Chevron Lanka ends declining streak with 20% profit increase

Ending the long declining streak in earnings, Chevron Lubricants Lanka PLC yesterday reported some solid top and bottom line performance for the quarter ended September 30, 2019 (3Q19) as the fortunes of the market leader in lubricant sales appeared to be changing under its new leadership. Chevron Lubricants repor

Anger at Singapore restaurant ‘grab-a-crab’ machine

(Singapore) AFP: A Singapore restaurant yesterday suspended a bizarre promotional stunt where customers use an arcade-style machine with a mechanical claw to catch live crabs after it sparked uproar online.

SLTPB plans Rs.100mn TV campaign in Germany this year

Sri Lanka Tourism Promotion Bureau (SLTPB) yesterday announced plans to launch a Rs.100 million promotional campaign on a selected German TV channel within the next two months in an attempt to lure more German tourists to the country.

CB issues notice to cancel The Finance license

The Central Bank yesterday said it has given notice of cancellation of the license issued to the liquidity-hit The Finance Company PLC (TFC) with effect from October 23, 2019, to safeguard the interests of depositors and other creditors.

Swisstek bags US$4.5 mn Cinnamon Life flooring contract

Swisstek (Ceylon) PLC has secured a US$4.5 million contract for the supply and installation of solid wood flooring for the John Keells Holdings’ Cinnamon Life project, which is the single largest ever timber flooring project to be awarded in the country.

Several key tax amendments announced

The Finance Ministry yesterday introduced several key tax amendments among many other things.

Bhutan takes No.1 spot in Lonely Planet’s 2020 list

Bhutan has been chosen as the Lonely Planet’s number one tourist destination to visit in 2020 due to its majestic beauty and plans to become the first fully organic nation.

Shares, rupee edge up ahead of manifesto announcements

(Colombo) REUTERS: Sri Lankan shares and the rupee gained on Wednesday, as investors waited for policy manifesto announcements by the two frontrunners for next month’s presidential poll.

Melstacorp to remain acquisitive in non-alcobev sector

Melstacorp PLC will continue to look for acquisition and investment opportunities in the non-alcoholic beverage segment as the company is looking to further reduce its over-reliance on its alcohol business, which is largely susceptible to the country’s lopsided and frequently changing public policy.

Teejay eyes US$ 300mn revenue mark by 2021/22

Following is an interview with Teejay Lanka CEO Shrihan Perera, which is a part of an interview series of S&P SL20 companies conducted by the Colombo Stock Exchange in partnership with Mirror Business.

ICCSL will help boost exports and SMEs: Dinesh

International Chamber of Commerce Sri Lanka (ICCSL) elected a new Executive Committee for 2019/20 at the 53rd Annual General Meeting of the Chamber held recently in Colombo. Dinesh Weerakkody, Chairman of the International Chamber of Commerce Sri Lanka outlines many of the opportunities for the Chamber given ICCs global network of over 45 million member companies, chambers of commerce and business associations in over 130 countries. Weerakkody po

Omega Line to invest US$ 24mn in new lingerie factory

Omega Line Limited, a unit of Luxembourg–based Calzedonia Finanziaria, is to expand its existing current factory complex in Sandalankawa by constructing a US$ 24 million new lingerie factory.

Emirates President Sir Tim Clark to address THASL AGM

Sir Tim Clark, who led Emirates Airlines since 1985, will speak at the 54th Anniversary AGM dinner of The Hotels Association of Sri Lanka (THASL), taking place at Cinnamon Grand this evening. In 2003, Sir Clark becam

Recognition for SL’s growing trade potential – an endorsement to govt.’s reform agenda: Malik

Sri Lanka’s recent recognition as one of the top 20 countries with highest trade growth potential by the international banking giant, Standard Chartered is a powerful global endorsement of the government’s ongoing trade and competitiveness reform agenda, Development Strategies and International Trade Minister Malik Samarawickrama sai

Stocks close at 7-week high; rupee strengthens

(Colombo) REUTERS: Sri Lankan shares closed at their highest level in seven weeks yesterday, led by a rally in banks and manufacturing stocks, while the rupee ended firmer. The benchmark stock index rose 0.28 percent to 5,880.40, the highest close since Sept. 3, 2019. This is the fourth straight session of positive close for the index, which has fallen 2.84 percent so far this year.

