Sale of tea business brings shine to Sunshine Holdings performance

Top line slipped and the bottom line edged up narrowly at Sunshine Holdings PLC for the quarter ended December 31, 2019 as the group divorced its tea plantation business earlier in the year.

Coronavirus is communist China’s “biggest health emergency”: Xi

The coronavirus epidemic that has killed over 2,400 people is communist China’s “largest public health emergency” since its founding in 1949, said President Xi Jinping yesterday.

THASL cries foul over proposed license levy by local bodies exclusively on hotel industry

The Hotels Association of Sri Lanka (THASL) cries foul over the license levy based on 1 percent of turnover that the Municipalities and Provincial Councils are proposing to charge exclusively on the hotel industry where all other industries are charged Rs.6, 000 as trade license fees.

Port City land likely to be priced above Rs.13mn per perch: PwC report

The marketable land plots of Colombo Port City (CPC) are likely to be priced above Rs.13 million per perch on 99-year lease which would bring a minimum of US$1.8 billion revenue to the government and US$ 3.4 billion for the project company, CHEC Port City Colombo, according to an independent study carried out by Pricewaterhouse Coopers (PwC).

Remarks of Ven. Dhammananda Thero Thich Phuoc Ngoc in the inauguration ceremony of president of Isuru Sevana Children Development Center

In today’s significant solemn ceremony, first of all, we, Ven. Dhammananda Thich Phuoc Ngoc International Envoy to Sri Lanka Buddhist government Commendation Committee would like to pray to the Buddha to bless all of us here, and all the people in the countries and territories infected with terrible Corona disease.

Buddhism, sustainability and Sri Lanka

Today, sustainability is fast becoming a very relevant and essential aspect of our lives. This has come about as a response to the high degree of consumerism that prevails in the world today and the resulting large use of fast depleting natural resources, giving rise to global warming and climate change.

Japan’s Taisei Corp. secures US$ 650mn airport terminal deal

Japan’s Taisei Corporation has secured a US$ 560 million contract to build a new multi-level terminal building expanding the capacity of Sri Lanka’s Bandaranaike International Airport (BIA) to 18 million passengers per annum by end of 2023.

Govt. to conduct feasibility study for Eastern expressway

The Cabinet of Ministers has approved a proposal to conduct a feasibility study for the proposed Eastern expressway project from Mattala airport to Pottuwil across Wellawaya and Siyambalanduwa, according to the Cabinet office.

Jetstar Asia to become only low-cost carrier to fly direct from Singapore to Colombo

Jetstar Asia will become the only low-cost carrier (LCC) to fly direct from Singapore to Colombo, when it launches the new service on July 1 this year.

Nearly 900,000 pangolins trafficked in Southeast Asia: watchdog

Nearly 900,000 pangolins are believed to have been trafficked across Southeast Asia in the past two decades, a wildlife watchdog said yesterday, highlighting the challenge in tackling the illicit trade.

Jetwing Symphony cuts losses, recovering from Easter aftershocks

Jetwing Symphony PLC said it is recovering from the low arrivals which resulted from the Easter Sunday attacks, but remains cautious and watchful of the impact from the New Coronavirus which has implications on global tourism.

Rtd. Major General Ravipriya appointed Customs DG

Prime Minister and Economy, Finance and Policy Development Minister, Mahinda Rajapaksa has appointed retired Major General Vijitha Ravipriya as the new Director-General of Sri Lanka Customs, the Finance Ministry said.

Bland kick off for Ceylon Tea cuppa in 2020

Sri Lanka’s tea cuppa kicked off on a grim note in January this year with production, export quantity, and value showing contraction compared to the corresponding month in the previous year.

Thai retail giant launches record-breaking IPO

Thai conglomerate Central Retail launched the country’s biggest ever IPO yesterday, giving it a market cap of around US$ 8.1 billion in a punt on a sputtering economy now hampered by the new coronavirus. Most Thais visit a shop each day owned by Central, a family-run empire which has hundreds of malls, electronics, grocery and 24-hour convenience stores across the country.

SL to enter double tax avoidance pact with Czech Republic

The Cabinet of Ministers has approved the proposal to enter into a Double Taxation Avoidance Agreement (DTAAs) with the Government of Czech Republic.

