Economy in 1Q picks up to 3.5%: Mangala

(Colombo) REUTERS: Growth in Sri Lanka’s economy picked up to 3.5 percent in the first quarter from 1.8 percent in the previous three-month period, Finance Minister Mangala Samaraweera said yesterday.

Fitch rates Siyapatha Finance’s sub debt

Fitch Ratings has assigned Siyapatha Finance PLC’s proposed subordinated unsecured debentures an expected national long-term rating of ‘BBB+(lka)(EXP)’,one notch below Siyapatha’s national long-term rating.

ICRA Lanka revises Hayleys rating

ICRA Lanka has revised down the issuer rating of Hayleys PLC to (SL)A+ with Stable outlook from (SL)AA- with Negative outlook over the firm’s non improvement of financial performance and high level of gearing.

Delaying ECT could risk Colombo Port’s hub status

Further delays in operationalising the East Container Terminal (ECT) would jeopardise the Colombo Port’s transhipment hub status, according to Sri Lanka Port Authority (SLPA) Chairman Kavan Ratnayaka.

Pfizer acquires Array Biopharma, valued at US $ 11.4bn

(New York) AFP: US pharmaceutical giant Pfizer yesterday announced the acquisition of Array BioPharma, a biotechnology firm that specialises in cancer drugs, the latest in a long list of biotech mergers in recent years.

Ceylon Chamber to hold networking evening on how to rebuild biz confidence

Premier business chamber, the Ceylon Chamber of Commerce (CCC), is organising a networking session on the theme ‘Rebuilding Business Confidence in Sri Lanka’, providing a platform for its membership to interact with the senior government officials.

Switzerland and UK ranked among worst countries for families

Euronews.com: Switzerland and the UK are among the least family-friendly countries in Europe, according to a recent study from the UN children’s charity (UNICEF).

Stocks hover near 6-week high as trade turnover zooms; rupee falls

(Colombo) Reuters: Sri Lankan shares ended marginally higher yesterday, hovering near a six-week high hit last week, as trade turnover touched a more than four-month high amid continued foreign fund outflows, while the rupee ended weaker on dollar demand from importers.

Siyapatha Finance to raise up to Rs.1.5bn via listed debt

Siyapatha Finance PLC, a subsidiary of Sampath Bank PLC, yesterday said its director board has resolved to raise up to Rs.1.5 billion through a listed debenture issue.

US-China trade war beneficial for Lankan tile and bathware makers: Royal Ceramics

Sri Lanka’s largest tile and bathware manufacturing group, Royal Ceramics Lanka PLC, believes that the trade war between the US and China will increase opportunities for Sri Lankan manufacturers in key export markets.

Ecommerce sales platform for Lankan exporters

In order to boost the Sri Lankan economy through exports via ecommerce, the Export Development Board (EDB) is implementing a national programme to nurture 2000 new entrepreneurs to become exporters during the period 2017-2022, at regional level.

Sri Lanka attacks expose South Asia’s cooperation failings

Could Sri Lanka have prevented the Easter Sunday terror attacks that claimed 257 lives? Most media reports in the aftermath of the attack have suggested so.

Overview of convention on contracts for international sale of goods

The differences in legal systems among the various countries in the world are substantial. However, a uniform law relating to the contracts on international sale of goods is essential for the smooth functioning of world trade.

Services sector activities contract in May; manufacturing recovers

Sri Lanka’s services sector activities further contracted in May following Easter bombings, while manufacturing activities recovered with increased production in the country’s apparel sector, Sri Lanka Purchasing Managers’ Index (PMI) for the month of May showed.

Sri Lanka to host World Tourism Organization’s regional meeting next year

Sri Lanka is to host the 32nd Joint Meeting of The World Tourism Organization’s (UNWTO) Commission for East Asia and the Pacific (CAP) and Commission for South Asia (CSA) in 2020. During its 31st joint meeting held i

Pensioners’ salary anomalies to be removed from next month

Finance Minister Mangala Samaraweera’s proposal in his budget 2019 to remove the pensioners’ salary anomalies will be implemented effective next month, a Finance Ministry statement said.

