Government extends agreement with Ace Power for three more years to avert power crisis

The government last week decided to extend the purchasing of the expensive thermal power as the country had four seasons of back-to-back dry spells, which exhausted reservoirs and the crucial catchment areas used for generating cheap energy.

Bahrain discovers largest oilfield in decades

RIYADH (REUTERS): Bahrain said yesterday it had discovered the country’s largest oilfield in decades, located off the west coast of the kingdom, according to state news agency BNA.

CSE takes stern action on non-compliers; suspends six companies

The Colombo Stock Exchange (CSE) suspended trading of six listed entities as they failed to file interim financials and annual reports even after the firms were given adequate time to comply with the most crucial continuous listing rule.    

De Saram and MTI set up JV for legal outsourcing

F. J. & G. de Saram, Sri Lanka’s leading corporate and commercial law firm - founded over 175 years ago, and MTI Consulting have set-up a JV called ‘Legal Source’ that offers legal process out-sourcing services to international 

Japan-Sri Lanka Expo 2018 to open on April 21

To further enhance Sri Lanka-Japan ties, the Japan- Sri Lanka Expo is scheduled to take place  at the BMICH next month from 21st-23rd for the second consecutive year.

Foreign companies in China brace for VPN crackdown

AFP: Chinese people and foreign firms are girding for a weekend deadline that will curb the use of unlicensed software to circumvent internet controls, as the government plugs holes in its ‘Great Firewall’.

British VW drivers invited to join ‘Dieselgate’ legal action

AFP: British drivers were this week given the chance to join collective legal action against German carmaker Volkswagen over the emissions-cheating “Dieselgate” scandal.

Tokyo stocks lead Asia higher in thin holiday trade

AFP: Japanese stocks led the way in Asia yesterday, climbing higher following a rally on Wall Street but the majority of Asian markets were closed for the Easter holiday.

Japan factory output turns up in February

AFP: Japan’s factory output picked up in February while the jobless rate stayed low, official data showed yesterday as the world’s third largest economy continues a solid expansion. 

Starbucks coffee in California must have cancer warning, judge says

REUTERS: Starbucks Corp and other coffee sellers must put a cancer warning on coffee sold in California, a Los Angeles judge has ruled, possibly exposing the companies to millions of dollars in fines.

Trump slams Amazon on taxes, postal deal

AFP: US President Donald Trump took a new swipe at Amazon this week, claiming the tech giant fails to pay its share of taxes and takes advantage of the US Postal Service.

Singapore says Uber-Grab deal may flout competition rules

AFP: The sale of Uber’s Southeast Asian business to Singapore-based rival Grab may have infringed competition rules, a Singapore watchdog said yesterday, imposing restrictions on the deal while it carries out an investigation.

Central Bank to continue accepting defaced currency notes

Considering the many requests made and the difficulties faced by the general public in exchanging willfully defaced currency notes after March 31, 2018, the Central Bank has decided to continue the service of exchange of such currency notes until further notice.

March consumer prices up 4.2%

REUTERS: Sri Lankan consumer prices rose 4.2 percent in March from a year earlier, but eased from the previous month’s 4.5 percent rate, government data showed yesterday. 

CB Governor says Bank of China has potential to really move needle on SL’s development

While the Sri Lankan entry of Bank of China marks a major landmark in Sino-Lankan relations, it also has the potential to really move the needle on Sri Lanka’s economic development, according to the country’s Central Bank Governor Dr.Indrajit Coomaraswamy.

Finance Ministry goes amnesiac on MR era economic activities

The Finance Ministry’s amnesia on the Sri Lankan economy from 2005 to 2014 may lead visitors to the ministry’s official webpage wonder what exactly had happened to the country’s economy during the period.

Kiwi companies to explore biz opportunities in Sri Lanka

A New Zealand business delegation representing 13 innovative companies will arrive in Colombo on April 2 for a 3-day visit to continue forging business and trade links with Sri Lanka.

Small cars drive vehicle registrations in February

Sri Lanka’s small car registrations continued its strong momentum in February although the total vehicle registrations slightly slipped from its January high, perhaps due to less number of days, according to registration data tracked by Colombo-based stock brokerage, JB Securities.

U.S. GSP to become active from April 22

The re-authorised US GSP will become active for Lankan exporters from April 22, according to a communiqué by Sri Lanka’s Industry and Commerce Ministry. 

Malik narrates Sri Lanka’s economic reorientation story to German industrialists

Development Strategies and International Trade Minister Malik Samarawickrama said that the government has taken numerous initiatives to stabilise and reorient the economy, from a growth model that was heavily dependent on debt-fuelled public spending, to one driven more by the private sector, trade and foreign direct investment (FDI).

Achieving Rs.20bn via Debt Repayment Levy at proposed rate unrealistic: banker

The Sri Lankan government may need to increase the rate to be charged under the proposed Debt Payment Levy many fold, in order to meet the revenue target expected from it, according to a banker. The 2018 budget presented last November proposed to charge 0.02 percent per cash transaction done via financial institutions through the Debt Repayment Levy. 

Rupee firms on exporter dollar sales

REUTERS: The Sri Lankan rupee closed 0.26 percent stronger yesterday as exporter dollar sales and inward remittances surpassed importer demand for the US currency, dealers said.

Atlas acquisition improves Hemas Holdings’ defensive cash flow: Fitch

The acquisition of Atlas Axillia (Private) Limited (Atlas) has improved the business risk profile of Hemas Holdings PLC as the new entity will improve the group’s defensive cash flow when the other key units such as FMCG and leisure have slowed down, according to Fitch Ratings. 

Top bankers say finding true independent directors challenging

The challenge in finding true independent directors with diverse skill sets for banks surfaced at a recently held top-level meeting of the stakeholders in the banking sector, in Colombo. 

Slovak automotive industry expresses interest in Lankan rubber tyres

Slovakia, the world’s highest per capita car producer, is keen on importing Sri Lankan rubber tyres for the Slovakian automotive manufacturing industry, according to a communiqué from the local Industry and Commerce Ministry.

Govt. goes for US $ 1bn foreign currency term financing facility

The Sri Lankan government will be raising US$ 1 billion via a foreign currency term financing facility (FTFF) denominated in US dollars, Japanese yen or euro from domestic and international banks and investment banks in order to finance expenditure approved in the 2018 budget.

Atlas acquisition improves Hemas’ defensive cash flow: Fitch

The acquisition of Atlas Axillia (Private) Limited (Atlas) has improved the business risk profile of Hemas Holdings PLC as the new entity will improve the group’s defensive cash flow when the other key units such as FMCG and leisure have slowed down, according to Fitch Ratings. 

United Motors divests stake in TVS Lanka for Rs.1bn

United Motors Lanka PLC (UML) yesterday announced that it sold its entire stake in TVS Lanka (Private) Limited to the TVS parent company in India for Rs. 1 billion. In a filing to the Colombo Stock Exchange, UML said it sold 17.5 million shares in TVS Lanka, representing a 50 percent stake, to TV Sundaram Iyengar and Sons (Private) Limited, which is the holding company for TVS.

Govt. ends involvement in setting transshipment rates

The Department of Foreign Exchange of the Central Bank wants to end its involvement in setting up rates for transshipment containers in accordance with the new Foreign Exchange Act, in the backdrop of government’s decision to liberalize the country’s shipping sector.

Achieving Rs.20bn via Debt Repayment Levy at proposed rate unrealistic: banker

The Sri Lankan government may need to increase the rate to be charged under the proposed Debt Payment Levy manyfold in order to meet the revenue target expected from it, according to a banker.