Oil shipping rates soar as U.S. supertanker sanctions rattle crude trade

SINGAPORE (Reuters) - Key oil freight rates from the Middle East to Asia rocketed as much as 28 percent yesterday in a global oil shipping market spooked by United States sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran. In what the State Department cal

Malik tells biz to focus on creating more Lankan brands for international market

The need to build more Sri Lankan brands and taking them to international market successfully was asserted this week, as challenges continue to mount with the country looking to shift its attention towards being

Jaguar Land Rover to close UK factories for a week over Brexit

(Gaydon, UK) REUTERS: Britain’s biggest carmaker, Jaguar Land Rover, will close its British factories for a week in November to cope with Brexit, its boss said yesterday, a plan automakers are adopting to help prepare for any disruption resulting from a no-deal.

Kristalina Georgieva named IMF Managing Director

(Washington) AFP: The International Monetary Fund on Wednesday formally selected Kristalina Georgieva of Bulgaria to be only the second woman ever to lead the 189-member institution. The selection had been all but guaranteed after the global crisis lender said earlier this month that Georgieva, a former World Bank CEO, was the sole candidate. In acknowledging her sele

UNP nominates Deputy Leader as presidential candidate

(Colombo) REUTERS : Sri Lanka’s ruling party yesterday nominated its Deputy Leader, Sajith Premadasa, to run in a presidential election on Nov. 16, a move that appeared intended to win over Buddhist-majority voters.

Shares close higher, rupee weakens

(Colombo) REUTERS: Sri Lankan shares rose for a second session yesterday as banks and diversified stocks continued their rally after the Central Bank asked lenders to cut interest rates, while the rupee closed weaker.

BoC Thurunudiriya makes milestone serving 1, 000 entrepreneurs

Bank of Ceylon’s (BOC) Thurunudiriya loan scheme has assisted to-date 1, 000 young entrepreneurs across the island disbursing more than Rs.410 million by end of September. This was reporte

Home Lands Group acquires Rs.364mn property in Malabe for apartment project

Home Lands Skyline, the residential development arm of Home Lands Group has invested Rs.364 million in an up-market property of 6.5 acres in Malabe in Chandrika Kumarathunga Mawatha.

Spice exporters perturbed by non-tariff barriers on pepper and areca nut exports to India

Sri Lanka’s spice exporters yesterday lashed out at the multiple non-tariff barriers imposed by Indian authorities on pepper, areca nuts and clove stems despite the existence of Indo-Sri Lanka Free Trade Agreement. The Management

Stakeholder commitment sought to meet national climate change obligations

The European Union delegation to Sri Lanka and the Maldives along with the United National Industrial Development Organisation (UNIDO) recently held a workshop as project consultation and validation for new initiative to support to the implementation of Sri Lanka’s National Determined Contributions (NDC) in the industrial sector.

Spices sector gets boost with ‘Ceylon Spices’ trademark

Sri Lanka’s spices industry received the much-awaited and required boost yesterday with the Export Development Board (EDB) launching the country-of-origin trade mark, ‘Ceylon Spices’. The trademark is followed

SL misses IMF fiscal targets; but says committed to achieving primary surplus in 2019

Sri Lanka has missed the fiscal target it had agreed with the International Monetary Fund (IMF) during its fifth review of the four-year Extended Fund Facility (EFF) programme, said a staff team from the fund, who were in Colombo from September 10 to 25, for the programme’s sixth review.

Economic activity in most Lankan provinces languishes

The economic activity in most of Sri Lanka’s provinces had remained stagnant in 2018 as their contribution to the country’s GDP remained more or less unchanged, according to the data of the Statistics Department of the Central Bank.