Hoteliers request govt. to underwrite working capital loans

Sri Lanka’s hoteliers have urged the government to underwrite working capital loans on top of the one-year moratorium given on tourism sector loans as “no immediate turnaround is in sight” for the industry in the aftermath of the Easter Sunday attacks.

BOI seeks investors to develop Bogambara Prison land and two transit hotels in Katunayake

The Board of investment (BOI) has called for Request for Proposals (RFPs) to develop land belonging to the former Bogambara Prison and two plots in Katunayake Export Processing Zone as tourism projects.

EU ministers strike shaky compromise on eurozone budget

LUXEMBOURG (AFP) - EU finance ministers agreed on the broad outlines of a eurozone budget early yesterday, a key reform pushed by Paris that was scaled back amid deep resistance from the Netherlands.

Asian stocks struggle while oil stabilises, Hong Kong drops again

Most Asian markets fell yesterday on geopolitical concerns, uncertainty over the China-US trade row and the outlook for the global economy, while oil prices were mixed after the previous day’s surge fuelled by attacks on two ta

Hong Kong’s extradition law jolts business community

HONG KONG (AFP) - Top executives in Hong Kong have warned they will have “no reason to stay” if the city’s freedoms are damaged by a proposed bill allowing extradition to mainland China.

Huawei delays global launch of foldable phone by three months

HONG KONG (Reuters) - Huawei will delay the launch of its much-touted foldable 5G Mate X smartphone by three months, the latest setback for the company that was slapped with U.S. sanctions last month.

Workers go on strike at Chile’s Chuquicamata copper mine

SANTIAGO (AFP) - Workers employed by the world’s top copper producer went on strike yesterday at the sprawling Chuquicamata mine in Chile, unions said. Three unions issued a statement saying adherence to the stoppage was massive at the mine operated by the State-owned company Codelco. Codelco produces more than a third of the world’s copper. The miners are demanding wage increases and other improvements in working conditions. The strike follows t

IEA sees ample oil supplies and weak demand

PARIS (AFP) - Tepid growth in demand for oil along with ample supplies from non-OPEC countries will complicate efforts by the cartel and its allies to boost prices, the IEA said in a report yesterday.

Stocks snap 5-day rally on foreign outflows; rupee falls

REUTERS - Sri Lankan shares snapped a five-day rally to end a tad weaker yesterday, slipping from a near six-week high hit in the last session, as foreign fund outflows from equities continued, while the rupee fell on p

Banks get Rs.62bn worth of tourism sector loan relief requests

Sri Lanka’s banking sector has received a record 1055 applications requesting for moratoriums on outstanding loans worth Rs.62 billion by the struggling tourism industry at the end of May, According to the Central Bank.

Spanish investor enters deal with BOI to build 43 luxury cabanas near Yala

A Spanish investor has signed an agreement with the Board of Investment (BOI) to construct and operate 43 luxury cabanas in Palatupana, Yala.

Finlays Colombo sells Lankan cold storage business to Emergent Cold for Rs.3.6bn

Finlays Colombo Ltd. (Finlays) has sold its temperature-controlled logistics business in Sri Lanka operating under Finlay Cold Storage (Pvt) Ltd. to Emergent Cold for Rs.3.62 billion, Finlays Colombo’s latest annual report indicated.

Sluggish economy here to stay until Presidential polls: report

Sluggish economy and weakened consumer confidence could persist until the Presidential election is announced towards the latter part of the year. But the collapse in the rupee could be less severe than earlier predicted due to a potentially weak dollar, lower imports and debt inflows, according to First Capital Research.

Stocks end at near 6-week high; rupee falls

(Colombo) REUTERS: Sri Lankan shares rose for the fifth straight session yesterday to end at a near six-week high on local buying, even as foreign investors continued exiting the island nation’s risky assets, while the rupee edged lower on importers’ dollar demand.