dailymirror.lk http://dailymirror.lk/RSS_Feeds/business-main The only Sri Lankan newspaper with round the clock news updates - Dailymirror Online Edition en-us rangazone.r@gmail.com Copyright 2018 Tourism industry sees slowdown in bookings during key winter season http://www.dailymirror.lk/158549/Tourism-industry-sees-slowdown-in-bookings-during-key-winter-season http://www.dailymirror.lk/158549/Tourism-industry-sees-slowdown-in-bookings-during-key-winter-season Sri Lanka’s tourism industry stakeholders yesterday expressed concerns over the possibility of prospective tourists who would have visited Sri Lanka turning to other alternative destinations due to  the prolonged political crisis, as tourist bookings for the crucial winter season are already showing a slowdown. 

Speaking to Mirror Business, key tourism

Mon, 19 Nov 2018 00:10:39 +0000
Softlogic opens first supermarket http://www.dailymirror.lk/158499/Softlogic-opens-first-supermarket http://www.dailymirror.lk/158499/Softlogic-opens-first-supermarket Softlogic Supermarkets Pvt Ltd CEO Andrew Dalby (left) handing over the first purchase made at the newly launched Softlogic GLOMARK in Delkanda to Softlogic Holdings PLC Chairman/MD Ashok Pathirage 

Sat, 17 Nov 2018 00:10:47 +0000
Hefty tax reversal boosts Softlogic Sept. quarter http://www.dailymirror.lk/158459/Hefty-tax-reversal-boosts-Softlogic-Sept-quarter- http://www.dailymirror.lk/158459/Hefty-tax-reversal-boosts-Softlogic-Sept-quarter- Softlogic Holdings PLC returned to profit during the three months ended September (2Q19) amid a substantial tax reversal at the group’s life insurance business, while the group’s key retail business 

Fri, 16 Nov 2018 10:13:52 +0000
CB raises key rates in surprise move to support currency http://www.dailymirror.lk/158367/CB-raises-key-rates-in-surprise-move-to-support-currency http://www.dailymirror.lk/158367/CB-raises-key-rates-in-surprise-move-to-support-currency
Sri Lanka’s Central Bank unexpectedly raised its key policy rates yesterday, a move aimed at defending a faltering rupee currency as foreign capital outflows pick up amid an escalating political crisis and rising U.S. interest rate

Thu, 15 Nov 2018 00:10:15 +0000
ComBank resilient despite surge in NPLs, higher taxes http://www.dailymirror.lk/158324/ComBank-resilient-despite-surge-in-NPLs-higher-taxes- http://www.dailymirror.lk/158324/ComBank-resilient-despite-surge-in-NPLs-higher-taxes- Commercial Bank of Ceylon PLC (ComBank) yesterday showed it has what it takes to withstand the shocks in the wider economy and could still post strong profits and growth. 

Wed, 14 Nov 2018 09:57:19 +0000
Sri Lanka’s bilateral aid not at risk: Amunugama http://www.dailymirror.lk/158238/Sri-Lanka-s-bilateral-aid-not-at-risk-Amunugama http://www.dailymirror.lk/158238/Sri-Lanka-s-bilateral-aid-not-at-risk-Amunugama Foreign governments have not withdrawn grants, project loans and economic programmes with Sri Lanka, said Sarath Amunugama, who was appointed as Foreign Minister amid a constitutional crisis.

