Asian markets tumble after disappointing US earnings

HONG KONG (AFP) - Asian markets tumbled yesterday after disappointing US earnings and a bearish outlook on hopes for a Fed rate cut weighed on Wall Street overnight.

SriLankan corporate offices relocate to Katunayake Airline Centre

All corporate offices of SriLankan Airlines which were located at the World Trade Centre, Colombo have now been relocated to its headquarters at the Airline Centre, Bandaranaike International Airport, Katunayake.

Int’l Healthcare Exhibition kicks off

The 2019 edition of the International Healthcare Exhibition, organised by the National Chamber of Commerce of Sri Lanka (NCCSL), along with the support of the Health, Nutrition and Indigenous Medicine Ministry was officially launched and opened to the public yesterday at the BMICH, Colombo.

International airport in Hong Kong yesterday

Shares finish at over 5-month high; rupee flat

Sri Lankan shares rose for a fourth straight session to hit their highest close in over five months yesterday, led by a rally in beverage and banking stocks along with healthy purchases by domestic investors.

Best Wishes from SLMLBC 2019 / 2020 Executive Committee

Hutch says ready to enter e-commerce space with strategic partner

Hutch Telecommunications Lanka (Pvt.) Ltd, a subsidiary of Hong Kong-based CK Hutchison Group, is eying to enter Sri Lanka’s e-commerce sector with a strategic partner, after the completion of the island

BOC, SL’s No.1 bank among top 1,000 banks in the world

World-renowned The Banker Magazine UK 2019 reaffirmed Bank of Ceylon’s (BOC) place among the top 1,000 banks in the world with the country rank number one. BOC can boast of the financial and operational strength that it has demonstrated throughout the past years as having accounted for this magnificent achievement. Reaching its 80th anniversary celebrations this year, the bank has come across several notable achievements recently to its credit.

First Capital owners say in talks with investor to sell shares

Dunamis Capital PLC yesterday said they are engaged in preliminary discussions with a prospective investor for an investment in the shares of First Capital Holdings PLC. Dunamis Capital is the controlling shareholder of First Capital Holdings. Unusual tradi

Shares close highest in nearly 5 months; rupee falls

(Colombo) REUTERS: Sri Lankan shares rose for a third straight session yesterday to hit their highest close in nearly five months, led by a rally in banks, but the rupee weakened on higher importer dollar demand

BOI clarifies on importation of post-consumer waste by hub operators

The Board of Investment (BOI) issuing a statement yesterday clarified its position on the recent controversy regarding the importation of garbage containers by certain parties, under the Hub Act.

Teejay announces plans to partner with leading Chinese firm to diversify into lace

Listed knit fabric maker, Teejay Lanka PLC, has announced plans to partner with a leading Chinese company to venture into the manufacture of lace, thereby significantly expanding the company’s product portfolio. As a first step, Teejay is to commence dying, finishing and scalloping of raw lace material supplied by the prospective joint venture partner, Luen Fung Textiles (LFT) of China, the company said in a filing with the C

Message from Devinda Lorensuhewa, the President of SLMLBC

On behalf of the Executive Committee and members of Sri Lanka Maldives - Business Council it is with great pleasure I congratulate the Government and citizens of Maldives all our Maldivian Business counterparts on the celebration of their 54th Independence Day.“May the business relationship between Maldives and Sri Lanka continue to grow”

Message by His Excellency Omar Abdul Razzak, Ambassador Extraordinary and Plenipotentiary of the Republic of Maldives to the Democratic Socialist Republic of Sri Lanka

The Republic of Maldives today, celebrates its 54th Independence anniversary and I would like to wish each and every Maldivian residing in this beautiful country of Sri Lanka and the whole of Maldives a joyful Independence Day.

Message by His Excellency Abdulla Shahid, Minister of Foreign Affairs of the Republic of Maldives

On the auspicious occasion of our 54th anniversary of Independence, I convey warm felicitations and sincere good wishes to all Maldivians residing in Sri Lanka. As we also celebrate the 54th anniversary of the establishment of Diplomatic relations between the Maldives and Sri Lanka, I wish to take this opportunity to extend heartfelt greetings and best wishes to the Government and the friendly people of Sri Lanka with whom the Maldives and its

Message by His Excellency Ibrahim Mohamed Solih, President of the Republic of Maldives

As the Republic of Maldives celebrates its 54th Independence anniversary, it gives me great joy to express my heartfelt greetings and good wishes to all Maldivians residing in Sri Lanka.

