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Iraq emerges to be the No. 1 buyer of Sri Lankan Tea in 2018

From being second largest importer of Sri Lankan Tea or renowned Ceylon Tea, the OPEC’s second-largest oil producer – Iraq that suffered a political crisis and a warfare from 2003 since American Invasion has emerged As Sri Lanka’s number one tea buyer which was reflected in the January – October 2018 official tea export statistics…

(0)Comments | December 7, 2018 12:58 pm

UK Cricket Fans in November fuel Sri Lanka’s Tourist arrivals to hit 2 Mn in 2018

The recently released official data as at 30th November 2018 points out that 2,080,627 tourists had visited Sri Lanka for this year reporting 11.2% growth over last year when 1,871,871 tourists had visited the country during the same period. Analysts are in the view, the Cricket fans from the United Kingdom had made it possible…

(0)Comments | December 7, 2018 12:04 pm

George Steuart Teas’ “Rosa Kahata” wins Intellectual Property case against Unilever Lipton Ceylon

George Steuart Teas (Pvt.) Ltd., one of the top tea exporters in Sri Lanka, recently announced that it has won the intellectual property case against Unilever Lipton Ceylon Ltd. The ruling was issued by the Commercial High Court of Colombo on 23rd November 2018, pertaining to a lawsuit filed by Unilever Lipton Ceylon on 25th…

(0)Comments | December 7, 2018 11:58 am

Sri Lankan passport goes up by 9 notches to 84th in the globe

The global recognition to Sri Lanka’s passport has gone up by 9 notches to 84th in the latest world rankings released this week, a Passport Index highlights. However it was parallel ranked along with Lebanon and Libya. The Passport Index further notes that Sri Lanka has visa-free access to 16 countries and visa on arrival…

(0)Comments | December 7, 2018 11:50 am

RPCs stand firm in the face of demands for 100% increase in basic daily wage

Strikes estimated to cause the industry a loss of approximately Rs. 240 million per day Reiterates that Rs. 1,000 is easily attainable with just 1kg productivity increase Warns that gratuity and wages could rise to Rs. 20 billion annually Revenue share model has potential for as much as Rs. 80,000 monthly earnings In the wake…

(0)Comments | December 7, 2018 11:10 am

Sri Lankan rupee, stocks close marginally higher

Reuters – ** The Sri Lankan rupee closed slightly firmer in dull trade on Thursday, helped by dollar inward remittances. ** The rupee ended at 179.15/20 per dollar on Thursday, compared with 179.20/25 in the previous session. ** Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka’s sovereign rating on Tuesday, citing refinancing…

(0)Comments | December 7, 2018 10:30 am

Fitch Downgrades Sri Lanka Financial Institutions on Sovereign Downgrade

Fitch Ratings has downgraded the Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of the following Sri Lanka-based financial institutions following the downgrade of Sri Lanka’s sovereign rating: – National Savings Bank (NSB) to ‘B’ from ‘B +’; Outlook Stable – Bank of Ceylon (BOC) to ‘B’ from ‘B +’; Outlook Stable – DFCC Bank…

(0)Comments | December 6, 2018 3:23 pm

Huawei Founder Ren Zhengfei’s Daughter and CFO Meng Wanzhou arrested in Canada, faces extradition to the United States – International Reports

Recent international reports from international media said that Huawei Founder Ren Zhengfei’s Daughter and Chief Financial Officer (CFO) Meng Wanzhou, also known as Sabrina Meng and Cathy Meng, was arrested in Vancouver on December 1, according to Canadian Justice Department spokesman Ian McLeod. Reports further highlighted that in addition to her role as CFO, Meng…

(0)Comments | December 6, 2018 10:08 am

Sri Lankan rupee, stocks end lower as foreign sell-off continues

Reuters – ** The Sri Lankan rupee closed weaker on Wednesday, hit by concerns over a lingering political crisis, as banks bought dollars to facilitate foreign capital outflows from rupee-denominated assets. ** Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka’s sovereign rating on Tuesday, citing refinancing risks and an uncertain policy outlook,…

(0)Comments | December 6, 2018 10:02 am

Hayleys PLC crowned winner at CA Sri Lanka’s 54th Annual Report Awards

Leading conglomerate, Hayleys PLC triumphed at the 54th Annual Report Awards winning the coveted ‘Cyril Gardiner Memorial Trophy’ Gold Award for Overall Excellence in Annual Financial Reporting at the grand finale held on Tuesday, 04th December 2018.   John Keells Holdings PLC won the silver award, while Commercial Bank of Ceylon PLC came in third…

(0)Comments | December 5, 2018 3:08 pm