the sea to Sri Lanka’s land mass.

CB says deposit insurance scheme not for investors of debentures, commercial papers

The Central Bank said the investors of promissory notes, commercial papers and debentures do not get the protection under its deposit insurance scheme and informed the public to exercise extreme care and be vigilant when investing their money in such instruments offered by various institutions.

Seylan Bank’s Rs.4.39bn rights issue fully subscribed

Seylan Bank PLC closed its rights issue of new ordinary voting shares and new ordinary non-voting shares to its shareholders on November 29, and the issue was fully subscribed by its shareholders.

Maldives seeks to restructure China debt after years of heavy borrowing

(Colombo) AFP: The Maldives is seeking a ‘diplomatic’ solution to restructure its Chinese debt as the small but strategically located atoll nation struggles with repayments, the foreign ministry has said.

Moneylenders to be brought under regulatory oversight

A new law is being drafted to license, regulate and supervise moneylenders and for the protection of borrowers as various unscrupulous parties are found to be exploiting the hapless consumers, the Central Bank said.

US opposition pushes trade court to brink of collapse

(Geneva) AFP: The World Trade Organization’s capacity to settle international disputes, a core function throughout the body’s 25-year history, is on the brink of collapse following relentless US opposition.

Smarter strategies for sharing South Asia’s rivers

South Asia is facing severe water scarcity. As the region’s population grows and its economies develop, a lack of sustainable water development strategy is leading to increasingly acute water shortages.

Anita Roddick used her business profits to campaign for a better world

Dame Anita Roddick (October 23, 1942 – September 10, 2007) was a British businesswoman, human rights activist and environmental campaigner, best known as the founder of The Body Shop, a cosmetics company producing and retailing natural beauty products that shaped ethical consumerism.

Peace, business and prosperity

Every nation, every community and each individual is facing the social and political impact along with the impact of violence. Interpersonal violence results in medical, policing and judicial costs immediately after the violent incident occurs and it has longer-term implications for productivity and economic activity.

China-built Tesla cars secure new energy vehicle subsidies

BEIJING (Reuters) - Tesla Inc said yesterday its Chinese-built Model 3 cars would receive state subsidies, a move that will help the U.S. electric vehicle maker’s push into the world’s biggest auto market. China’s industry ministry had

OPEC countries seek crude quota compliance

VIENNA (AFP) - OPEC countries were to meet again here yesterday after they failed to agree on output cuts that could stem price pressure from abundant reserves and weak global economic growth. Saudi and Venezuelan oil ministers voiced confi

Travel turmoil grips France as strike enters second day

PARIS (AFP) - Travellers faced a second day of chaos across France yesterday as unions pressed on with a strike aimed at forcing President Emmanuel Macron to abandon pension reforms that brought nearly a million people onto the streets. Dozens of trains, metros and flights were cancelled, many schools were again closed or offering only daycare and four of the country’s eight oil refineries remained blocked, raising the prospect of fuel shortages

Govt. halts imports of spices, small crops and Vesak lanterns

The government has banned the importation of spices and minor crops from midnight Thursday (05) to protect local farmers, a Finance Ministry communiqué said. The importati

Trade hopes lift Asia markets but investors eye deadline

HONG KONG (AFP) - Optimism over the China-US trade talks kept Asian markets buoyant yesterday, with investors betting the two will eventually sign a partial deal, though they remain nervous as next week’s deadline for fresh tariffs draws closer. Sentiment across trading floors has ebbed

Uber reveals thousands of reported sexual assaults in US

SAN FRANCISCO (AFP) - Ridesharing leader Uber, under fire around the world for its safety record, said it had tallied nearly 6,000 sexual assaults in the United States over the past couple of years. That included more t

Financial groups gave US$745 bn for new coal power plants: NGOs

PARIS (AFP) - Financial institutions have chanelled US$745 billion over the past three years to new coal power projects worldwide despite effort to reduce fossil fuel use to fight climate change, a report released this week said. The amount was calculated using data cov

Construction sector welcomes permit removal

The construction industry yesterday lauded the government for cancelling the requirement of a permit for the transportation of sand, gravel and clay which only added to red tape and corrupt practices, according to the sector players.

H’tota Port reaches 1mn metric tonnes benchmark for 2019

The Hambantota International Port (HIP) had a busy week with 6 RORO ships calling at the port, discharging 18,288 vehicles of which 16, 830 were for transshipment and 1, 458 were for local agencies. The discharging operations for these vessels were carried out simultaneously. The vessels were from the shipping lines Hoegh, NYK and Glovis—all of which have terminal service agreements (TSA) with HIP. The port recently reached its 1 million metric

Singhe Capital Investment acquires controlling stake in Sinhaputhra Finance

Singhe Capital Investment Limited yesterday acquired the controlling stake in Sinhaputhra Finance Limited PLC (SFL) for Rs.300 million as part of a capital infusion deal involving the Kandy-based finance firm. During early trading

Tourist arrivals record significant pick up in Nov; but still down 9.5% YoY

Sri Lanka has been able to significantly minimize the hit on tourist arrivals in the month of November following Easter Sunday attacks in April, which dealt a crippling blow to the country’s booming tourism industry.

Orient Finance to raise Rs.507mn via rights issue

Orient Finance PLC, a unit of Janashakthi group, yesterday announced plans for Rs.506.6 million rights in order to raise money to meet regulatory capital requirements. To this end, the company plans to issue 35.2 million new ordinary voting shares in the proportion of one new share for every five shares held at Rs.14.40 per share. The stated capital of the company at September 30, 2019 was Rs.1.92 billion. Janashakthi PLC owns 91.42 percent of Or

Fiscal stimulus presents “incredibly difficult balancing act” to govt.:WB

Sri Lanka’s new government will have to undergo an “incredibly difficult balancing act” to incorporate the recently introduced economic stimulus package to the system without undermining fiscal and debt sustainability in a global environment, where investors and lenders have become extremely sensitive towards uncertainty, a top economist at the World Bank said.

ESG factors vital determinants of investment decisions: CSE Chairman

With environment, social and governance (ESG) factors becoming vital determinants of investment decisions, it is crucial for Sri Lanka’s listed firms to effectively measure and communicate ESG performance and impacts to their stakeholders.

INSEE Cement to pass on tax relief benefit to customers

INSEE Cement Sri Lanka yesterday said that it would be passing on the tax reduction benefits to its consumers and industrial customers.

Govt. raises excise duties on fags to maintain overall taxes

The government has increased excise taxes to maintain the overall taxes on cigarettes, effective from December 1, following the reduction in the Value-Added Tax (VAT) and abolishing of the Nation Building Tax (NBT).