Rupee depreciation has made recently borrowed US $ 1bn more expensive: Cabraal

Former Central Bank Governor Ajith Nivard Cabraal yesterday argued that the depreciation of the rupee during the last five days has increased the repayment commitment of the recently borrowed US $ 1 billion to over US $ 1.1 billion.   

Rupee at record low; stocks up from near 5-year closing trough

(Colombo) REUTERS: The Sri Lankan rupee hit a record low yesterday as banks and importers purchased the U.S. dollar, while stocks edge up from their nearly five-year closing low hit in the previous session.  

Sri Lankans now can sell their products on eBay

Sri Lankans now can sell their products to overseas customers through e-commerce platforms such as eBay.  

Pradeshiya Sanwardena Bank outlook cut to ‘Negative’

ICRA Lanka has revised down the outlook of Pradeshiya Sanwardena Bank to ‘Negative’ form ‘Stable’ while affirming the issuer rating at ‘A’.  

Grand Hyatt has already gobbled up Rs.15bn in public funds: FinMin

The unfinished Grand Hyatt hotel has already cost Rs.15 billion to the public as its main shareholders are the Employees’ Provident Fund (EPF), Sri Lanka Insurance and Litro Gas—all state-owned organisations accountable to people.   

Govt. in discussion with 4 parties to build US $ 2bn oil refinery

The government is in discussion with four foreign parties to build a US $ 2 billion new oil refinery in Sapugaskanda, Petroleum Resources Development Minister Arjuna Ranatunga said, yesterday.  

John Keells owned tea processing subsidiary’s 2Q in red

Sri Lanka’s Tea Smallholder Factories PLC reported a loss for quarter ended September 2018, extending the losses made from the beginning of the financial year as production and auction prices fell from a record high last year.  Tea Smallholder Factorie

Govt. opens up LCL and MCC operations to private sector

The Finance and Mass Media Ministry has issued a gazette opening up the Less than Container Load (LCL) clearance operations to private sector liberalising the Multi-Country Consolidation (MCC) and entrepot trade to all players effective from October 1, 2018, albeit certain restrictions.

Profits would suffice for banking sector funding as loan growth eases: Moody’s

Sri Lankan banks until recently were going after fresh capital, and the capital market was inundated with a slew of debt and equity issues as the banks were trying to keep abreast with the burst in pr

MoU inked to set up Sri Lanka’s first 5G innovation centre

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, in partnership with Ericsson—the world leader in communications technology and services—along with the Telecommunication, Digital Infrastructure and Foreign Employment Ministry, signed a Memorandum of Understanding (MoU) to establish Sri Lanka’s first state-of-the-art 5G innovation centre. 

Asian markets mixed but Shanghai rebounds on officials’ support

HONG KONG (AFP) - Asian markets were mixed yesterday, with Shanghai bouncing back from early losses to end the week with a rally following a rare joint intervention by some of China’s t

Fintech startups win Gold and Merit at APICTA Awards

The 18th Asia Pacific ICT Alliance (APITCA) awards 2018, which was held in Guangzhou, China from the 10th to 14th October, named DirectPay as the overall winner in the Consumer - Wealth and Retail Category and Park and Pay with a Merit Award in the Start Up of the Year - Business and Community Category.

Pakistan’s PM to attend controversial Saudi investment conference

ISLAMABAD (AFP) - Pakistan’s foreign ministry announced yesterday that Prime Minister Imran Khan will attend a Saudi Arabian investment conference, despite a string of cancellations from leading policy-makers and corporate chiefs over the disappearance of journalist Jamal Khashoggi. The decision comes a day after US Treasury Secretary Steven Mnuchin and senior ministers from Europe announced plans to skip the conference.   

Merkel calls for free trade as EU, Asia meet

BRUSSELS (AFP) -  German Chancellor Angela Merkel issued a rallying call for free trade yesterday as EU and Asian leaders met to unite in defiance of US President Donald Trump’s “America first” approach.

Toyota chief urges UK, EU to avoid no-deal Brexit ‘at all costs’

TOKYO (AFP) - The head of Toyota, who leads a group of Japanese automakers, yesterday urged Britain and the European Union to avoid a no-deal Brexit “at all costs.”

