Rupee hits all-time low

(Colombo) REUTERS: The Sri Lankan rupee touched a record low yesterday as importer dollar demand, foreign outflows and government securities weighed on the currency, dealers said.

July tea output down 7.3%

(Colombo) REUTERS: Sri Lanka’s tea output fell 7.3 percent in July from a year earlier, the state-run Tea Board said yesterday and the brokers attributed the fall to adverse weather conditions. 

Shares fall for 7th session in thin trade

(Colombo) REUTERS: Sri Lankan shares extended losses into a seventh session yesterday and posted their lowest close in nearly seven weeks, as foreign investors continued to reduce their holdings, while confusion over new tax measures weighed on the market as well.

CMTA hopes govt. will continue to follow int’l practices when procuring vehicles

Amid the calls to open up the government tenders to the used or non-brand-new vehicle importers, the Ceylon Motor Traders’ Association (CMTA) yesterday urged the government not to move away from the internationally accepted procurement processes. 

Study reveals SL’s import tax exemption schemes prone to abuse

Sri Lanka’s import tax exemption schemes are prone to abuse as they lack predictability, efficiency and openness, a study by a Colombo-based think tank has revealed. 

Hemas subsidiary Morison offers to go private

Hemas PLC’s pharmaceutical manufacturer and importer, Morison PLC, will go private subject to necessary shareholder and regulatory approvals. Morison’s director board has resolved to delist the company’s shares from the official list of the Colombo Stock Exchange, a stock exchange filing by the company said last Friday.

EPF’s indecision delays Weligama Bay Marriot sale

The delay in taking an investment decision by the Employees’ Provident Fund (EPF) has delayed the sale of Weligama Bay Marriot Resort & Spa to a Singaporean firm, a stock market filing by East West Properties PLC said.

Softlogic to open first supermarket in 4Q18

Diversified conglomerate Softlogic PLC will open its first supermarket outlet in fourth quarter of 2018, the company’s  annual report released last Friday to the Colombo Stock Exchange said.

Laugfs Gas cuts losses in 1Q after spinning off non-core units

Laugfs Gas PLC, Sri Lanka’s only private sector cooking gas player, narrowed its losses during the quarter ended June 30, 2018 (1Q19) as the group’s energy business made gains despite the administered prices on LP gas getting replaced by a price-reflective formula. Laugfs Gas in March spun off its non-core interests in leisure, power and vehicle emission testing businesses to pitch itself as a pure-energy player as those sectors were

SL-B’desh FTA negotiations likely to begin end of September

Negotiations on the proposed Sri Lanka-Bangladesh Free Trade Agreement are likely to commence by the end of next month, as the joint feasibility study on the FTA is nearing completion, Bangladesh High Commissioner to Sri Lanka Riaz Hamidullah said. Addressing a seminar organis

Japan’s manufacturers most confident in 7 mths despite trade war worries

(Tokyo) REUTERS: Business confidence among Japanese manufacturers was at its highest in seven months in August thanks to a firm global economy, a Reuters poll showed yesterday, but the service sector’s mood hit its lowest since 2016, casting doubt on the robustness of domestic demand. The mixed results of the monthly poll, which tracks the Bank of Japan’s closely watched tankan quarterly survey, underscore the fragility of an economy

Toyota to increase production capacity in China by 20%

(Beijing) REUTERS: Japan’s Toyota Motor Corp will build additional capacity at its auto plant in China’s Guangzhou, a company source said, in addition to beefing up production at a factory in Tia

China, U.S. to hold lower-level trade talks in late August

(Beijing/Washington) REUTERS: China and the United States will hold lower-level trade talks this month, the two governments told on Thursday, offering hope that they might resolve an escalating tariff wa

Shares hit over 7-week closing low on foreign selling

COLOMBO (Reuters) - Sri Lankan shares extended losses for a sixth straight session yesterday, marking their lowest close in more than seven weeks, as foreign investors trimmed equity exposure amid fears that the government may introduce new taxes on several sectors. Foreign investors sold s

Sri Lanka to take part in apparel sourcing fair in Paris next month

A total of 6 Sri Lankan apparel manufacturers and 2 designers will participate in the four-day fair in Paris from 17th – 20th September.

