Lankan pepper exports to India hit by minimum price

The Spices and Allied Product Producers’ and Traders’ Association (SAPPTA) of Sri Lanka yesterday said that the Indian government’s decision to unilaterally set a minimum import price for pepper imported from Sri Lanka is adversely affecting the Sri Lankan pepper exporters and the spirit of the Indo-Lanka Free Trade Agreement.

EAP Group seals deal to sell key assets to S’pore firm

A deal has been sealed to sell some of the key EAP Group assets to a Singapore-based investment holding company, with Sri Lanka’s Central Bank giving the green light to proceed with the deal, Mirror Business learns.

Alleged bid for shipping monopoly: CA fixes argument for Dec. 4

The Court of Appeal fixed the argument for December 4, 2018, in respect of the writ petition filed by Parliamentarian Vasudeva Nanayakkara, on the alleged shipping monopoly in the country.

Oil majors expected here to evaluate Mannar Basin opportunities

A number of leading international petroleum companies will be visiting Sri Lanka in the coming months to evaluate the opportunities for oil and gas exploration in the Mannar Basin, while the Petroleum Resource Development Ministry seeks the cabinet approval for the third round of tenders to develop the offshore blocks next month.

Awareness campaigns with free lunch result in new tax files: Mangala

Building awareness on tax compliance and giving five-star hospitality treatment to the potential taxpayers are paying dividends, with more tax files being opened after Sri Lankans participated in such seminars, according to the Finance Ministry.

The Finance puts assets up for sale to reverse fortunes

The troubled The Finance Company PLC (TFC) has resorted to dispose its assets and real estate as the company appears to be making a last ditch attempt to revive fortunes.

Serendib Hotels acquires remaining stake in luxury boutique villa operator

Serendib Hotels PLC has consolidated control over its recently acquired luxury boutique villas in down south last week as Hemas group leisure sector company acquired the balance stake in the operating company.  

SEC likely to get brand new commission

A totally fresh commission is likely to be established at the Securities and Exchange Commission (SEC) shortly, following the expiry of the three-year term of the commission led by Chairman Thilak Karunaratne on January 25, this year.

Colombo port ranked 13th best connectivity port in the world

The Colombo port has gained five places in the latest Drewry Port Connectivity Index to be ranked as the 13th best connectivity port.  According to the rankings, the Colombo port is also the best connectivity port in South Asia. 

Consumption expected to pick up second half of this year

The remainder of 2018 and the entirety of 2019 would be positive for consumer markets as the government is likely to introduce fiscal stimulus in the run up to 2020 elections after the battering it took at the local government elections, industry experts opined.

Qatar looks to Asia for investment in its new post-blockade era

Qatar is looking to Asia for foreign investment in a ‘new era’ for the country, following the blockade by a number of major Arab nations in June last year.

Rupee closes steady as remittances offset dollar demand

REUTERS: The Sri Lankan rupee closed steady yesterday as exporter dollar sales and inward remittances offset demand for the U.S. currency in early trade, dealers said.The rupee closed unchanged at 156.10/15 per dollar.

Stocks slip to over 8-week closing low; lower economic growth weighs

REUTERS: Sri Lankan shares slipped to their lowest close in more than eight weeks yesterday, led by beverage and telecom stocks as investors remained worried about the island nation’s slower economic growth, brokers said. 

China to respond to US tariffs, resist protectionism: WTO envoy

REUTERS:  China is preparing a range of responses to planned U.S. tariffs and will stand up to protectionism, but still hopes for dialogue, Beijing’s ambassador to the World Trade Organization (WTO) said on Thursday.

Olive ridley turtles hatch in Mumbai after two decades

AFP: Tiny olive ridley turtles have hatched in India’s financial capital Mumbai for the first time in two decades after a major cleanup of a beach, officials said yesterday. Dozens of the threatened species cracked out of their egg shells and slowly waddled their way into the Arabian sea off Versova beach on Thursday, delighting wildlife conservationists.

