Global FDI skids 19% on Trump tax reform, may rebound in 2019: UN

(Geneva) REUTERS: Global foreign direct investment (FDI) fell 19 percent last year to an estimated US $ 1.2 trillion, largely caused by US President Donald Trump’s tax reforms, the United Nations trade and development agency UNCTAD said yesterday.  

After downgrading Sri Lanka, Fitch says frontier market ratings mostly stable

Fitch-rated frontier markets saw more positive than negative sovereign rating actions in 2018, partly due to higher commodity prices, although the rating agency cut Sri Lanka’s sovereign rating over political uncertainty in December.   

Tax reversal helps Tea Smallholders’ 3Q

Tea Smallholder Factories PLC has returned to the black during the December quarter (3Q19), as the company saw its earnings for the period rising 47 percent year-on-year (YoY) to Rs.13.7 million, thanks to a Rs.8.9 million tax reversal. The earnings per shar

Tourism earnings hit US $ 4.4bn in 2018

Tourism earnings are estimated to have risen 11.6 percent year-on-year to US $ 4.4 billion in 2018, according a press release issued by Sri Lanka Tourism Development Authority (SLTDA)  on Friday.

SLT gets new CEO and COO

Sri Lanka Telecom (SLT) last week announced a new leadership team with the appointment of Kiththi Perera as the Chief Executive Officer (CEO) and B.P. Fernandez as the Chief Operating Officer (COO) with effect from January 1, 2019.  

India’s SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways

(New Delhi) REUTERS: The State Bank of India (SBI)-led consortium of lenders is waiting for India’s capital markets regulator to decide on a bailout offer by Etihad Airways for the financially stressed Jet Airways, SBI Chairman Rajnish Kumar said, the Business Standard reported on Saturday. The UAE-based carrier, w

Port City to become catalyst for banking sector to reach Rs.30tn in assets by 2025

The Colombo Port City (CPC) will attract foreign banks to set up their operations in Sri Lanka, paving the way for the country’s banking sector’s asset base to more than double to Rs.30 tril

SriLankan says A330-200 idling at BIA lacks suitable cabin configuration for their use

In response to an exposure by one of their trade unions recently, SriLankan Airlines yesterday said an Airbus A330-200 4R ALS acquired by the previous management, which is 

Asian markets end week on a high as China-US trade hopes rise

HONG KONG (AFP) - Asian markets rallied yesterday as another broadly positive week drew to a close, with investors cheered by a report that the US was considering lifting tariffs on China 

Malaysia open to talks if Goldman pays US$ 7.5 bn, says minister

(Kuala Lumpur) REUTERS: Malaysia’s finance minister said yesterday the government would be ready to discuss dropping criminal charges against Goldman Sachs linked to the 1MDB scandal if the bank pays US$7.5 billion in reparations. Goldman Sachs is be

Malicious phishing attempt impersonating Central Bank

The public and institutions, particularly the financial institutions were yesterday warned by Central Bank to be beware of a malicious email being circulated, impersonating the Employees Provident Fund (EPF) Department of the Central Bank. Issuing a notice, Central Bank stated “It has been reported to the Central Bank of Sri Lanka (CBSL) that a phishing attempt has been initiated targeting mainly the financial institutions

Jinasena introduces Sri Lanka’s first solar pumping solution

Jinasena Pvt Ltd, the pump manufacturing giant in Sri Lanka has launched a first of its kind pumping solution for Sri Lanka, adding to the many accolades achieved since its inception in 1905

‘We will miss you’ - Germany pleads with the British to stay in EU

(London) REUTERS: German Chancellor Angela Merkel’s protégé appealed to the British yesterday to stay in the European Union, saying her compatriots had not forgotten how Britain welcomed Germany back as a sovereign nation after World War Two.Conservative leader Annegret Kramp-Karrenbauer, who succeeded Merkel as leader of the Christian

Rupee extends gains on dollar sales by bank; stocks steady

COLOMBO (Reuters) -  Sri Lanka’s rupee closed firmer for a second straight session yesterday, helped by dollar selling by banks and after the IMF said it would resume discussions with the island nation for further disbursal of part of a US$1.5 billion loan and the Central Bank chief said around US$5 borrowing in the pipeline could help debt repayments. 