Finance company deposit rate ceiling raised as competition from banks intensifies

The Central Bank last week issued fresh directions to the licensed finance company sector by stipulating new guidelines on their deposits rates and rates offered when issuing debt instruments.

Contraband fags destroyed

Illegally imported cigarettes from China, worth Rs.74 million, were destroyed by the officers of Sri Lanka Customs’ Central Investigation Bureau (CIB), yesterday. The stock consisted of over 1.2 million sticks. The picture shows CIB Director General and Ceylon Tobacco CEO/MD Nedal Salem taking part in destroying the illicit cigarettes

Legal barrier to Access Tower 3, now car park likely

Access Engineering PLC plans to set up an eight-storey car park in the land plot adjoining Access Tower 1 and 2, after discovering the legal barriers to move ahead with the proposed Rs.8 billion Access Tower 3 office building.

Government cuts excise duty on smaller cigarettes

The government reduced the excise tax on the cigarettes measuring between 67mm-72mm by Rs.4.60 per stick, with effect from October 15, 2019.

Tea factory owners say facing continued pressure to cease operations

Sri Lanka’s tea factories are facing continued pressure to cease operations with 62 factories already being forced to shut down since 2018, driven by the dwindling tea prices and stagnant green leaf production, which is further exacerbated by the self-inflicted industry malpractices compromising the quality of Ceylon Tea. “As per the Colombo Tea Brokers Association data, there were 707 factories in operation in 2018. Out of which, approximately 6

Apparel exports boost bilateral trade between SL-Canada

The bilateral trade between Sri Lanka and Canada has risen 10 percent in 2018 from a year ago to US $ 436 million, according to the Commerce Department of Sri Lanka.

Stocks end flat; rupee strengthens

(Colombo) REUTERS: Sri Lankan shares closed flat yesterday, as gains in consumer staples were offset by losses in telecommunications shares, while investors also waited for policy manifestos of key presidential candidates. The rupee ended firmer.

National inflation in Sept. spikes to 5%

Sri Lanka’s countrywide headline inflation as measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) spiked to 5 percent in September, from 3.4 percent a month ago, amid price increases in both food and non-food items.

PA sounds alarm on growing discrepancy between tea auction and export prices

The Planters’ Association of Ceylon (PA) sounded a cautionary note with regard to the health and sustainability of the entire tea industry – including the Regional Plantation Companies (RPCs) and government and smallholder sectors at large – as tea and rubber prices at the Colombo auction continuously plummeted in 2019.

Farm Smart! Developing Sri Lanka’s agriculture sector in 4IR

Rapid population growth has put tremendous pressure on the world’s agricultural systems to provide safe and nutritious food to all. Unfortunately, productivity growth has been hampered by land and water resources degradation and climate change. The economic and social costs of such disruptive drivers imply that the food systems need to adapt and transform.

Sri Lanka set to become outlier in slowing global economy: stockbroker

Colombo-based Softlogic Stockbrokers is bullish on Sri Lanka’s potential to become an outlier in a slowing global economy, moving up from the current depressed economic state following the conclusion of presidential election next month, irrespec

UNICEF urges presidential candidates to commit to tackling six critical issues faced by children

The United Nations Children’s Fund (UNICEF) in Sri Lanka last week requested Sri Lanka’s presidential candidates to fully commit to resolve six critical issues faced by the six million child population to prepare the country for future-oriented, knowledge-based economy.

High-profile German travel industry delegation arrives tomorrow

A high-ranking delegation of Germany’s tourism industry led by German Travel Association (DRV) President Norbert Fiebig will arrive in Sri Lanka tomorrow on the invitation of Tourism Minister John Amaratung

Hemas says seeing steady recovery after subdued 1Q

Diversified Hemas Holdings PLC has witnessed a steady recovery in its core business segments during the second quarter of 2019/2020 financial year, following subdued performance in the first quarter amid a general economic slowdown and adverse impacts of Easter Sunday attacks. “What we have seen througho

Britain going to leave EU by October 31

(London) REUTERS: Brexit will happen by October 31, British government minister Michael Gove said yesterday, despite lawmakers forcing Prime Minister Boris Johnson to send a letter on Saturday to the EU requesting a delay. Parliament thwarted Johnson’s