First Capital says 80% probability for policy rates to stand pat on Thursday

First Capital Research (FCR) expects the Monetary Board of the Central Bank to maintain the policy rates at the upcoming monetary policy review—the first one for 2020—on Thursday, as there is ample space for the market lending rates to come down without further adjustment to policy rates.

RPCs to submit new wage model today to Dr. PBJ

Sri Lanka’s Regional Plantation Companies (RPCs) are scheduled to submit a new wage model to Secretary to President Dr. P.B. Jayasundera today, to facilitate the state-mandated wage hike for plantation workers from March 1.

BPPL sees upside from US-China trade deal

BPPL Holdings PLC said its top line growth was constrained by the use of its recycled plastic—a key ingredient in the making of brush and brush filament—for trials in its new yarn plant, which was not in full commercial production by end-December 2019.

Poor performance of Lankan and Maldivian operations hurts John Keells Hotels 3Q

John Keells Hotels PLC (KHL) continued to remain in red for the consecutive third quarter ended December 31, 20419 (3Q20), amid higher losses recorded by the group’s both Sri Lankan and Maldives operations.

First Capital Treasuries’ debentures snapped up on opening day

The Rs.750 million debenture issue by the primary dealer, First Capital Treasuries PLC, was oversubscribed yesterday.

How technology shaping apparel sector supply chains: Shifting to nearshoring and reshoring

The advances in technology have made nearshoring – the practice of shifting production operations to a nearby country closer to the end market – and reshoring – bringing back offshore production back to the home country – more viable for apparel manufacturers, compared to offshoring production to far away, developing countries.

Innovative, dynamic policy strategies needed for economic revival: Central Bank Governor

Following is the speech delivered by Central Bank Governor Deshamanya Prof. W. D. Lakshman at the 61st Annual General Meeting of the National Chamber of Commerce held recently.

Sri Lanka braces for Chinese tourist arrival slowdown

Sri Lanka is bracing for a slowdown in Chinese tourist arrivals in the peak season as Chinese authorities have ordered travel agencies to suspend domestic and international tours as an attempt contain the coronavirus outbreak that has killed 56 and sickened hundreds to-date.

US to limit visas for pregnant women to curb ‘birth tourism’

President Donald Trump opened a new front in his battle against immigration last week, barring the issuing of visas to pregnant women seeking to enter the United States for so-called “birth tourism.”

SLTPB to seek Cabinet nod for global promo campaign in February

The Sri Lanka Tourism Promotion Bureau (SLTPB) is planning to seek Cabinet approval for the 5-year global promotional campaign in mid February, after securing SLTPB board approval last week.

SEC gets new Commission Members

After the appointment of Additional Solicitor General Viraj Dayaratne as Chairman of Securities and Exchange Commission (SEC) last week, Finance, Economy and Policy Development Ministry has had appointed four Members to its Commission.According to highly placed government sources, the appointed Commission Members include Naresh Abeysekera, Sisira Rathnayake, Suhada Gamlath and Sunil Lankathilake.

SLT announces appointment of new directors

Sri Lanka Telecom PLC (SLT) last week announced the appointment of two Independent Non-Executive Directors and two Non-Independent Non-Executive Directors to its board.

Bairaha Farms December performance aptly displays poultry industry woes

Bairaha Farms PLC reported losses for the quarter ended December 31, 2019 as cost of sales rose while revenue slipped from a year earlier, impacting the bottom line of the country’s leading poultry producer.

Lanka IOC returns to black as oil prices ease

Lanka IOC PLC returned to profits during the three months ended December 31, 2019 from a year earlier, but the top line declined reflecting the slowdown in the economy, which took toll on overall economic activities.

ComBank Maldives honoured for Excellence in Finance at biz awards

The Commercial Bank of Maldives (CBM), a subsidiary of the Commercial Bank of Ceylon PLC, has been honoured with the award for ‘Excellence in Finance’in the Banking and Finance category at the 2019 Maldives Business Awards in just its third year of operation.

