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Cathay Pacific resumes HK – Colombo flights

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Cathay Pacific, the award-winning Hong Kong-based airline, has announced the resumption of flights to and from Colombo beginning on 02 February, 2024.

After a hiatus of four years, Cathay Pacific is set to soar Sri Lankan skies once again, serving valued local customers and continuing its commitment to connect people across the globe, the airline said. Cathay Pacific is returning with its Airbus A330 aircraft offering three flights a week operating from Colombo, ensuring a comfortable and premium travel experience for all customers.

The aircraft is configured in a two-cabin-class layout with 293 seats, comprising 28 in Business class, and 265 in Economy.

The resumption marks the revival of a long-standing aviation partnership between Hong Kong and Sri Lanka. For both business and leisure travellers, the flights will serve as a gateway, offering exceptional connectivity via Hong Kong to the Chinese Mainland, North America, Northeast Asia, and the Southwest Pacific.

As Sri Lanka continues to welcome a growing number of leisure and business travellers, while recognising the diversity of Colombo’s travellers, Cathay Pacific is gearing up to embark on a new chapter of connectivity, convenience, and customer satisfaction.

Anand Yedery, Regional Head of Customer Travel and Lifestyle, South Asia, Middle East and Africa said “This is an important occasion as we announce the relaunch of flights from Colombo. Cathay Pacific’s return not only signifies our commitment to our customers, but also showcases the vital role Sri Lanka plays in our network.

“In the past few years, we have invested in our product and inflight experience, including the dining menu, entertainment and more. We are excited to have our customers experience these service enhancements, convenient connections to key destinations worldwide such as Melbourne and Toronto, and our intermodal air-to-sea ferry options for travel into the Greater Bay Area. We look forward to welcoming Sri Lankan travellers aboard our flights and delivering a journey that exceeds their expectations.”

In addition to passenger services, Cathay continues to play a significant role in the economy by supporting local industries and connecting them to the world through its air cargo services. Cathay Cargo’s expertise ensures vital goods reach their destinations swiftly and securely, re-enforcing its brand ethos – “We Know How”.

Customers can book their tickets on the Cathay Pacific website or through the airline’s travel partners.  Additionally, for travel before February, they can choose to fly with our interline partners via Bengaluru, India and onwards to their preferred destination.

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Car giant Ford & Barbie maker Mattel warn over tariffs costs

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Barbie maker Mattel says it will put up the prices of some of its toys in the US as President Donald Trump’s tariffs increase its costs.

The firm also says it will cut the number of products it makes in China for the American market.

At the same time, car making giant Ford says the levies will cost it about $1.5bn (£1.13bn) this year.

They join a growing list of big businesses warning about the impact of US tariffs on their companies and the wider economy.

“Given the volatile macroeconomic environment and evolving US tariff landscape, it is difficult to predict consumer spending, and Mattel’s US sales in the remainder of the year and holiday season,” Mattel said as it updated investors on its financial performance.

The US accounts for about half of Mattel’s global toy sales. It imports around 20% of its goods sold there from China.

The company said it plans to reduce those Chinese imports to the US to below 15% by next year.

Since returning to the White House in January, Trump has imposed new import taxes of up to 145% on goods from China.

His administration said last month that when the new tariffs are added on to existing ones, the levies on some Chinese goods could reach 245%.

China has hit back with a 125% tax on products from the US.

Apart from China, Mattel imports products – including Barbie dolls and Hot Wheels cars – from Indonesia, Malaysia and Thailand.

The three countries were also hit with steep tariffs by Trump in April, before they were paused for 90 days.

Last week, Trump acknowledged the potential impact of tariffs. American children might “have two dolls instead of 30 dolls”, he said, but added that China would suffer more than the US.

Carmaker Ford said it expected tariffs to add $2.5bn to its overall costs this year, mainly due to the increased expense of Mexican and Chinese imports.

But the firm said it had cut about $1bn of those added costs by taking various measures, including transporting vehicles from Mexico to Canada to avoid US tariffs.

The firm also suspended its annual earnings guidance to investors because of uncertainty around Trump’s trade policies.

In April, firms including technology giant Intel, footwear makers Adidas and Skechers, and consumer goods group Procter & Gamble detailed the impact of tariffs on their businesses.

“The very fluid trade policies in the US and beyond, as well as regulatory risks, have increased the chance of an economic slowdown with the probability of a recession growing,” Intel’s chief financial officer David Zinsner said during a call with investors.

Sportswear giant Adidas warned tariffs would lead to higher prices in the US for popular trainers, including the Gazelle and the Samba.

The finance chief of footwear firm Skechers, David Weinberg, told investors: “The current environment is simply too dynamic from which to plan results with a reasonable assurance of success.”

And Procter & Gamble – which makes Ariel laundry detergent, Head & Shoulders shampoo and Gillette shaving products – said it was considering changes to its prices to make up for the extra cost of materials sourced from China and other places.

(BBC News)

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CSE to close early for LG polls

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The Colombo Stock Exchange (CSE) has announced that trading hours will be shortened on May 06, in view of the Local Government Elections.

On that day, trading, which commences at 9.30am, will conclude at 12:30pm – two hours earlier than the usual closing time of 2:30pm.

The CSE stated that the decision was made to accommodate the convenience of investors, staff, and other market participants during the election day.

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Coconut prices soar

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Consumers are struggling due to a sharp rise in coconut prices across the country.

Traders say large coconuts now sell for Rs.200 – 250, while smaller ones range from Rs.175 – 190.

The steep price hike is straining household budgets and impacting small businesses that depend on coconuts for daily food preparation.

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