Cargills Ceylon PLC’s revenues languished and profits shrank mostly on the decline in basket values of its namesake supermarket chain, while the margins also narrowed as the group was seen striving to contain the costs to maintain profits. 

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a fourth straight session yesterday, as investors dumped currency-denominated assets following a credit rating downgrade and a delay in an International Monetary Fund loan discussion in the

As countries in developing Asia work to meet their nationally determined contributions (NDCs) under the 2015 Paris Agreement on climate change, governments must figure out how to come up with the money to fund their commitments.   

The financial woes at MTD Walkers PLC further deepened as the construction giant suffered a heavy blow to its bottom line during the three months ended September 30 (2Q19) as the company lo

Sri Lanka Telecom PLC (SLT), the leader in fixed line services and number two in mobile services, reported higher revenues and contained costs to post strong profits for the quarter ended September 30, 2018 (3Q18), but a sizeable slice of earnings ha

Sri Lanka’s IT sector main industry body, Sri Lanka Association for Software and Services Companies (SLASSCOM) in s brief statement expressed its disappointment over the current political situation in the country and called for a swift and cons

The Embassy of Sri Lanka in Russia recently announced the planned expansion of the regular flight programme between Moscow and Colombo. According to the agreement between the Russian and Sri Lankan governments dated March 26, 2012 and the Memorandum

The Hotels Association of Sri Lanka (THASL) has highlighted the need for a speedy solution to the political stalemate, which will have detrimental effects on the tourism industry and the main tourist season.  At a recent meeting convened by the

The Regional Plantation Companies (RPCs) have asserted that the Rs.1000 daily wage increase for tea estate workers demanded by trade unions is impossible amidst declining tea prices and rising cost of production, which has been further heightened by

Sri Lanka’s three State banks will borrow up to US$1 billion from foreign sources before the end of 2018 and use the money to pay off maturing foreign loans, Finance Ministry Secretary S.R. Attygalle said on Thursday. The move comes as Sri Lank

LONDON (AFP) - Prime Minister Theresa May on Thursday fended off heavy opposition in parliament after Britain and the EU agreed on the outlines of post-Brexit ties as part of a draft deal due to be signed off by EU leaders. After briefing her cabinet

(Shanghai) REUTERS: Dolce & Gabbana’s co-founders asked for China’s ‘forgiveness’ yesterday, trying to salvage a crucial market for the luxury brand after a backlash against its latest advertising campaign.

BANGKOK (AFP) - A ferry disaster that killed dozens of Chinese tourists in Thailand earlier this year has sent visitor numbers plunging from the kingdom’s single largest market. 

HONG KONG (AFP) - Fresh fears over headwinds facing the global economy saw Asian stocks plunge into the red yesterday, in light holiday trading after US markets were closed for Thanksgiving.

JUBA (AFP) - South Africa and South Sudan signed an outline agreement yesterday that could see Pretoria invest around US$1 billion (880 million euros) in South Sudan’s struggling oil industry. The agreement, whic

GENEVA (AFP) - The world’s biggest economies slapped import restrictions on nearly half a trillion dollars’ worth of trade over the past six months, the World Trade Organization said this week voicing “serious concern”. Forty

REUTERS - The Sri Lankan rupee fell to an all-time low of 179.95 per dollar yesterday, as Moody’s downgrade of the country’s credit rating in the wake of a political crisis saw more investors dump rupee

The Finance and Economic Affairs Ministry has assured lenders that Sri Lanka will honour its dues during the financial year beginning from January 1, 2019, despite the current political impasse triggered by the sacking of Prime Minister Ranil Wickrem

The Colombo Stock Exchange (CSE) is to conduct a planned full-day of trading from the disaster recovery site using ATS Version 7 Disaster Recovery Solution today.  The CSE in a brief statement said the exercise will be an industry-wide activity

(Colombo) AFP: Sri Lanka has abandoned plans to raise money through sovereign bonds and will pursue badly-needed revenue elsewhere after Moody’s downgraded its credit rating amid political turmoil, an official said yesterday. President Maithrip

(Geneva) AFP: The levels of greenhouse gases in the atmosphere, the main driver of climate change, have hit a new record high, the UN said yesterday, warning that the time to act was running out. Ahead of the COP 24 Climate 

(Tokyo) REUTERS: Nissan Motor’s board voted yesterday to oust Carlos Ghosn from his post as chairman following his shock arrest this week, public broadcaster NHK reported, marking the 

Sri Lanka’s nationwide inflation measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) in October decelerated to 0.1 percent— the lowest point since Jan

A day after the country rating was downgraded, Moody’s Investors Service (Moody’s) yesterday downgraded the long-term ratings of three large banks in line with the sovereign rating over challenging operating conditions, exacerbated by the

The Board of Investment (BOI) yesterday announced that it has signed US $60.86 million worth investment agreements with local and foreign investors in apparel, logistics, plant tissue culture and packaging sectors.  

(Colombo) REUTERS: The Sri Lankan rupee fell to an all-time low of 179.00 per dollar yesterday, a day after Moody’s downgraded the country’s credit rating, as a political crisis worsens a rout in the currency.  

(Colombo) REUTERS: The Internationa l Monetary Fund (IMF) said on Tuesday it had delayed discussions on Sri Lanka’s next loan tranche due to the country’s political crisis.  

The Central Bank yesterday hit back at Moody’s Investors Service over the recent credit rating downgrade, stating that the rating agency’s decision is unwarranted and unjustifiable as it is purely based on heightened political uncertainty

Delivering the first major blow to crisis-ridden Sri Lanka’s economy, Moody’s Investors Service yesterday downgraded the Government of Sri Lanka’s foreign currency issuer and senior unsecured rating

(Beijing) REUTERS: China believes the Maldives will make the ‘correct choice’ to continue with a bilateral free trade deal, a foreign ministry spokesman said yesterday, after a Maldives politician said the tiny nation would pull out of th