Experts suggest blue ocean strategy for Ceylon Tea

Strategy experts suggest that Sri Lanka’s tea industry should consider adopting the blue ocean strategy for profitably and sustainability.

Challenging task ahead for govt. to refinance foreign loans: First Capital

Despite the anticipated acceleration of economic activities and fiscal loosening, the deep tax cuts may create a challenge for the government to raise the estimated US $ 3-3.5 billion from external financing resources for external debt repayment, at reasonable rates, to maintain foreign exchange reserves above US $ 7 billion, according to Colombo-based First Capital Research.

Debt moratorium from China could significantly ease off pressure on SL’s external sector

A moratorium on the loan payments from China could significantly ease off the pressure on Sri Lanka’s external sector, rather than a debt moratorium from India.

Securities and Exchange Commission begins stakeholder meetings

The newly-appointed Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), Viraj Dayaratne, PC, along with the members of the commission, has commenced a series of meetings with capital market stakeholders.

Dialog Axiata inks US $ 250mn investment agreement with BOI

The Dialog Axiata group, the largest foreign direct investor (FDI) operating under the aegis of the Board of Investment of Sri Lanka (BOI), has announced entering into two supplementary agreements with the BOI for the investment of an additional sum of US $ 254.1 million (Rs.46.1 billion) in Sri Lanka’s ICT Infrastructure.

Lending rates see faster pass-through as monetary easing takes hold

Sri Lanka’s bank lending rates are on the decline and the sector got on to a better start with higher number of applications for new loans receiving as the measures taken for monetary easing take hold.

IMF warns China virus hitting a fragile global economy

In the best-case scenario, the economic hit from the epidemic in China will be short-lived, but it comes as the global economy remains fragile, IMF chief Kristalina Georgieva said yesterday.

Sustainable mobility in Sri Lanka

Managing the mobility of people and goods is one of the toughest environmental and social challenges that countries face. Sri Lanka is facing a rapid rise in road congestion and air pollution. With escalating numbers of new vehicles being registered and 70 percent of air pollution being attributed to motor vehicles, it is clear that we need to adopt a long-term perspective, which focuses on sustainable mobility.

Port City’s first overseas launch in Singapore this July

The project company of Colombo Port City (CPC), CHEC Port City Colombo, is set to kick off the global launch of the Colombo Port City project for investors at World Cities Summit 2020 in Singapore this July with first few developments of the project scheduled to break ground within the year.

Higher provisions weigh on NDB earnings; CEO positive of industry turnaround

Weak asset quality weighed on the performance of National Development Bank PLC (NDB) during the December quarter (4Q19), as the bank made some hefty provisions for possible bad loans in a period marred by growth slowdown, but the bank remains hopeful of a turnaround in both the sector and the economy in 2020.

Most coronavirus infections are mild, says Chinese study

Most people infected by the new coronavirus in China have mild symptoms, with older patients and those with underlying conditions most at risk from the disease, according to a study by Chinese researchers.

Sri Lanka’s export growth falls to 3-year low in 2019

Sri Lanka’s total exports growth in 2019 has slowed down to the lowest since 2016, recording a marginal growth of 1.4 percent Year-on-Year (YoY) to reach US$ 16.14 billion, according to the Export Development Board (EDB).

Hydropower generation down; but no power cuts, says government

Due to the prevailing dry weather in Sri Lanka, hydropower generation has come down to 23 percent of total production, the Power and Energy Ministry said.

Economic growth to slow across APAC as coronavirus weakens demand and disrupts supply chains: Moody’s

Moody’s Investors Service said in a new report yesterday the coronavirus outbreak adds to other pressures on growth in Asia Pacific, with the impact felt primarily through trade and tourism, and for some sectors also through supply-chain disruptions.

CDS allows instant account opening under new project

Sri Lankans can now open a securities account instantly with their stock broker under a new decentralization programme by the Central Depository Systems (CDS) eliminating the need to forward application forms and connected documents to CDS and wait for the CDS to open the account and confirm to the stock broker and for the stock broker to notify the account holder.