Lankan economy could face fresh challenges from Wuhan coronavirus outbreak: Fitch

Sri Lanka could face fresh challenges from the Wuhan coronavirus outbreak, given the limited room the island nation has to relax its fiscal policy in response to a possible downturn in the world economy. “…for sovereigns where medium-term fiscal consolidation is a priority, such as Malaysia and Sri Lanka, there could be less room to relax fiscal policy in response to any downturn,” Fitch said in a statemen

UN backed SL industry diagnostic initiative rolled-out in Colombo

A high level team from the United Nations Industrial Development Organization (UNIDO), Vienna joined by no less than the UN Resident Coordinator Sri Lanka launched the next phase of Sri Lanka

Jaffna International Trade Fair begins

Jaffna International Trade Fair 2020, the biggest and only one of its kind events in the Northern Province, kicked off yesterday at Muttraweli Grounds in Jaffna. The picture shows Northern Province Governor P.S.M. Charles examining some products at the trade fair

Dubai’s largest Islamic bank acquires smaller lender

DUBAI (AFP) - Dubai Islamic Bank said on Thursday it has completed the aquisition of Noor Bank to consolidate its position as the top Islamic lender in the United Arab Emirates. DIB said in a statement posted on Dubai bourse website the acquisition was carried out through a share swap after securing the necessary approvals from the regulatory authorities. The bank said the move raises its asse

EU chiefs sign Brexit deal ahead of parliamentary vote

BRUSSELS (AFP) - Brussels’ two top officials, the presidents of the European Commission and the European Council, signed off on Britain’s EU divorce agreement yesterday. With Ursula von der Leyen and Charle

SriLankan takes action regarding coronavirus outbreak

SriLankan Airlines has implemented a series of precautionary measures to mitigate the risks from the current coronavirus epidemic in the Far East, with the safety and well-being of its valued passengers and staff being of paramount importance. SriLankan’s cabin crew and other relevant staff have been briefed on action to be taken on board and at airports, especially those in the Far East.

Asian markets stabilise after China virus nerves

HONG KONG (AFP) - Asian markets halted their slide yesterday with investor nerves eased after a week of volatility prompted by the rapid spread of a viral illness in China. The coronavirus infection has killed at least 26 people while the number of confirmed cases has leapt to 830, health officials said. Authorities have shut down public transport in 13 cities - together home to more than 40 million people around the epicentre of the outbreak in

CA Sri Lanka gets new President

Top professional Manil Jayesinghe (center) was yesterday ceremoniously inducted as the 25th President of CA Sri Lanka by Outgoing President Jagath Perera (right) in the presence of the International Federation of Accountants (IFAC) President Dr. In-Ki Joo (left),

Bourse poised for rebound following p’mentary election

The Colombo Stock Exchange (CSE) is among the worst performing frontier markets, but a leading equity research analyst said all indications favour a rebound and the forthcoming general election would stoke further upward momentum. First Capital Head of Research Dimantha Mathew said Sri Lankan stocks offer a once in a decade opportunity for buyers as valuations remain extremely attractive.

Govt. to set up 500-acre BOI zone for foreign higher educational institutions

The government is planning to set up a 500-acre special BOI zone for internationally recognised higher educational institutions this year with the aim of positionng Sri Lanka as a leading international educational hub.

Cinnamon Lakeside owner’s 3Q indicates city hotels’ recovery

Trans Asia Hotels PLC, which operates the five-star Cinnamon Lakeside hotel in Colombo, showed it is recovering from the aftershocks of Easter Sunday attacks, which eroded city hotel occupancies.

Subsidised loans for millers to purchase paddy at minimum price

The government has decided to provide subsidised loans at 8 percent interest to millers to purchase rice from farmers at a minimum price of

Cabinet nod for new coal and LNG power plants

The Cabinet of Ministers has approved two new 300MW coal-fired plants in Norochcholai and two 300MW liquefied natural gas (LNG) plants in Kerawalapitiya amid serious concerns over an impending power crisis.

Sri Lanka to outsource visa services for Chinese tourists

The government has decided to outsource visa services for Chinese tourists to a Shanghai-based sub-agent in a bid to boost Chinese tourist arrivals to Sri Lanka.

Dubai to screen all passengers from China amid virus outbreak

Dubai Airport, one of the world’s biggest aviation hubs, said yesterday it would carry out thermal screening of all passengers arriving from China amid an outbreak of a deadly virus.