Cheap labour hinders investments in high-tech in SL: industrialist

The appetite for investments in technology and automation is lacking in Sri Lanka because it still has relatively cheap labour compared to some of the regional peers, according to an industrialist. MAS Kreeda CEO/Managing Director Sarinda Unamboowe said technology investments in Sri Lanka have longer payback periods compared to countries such as China and as a result, such investments have been regularl

CCC’s Best Corporate Citizen Sustainability Awards today

Recognising companies for sustainability and corporate excellence, Best Corporate Citizen Sustainability (BCCS) Awards 2019 will be held this evening at Cinnamon Grand, Colombo. Hosted by the Ceylon Chamber of Commerce (CCC) for the 16th consecutive year, the objective of the awards is to recognise the importance of corporate sustainability in Sri Lanka and encourage businesses to adopt best practices when creating goods and providing services.

Central Bank says not informed of anyone keen to invest in TFC

The Central Bank yesterday said it had not been submitted any information regarding any potential investors who were considering investments in the troubled The Finance Company PLC (TFC).

EOIs called from professionals to be considered to head state enterprises

The Presidential Secretariat yesterday invited experienced professionals to submit expressions of interest (EOIs) to be considered for appointment as chairpersons and board members of state-owned enterprises, regulatory bodies and other statutory institutions. A public notice published in y

MCC Compact to be launched in SL soon: State Dept. official

The controversial Millennium Challenge Corporation (MCC) Compact, which caused a huge uproar particularly prior to the recently concluded presidential election, would be soon launched in Sri Lanka, according a top US State Department official.

NDBIB rings success with Rs.2.8bn IPO in Maldives

NDB Investment Bank (NDBIB), acting as the sole financial advisor and manager, has successfully completed the initial public offering (IPO) of Maldives Islamic Bank PLC (MIB), the only fully-fledged Islamic Bank in the archipelago.

Fitch doubtful new govt. would adopt cost-reflective tariff structure for electricity

Fitch Ratings is of the view that the new government will not adopt a cost-reflective tariff structure for electricity ahead of the key elections scheduled for next year.

Shares edge up, rupee falls; new leader’s policy direction awaited

(Colombo) REUTERS: Sri Lankan shares recovered yesterday from a more than one-week closing low in the previous session, as investors picked up beverage and manufacturing shares.

ACL Cables to acquire 51% of Cable Solutions for Rs.481mn

ACL Cables PLC yesterday said it entered into a sales and purchase agreement to acquire 51 percent of Cable Solutions (Pvt) Ltd for Rs.480.7 million subject to conditions.

Uber loses London licence due to safety risk

(London) AFP: London’s transport authority on Monday refused to renew an operating licence for ride-hailing giant Uber -- and blamed “unacceptable” safety risks for passengers.

Helping Sri Lankan workers in South Korea to save better

Sunil has been employed in South Korea for the last three and a half years, working for a small and medium enterprise (SME) manufacturing automobile parts, in the industrial town of Ansan, in the outskirts of Seoul. He earns KRW 2.5 million or Rs.400,000 a month with overtime and night-shift allowances – a sizable income back in Sri Lanka. Having married a year ago, he came to Korea intending to earn as much as possible within a short time. He ho

H’tota port deal was a mistake: President

Newly-elected President Gotabaya Rajapaksa says he wants to renegotiate the deal with the Chinese on the Hambantota Port, which is strategically located near one of the world’s busiest shipping lanes with tens of thousands ships passing by a year.

Govt. to make new laws to protect public officials from prosecution

The new government under President Gotabaya Rajapaksa will come up with new laws to clear public officials from prosecution due to the lapses made by them while executing decisions made in good faith to carry out government policy, Prime Minister and Finance Minister Mahinda Rajapaksa said.

MAC Holdings to begin freeport operations with US $ 5mn investment

Sri Lanka’s MAC Holdings plans to venture into freeport operations by investing over US $ 5 million to set up a freeport facility in the Katunayake Free Trade Zone, adjoining Bandaranaike International Airport.

