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Colombo Port recognized as world’s fastest-growing port in Q1 2024

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Secretary to the Ministry of Ports, Naval, and Aviation Services, K. D. S. Ruwanchandra, emphasized that Alphaliner, a prominent research publication in the shipping industry, recognized Colombo Port as the world’s fastest-growing port in the first quarter of 2024 due to its remarkable operational performance and 23.6% growth rate.

He added that the port generated an income of USD 50 million in the first quarter of 2024, emphasizing that the various trade union actions taken in the past did not impede this progress.

Addressing a press briefing held under the press briefing series titled “Two Years of Progress and Way Forward”, held at the Presidential Media Centre (PMC) today (29), Secretary to the Ministry of Ports, Shipping, and Aviation Services further elaborated;

“To begin with, I would like to highlight the significant progress in the operational performance of the Colombo Port, which achieved an impressive growth rate of 23.6% in 2024. As a result, Alphaliner, a leading research publication in the shipping industry, recognized the Colombo Port as the world’s fastest-growing port in the first quarter of 2024. We accomplished this progress despite various trade union actions, which did not hinder our operations.

In 2023, the Sri Lanka Port Authority reported a profit of USD 100 million, and in just the first quarter of 2024, it has already made a profit of USD 50 million.

All four terminals have significantly contributed to these operations, with on-going efforts to enhance their operational capacity. Construction of the Eastern Container Terminal (ECT) and the Western Terminal is in progress, with the Western Terminal expected to begin operations in February 2025.

Additionally, development work is underway at the Eastern Terminal and Northern Port. Meanwhile, development projects are being carried out at Trincomalee, Galle, and Kankasanthurai ports. A passenger ferry service from India operates every Friday using the newly constructed terminal building at the Kankasanthurai Port.

Airline operations have improved by 25% compared to 2023, with significant increases in both passenger and cargo services. The number of air service arrivals has risen from 36 in 2023 to 46 by July 2024.”

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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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