Trump says in ‘no rush’ to get NAFTA deal

WASHINGTON (AFP) - President Donald Trump said yesterday he was in “no rush” to complete a deal to rewrite the trade pact with Mexico and Canada. As Mexican officials were gathered in Washington for talks with US Trade Representative Robert Lighthizer, Trump said at a cabinet meeting, “if you can’t make the right deal, don’t make it.”

SriLankan acts swiftly to help passengers stranded in Cochin

SriLankan Airlines has introduced a series of measures to mitigate inconvenience to its valued passengers from the closure of Cochin International Airport due to flooding. 

Colombo Dockyard losses widen in 2Q

Sri Lanka’s largest shipbuilder, Colombo Dockyard PLC (DOCK), which operates in collaboration with Japan’s Onomichi Dockyard, saw its net losses widening during the April-June quarter (2Q18) amid rise in costs and slowdown in income from its main business activities—shipbuilding and repairing. The net loss for 2Q18 widened to Rs.142.1 millio

Shares edge down; foreign investors sell John Keells

Colombo (REUTERS): Sri Lankan shares ended marginally weaker yesterday, marking their fifth straight session of losses, as foreign investors sold market heavyweight John Keells Holdings amid global worries.

Manufacturing and service activities expand at slower pace in July

Both the manufacturing and services sector experienced some slowdown in July, according to the Purchasing Managers’ Index (PMI) compiled by the Statistics Department of the Central Bank.

Banking sector woes to continue; but credit profiles broadly intact: Fitch

Sri Lanka’s banking sector woes will persist through the remainder of the year and possibly spill over into 2019, if the country’s wobbling economy continues to hurt the investment and consumer sen

HNB 2Q boosted by new loans, operational efficiencies

Backed by the strong growth in loans and operational efficiencies, Sri Lanka’s second largest private sector lender in terms of assets, Hatton National Bank PLC (HNB), reported solid performance for its April-June quarter (2Q18), the interim financial accounts released to the Colombo Stock Exchange showed. However, the banking group had to 

Rupee hits record low for second session on importer demand

Colombo (RETUTERS):  The Sri Lankan rupee hit an all-time low for a second straight session yesterday, as importers bought dollars amid fears the local currency could depreciate further tracking weakness in emerging-market currencies, dealers said.

ComBank sees strong growth in new loans; June profits up 10%

Commercial Bank of Ceylon PLC reported some solid financial performance for the quarter ended June 30, 2018 (2Q18), as the country’s largest private sector lender saw strong growth in new loans and deposits.

New acquisitions weigh on Hemas 1Q bottom line

The recent new acquisitions weighed on the bottom line of the diversified conglomerate Hemas PLC during the quarter ended June 30, 2018 (1Q19), the interim financial accounts released to the Colombo Stock Exchange showed.

Guardian Capital terminates JV agreement with foreign party due to ‘unfavourable investment’ climate

Guardian Capital Partners PLC (WAPO), a unit of the Carson Cumberbatch group, on Tuesday said it is terminating a joint venture (JV) agreement it had entered into with a foreign party due to the “current economic conditions and unfavourable investment environment” in the country. 

Central Bank extends suspension on Pan Asia Bank’s primary dealer

The Monetary Board of the Central Bank yesterday said it has decided to extend the suspension of business and activities of the primary dealer operations of Pan Asia Banking Corporation PLC (PABC) for a period of six months, with effect from today.

Tourism digital marketing campaign in Europe to be launched this month

Sri Lanka will launch the long-delayed six-month digital marketing campaign in top source markets in Europe—the United Kingdom, Germany and France—from end of August, after the Cabinet of Ministers on Tuesday approved the Cabinet paper presented by Tourism and Christian Religious Affairs Minister John Amaratunga, to award the contracts to the selected marketing agencies. 

SLTDA relaunches Sri Lanka Tourism Awards

The Sri Lanka Tourism Development Authority (SLTDA) Monday announced the relaunch of the annual Sri Lanka Tourism Awards, which is scheduled to be held on December 6, following a six-year hiatus.

Rupee hits near-record low on Indian currency weakness

(Colombo) REUTERS: The Sri Lankan rupee hit a near-record low yesterday on weakness in emerging-market currencies including the Indian rupee, and importer dollar demand, dealers said.