Shares hit over 1-year high, rupee up as Rajapaksa assumes office

REUTERS: Sri Lankan shares hit their highest level in more than a year yesterday, while the rupee rose to a three-month peak, as former wartime defence chief Gotabaya Rajapaksa assumed his presidential duties.

Sri Lanka’s only glass bottle maker returns to profit in second quarter

Sri Lanka’s only glass bottle marker, Piramal Glass Ceylon PLC returned to profit during the September quarter (2Q20) amid improved domestic sales following a capacity increase carried out in the first quarter of the financial year.

A new president heralds a return to stability and growth in Sri Lanka

The election of Gotabhaya Rajapaksa as President of Sri Lanka is expected to launch a new economic cycle for Sri Lanka. A victory margin of 10 percent reflects the confidence in him as an effective leader, who had already delivered peace by winning a 25-year-old civil war and transforming Colombo into one of South Asia’s most beautiful cities, to unleash a tourism boom.

Sri Lanka: Rajapaksa win heralds a new era

The emphatic win by former Defence Secretary Gotabaya Rajapaksa at the presidential elections held in Sri Lanka on November 16 could herald in a new era for the strategically-placed South Asian island that could be modelled on the successful economic path of the Asian Tigers such as Singapore.

CDB Facilitates Recruitment Disruptor SIXER VIDEO to Secure First Round of Equity.

Indira Malwatte resigns as EDB Chairperson

Indira Malwatte yesterday announced her resignation as the head of the Export Development Board (EDB), ending over a four-year stint.

Stocks jump more than 1-year high after Rajapaksa win; rupee up

Shares jumped to their highest in more than a year in heavy volume, while the rupee rose to a two-and-half month high yesterday, after former wartime defence chief Gotabaya Rajapaksa won the presidency by a big margin.

NTB reports improved earnings for 3Q

Nations Trust Bank PLC (NTB) reported improved earnings for the September quarter (3Q19) amid a reduction in provisions made for possible bad loans, the interim financial accounts released to the Colombo bourse showed.

COSMI congratulates 7th Executive President Gotabaya

Newly-elected President Gotabaya Rajapaksa was yesterday urged to give special attention to resurrecting Sri Lanka’s ailing industrial sector through empowering micro, small and medium enterprises (MSMEs).

COYLE congratulates new President

The Chamber of Young Lankan Entrepreneurs (COYLE) yesterday congratulated the newly-elected president Gotabaya Rajapaksa on his appointment as the seventh Executive President of Sri Lanka.

Sri Lanka becomes first South Asian nation to officially recognise eSports

On September 26, 2019, the Sports Ministry declared eSports as a national sport, making Sri Lanka the first South Asian country to officially recognise competitive playing of video games as a sport.

CMTA seeks firm actions from govt. against alleged Rs.160mn vehicle import duty fraud

The Ceylon Motor Traders Association (CMTA) seeks firm legal actions from the Sri Lanka Customs (SLC) and Finance Ministry against an alleged Rs.160 million import duty fraud committed in importing 13 Audi A5 motor vehicles by a particular vehicle importer.

SLTDA Chairman to overlook functions of SLTPB

Due to the resignation of Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Kishu Gomes last Friday, Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga has appointed Sri Lanka Tourism Development Authority Chairman Johanne Jayaratne as the acting SLTPB Chairman.

Sri Lanka’s cinema experience redefined with India’s PVR

Colombo’s movie theatre experience just got a whole lot bigger and better with India’s largest and most premium film exhibition company, PVR Cinemas, having unveiled its newest facility at One Galle Face Mall.

Fourth Industrial Revolution and (unwarranted) pessimism over jobs

Ever since Homo erectus carved a piece of stone into a tool, the welfare of our species has been on the increase. Indeed, this technological breakthrough led first to the hand axe and eventually to the iPhone. We have found it convenient to organise the most dramatic period of change between these inventions into four industrial revolutions.

Bourse set to cruise with Gota’s win

Capital market analysts expect the Colombo bourse to climb upward in the short to medium-term following the fairly convincing win of Sri Lanka Podujana Peramuna (SLPP) presidential candidate Gotabaya Rajapaksa, who appeared to be the preferred choice of the country’s business and investment community.

Hemas shows signs of recovery from Easter shock

Hemas Holdings PLC showed signs of recovery across its business segments in the second quarter (2Q20) from the aftershock it felt during the first quarter from the Easter Sunday attacks, but its bottom line reached nowhere near pre-attack era levels.

