‘Protectionist’ Trump tariffs ‘offend’ Germany

AFP: US President Donald Trump is “offending” allies and risking a global trade war with his controversial tariffs on steel and aluminium, Germany’s economy minister said yesterday.

Austrian steel firm to reconsider US investments

AFP: Austrian steel firm Voestalpine said yesterday it would reconsider its investments in the United States in light of President Donald Trump imposing tariffs on steel and aluminium imports.

UK industrial output jumps in January: official data

AFP: British industrial production rebounded sharply last month on the re-opening of a major North Sea pipeline, official data showed yesterday.

Markets steadied after Trump agrees Kim talks

AFP: European stock markets steadied yesterday following an Asian rally, with traders reacting to a shock decision by Donald Trump and Kim Jong Un to hold talks. Markets were tracking also the latest developments in US President Trump’s tariffs plans, while traders awaited key monthly US jobs data due yesterday.

Florida passes law blocking US state investment in Venezuela

AFP: Florida lawmakers on Thursday passed a law prohibiting the US state from investing in companies that have business ties with the Venezuelan government.  Citing the socialist government’s “use of extreme violence and political persecution,” the law will now appear before state governor Rick Scott, who has expressed backing for the measure in the past and is expected to sign the bill this week or next.

Rupee edges down on importer dollar demand

REUTERS:  The Sri Lankan rupee slipped yesterday as importer dollar demand surpassed the selling of the greenback by exporters and banks, and inward remittances, while communal violence in the central district of Kandy weighed on sentiment, dealers said. 

Thailand Week 2018 opens at BMICH

‘Thailand Week’ trade fair and business opportunity with Thailand opened yesterday at the BMICH. 

China can be more ‘courageous’ in opening: central banker

AFP: China's chief central banker said yesterday the country could be more "courageous" in opening its markets, as European and American firms push for greater access to the world's second largest economy.

Vidullanka finally gets approval to set up second mini-hydro plant in Uganda

Vidullanka PLC has received the necessary regulatory approvals to construct their second mini-hydro plant in Uganda after a significant delay, and will be issuing shares worth Rs.75.3 million to Timex Garments (Pvt) Ltd to fully acquire Timex Bukinda Hydro (U) Limited.

February tourist arrivals up 19% with China upsurge

Tourism arrivals to Sri Lanka in 2018 continued to grow in double digits for the second consecutive month in February, with China reclaiming the top spot as the largest tourist sourcing country after a lapse of 18 months, according to data released by the Sri Lanka Tourism Development Authority.

NCC says unrest will take economy to a difficult situation

The National Chamber of Commerce (NCC) yesterday vehemently condemned the situation that has suddenly erupted in the country, sparked off by a minor incident that took place recently in the Central Province.

Rupee steady; violence hurts sentiment

REUTERS: The Sri Lankan rupee ended steady yesterday as importer dollar demand offset selling of the greenback by exporters even as communal violence in the central district of Kandy continued to weigh on sentiment, dealers said.

Increasing foreign interest will heat up competition in general insurance market: People’s Insurance

The general insurance industry in Sri Lanka is set to become even more competitive in the future with increasing foreign interest, according to the state-controlled People’s Insurance PLC.

First UNCTAD backed hi-tech policy work for developing nations unveiled in Colombo

Sri Lanka’s Department of Commerce created history as it jointly launched the first ever ‘Policymakers’ Session on Digitalisation of Trade and Industries’ series by UNCTAD for UNCTAD member countries yesterday in Colombo.

Colombo Dockyard sees no immediate recovery in shipbuilding industry

Sri Lanka’s largest shipbuilder, Colombo Dockyard PLC (DOCK), is not hopeful of a recovery in the shipbuilding market over the short and medium term and will continue to focus on building niche, high-tech ships as a coping strategy, until the demand for its popular offshore support vessels return to normalcy.

IFC and CSE ring the bell for gender equality

The International Finance Corporation (IFC), a member of the World Bank Group, yesterday partnered with the Colombo Stock Exchange (CSE) for the third consecutive year to ring the opening bell for trading to celebrate International Women’s Day 2018—a partnership that highlights how the private sector can spur women’s participation in the global economy and promote  sustainable development.

Tourism authorities on high alert

The tourism industry is working with the local authorities to ensure that the tourists visiting the Kandy area face minimal inconvenience, the state’s tourism office said.

Colombo Trust Finance to raise Rs.600mn to beef up capital

Colombo Trust Finance PLC yesterday announced plans to raise Rs.600 million via a rights issue subject to the approval of the Colombo Stock Exchange and shareholders. 

East West Properties to sell Weligama Bay Marriot to Singaporean firm

East West Properties PLC has signed a letter of intent to sell the entire stake it owns in its subsidiary, Weligama Hotel Properties Ltd, the property owners of recently opened Weligama Bay Marriot Resort & Spa, to Singapore’s HPL Hotels & Resorts Pte. Ltd. However, the stock market disclosure filed by the company yesterday did not give any indication of the possible sale price. 

Rupee falls on importer dollar demand; violence weighs

REUTERS: The Sri Lankan rupee ended weaker yesterday as importers bought dollars on fears that the local currency could depreciate further if communal violence in the central district of Kandy spreads to other areas, dealers said.

Colombo Trust Finance to raise Rs.600mn to beef up capital

Colombo Trust Finance PLC yesterday announced plans to raise Rs.600 million via a rights issue subject to the approval of the Colombo Stock Exchange and shareholders. 

Central Bank says CIFL depositors will be paid up to Rs.600, 000

Depositors of failed Central Investments and Finance PLC (CIFL) will receive up to a maximum of Rs.600, 000 per depositor following the cancellation of the finance company’s license, the Central Bank said.

FD rates surge despite Central Bank saying seeing no hike in market interest rates

Sri Lanka’s third largest private bank, Sampath Bank PLC, yesterday raised its interest rates on 12-month fixed deposits by 100 basis points to 11.5 percent, just a day after the Central Bank insisted that there is no short-term upward trend in market interest rates. 

Laugfs banks on group restructuring to return to profitability in one year 

 Laugfs Gas PLC is planning to return to the black within one financial year following its corporate restructuring process which would happen over the next three months, edged along by the new LPG terminal in Hambantota.   

New bank loans turn negative in January

In a rare development, Sri Lanka’s banking sector new loans have turned negative in January as investments and consumption fizzled out amid the widespread uncertainty triggered by the volatile political landscape in the country. 

Premiums, stronger investment incomes help Ceylinco Insurance to double profits

The growth in premium incomes, specially from non-life business and stronger investment incomes, helped Ceylinco Insurance PLC to double its 2017 profits as the country’s largest life insurer filed its interim results with the Colombo Stock Exchange last week. 

Central Bank sees no increase in interest rates in near term

Based on its current projections, the Central Bank yesterday said it is not expecting an increase in market interest rates in the near term.

CB cancels CIFL licence

The Monetary Board of the Central Bank cancelled the licence issued to the troubled finance firm Central Investment and Finance PLC (CIFL), with effect from yesterday.

Plans afoot to open up domestic air travel market to boost tourism

The government is hoping to open up the domestic air travel market to the private sector to set up a domestic airline, in a bid to boost connectivity within the country for high-end domestic and foreign tourists.

Rupee ends firmer as exporters sell dollar

REUTERS: The Sri Lankan rupee ended firmer yesterday as dollar selling by exporters and banks outpaced demand for the greenback from importers, dealers said.