LSPWU demands to bring back Lanka Sugar under Commerce Ministry

Workers of State-owned Lanka Sugar (Private) Limited flocked to President’s office on 31 on Thursday complaining that after the operation has been swapped to a different Ministry from its parent, it now risks falling back to a ‘loss-making venture’ that it used to be.

World on brink of trade war as US slaps tariffs on allies

Paris(AFP):  The world’s largest economies stood on the brink of all-out trade war as the EU, Canada and Mexico drew up retaliatory measures to Washington’s stinging steel and aluminium tariffs that came into effect yesterday.

Shares end near 5-month closing low; foreign investors buy

REUTERS: Sri Lankan shares ended largely unchanged near a five-month closing low yesterday as gains led by conglomerate John Keells Holdings Plc were offset by losses in large-cap shares such as Ceylon Tobacco Company , while foreign investors turned net buyers of equities. 

Rupee hits fresh record low on dollar demand from banks, importers

The Sri Lankan rupee touched a fresh record low of 158.80 yesterday owing to dollar demand from foreign banks and importers but ended steady on late inflows from remittances, dealers said.

SL’s tax reforms will positively impact direct tax revenue mobilisation: Moody’s

The ongoing tax reforms in Sri Lanka have a good chance of succeeding by broadening the tax base, particularly in terms  of direct tax revenue mobilisation, although the high debt burden combined with rising interest rates in the present  global market is likely to offset the positive credit impact from revenue reforms, according to Moody’s Investors Service.

Trade gap widens in March as imports flirt US $ 2bn mark

Sri Lanka’s merchandize trade with other countries continues to give trouble to the policy makers as the deficit in the trade account expanded in March, albeit at a lesser pace due to record high exports during the month. 

Weak rupee, bad weather won’t affect inflation: CB

(Colombo) REUTERS:  Sri Lanka’s recent adverse weather and weakening rupee currency will have little impact on inflation, Senior Deputy Central Bank Governor Nandalal Weerasinghe said yesterday.

May inflation rises to 4%

(Colombo) REUTERS: Sri Lankan consumer prices rose 4.0 percent in May from a year earlier, edging up from the previous month’s 3.8 percent, government data showed yesterday. 

Sri Lanka needs to up its game to attract high-spending tourists

Sri Lanka needs to up its game in developing its tourism product and entertainment offering to attract higher spending tourists, a top official of Sri Lanka’s largest hotelier John Keells Holdings PLC (JKH), which owns and operates hotels and resorts in Sri Lanka and Maldives, said.  

Shares fall; JKH declines on reports

(Colombo) REUTERS: Sri Lankan shares fell for a fourth straight session yesterday and posted their lowest close in five months, dragged by conglomerate John Keells Holdings Plc on foreign investor selling.

Government to recruit 20, 000 unemployed graduates

The government yesterday said it would recruit 20, 000 unemployed graduates in two phases this year.

UberINTERCITY goes live in Sri Lanka today

UberINTERCITY goes live today for multiple outstation routes following a successful six-month pilot project from Colombo to Galle launched in December 2017.

US pullout from Iran nuclear deal likely to impact Lankan tea exports

The US’ decision to unilaterally abandon the nuclear deal with Iran is likely to put a damper on Sri Lankan tea exports, a leading tea broking house in the country said.

SL contracts world’s largest oilfield services firm to look for hydrocarbon potential

Petroleum Resources Development Minister Arjuna Ranatunga yesterday signed an agreement on behalf of the Government of Sri Lanka (GOSL) with Eastern Echo Holdings PLC, a subsidiary of US-based major oilfield services company Schulmberger, giving a new boost for offshore exploration of Sri Lanka’s hydrocarbon potential. 

S. Africa’s SPAR Group eyes Lankan expansion amid challenges at home

(Johannesburg) REUTERS: South African retailer and wholesaler SPAR Group Ltd plans to open two more stores in Sri Lanka, it said yesterday, after warning that fuel price hikes and currency weakness could affect its home market.  