Tue, 13 Nov 2018 00:00:41 +0000
Rupee depreciation hurts Sri Lanka’s largest telco http://www.dailymirror.lk/158217/Rupee-depreciation-hurts-Sri-Lanka-s-largest-telco http://www.dailymirror.lk/158217/Rupee-depreciation-hurts-Sri-Lanka-s-largest-telco

The feeble Sri Lankan rupee eroded Dialog Axiata PLC’s bottom line during the September quarter (3Q18) as the country’s largest telco booked a hefty foreign currency translational loss against its do

Mon, 12 Nov 2018 10:04:10 +0000
Anura Priyadharshana assumes duties as State Finance Minister http://www.dailymirror.lk/158161/Anura-Priyadharshana-assumes-duties-as-State-Finance-Minister- http://www.dailymirror.lk/158161/Anura-Priyadharshana-assumes-duties-as-State-Finance-Minister- Anura Priyadharshana Yapa assumed duties as the Minister of State for Finance  at the Finance Ministry yesterday.
Minister of Finance and Economic Affairs, Prime Minister Mahinda Rajapaksa,  ministers Lakshman Yapa Abeywardene and Dunesh Gankanda and Ministry  Secretary S.R. Attygalle and other senior officials were present during the occasion.

Sat, 10 Nov 2018 00:20:00 +0000
October tourist arrivals up by unimpressive 0.5% http://www.dailymirror.lk/158107/October-tourist-arrivals-up-by-unimpressive- http://www.dailymirror.lk/158107/October-tourist-arrivals-up-by-unimpressive- Tourist arrivals to Sri Lanka in the month of October increased only 0.5 percent year-on-year (YoY) to 153, 123 with arrivals from several key regions declining, data released by the Sri Lanka Tourism Development Authority showed.
Asia and Pacific continued to be the largest source of tourist traffic to Sri Lanka with 47 percent of the total traffic received in October 2018.   
Europe acco

Fri, 09 Nov 2018 10:08:01 +0000
JKH 2Q impacted by higher costs, subdued macro conditions http://www.dailymirror.lk/158035/JKH-Q-impacted-by-higher-costs-subdued-macro-conditions- http://www.dailymirror.lk/158035/JKH-Q-impacted-by-higher-costs-subdued-macro-conditions- The subdued macro environment and higher costs relating to expansions and refurbishments affected the performance of the premier blue chip John Keells Holdings PLC’s (JKH) September quarter (2Q19), although the higher interest income and a tax reversal at the group’s insurance subsidiary boosted the bottom line.

Thu, 08 Nov 2018 00:00:01 +0000
Sri Lanka among countries with largest currency depreciations http://www.dailymirror.lk/157994/Sri-Lanka-among-countries-with-largest-currency-depreciations http://www.dailymirror.lk/157994/Sri-Lanka-among-countries-with-largest-currency-depreciations
Moody’s Investors Service has placed Sri Lanka among the countries in the world with the largest fall in value of their currencies against the US dollar in 2018, and stressed that the implementation of reforms that address both fiscal and external imbalances will remain key to supporting sovereign credit profile of the country. 
Moody’s has a ‘B1’, a s

Wed, 07 Nov 2018 10:05:11 +0000
Professionals urged to take up active role in governance http://www.dailymirror.lk/157892/Professionals-urged-to-take-up-active-role-in-governance- http://www.dailymirror.lk/157892/Professionals-urged-to-take-up-active-role-in-governance-

United National Party (UNP) parliamentarian Eran Wickramaratne recently urged Sri Lankan professionals to play an active role in governance to nudge the country into the right direction, stressing that the business of the government is also the business of professionals. 

Mon, 05 Nov 2018 09:46:54 +0000
Sri Lanka risks EU trade concessions if any back-sliding on rights http://www.dailymirror.lk/157832/Sri-Lanka-risks-EU-trade-concessions-if-any-back-sliding-on-rights http://www.dailymirror.lk/157832/Sri-Lanka-risks-EU-trade-concessions-if-any-back-sliding-on-rights (Colombo) REUTERS: The European Union will consider stripping Sri Lanka of its duty-free access if it backs off commitments on rights, the EU ambassador said, amid worries stoked by the President’s replacing of the elected premier by a wartime nationalist.
The European Unio