Plantation firms rattled over policy indecisiveness regarding oil palm

Sri Lanka’s Regional Plantation Companies (RPCs) are growing impatient over President Maithripala Sirisena’s policy indecisiveness on oil palm cultivation, as Rs.400 million worth of nursery-stage oil palm plants are about to go into waste. Planters’ Association of Ceylon (PA) Secretary General Lalith Obeysekera yesterday told reporters in Colombo that despite the recommendation of the National Economic Council and several other committees, the

IMF downgrades world growth, warns of ‘precarious’ 2020

(Washington) AFP: Global trade tensions, continued uncertainty and rising prospects for a no-deal Brexit are sapping the strength of the world economy, which faces a “precarious” 2020, the International Monetary Fund warned on Tuesday. Trade conflicts are undercutting i

Tourism authorities yet to award PR and ad campaigns despite Cabinet approval

After almost three months since the Easter Sunday attacks, Sri Lanka’s tourism authorities still have failed to award the PR and advertising campaigns to the selected advertising agency, to support the flagging industry. The Cabinet approval was given in late May to award the nearly Rs.1 billion campaigns to J. Walter Thompson (JWT). The 45-day PR campaign and six-month marketing campaign were aimed at creating the right sentiment and perception

Shares close highest in nearly 20 weeks; rupee falls

(Colombo) REUTERS: Sri Lankan shares jumped more than one percent yesterday to hit their highest close in nearly 20 weeks, led by gains in banking and diversified stocks, while the rupee weakened on higher import

ETL denies ownership of imported waste

ETL Colombo (Pvt.) Ltd yesterday outrightly denied any claims that it is the ultimate importer of the 130 containers of “used mattresses” imported to Hayleys Free Zone, Katunayake, for reprocessing and r

Sri Lanka slips one place in Global Innovation Index

Sri Lanka fell one place in the Global Innovation Index (GII) 2019, after gaining two places in last year’s index. The GII, a collaboration between Cornell University, INSEAD and the World Intellectual Property Organisation, placed Sri Lanka at the 89th position, out of 129 countries in its 2019 edition, down from the 88th place in 2018.

Sri Lanka’s export earnings likely to fall short of US$ 20bn target this year

While maintaining that the US$ 20 billion export target is still a possibility for this year, Development Strategies and International Trade Ministry yesterday said Sri Lanka would likely end the year with US$ 18.5 billion in export earnings, an achievement that should be applauded. “We set ourselv

Union Bank reports modest second quarter performance

Union Bank of Colombo PLC reported some modest performance for the three months ended June 30, 2019 (2Q19) in the backdrop of an economy where business activity had slowed down significantly, the interim financial accounts released to the Colombo bourse showed.

Leading apparel exporter calls for clarity and direction

A leading apparel exporter in the country has called for clarity and direction from the government for private enterprises to play a key role in regaining and sustaining Sri Lanka’s economic resurgence in the aftermath of the Easter Sunday attacks and constitutional crisis of last October. Speaking about Sri Lanka’s curren

Shares end higher as banks, diversified stocks rally; rupee falls

(Colombo) REUTERS: Sri Lankan shares closed firmer yesterday, led by gains in diversified and banking stocks, while the rupee weakened on higher importer dollar demand.

Keells Foods 2Q impacted by sluggish consumer spending

Keells Food Products PLC (KFP) revenues languished and profits fell during the three months ended June 30, 2019 (1Q20) as the processed meat producer fell victim to subdued consumer spending in a sluggish economy. The company reported earni

Cabinet nod for free on arrival tourist visa

The Cabinet of Ministers yesterday approved a proposal to re-implement the proposed free on arrival visa programme for tourists that was suspended due to Easter Sunday attacks. Accordingly, free on arrival visa will

Hayleys assures re-exportation of used mattresses stored at its free zone

While strongly denying that Hayleys had imported environmentally hazardous materials into the country, the firm assured that it is working together with the Board of Investment (BOI) and Central Environmental Authority (CEA) to re-export the used mattresses stored at its free zone.

Vehicle registrations slump threatening govt.’s revenue plans

Sri Lanka’s vehicle registration slumped to a 36-month low in the month of June, as the activity in the economy turned sluggish with the fallout of the Easter Sunday attacks amid slowing credit and higher non-performing loans (NPLs).