Rupee falls on importer dollar demand after holidays

(Colombo) REUTERS: The Sri Lankan rupee fell yesterday due to importer dollar demand following a holiday in the United States on Monday, while markets in the island nation were closed on Tuesday for a local holiday.

Shares fall to 4-month closing low on foreign selling

(Colombo) REUTERS: Sri Lankan shares fell for a third straight session yesterday and posted their lowest close in more than four months, as foreign investors sold diversified stocks such as conglomerate John Keells Holdings PLC and Aitken Spence PLC.

Cinnamon Grand, Lakeside feel the heat from new entrants as competition heightens

Asian Hotels & Properties PLC (AHPL), the owners and operators of the two city hotels under the Cinnamon brand, appears to have started to feel the intensity of the competition in the city hotel sector in Colombo, as the g

South Korea’s largest cryptocurrency exchange bans Sri Lankans

Bithumb, the largest crypto exchange in South Korea and the fifth largest in the world, has announced a ban on virtual asset trading transactions of Sri Lankan residents along with 10 other countries, which were identified as having lenient policies in combatting money laundering and terrorist financing by the Financial Action Task Force (FATF).

India’s Hero Cycles plans to hike stake in Lankan bicycle plant

Indian Express: With zero customs duty on exports to India and Europe from Sri Lanka, Hero Cycles is planning to increase its stake in its Colombo-based bicycle unit this quarter.

Key business segments lift Sunshine Holdings performance

Healthcare, agri, consumer and renewable energy businesses performed well over the previo

Panasian Power seeks aggressive growth; looks for foreign opportunities

Panasian Power PLC (PAP) said it intends to further increase its installed capacity through solar and mini-hydro projects in FY19 while looking for opportunities in Africa and South East Asia, as the firm aspires to become the largest listed renewable energy solutions provider in the country within the next three years.   The company’s top and bottom lines saw a significant growth during

Sri Lanka with China and Kenya to lead world’s black tea production

The world’s black tea production is projected to increase by an annual growth rate of 2.2 percent, to reach 4.42 million tonnes, as a result of major production increases in Sri Lanka, China and Kenya.

Rupee ends firmer on inward remittances

REUTERS: The Sri Lankan rupee ended slightly firmer in light trade yesterday, helped by inward remittances and a lack of demand for dollars from importers due to a holiday in New York.

Browns to raise Rs.7.1bn via rights to settle debt

The Brown & Company PLC director board has resolved to raise Rs.7.08 billion through a rights issue, subject to the approval of its shareholders and the Colombo Stock Exchange, with regards to the listing of the rights shares. 

Cheers! Coca-Cola launches first boozy drink in Japan

AFP: Coca-Cola launched its first-ever alcoholic drink yesterday in Japan— a fizzy, lemon-flavoured concoction laced with spirits that seeks to capitalise on the growing popularity of “chuhai” alcopops enjoyed especially by young women.

BRICS development bank to issue US $ 780mn in yuan-denominated bonds

REUTERS: The New Development Bank (NDB), set up by the BRICS group of major emerging economies, said yesterday it plans to raise 5 billion yuan (US $ 782 million) through a yuan-denominated bond issue 

Shares mark 2-wk closing low; trade dull

REUTERS: Sri Lankan shares marked their lowest close in two weeks yesterday with investors mostly keeping to the sidelines awaiting cues about the real impact of the floods that hit the island-nation over the past week.

Sri Lanka sells Rs.90bn in 5-year and 10-year bonds

The Public Debt Department (PDB) of the Central Bank yesterday sold Rs.90 billion worth of five-year and 10-year bonds, the press notice issued by the Central Bank indicated.

One-off gains boost JKH 4Q; but tough operating conditions weigh on performance

Despite significantly higher profits recorded by the Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) due to one-off gains stemming from the group’s financial services sector, the interim financial accounts released to the Colombo bourse indicated tough times faced by the group’s key business segments.