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.

Dialog invests Rs.262mn in JV with Orion City to build data centre

Dialog Axiata PLC yesterday said it would invest Rs.262.5 million to establish, operate and manage a data centre, which they are hoping to develop with St. Anthony’s Property Developers (Pvt.) Ltd.

Fitch local boss wants hurdle ratings out on corporate debt

Sri Lanka may have put in place safeguards to protect the mom-and-pop investor who holds a small amount of corporate bonds but those same safeguards seem to be turning away the institutional investors who account for the bulk of those investments, impeding the development of the corporate debt market.  

February tea output rises 14%

REUTERS: Sri Lanka’s tea output in February rose 14 percent from a year earlier due to favourable weather and a lower base last year, the state-run Tea Board said yesterday.  

DFCC gets nod to list Basel III sub-debt on bourse

DFCC Bank PLC has received the preliminary approval to list the Basel III-compliant sub-debt instruments worth up to Rs.7 billion, on the Colombo  Stock Exchange.

Rupee hits record low on importer dollar demand

REUTERS: The Sri Lankan rupee touched an all-time low yesterday on dollar demand from importers but selling of the US greenback by exporters late in the day eased some pressure on the currency, dealers said.

US dumps anti-dumping inquiry on Lankan rubber products

The United States has terminated the anti-dumping and countervailing duty investigations on imports of rubber bands from Sri Lanka on March 15, Sri Lanka’s Industry and Commerce Ministry said in a statement, yesterday.

Stocks fall to nearly 7-week closing low on growth worries

REUTERS: Sri Lankan shares fell to their lowest close in nearly seven weeks yesterday, as investors sold diversified and manufacturing stocks on worries over slower economic growth, brokers said.

Statistics office withdraws GDP data

REUTERS: Sri Lanka’s Department of Census and Statistics withdrew its 2017 full-year and fourth quarter gross domestic product data on Friday, a day after posting the island nation’s worst economic growth in 16 years.

Seylan Bank’s Rs.10bn debenture issue to open on Wednesday

Seylan Bank PLC will raise Rs.10 billion in corporate debentures as the bank is shoring up capital to fund its loan growth and to meet the elevated capital ratios under the new BASEL III rules. 

Manufacturing and services expand in Feb. despite political uncertainty

Manufacturing and services sector activities expanded for the second month in a row in 2018 demonstrating that the economy is gradually gaining resilience despite the political uncertainties, which sent vibrations across the economy.

Corporate earnings rebound in December, but lack vitality

Sri Lanka’s corporate earnings recorded some robust growth during the final quarter of 2017 rebounding from a contraction in earnings in the September quarter. But earnings growth slowed when adjusted for one-off gains in few sectors. 

Looming ban on tobacco cultivation fast-tracked, accuse farmers

The government’s plans to ban tobacco farming in Sri Lanka by 2020 is being quietly fast-tracked for prohibition this year, the President of the All Ceylon Cigarette Tobacco Barn Owner’s Association (AICTBOA) said recently.

Hotels Association of Sri Lanka condemns recent spate of violence in the country

As one of the biggest beneficiaries of peace returning to the country in 2009, the President of the Tourist Hotels Association of Sri Lanka, Sanath Ukwatte stressed the importance of unity among all communities for Sri Lanka to