Central Bank chief says he will step down on Dec. 20

(Colombo) REUTERS: Sri Lanka’s Central Bank chief Indrajit Coomaraswamy said yesterday he was resigning and would step down on December 20, citing personal reasons and the age limit for staff of regulated entities.

First Capital says door open for another rate cut

A third rate cut for this year, despite forecasting to the contrary prior to the recently concluded presidential election, was not ruled out by First Capital Research, the research arm of a leading Colombo-based investment bank.

The Finance says 3 investors ready to invest if banking licence could be obtained

Troubled The Finance PLC (TFC) yesterday informed the Colombo Stock Exchange that the company has been approached by three interested parties to consider an investment in the finance firm, if a banking licence could be obtained.

Shares, rupee fall; new leader’s policy direction awaited

(Colombo) REUTERS: Sri Lankan shares closed at a more than one-week low yesterday on profit-taking in banking and beverage shares, while the rupee ended weaker as investors awaited for some policy direction and clarity over the country’s newly-elected president.

Gotabaya’s opportunity to shine in Sri Lanka

In January this year, an iron curtain had descended to end Gotabaya Rajapaksa’s elusive dream to become the seventh president of Sri Lanka. Then several legal battles threatened to put the final full stop to his political ambition to be the president. To many it looked an impossible dream.

Expectations and impressions of a first-time visitor to Sri Lanka

‘Is it safe now?’ This is something I repeatedly heard from people when they found out that I really wanted to visit Sri Lanka, particularly after the Easter bombings. But I’d wanted to travel to Sri Lanka for years, ever since a traveller friend of mine told me of his adventures in this teardrop-shaped island, where he encountered the kindest people he’d ever come across before. So, a random attack was not going to change my mind.

Eight new power sets to arrive next month

Sri Lanka’s train service will be further boosted with the arrival of eight new train sets next month.

Ceramic industry seeks govt. support to boost exports

Sri Lanka’s ceramic industry is seeking the support of the new government to locally source raw materials for high value-added exports amid the country’s only refined kaolin production plant being recently shut down amidst lack of clarity in policies.

Four-member selection board to screen appointments to SOEs

The government has appointed a four-member selection board to screen the persons nominated by ministers to head state enterprises operating under them.

Top economist Dr. Dushni Weerakoon to deliver CA Sri Lanka’s 23rd Annual Tax Oration

Top economist and Executive Director of the Institute of Policy Studies of Sri Lanka (IPS), Dr. Dushni Weerakoon will deliver the 23rd Annual Oration on Taxation, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), on December 2, 2019, at the CA Sri Lanka auditorium.

UK’s Johnson promises Brexit for Christmas in manifesto

(London) REUTERS: British Prime Minister Boris Johnson will promise to bring his Brexit deal back to parliament before Christmas when he launches his Conservative Party’s manifesto yesterday, the cornerstone of his pitch to voters to “get Brexit done”.

Dialog to offer direct carrier billing facilities for Google Play Store

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, announced the launch of Add to Bill (Direct Carrier Billing) Services with Google, to make it easier for users to purchase apps, games, digital content, in-game/in-app purchases, movies, subscriptions and more from the Google Play store on their devices.

Saudi Aramco markets IPO in Dubai after approaching Kuwait fund

(Dubai) REUTERS: Saudi Aramco met investors in Dubai yesterday to market its initial public offering (IPO), after trying to secure demand from Kuwait’s sovereign wealth fund for the deal, worth up to US $ 25.6 billion, which relies heavily on local and regional buyers.

MTI recommends effective approach to Ministerial Portfolio allocation

The decision to limit the Cabinet to 15 (and sans the entourage of deputies and state ministers), be it motivated by legislation or the new leadership, is certainly a step in the right direction.

Eliminating burden of state-owned enterprises on Sri Lankan people

No-one seems to know precisely how many business enterprises the government owns. Official government figures suggest 55 businesses, but these are only those which are considered to be strategic.

Li Ka-Shing: Hong Kong’s elusive billionaire has his rags-to-riches success story

Sir Li Ka-Shing was born in Chaozhou, China, in 1928, to Teochew parents. While Li was still at elementary school, Japan invaded China. Chaozhou was bombed; the family fled to Hong Kong, then a British colony.