Sri Lanka’s expenditure on tobacco use surpasses GSP Plus export income: Rishad

The Sri Lankan consumers’ annual expenditure on cigarettes and tobacco is so high it surpasses the country’s annual bill on milk powder imports. This tobacco expenditure also exceeds another

UK has ‘no clue’ on Brexit deal: Airbus chief Enders

LONDON (AFP) : Britain’s government has “no clue or at least no consensus” over reaching a Brexit deal, Airbus chief executive Tom Enders said yesterday. During a company presentation delivered in London, Enders repeated the European planemaker’s stark concerns made last month should Britain exit the European Union without a deal.

India’s most populous state bans plastic, yet again

 NEW DELHI (AFP):  India’s most populous state Uttar Pradesh, home to 220 million people, announced yesterday a ban on plastic cups and polythene use from July 15, in its third such attempt. 

Six sovereign wealth funds sign climate pledge

PARIS (AFP): Six sovereign wealth funds including four Gulf states have pledged to boost efforts to fight climate change at a Paris meeting called by Emmanuel Macron, the French presidential office announced yesterday.

Asian stocks climb despite first trade war shots

HONG KONG (AFP): Asian stocks rebounded yesterday despite the introduction of US tariffs on US$34 billion in Chinese goods in what Beijing called the ‘largest trade war’ in economic history.

Rupee extends losses on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee ended lower for a fourth straight session yesterday, as demand for importer dollar outpaced inflows from inward remittances, dealers said.

Shares rise most in 7-1/2 months on bargain hunting

(Colombo) REUTERS: Sri Lankan shares rose 1.2 percent yesterday, the most in seven-and-a-half months, as investors bought into blue chips such as Ceylon Tobacco Co Plc and John Keells Holdings Plc after three straight sessions of sharp fall.

Interim order issued on Agalawatte EGM

Due to an interim order granted by the Commercial High Court of Colombo, Agalawatte Plantations PLC yesterday said it could not take up any of the resolutions planned during the firm’s Extraordinary G

Perpetual Treasuries suspension extended by further 6 months

The Monetary Board of the Central Bank for the second time extended the suspension on the controversial bond dealer Perpetual Treasuries from six months with effect from yesterday. 

Maersk asserts need to expedite shipping & freight forwarding industry liberalisation

Sri Lanka needs to gather momentum in its endeavour to liberalise the country’s shipping & freight forwarding industry, reiterated the largest global container shipping line, Maersk yesterday, and said it is i

Sri Lanka’s first dedicated SME listing board launched

The Securities and Exchange Commission of Sri Lanka (SEC) together with the Colombo Stock Exchange (CSE) yesterday launched ‘Empower – a dedicated listing platform for small and medium enterprises (SMEs) in a bid to provide much-needed equity for high growth potential SMEs.

Dr. Dinusha Panditaratne appointed Verité Research advisor

Dr. Dinusha Panditaratne was recently appointed as an Advisor to Verité Research. 

Sarath Ganegoda appointed as Dipped Products acting MD

The Hayleys group long-timer Sarath Ganegoda has been appointed as the acting Managing Director of Dipped Products PLC, a Hayleys group subsidiary, effective from July 1, 2018. Ganegoda was appointed to the board of directors of Hayleys in September 2009. 

June tourist arrivals up 19%

Buoyed by higher tourist arrivals from India and China, Sri Lanka’s total tourist arrivals during the month of June rose 19 percent year-on-year (YoY) to 146,828, the data released by the country’s tourism office showed.

Credit to private sector moderates in May but spike in SoE debt seen

Private borrowings have shown some respite in recent months as such borrowings from the banking sector have moderated substantially during April and May, after the spike seen in the month before. 

Govt. to borrow 100bn yen from Japan’s MUFJ Bank for Central Highway

Sri Lanka is to borrow 100 billion yen (approximately US $ 936 million) from Japan’s MUFJ Bank to construct a 32.5km distance of the Central Highway from Potuhera to Galagedara, under the phase three of the highway project. 

Govt. to award 10MW solar power contract to Didul

The government has decided to award a 10 MW solar power plant contract to Didul (Pvt.) Ltd. A proposal by Power and Renewable Energy Minister Ranjith Siyambalapitiya in this regard has been approved by the Cabinet this week. 

Shares hit 15-month closing low on foreign selling

(Colombo) REUTERS: Sri Lankan shares extended losses yesterday to hit their lowest close in more than 15 months as continued foreign selling in blue-chip stocks dampened sentiment.

Govt. sanctions study on infrastructure sharing to expedite digitization

Sri Lanka is to set up a committee of experts to study the possibility of sharing the infrastructure facilities for the deployment of high-speed broadband services and electricity in a bid to fast-track the digitization of the country. 

Central Bank seen on hold but rate hike not ruled out

(Colombo) REUTERS: Sri Lanka’s Central Bank is likely to keep key interest rates unchanged at its policy review on Friday but a rate hike cannot be ruled out as the authorities struggle to ease depreciation pressure on the rupee currency. 

Bangladesh blames Sri Lanka for slow progress in proposed FTA

The Bangladeshi government blamed Sri Lanka’s “unstable political situation” for the slow progress in the proposed Sri Lanka-Bangladesh Free Trade Agreement (SLBFTA). 

Shares hit by continued foreign selling

(Colombo) REUTERS: Sri Lankan shares extended falls yesterday to a 15-month closing low as continued foreign selling in blue chips, political uncertainty and concerns about lower economic g

Final decision on Kerawalapitiya LNG plant delayed until SC verdict on FR case

President Maithripala Sirisena yesterday directed the Cabinet to delay the final decision on the controversial tender for 300 MW Kerawalapitiya LNG power plant until the Supreme Court’s verdict on a f

Rupee slips; dollar selling by State bank caps fall

(Colombo) REUTERS: The Sri Lankan rupee edged lower for a second straight session yesterday in moderate trade, as importer dollar demand outpaced inflows from inward remittances, while a State bank helped ease downward pressure by selling the U.S. currency, dealers said.

Brush maker BPPL invests in new Rs.180mn filament extrusion plant

Listed brush maker, BPPL Holdings PLC said it has invested Rs.180 million in a new monofilament extrusion plant, which is expected to be commissioned by July/August this year.

Waning finance company asset quality under spotlight

The asset quality of the non-bank finance sector is not something which often comes to the fore or commented on. But with the economic conditions getting tougher, it is slowly coming into the spotlight. 

ComBank announces appointments of new MD, COO

Commercial Bank of Ceylon PLC has announced the appointments of Sivakrishnarajah Renganathan and Sanath Manatunge, two career bankers, who have served the bank for 37 years and 29 years, respectively, as Managing Director and Chief Operating Officer, effective July 27, 2018.

Shares post worst fall in 28 months on foreign selling

(Colombo) REUTERS: Sri Lankan shares fell over one percent yesterday, the sharpest in nearly 28 months, as continued foreign selling and concerns about lower economic growth hurt sentiment, stockbrokers said.

Lion Brewery urges govt. to restore 12% concessionary tax rate on exports

Sri Lanka’s largest brewery, Lion Brewery (Ceylon) PLC, has urged the government to restore the concessionary rate of income tax on its export profits.

Rupee edges lower on thin importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee closed slightly weaker yesterday in dull trade as thin dollar demand from importers and banks outpaced little inflows from inward remittances, dealers said. The rupee ended at 158.35/45 per dollar, compared with Friday’s close of 158.20/35.