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.

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.