US launches WTO challenge against China

AFP: The United States launched yesterday a challenge at the World Trade Organization against China over intellectual property breaches, a statement said. “The United States is taking action at the World Trade Organization (WTO) to address China’s unfair technology practices that run counter to WTO rules,” the statement from the US Trade Representative’s office said.

Asian markets tumble as Trump sparks trade war fears

AFP: Asian markets plunged yesterday following a sell-off in New York as Donald Trump sparked fresh trade war fears by imposing huge tariffs on Chinese imports and Beijing unveiled its own measures against US goods.

Stocks snap 3 sessions of falls

REUTERS: Sri Lankan shares ended marginally higher yesterday, snapping three straight sessions of falls, as investors bought beverage and diversified stocks, brokers said.

Sri Lanka to tighten controls on private companies

ECONOMYNEXT: Sri Lanka’s company law is to be changed to give powers to authorities to force shareholders of private companies to submit more information about themselves under global anti-money laundering laws.

Rupee falls slightly on importer dollar demand

REUTERS:  The Sri Lankan rupee ended slightly weaker yesterday as dollar demand from importers and banks outweighed mild selling of the U.S. currency by exporters, dealers said.

Senkadagala Finance gets IFC loan to boost lending to women entrepreneurs

Senkadagala Finance PLC has entered into a loan agreement with International Finance Corporation (IFC), a member of the World Bank Group to borrow US $ 15 million, a stock exchange filing said.

Labour shortage could cripple exports, warns chamber

The shortage of labour— skilled or unskilled—is cited as the number one limiting factor faced by Sri Lanka’s export-oriented manufacturers, when they met the press at a recently held media round table and this issue has forced many of the manufacturers to operate with sizable spare capacity.  

Visa to make all local cards payWave-enabled from this October

Every new Visa card issued in Sri Lanka from October this year will be payWave-enabled, Visa’s Asia Pacific Head of Risk Joe Cunningham told Mirror Business yesterday.

US $ 500mn ‘The One’ to redefine urban regeneration in Colombo

‘The One’, an ambitious property development project with a price tag of US $ 500 million in the heart of Colombo, is hoping to bring back its former glory to the Colombo Fort area.

John thanks all industry stakeholders for support extended to manage Kandy situation

Tourism Development and Christian Affairs Minister John Amaratunga yesterday said that the recent violence in Kandy caused a negative impact on the tourism industry. 

FinMin to borrow US $ 300mn from state and foreign banks to settle bond payments

The Finance Ministry will be resorting to borrowings from state banks and offshore banking units to cover just under half of the Sri Lanka Development Bond Maturities during the first quarter of 2018. According to Finance and Mass Media Acting Minister Eran Wickramaratne, around US $ 732 million is required for interest payments and to roll over foreign debt.

Rupee rises slightly on remittances, exporter dlr sales

REUTERS: The Sri Lankan rupee rose slightly yesterday as exporters sold dollars and remittances boosted inflows, while the gains were capped by importer demand for the US currency in late trade, dealers said.

Fingers pointed at greedy investment bankers, brokers for public losing confidence in IPOs

The investment banks and stockbrokers came under fire yesterday by the industry experts for their greed and inaction when dealing with initial public offerings (IPOs), which has led to the deterioration of the capital market, since the public has lost heavily when investing in IPOs.  

Digital finance to be main focus of National Financial Inclusion Strategy

The Central Bank with the assistance of International Finance Corporation (IFC), a member of the World Bank Group yesterday held the inaugural session to develop National Financial Inclusion Strategy (NFIS) in a fresh push to increase financial inclusion.

Mission underway to alter Cabinet approved Demutualization Bill to grant brokers’ wish

An attempt is likely to be made to alter the Cabinet approved Demutualization of the Colombo Stock Exchange Bill, which is scheduled to be presented to Parliament today, Mirror Business learns. A major sour point for the bill was the value allocation—the ownership stake the broking firms will receive in the demutualized Colombo Stock Exchange.