Sept tea output lowest in 17 years after drought

COLOMBO (REUTERS) - Sri Lanka’s September tea output fell to its lowest level for the month since 2001, industry data showed on Thursday and the State-run Tea Board warned of adverse weather conditions for the fall after a prolonged drought. 

Northern chemical site to transform into large industry zone

The famed Northern lands where Sri Lanka’s chemical giant Paranthan Chemicals Company (PCC) stood are now earmarked for a large industry block which will also pack Sri Lanka’s first heavy chem

Media urged not to turn a blind eye to govt.’s achievements

Finance and Mass Media Minister Mangala Samaraweera yesterday requested the media institutions not to turn a blind eye to the government’s achievements and  development activities.

Lankan e-commerce space could expand to US $ 500mn in next 5-7 years: Daraz

Daraz, a top e-commerce platform in South Asia, which was acquired recently by China’s Alibaba, said Sri Lanka’s e-commerce industry could expand to US $ 500 million during the next five to seven years, with appropriate investments.  Daraz.lk Country Manager Bart 

Govt. shoots down request to hike LP gas prices

The Industry and Commerce Ministry yesterday said it rejected a request to increase the prices of LP gas by the state-owned Litro Gas Lanka Limited, Sri Lanka’s largest cooking gas importer, cylinder distributor and supplier.

Rupee ends weaker near record low; stocks steady

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday, near its record low, as banks and importers bought the US dollar, while stocks ended largely unchanged near a five-year closing low hit earlier in the week.

Commercial High Court issues interim order on CFT

Commercial High Court on September 19, 2018 granted an interim order on Ceylon & Foreign Trades PLC (CFT) and its directors Ali Asger Shabbir and Malayandi Jayaprakash restraining them from disposing, alienating and encumbering any of the CFT assets on the grounds of oppression and mismanagement until the conclusion of the case.

Sri Lanka reverses US $ 300mn China housing deal ahead of PM’s India visit

(Colombo) REUTERS: Sri Lanka has reversed a decision to award a US $ 300-million housing deal to China in favour of a joint venture with an Indian company, the government said, ahead of a visit by the prime minister to its South 

Euro 30mn AFD loan for green power development project

French Agency for Development (AFD) has loaned 30 million euros to Sri Lanka to finance a green power development project.

CPC-LIOC JV to develop abandoned oil tanks in Trinco

The state-owned Ceylon Petroleum Corporation (CPC) plans to enter into a joint venture (JV) with Lanka IOC PLC (LIOC) to develop the unused 85 oil tanks in Trincomalee, while retaining their ownership.  

SL secures US $ 1bn term loan from China Development Bank

The Central Bank yesterday said Sri Lanka secured a US $ 1 billion foreign currency term financing facility from China Development Bank (CDB), at highly competitive interest rates.  

Cabinet nod to award US $ 2mn tourism brand identity building contract to JWT

The Cabinet of Ministers on Tuesday decided to award the US $ 2 million contract to develop a new brand identity and strategy for Sri Lanka tourism to J. Walter Thompson (JWT) within a period of six months, a top minister told Mirror Business.   

Sept. motor vehicle registrations down

The recent curbs on vehicle imports appear to have finally stemmed the flow of motor vehicles to the country, although a dramatic fall in motor car registrations is not expected, at least in the next couple of months, as unsold cars lying in yards and on water could hit the roads.   

Recent credit boom has failed to translate into productive private investment: JB Securities

The two-year credit boom during 2015 and 2016 has failed to bring in desired long-term development outcomes as most of such credit had gone into unproductive segments of the economy, a recent research report by a leading Colombo-based equities brokerage, opined. 

Rupee ends weaker; stocks edge up

(Colombo) REUTERS: The Sri Lankan rupee ended 0.2 percent weaker yesterday as banks and importers bought the dollar while stocks ended a five-session losing streak, pulling away from previous session’s near five-year closing low. The rupee ended at 170.90/171.10 per dollar, compared with its previous close of 170.60/75. The rupee had fallen to an all-tim