Sat, 03 Nov 2018 00:10:30 +0000
September apparel exports up; industry confident of US $ 5.5bn export earnings http://www.dailymirror.lk/157793/September-apparel-exports-up-industry-confident-of-US-bn-export-earnings- http://www.dailymirror.lk/157793/September-apparel-exports-up-industry-confident-of-US-bn-export-earnings- Sri Lanka’s apparel export earnings grew 9.2 percent year-on-year (YoY) to US $ 451 million in September—the second highest growth rate recorded so far for this year backed by a dou

Fri, 02 Nov 2018 10:18:15 +0000
MR signals return to inward-looking economic policy http://www.dailymirror.lk/157708/MR-signals-return-to-inward-looking-economic-policy- http://www.dailymirror.lk/157708/MR-signals-return-to-inward-looking-economic-policy-

Assuming duties as the Finance and Economic Affairs Minister yesterday, Prime Minister Mahinda Rajapaksa hinted towards his plans to return Sri Lanka to the inward-looking economy that he had built during his presidency from 2005 to 2014. While acknowledging the important role foreign direct investment could play in Sri Lanka’s economic advancement, Rajapaksa said domestic production and the agriculture sector activities would be actively encouraged for import substitution. Thi]]> Thu, 01 Nov 2018 00:00:07 +0000 Sri Lanka’s political crisis triggers major economic concerns http://www.dailymirror.lk/157658/Sri-Lanka-s-political-crisis-triggers-major-economic-concerns http://www.dailymirror.lk/157658/Sri-Lanka-s-political-crisis-triggers-major-economic-concerns (Colombo/Mumbai) REUTERS: A decision by Sri Lanka’s President to fire the Prime Minister has raised doubts among global investors and credit analysts about the near-term economic health of a 

Wed, 31 Oct 2018 09:48:20 +0000
Moody’s says current political impasse credit negative http://www.dailymirror.lk/157575/Moody-s-says-current-political-impasse-credit-negative http://www.dailymirror.lk/157575/Moody-s-says-current-political-impasse-credit-negative

International rating agency Moody’s Investors Service yesterday said the political crisis unfolding in Sri Lanka with the sudden appointment of former president Mahinda Rajapaksa in place of Ranil Wickremesinghe is credit negative for the sovereign. 

Tue, 30 Oct 2018 00:00:22 +0000
Change in political landscape to create short-lived hype at bourse http://www.dailymirror.lk/157527/Change-in-political-landscape-to-create-short-lived-hype-at-bourse- http://www.dailymirror.lk/157527/Change-in-political-landscape-to-create-short-lived-hype-at-bourse- Industry experts say the Colombo bourse is expected to have vibrant activity today, following the sudden and unexpected change in the country’s political landscape, but the majority opined the hype would be short-lived.

Mon, 29 Oct 2018 10:16:25 +0000
Sri Lanka’s first Per Day Motor Insurance launched http://www.dailymirror.lk/157446/Sri-Lanka-s-first-Per-Day-Motor-Insurance-launched http://www.dailymirror.lk/157446/Sri-Lanka-s-first-Per-Day-Motor-Insurance-launched

Insureme.lk, Sri Lanka’s first online platform for comparing insurance policies, launched  the Per Day Motor Insurance in partnership with Dialog Axiata PLC, Sri Lanka’s premier connectivity provider,

Sat, 27 Oct 2018 00:00:14 +0000
RPCs push for productivity based wage model http://www.dailymirror.lk/157357/RPCs-push-for-productivity-based-wage-model http://www.dailymirror.lk/157357/RPCs-push-for-productivity-based-wage-model The Regional Plantation Companies (RPC) urge estate labour unions to embrace a productivity-based wage model in order to achieve a daily wage above Rs. 1000, which would also boost low productivity levels of RPCs. Addressing a press conference in Colombo yesterday, Planters’ Association (PA) Chairman Sunil Poholiyadde revealed that negotiati

Fri, 26 Oct 2018 00:10:56 +0000