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

The Cabinet of Ministers yesterday 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 six months, a top Minister told Mirror Business. 

Price controls, falling rupee push pharma industry to withdraw 11 drugs from market

The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) yesterday announced the withdrawal of 11 drugs from the local market due to the price controls slapped by the government. The ph

Banking sector profits seen losing steam ahead of 3Q earnings season

The banking sector earnings, which once looked almost immune to economic cycles, have indicated some signs of weakness in recent times, as the sector is facing multiple headwinds, which are putting its resilience to test.    

THASL AGM tomorrow

The Hotels’ Association of Sri Lanka (THASL), with a plan to develop more employment opportunities and foreign exchange earnings to the country, will hold its 53rd annual general meeting (AGM) at Shangri-La Hotel, tomorrow.  

Rupee ends weaker; stocks hit near 5-yr low on foreign selling

(Colombo) REUTERS: The Sri Lankan rupee ended 0.7 percent weaker yesterday as banks and importers bought the dollar and as stocks declined for a fifth straight session, hitting a near five-year closing low on continued foreign fund outflow.  

Central Bank begins forensic audits on EPF’s share, bond investments

The Central Bank yesterday said the procurement process for several forensic audits is underway on the Employees’ Provident Fund’s (EPF) investment in stocks and treasury bonds and operations of selected entities regulated and supervised by the bank.  

World Bank forecasts 3.9% economic growth for Sri Lanka this year

The World Bank expects Sri Lanka economy to grow 3.9 percent this year and 4 percent in next two years, recovering from the weather disruptions, which negatively affected agriculture, last year.  

CB takes further action to cut non-essential consumer imports

In their latest action to ease the pressure on the sliding rupee, the Central Bank has directed authorized dealers not to release foreign exchange, which involves conversion of rupees into foreign c

Philippines mulls sponsoring catastrophe bond issue

(Manila) REUTERS: The Philippines’ Finance Ministry said yesterday it was exploring a plan to sponsor a catastrophe bond issue, similar to the one launched by the World Bank early this year covering Latin American earthquakes.

Sri Lanka to count number of coconut trees using drone technology

The Plantation Industries Ministry together with the Coconut Cultivation Board (CCB) plan to employ the application of drone technology and an online coconut land registration to boost productivity and yield of the coconut plantation in the country.  Plantation Indust

August apparel export earnings up 7.7%

Sri Lanka’s apparel export earnings for the month of August rose 7.7 percent from a year ago to US $ 444 million amid a significant rise in export earnings from the United States.

Netherland’s FMO arranges US $ 50mn syndicated loan for Nations Trust Bank

Dutch development bank, FMO, recently arranged a US $ 50 million syndicated loan for Nations Trust Bank (NTB) to support the bank’s business banking activities, which have been geared more towards Small and Medium Enterprises (SMEs).

Asia, Europe stage market fight back after global rout

TOKYO (AFP) - Asian and European stock markets rallied yesterday after two days of ferocious selling sparked by higher US interest rates, trade war fears and attacks by President Donald Trump on his “crazy” central bank. Equities across Asia closed in

Arjuna says he will not let anybody sell Trinco fuel tanks

Responding to Parliamentarian Bimal Rathnayaka, Minister of Petroleum Resources Development Arjuna Ranatunga said he will not offer Trincomalee oil tanks to any Indian oil company. 

New World Bank fund to insure against climate disasters

Indonesia (AFP) - The World Bank yesterday launched a new US$150 million fund intended to help insure vulnerable countries against natural disasters and the increasing risk of climate change-linked crises.

Rupee rises on exporter dollar sales; stocks extend falls

COLOMBO (Reuters) - The Sri Lankan rupee strengthened 0.5 percent yesterday, as inward remittances and exporters dollar sales surpassed mild importer demand for the greenback, while stocks declined for a fourth straight sessi

IEA lowers growth forecast in oil demand for 2018, 2019

PARIS (AFP) - The International Energy Agency yesterday revised lower its growth forecast in global oil demand for 2018 and 2019, citing high prices, trade tensions and a less favourable economic outlook.

China-US surplus hits record, adding fuel to trade war

BEIJING (AFP) - China’s trade surplus with the United States ballooned to a record US$ 34.1 billion in September, despite a raft of US tariffs, official data showed yesterday, adding fuel to the fire

UK PM faces backlash over Brexit compromise

LONDON (AFP) - Prime Minister Theresa May’s office insisted yesterday it would not “trap” Britain in an endless customs union with the EU after Brexit, amid reports some ministers could quit if this is the price of a divorce deal.

Private sector credit growth loses steam; State steps up borrowings

Credit to the private sector in August has eased from a month ago although the overall bank credit stayed high as the cash-strapped government as of late was seen stepping up borrowings

Rupee edges up; stocks down for third session

 (Colombo) REUTERS: The Sri Lankan rupee ended slightly higher yesterday, easing from a record low hit in the previous session, as exporters dollar sales surpassed importer demand for the greenback in dull trade, while stocks ended weaker for a third straight session to hit a one-week low. The rupee en

PM, FinMin to grace Sri Lanka Retail Forum

The Sri Lanka Retailers’ Association (SLRA), with a vision of ‘Achieving Retail Excellence’ will hold the nation’s premier retail sector knowledge event – Sri Lanka Retail Forum (SLRF) 2018

Mobile payment platform Alipay launched at BIA

Flemingo Duty Free, Cargills Bank and Supreme Paysez recently signed a strategic partnership agreement to roll out the Alipay mobile payment gateway at Bandaranaike International Air

Softlogic to open 2 more Délifrance outlets by mid 2019

Softlogic Holdings PLC plans to open two more new Délifrance outlets including a bakery by mid next year with the aim to popularise the brand in the Sri Lankan market, contemplating future expan

Sri Lanka to sell hotel stakes, possibly within six months

London (REUTERS): Sri Lanka plans to put two state-owned hotel companies up for sale within the next six months in a sale that could raise US $ 500 million for the island nation as it seeks to bolster its finances, the finance minister said on Tuesday.  

Jetwing chief calls for consensus among city hoteliers to raise room rates

Jetwing Group Chairman Hiran Cooray recently urged the Colombo city hoteliers to be united to increase the minimum hotel room rates in Colombo, as the room rates were getting depressed.  

IMF cuts world economic growth forecasts

(Nusa Dua, Indonesia) REUTERS: The International Monetary Fund this week cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows.

Sri Lanka, Armenia, Pakistan face greatest funding risks: Moody’s

(London) REUTERS: Sri Lanka, Armenia and Pakistan top the list of smaller emerging economies most vulnerable to refinancing risks, because they face a combination of large upcoming repayments and low foreign currency reserves, ratings agency Moody’s said yesterday.  

Rise in electricity tariffs unlikely despite high generation costs

Fitch Ratings does not see the government raising electricity tariffs in the foreseeable future, but expects power generation costs to remain high in the next couple of years amid rising 

Rupee hits fresh low for 5th straight session

(Colombo) REUTERS:  The Sri Lankan rupee hit a record low for a fifth straight session yesterday on strong dollar demand from importers and foreign banks amid outflows from government securities, while stocks snapped a four-day winning streak and ended marginally weaker.