Kavan appointed SLPA Chairman

Top professional Kavan Ratnayaka yesterday assumed duties as the Chairman of Sri Lanka Ports Authority (SLPA).  Before his appointmen

IMF willing to revise fiscal targets, says CB

The Central Bank Governor Dr.Indrajit Coomaraswamy said the International Monetary Fund (IMF) has agreed for flexibility to revise fiscal targets set for this year, following the discussions held in Washington, early this week.  Delivering the keyn

Sri Lanka targets US $ 1bn from seafood exports by 2022

Sri Lanka’s seafood industry is eyeing US $ 350 million in exports this year in line with a three-year target of achieving US $ 1 billion in seafood export revenue by 2022.

CB expects all fund raising to end in 1Q

Meanwhile Governor Coomaraswamy told Mirror Business that the Central Bank will start the process to raise at least US $ 1 to US $ 1.5 billion via issuing dollar denominated international sovereign bonds (ISBs) in a matter of days. The Cabinet has approved a proposal to raise up to US $2 billion via ISBs, he said. Coomaraswam

Carbon Tax applies to State-owned vehicles too : Finance Ministry

Responding to criticism, Finance and Mass Media Ministry said yesterday that the Carbon Tax, which came into effect from January this year, is applicable to State-owned vehicles as well.

Online company registration process reaches halfway mark

Sri Lanka will activate the partly completed South Asia’s most sophisticated, national-scale electronic company registration system next week, which is expected to boost the country’s Doing Business Index ranking significantly.

Colombo Port City land sales to begin from June onwards

The sale of land blocks at Colombo Port City (CPC) will commence after June this year following the conclusion of the legal framework that governs the reclaimed land and special incentive packages for investors.   

Banking, telecom and consumer sector earnings to standout this year

Banking, telecommunication and consumer-related stocks on the Colombo Stock Exchange (CSE) are more likely to outperform the rest this year, after a tumultuous ride in 2018, where notable erosions in valuations stoked by international and domestic headwinds, were seen.  

Rupee edges lower; stocks slip

(Colombo) REUTERS: Sri Lanka’s rupee closed slightly weaker yesterday in thin trade due to light dollar demand from banks and importers, while worries over political uncertainty and fiscal slippage weighed on investor sentiment.   

PMF abandons merger as company seals deal to infuse capital

A possibility of a merger explored between People’s Merchant Finance PLC (PMF) and People’s Leasing & Finance PLC (PLC) was abandoned last week, as the former closed a deal with an investor to infuse fresh capital followed by a rights issue which will put the company’s core capital on top of Central Bank’s minimum requirement.  PMF was transferred to th

IATA renews SriLankan’s operational safety audit registry

The International Air Travel Association (IATA) has renewed the IATA Operational Safety Audit (IOSA) registry of SriLankan Airlines for a further two year period up December 04, 2020, SriLankan Airlines in a statement said yesterday.  IOSA is the global airline industry’s benchmark for an airline’s operational management and control systems.  

Cottoning on: Chinese seed sprouts on moon

(Beijing) AFP: A small green shoot is growing on the moon in an out-of-this-world first after a cotton seed germinated on board a Chinese lunar lander, scientists said yesterday.

Bank of China offers US$ 300mn loan to Sri Lanka

Sri Lanka is considering an offer from Bank of China for a loan of US $300 million, which could be raised to US $1 billion, to help it meet repayments during coming months, glo

French giant Mane partners with Akbar Brothers for tea extracts

Mane SA, one of the top flavour and fragrance houses in the world, recently announced their strategic partnership with Sri Lanka’s Akbar Brothers, one of the largest traders of tea in the world, to provide high-end tea and coffee extracts for the global market. The partnership will take Ethical Extracts, a joint venture with Akbar Brothers, forward and is expe

Fortude and Sandbox create Sri Lanka’s largest sand sculpture on record

Fortude, a global technology solutions provider, in collaboration with Sandbox Consultancy, recently embarked on a team building initiative to create Sri Lanka’s largest documented sand sculpture.

Hambantota Port sees stellar performance in 1st year

The Hambantota International Port (HIP) saw an increase in the vessels docking at the port during the first week of the  new year.