Trade deficit widens in July as exports fall 7%

Sri Lanka’s trade deficit, which has been contracting since November, last year, expanded in the month of July as exports fell more than the decline in imports, after a steady growth for several months, th

CB removes interest rate cap on bank deposits

The Central Bank yesterday said it has decided to withdraw the directive issued to impose maximum interest rates on rupee deposits in April, following the lending rate caps ordered on banks from next month. The bank said the Monetary Board has decided to withdraw the Monetary Law Act Order No.01 of 2019, issued on April 26, 2019, imposing maximum interest rates on Sri Lanka rupee deposits, with effect from September 24, 2019.

Groom named Thomas Cook has wedding ruined by Thomas Cook collapse

CNN: A groom who shares the same name as the travel operator Thomas Cook has had his wedding plans ruined by the company’s collapse. Cook and his partner, Amelia B

Subsidising of loss-making SOEs via state banks major threat to banking system: Amunugama

A senior politician in the country recently bemoaned the practice of subsidising loss-making state-owned enterprises (SOEs) through state banks which has indirectly resulted in crippling Sri Lanka’s banking sector.

Vehicles stuck at H’tota port to be released at old tax rate

The Finance Ministry yesterday announced a relief scheme to release the vehicles stuck at the Hambantota port, imported during January 2015 to November 2017, due to sudden hike in taxes.

National brand for spices ‘Ceylon Spices’ to be unveiled today

The Export Development Board will launch Sri Lanka’s country-of-origin trademark for the spices sector today at JAIC Hilton, Colombo. The mark supports growers, processors and manufacturers by helping them clearly identify their products as Sri Lankan-made, and informs customers and consumers that all significant parts, produce, processin

CB orders banks to cut lending rates at least 2% by Oct.15

The Central Bank yesterday said it ordered all licensed commercial banks (LCBs) to cut lending rates at least by 200 basis points by next month as other policy measures employed by the monetary authority to stim

Hemas wins Asia’s Most Socially Responsible Company Award

Hemas won the Grand Award for Asia’s Most Socially Responsible Company of the year at the Asia Corporate Excellence & Sustainability (ACES) Awards Ceremony held in Bangkok, Thailand.

Govt. interference has led to SriLankan’s downfall, Ranil tells CNN’s Quest

National carrier SriLankan Airlines should be managed by the private sector as the interference by the government had led to its downfall, Prime Minister Ranil Wickremesinghe said yesterday.

Vehicle registrations steady in August

Sri Lanka’s vehicle registrations were steady in August from July as the equal number of working days in the month helped the registrations to remain virtually at same levels.

RIU’s latest research report calls for pragmatic tobacco tax policy

A Colombo-based research firm yesterday charged that the government’s failure to address the issues relating to the highly debated tobacco tax policy has led to a shift towards illicit products, which has already resulted in a considerable loss in tax income to the government.

Expolanka settles US lawsuit for US $ 6.75mn

Expolanka Holdings PLC yesterday said it settled a lawsuit against its US subsidiary by agreeing to pay US $ 6.75 million without acceptance of liability.

Thomas Cook folds, sparking worldwide repatriation of tourists

(London) AFP: British travel group Thomas Cook yesterday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back tens of thousands of stranded passengers.

National prices up 3.4% in August

Sri Lanka’s countrywide inflation measured by the National Consumer Price Index (NCPI) rose to 3.4 percent in August, from 2.2 percent in July, amid the low base that prevailed in the corresponding month of the previous year and the increases in the prices of food and non-food items.

Dankotuwa Porcelain shines at Presidential Export Awards

Dankotuwa Porcelain PLC was adjudged as Best Exporter in the Porcelain and Ceramic category at the recently concluded Presidential Awards 2018/19.

FMI sets benchmark in customer satisfaction with ISO certifications

Raising the bar higher for excellence in the field of customer satisfaction, application of exemplary facility management practices with a commitment to protect the health and safety of the community at large, Facilities Management Integrated has set the benchmark with its achievement of two ISO certifications.

Top exporter Anverally and Sons wins three accolades

Anverally and Sons (Pvt) Ltd., one of Sri Lanka’s oldest exporters of tea, with a history of 129 years, has won three awards on consecutive days last week, demonstrating the company’s continuing dynamism.