SLT reports higher earnings; debt funded capex weighs

Revenues and profits rose at Sri Lanka Telecom PLC (SLT) during the three months to September 30, 2019 (3Q19), but the rise in borrowings in view of capital-heavy investments to stay in line with the technological trends is expected to weigh on the group’s cash flows and earnings for the foreseeable future.

Mangala quits as Finance Minister

Finance Minister Mangala Samaraweera yesterday announced his resignation following the defeat of New Democratic Front (NDF) candidate Sajith Premadasa in the 2019 presidential race.

Sluggish demand, higher finance costs impact Softlogic 2Q

Diversified conglomerate Softlogic PLC reported depressed results for the period ended September 2019 (2Q20) amid sluggish consumer demand, fall in tourist arrivals and higher finance costs.

Exports up only 1% in first nine months; trade gap contracts

Sri Lanka’s export earnings in the first nine months of 2019 rose only by 1 percent from a year ago to US$ 8.9 billion. However, the trade gap had narrowed significantly due to the slowdown in imports, the latest data released by the Central Bank showed.

ComBank 3Q earnings helped by fall in impairment charges

Commercial Bank of Ceylon PLC recorded an increase in earnings during the quarter ended September 30, 2019 (3Q19) amid relatively healthy top line performance and decrease in provisions made for possible bad loans.

Securing South Asia through regional economic integration

The South Asian Association for Regional Cooperation (SAARC) Chamber of Commerce recently hosted a conference on ‘Regional Economic Integration: A Catalyst for Socioeconomic Prosperity in South Asia’. I welcomed this timely forum.

STAMPEDE, SDGs Tech Accelerator established to prevent future inequality

Technological innovation has become our today, tomorrow and future. It is seen to have an irreversible impact on all spheres across the board from medical science to banking and all in-between. The most concerning is the use of technology to develop weapons. But, is there a way to use and define technology for a better future for humanity? The people behind STAMPEDE, SDGs Tech Accelerator think so.

EU fosters sustainable development in Sri Lanka through GSP Plus

Sri Lanka was readmitted as a beneficiary of the European Union (EU) Generalised Scheme of Preferences in mid-May 2017 with the new GSP Plus enabling duty free access to the EU market, constituting 28 countries, on 66 percent of the EU tariff lines for over 6,000 local products.

Narayana Murthy – Indian IT genius, kept his head in sky and feet firmly on ground

Nagavara Ramarao Narayana Murthy (born August 20, 1946) is an Indian IT industrialist and co-founder of Infosys, a multinational corporation providing business consulting, technology, engineering and outsourcing services. Murthy studied electrical engineering at the National Institute of Engineering, University of Mysore and MTech at the Indian Institute of Technology Kanpur.

Securing the largest FDI

Sri Lanka recently secured the largest ever FDI worth US$ 24 billion for the establishment of Hambantota Oil Refinery (Private) Ltd. Picture shows Finance Minister Mangala Samaraweera and Development Strategies and International Trade Minister Malik Samarawickrama extending good wishes to Danny Lee, Director Sugih Energy (PTE) Ltd. BOI Chairman Mangala P.B. Yapa and R.A.D.M. Terrance Sundaram, representative of the Hambantota Oil Refinery (Priva

Indian consumer demand falls for first time in decades: report

MUMBAI (AFP) - Consumer spending in India has slumped for the first time in four decades, a leading business daily reported yesterday, bringing more bad news for Prime Minister Narendra Modi as he struggles to revive a stuttering economy. Consumer demand in India’s

Stocks, rupee end higher ahead of presidential polls

The benchmark stock index ends 0.72 firmer at 6,023.02 Foreign investors remain net sellers of riskier assets for seventh straight session REUTERS - Sri Lankan shares rose yesterday, touching their two-week high as investors picked up shares of beverage makers and diversified companies ahead of Saturday’s presidential vote, which is

Automakers around world await Trump tariff decision

WASHINGTON (Reuters) - Automakers around the world are awaiting a decision from U.S. President Donald Trump on whether he will impose up to 25 percent tariffs on U.S. car and auto part imports after a 180-day review period elapsed this week. Trump was briefed ahead of the expiry of the self-imposed deadline, which he set in May, to decide whether to again extend a review or impose tariffs that automakers have warned could cost jobs and dramatical