Hayleys to raise Rs.4bn via debt issue

Diversified conglomerate Hayleys PLC will raise Rs.4 billion via debentures.

China overloading poor nations with debt, top US official says

(Johannesburg) REUTERS: China is saddling poor nations with unsustainable debt through large-scale infrastructure projects that are not economically viable, the head of the US Overseas Private Investment Corporation (OPIC) said  this week.

US Trade Court nullifies tax on Lankan rubber tyre imports

Sri Lanka has won its first ever court case against countervailing duties,  as a US court ruled that the 0.95 percent countervailing duty attributed to the guaranteed price scheme on import of off-the-road (OTR) tyres 

Hayleys to raise Rs.4bn via debenture issue

Diversified conglomerate Hayleys PLC will raise Rs.4 billion via debentures. The company received preliminar

Banking sector asset quality continues to weaken

The quality of the assets of Sri Lankan banks is continuing to deteriorate and the banking sector regulator, the Central Bank, feels the worst is yet to come. According to the latest banking industry data seen 

Private sector urged to invest in healthcare to overcome challenges of ageing population

Sri Lanka’s healthcare system needs private sector investment in the medium term, as the public sector would struggle to address challenges stemming from the country’s fast growing ageing population.

BPPL opens Sri Lanka’s first ever polyester yarn factory

Eco Spindles, a wholly owned subsidiary of BPPL Holdings Ltd (BPPL) yesterday inaugurated Sri Lanka’s first ever polyester yarn plant at Horana Export Processing Zone with a Rs.800 million investment.

Dinesh quits CTC board

Top professional Dinesh Weerakkody has resigned from the director board of Ceylon Tobacco Company PLC (CTC), with effect from July 15, 2018.

Sri Lanka has potential to become centre of 21st century Maritime Silk Road: Chinese envoy

China says Sri Lanka has the potential to become the centre of the 21st century Maritime Silk Road while driving the trade and economic co-operation between China and Sri Lanka to a new level. 

Sri Lanka’s first-ever solar panel manufacturing plant to open in Katunayake

Japanese Sri Lanka Friendship (JSF) Corporation, a Board of Investment (BOI) company, will commence operations at its production facility in Katunayake next week, becoming Sri Lanka’s sole manufacturer of solar panels. 

Melstacorp stays acquisitive; may eye non-alcoholic beverage makers

Business tycoon Harry Jayawardena-controlled Melstacorp PLC could soon start targeting companies for acquisitions as the diversified conglomerate appears to be currently in its best form after the successful completion of its restructuring. 

Sri Lanka, highest-ranked MIC in Hinrich Foundation’s Sustainable Trade Index

Sri Lanka has outperformed in the latest Hinrich Foundation Sustainable Trade Index, ranking seventh overall, emerging as the highest-placed of the middle-income and emerging markets, above richer countries such as China (8th), Malaysia (12th), Thailand (13th) and Brunei (15th).

Local cable manufacturer feels liberalisation jitters

The domestic cable manufacturing industry appears to be disturbed by the present government’s penchant for liberalisation, displayed through recent attempts towards liberalising the country’s shipping and lubricant sectors.

NDB secures US$ 75mn loan from Germany’s Commerzbank

The National Development Bank PLC (NDB) has successfully negotiated a loan up to US $ 75 million, from Commerzbank Aktiengsellschaft, Germany recently.  Dubai-based Alpen Capital Limited was the lead arranger to this loan facility. 

BOI says projects worth over US$16bn under discussion with S’pore

Sri Lanka’s Board of Investment (BOI) yesterday said it is discussing  four projects worth over US $ 16 billion with Singapore, as the country gears up to reap benefits of the recent Free Trade Agreement with the city state.

Exporters call for ‘strong political will and vision’ to achieve full potential

Exporters blamed the absence of a “strong and positive political will and vision,” as the reason behind Sri Lanka’s failure to achieve full export potential, and urged the government to focus on providing gre

International legal protection for Sri Lankan folk medicines

In a major boost to Sri Lankan folk medicine tradition, Sri Lanka yesterday announced that it is moving the centuries old system for protection under Geneva’s well-known “Traditional Knowledge” reg

Rupee ends weaker on importer dollar demand

COLOMBO (REUTERS): The Sri Lankan rupee closed weaker yesterday as importer dollar demand surpassed mild selling of the U.S. currency by exporters, traders said. The rupee closed at 159.55/70 per dollar, compared with Thursday’s close of 159.40/50. It has declined 3.9 percent so far this year. 

Trump hails ties with UK despite Brexit criticism

UNITED KINGDOM (AFP): US President Donald Trump said yesterday that ties between Britain and the US were “very very strong” after launching an extraordinary attack on Prime Minister Theresa May’s Brexit strategy during a visit already marked by protests. Sitting alongside his host at the start of talks at Ma

Asia markets enjoy positive end to volatile week

NEW YORK(AFP): Most Asian markets rose again yesterday following a record close on Wall Street as trade war fears are tempered by hopes China and the US will eventually reach a compromise, while attention turns to the start of earnings season. Equities have had a rollercoaste

China pledges more BRICS cooperation as US trade tensions rise

BEIJING (AFP):  China pledged yesterday to boost cooperation with fellow BRICS countries in response to soaring frictions with the US, as it seeks to cultivate alliances to help it weather a bruising trade war. 

US hedge fund demands US$770m from S. Korea over Samsung merger

SEOUL (AFP): A US hedge fund is demanding almost US$800 million from South Korea at an international tribunal over the controversial merger of two units of the giant Samsung conglomerate, officials said yesterday.

President discusses steps needed to develop gem and jewellery industry

A meeting between President Maithripala Sirisena and the representatives of the country’s gem and jewellery industry has discussed the difficulties faced by the industry due to new taxes imposed by the government.

Banks face daunting task of capital raising ahead of regulatory reforms: Fitch

Some of Sri Lanka’s large banks still face an uphill task beefing up their capital levels in sync with the global regulatory norms as the country’s Rs.11 trillion banking sector braces for stringent se

ComBank’s debenture issue opens on Monday

The Commercial Bank of Ceylon PLC has announced its plans to raise Rs.5 billion, with an option to raise up to a further Rs.5 billion in the event of an oversubscription, for its capital through a Basel III compliant debenture issue that opens on Monday (July 16), offering qualified investors an opportunity to invest in the growth of Sri Lanka’s benchmark private bank.

Young inventor files legal action to protect design concept

In one of the first cases to be filed in Sri Lanka in respect of an infringement of the layout design of an integrated circuit, on or around the 6th of July 2018, A.M.T Nirmala, a young inventor from an eng

Current exporter registration process discourages SMEs entering international markets: think tank

The lengthy, inefficient and burdensome exporter registration process is discouraging Small and Medium Enterprises (SMEs) entering international markets, which has also become abusive, a study conducted by Colombo-based think-tank showed. 

BOI, EDB, Business France enter into tripartite agreement to promote trade and investment

A Memorandum of Understanding (MoU) was signed between the Board of Investment (BOI), Export Development Board (EDB) and Business France yesterday to enhance cooperation, trade 

Inconsistent tax policies seen as major constraint in attracting FDIs

Inconsistencies in Sri Lanka’s taxation policy during the last 4-6 years have created a significant impact on attracting new investments to the country, Sri Lanka’s largest foreign direct 

Tea Board to test all teas at tea auction for sugar

The country’s tea industry regulator, the Sri Lanka Tea Board (SLTB), has decided to conduct tests on all teas coming into the Colombo Tea Auction, to ensure the quality of Ceylon Tea and