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Travel agents renew call to abolish minimum rates

• Say Sri Lanka Tourism and all stakeholders will reap benefits in long term

Travel agents have welcomed the Government’s move to abolish minimum room rates though city hotels have objected, prompting Tourism Minister John Amaratunga to hint that the current status quo would remain in place for two more years. 

“There were proposals made to remove the minimal rate of Colombo City Hotels. We said we will consider it and we will implement it. However, we have not decided anything. We were expecting feedback from different angles whether we should implement it or not. Currently, the view is that it should remain in place for at least another couple of years,” the Minister said last week in a clear change of stance since the Ministry in July announced it would end minimum room rates in Colombo from March 2017.

China’s yuan joins elite club of IMF reserve currencies

Reuters: China’s yuan joins the International Monetary Fund’s basket of reserve currencies on Saturday in a milestone for the government’s campaign for recognition as a global economic power.

The yuan joins the US dollar, the euro, the yen and British pound in the IMF’s special drawing rights (SDR) basket, which determines currencies that countries can receive as part of IMF loans. It marks the first time a new currency has been added since the euro was launched in 1999.The IMF is adding the yuan, also known as the renminbi, or “people’s money”, on the same day that the Communist Party celebrates the founding of the People’s Republic of China in 1949.

“The inclusion into the SDR is a milestone in the internationalization of the renminbi, and is an affirmation of the success of China’s economic development and results of the reform and opening up of the financial sector,” the People’s Bank of China said in a statement.

Merrill finally renames listed company as Dilmah

Merrill J Fernando 

Ceylon Tea Services Plc will be changing its name to Dilmah Ceylon Tea Company Plc. 

A CTS Board resolution to this effect was passed at its meeting on 28 September 2016.

The name change comes after 35 years of the establishment of CTS. The company was quoted in 1982.

Flays critics; reassures deposit holders and investors

The Central Bank on Friday revealed that it was initiating a number of steps to turn around struggling finance companies under its purview while cautioning the public to disregard what it termed “erroneous news” about these institutions.

The following is the full statement.

The Central Bank has observed certain erroneous news items published in a few newspapers raising concerns over financial problems confronted by a few licensed finance companies. Therefore, the Central Bank wishes to clarify the facts behind the inaccuracy of such news in the public interest.

World Bank Country Director Idah Pswarayi-Riddihough and Treasury Secretary Dr. R.H.S. Samaratunga exchange one of the agreements signed yesterday

  • Signs three key support projects worth $ 187 m in assistance
  • Extends $ 100 m to boost Govt.’s economic reform push
  • Inks $45 m credit to help protect natural habitats and resources
  • Offers $42 m credit to protect people and infrastructure from climate-related risks

The World Bank appears to be getting more bullish as it committed $ 187 million for Sri Lanka yesterday for three key projects including supporting the Government’s push for economic reforms.

The USS Frank Cable (AS-40) will arrive in Sri Lanka for a routine refueling and port visit today. During the visit sailors from the ship will enjoy shore leave and volunteer at an animal shelter.

USS Frank Cable (http://www.csp.navy.mil/frankcable/) is a submarine tender vessel stationed in Guam to support US military forces and provide rescue and recovery assistance in the Indo-Asia-Pacific region. It has a crew of nearly 500 and is currently on a scheduled deployment in the US 5th Fleet and 7th Fleet area of operations to conduct maintenance and support for US Navy submarines and surface vessels.

CIMA Business Leaders Summit tomorrow

CIMA’s flagship event, the Business Leaders Summit, which will be held on the theme ‘Joining the dots’, will focus on how business leaders can take into account value drivers and turn risk into opportunity in an era where the business environment is characterised by its complexity and rapid change, brought about by geopolitical upheaval, digital media, the growth of emerging economies and changing customer loyalty.

Foreign inflow to capital market gathers pace

By Charumini de Silva

With foreign capital inflow gathering pace during the past couple of months alongside expected debt and equity listings scheduled to take off in the next two months, the country’s capital market is hopeful that the positive trend will continue to end the year on a high note.

Govt. revenue from CTC up 12% to Rs. 49 b in 1H

The Government enjoyed a 12% gain in revenue contribution from the Ceylon Tobacco Company Plc (CTC) to record Rs. 49 billion during the first half but analysts warned that the steady income stream would be at stake if the State went ahead with its overambitious move to up taxation of cigarettes to 90% of stick price.

US Asst. Secretary Rivkin to arrive in SL

US Assistant Secretary of State for Economic and Business Affairs, Charles H. Rivkin, will visit Sri Lanka and Burma between 8 and 12 August, the US Embassy said in a statement.

Assistant Secretary Rivkin will lead the State Department’s ‘American Innovation Roadshow’ to Rangoon and Naypyidaw from 8-10August in Burma. This trip is part of an ongoing series of State Department Innovation Roadshows across Asia that were launched by US State Secretary John Kerry and are part of US-ASEAN Connect.

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