UK Labour promises free broadband for all

LONDON (AFP) - Britain’s main opposition Labour party yesterday promised free, fast broadband internet for everyone, in an eye-catching pledge for next month’s election. Following on from promises t

Climate change looms over giant Saudi energy IPO

DUBAI (AFP) - As investors weigh up the value of Saudi energy colossus Aramco ahead of its IPO next month, the global drive to contain climate change and waning demand for fossil fuels are seen as key risks. The world’s largest hydrocarbo

Alibaba confirms huge Hong Kong public listing worth at least US$ 13bn

HONG KONG (AFP) - Chinese technology giant Alibaba yesterday confirmed plans to list in Hong Kong in what it called a US$ 13 billion vote of confidence in the turbulent city’s markets and a step forward in its plans to go global. The enormous IPO, which Hong Kong had lo

Asian markets boosted by fresh China-US trade optimism

HONG KONG (AFP) - Asian markets mostly rose yesterday as trade hopes were given a boost by Donald Trump’s economic aide saying “enormous progress” had been made in talks with China, easing recent concerns that they were stumbling. Hong Kong enjoyed a much-ne

Singaporean firm to invest US$ 24bn to set up refinery in H’tota

Sri Lanka’s Board of Investment (BOI) has approved US$ 36.4 billion worth foreign direct investment (FDI) projects so far this year including a US$ 24 billion oil refinery and petrochemical complex in H

Aitken Spence reports resilient 2Q performance amid challenges

Diversified conglomerate, Aitken Spence PLC, had a subdued September quarter (2Q20) amid the group’s leisure operations feeling the brunt of the Easter Sunday attacks in April, which delivered a crippling blow to

Rising NPLs, weak profits and dwindling capital buffers put FLCs under pressure

Sri Lankan Finance and Leasing Companies’ (FLCs) credit profiles are likely to remain under pressure amid rising non-performing loans (NPLs), weakening profitability and erosion of capital buffers, Fitch

Kishu bids farewell to tourism; set to return to corporate sector

Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Kishu Gomes said yesterday that he submitted his resignation to Tourism Development Minister John Amaratunga effective from today to allow the newly elected president to appoint a new Chairman following the election during the weekend. Gomes revealed to Mirror Business that he will return to the corporate sector shortly after over a nine

Stocks, rupee slip ahead of presidential polls

REUTERS: Sri Lankan shares ended weaker yesterday, edging lower from their near one-week high hit in the previous session, as investors sold healthcare and telecommunication shares ahead of Saturday’s presidential vote. Campaigning for the polls ended o

Sri Lanka increases overflying charges after four decades

The government has reached a decision to increase overflying charges after almost four decades expecting 57 percent increase in revenue.

PB obtains enjoining order against MTD Walkers preventing share transfer

People’s Bank recently instituted action against MTD Walkers and its parent company MTD Capital Bhd of Malaysia before the Commercial High Court in the background where a corporate disclosure had been made by MTD Walkers to the Colombo Stock Exchange on 9th September 2019 that MTD Capital Bhd intended to transfer its majority shareholding in MTD Walkers to a third party.

Labour Dept. to introduce minimum retirement age for private sector employees

The Department of Labour plans to introduce a minimum retirement age for Sri Lanka’s private sector employees after the presidential elections.

SL gets US$150mn ADB loan to upgrade rural roads

The Asian Development Bank (ADB) and the Government of Sri Lanka (GOSL) yesterday signed a US$150 million tranche two loan agreement for the Second Integrated Road Investment Programme to continue ADB’s assistance to upgrade the country’s rural road network.

NDB exploits regulatory respite on capital adequacy to full use in 3Q

National Development Bank PLC (NDB) stood tall among its peers during the three months ended September 30, 2019 (3Q19) as the lender enjoyed more room for its loan book expansion with regulatory changes that ended up in its favour.

HNB posts subdued 3Q earnings amid challenging conditions

Stocks, rupee gain ahead of presidential polls

Sri Lankan shares ended firmer on Wednesday at near one-week highs, as investors picked up beverage and diversified shares ahead of Saturday’s presidential vote.

Kantar Lanka says made no election predictions

Kantar Lanka (Pvt.) Ltd yesterday said contrary to some social media posts, it has not made any prediction on the upcoming presidential election.

Tea factory owners to get relief package

Cabinet approval has been secured to grant one-year moratorium on loans taken by the country’s crisis-hit tea factory owners and to allocate Rs.500 million to facilitate working capital loans at concessionary rates.

SLTDA inks MoU with Palladium Group to beef up research capabilities

Sri Lanka Tourism Development Authority (SLTDA) has entered into an Memorandum of Understanding (MoU) with Palladium Group SL (Pvt.) Ltd to bolster its research capabilities.

Ban on tobacco cultivation: A blessing in disguise for Sri Lankan farmers

While the topic of tobacco control is mentioned in some of the main presidential candidates’ manifestos, it is uncertain whether they will honour the commitment made in 2017 to ban tobacco cultivation by the end of 2020.

President frowns on promise to give free fertilizer

Some days ago, at some gathering in Matale, President Maithripala Sirisena has raised concerns to assertions of Sajith Premadasa and Gotabaya Rajapaksa promising free fertilizers to farmers.

Putting the power of analytics in the hands of finance

Nobody comes to work jazzed about chasing after data. They simply want answers to their questions.

China’s Hainan Group to invest US$ 300mn to set up two rubber trade zones

China’s Hainan Rubber Industry Group Co. Ltd has reached an agreement with the Plantation Industries Ministry to invest US$ 300 million to set up specialised free trade zones for rubber-based value-added exports in Kegalle and Kalutara districts next year.

AG advises Central Bank not to make bond audits public

The Central Bank yesterday said the forensic audits on bond issues and primary and secondary transaction of Employees’ Provident Fund up to 2017 would not be made public on the advice of the Attorney General, as such would be treated as evidence in future legal actions.

UNCTAD recognises BOI for excellence in promoting sustainable investment

The United Nations Conference on Trade and Development (UNCTAD) has recognised Sri Lanka’s Board of Investment (BOI) for its excellence in promoting sustainable investment in special economic zones.

Sunshine Holdings opens 2.4MW hydropower plant

Sunshine Energy (Pvt) Ltd. (SEL), a fully-owned subsidiary of Sri Lanka’s diversified conglomerate Sunshine Holdings PLC, opened its third hydropower plant in recently in Lindula in the Nuwara Eliya district.

CTC says cigarette sales down 11% in 3Q

The sales at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco Company PLC (CTC) fell during the September quarter (3Q19) due to Excise-led price increases and Easter Sunday bombings in April, which slowed consumer spending and tourist arrivals to the country.

Higher costs hinder Nestlé Lanka 3Q

Nestlé Lanka PLC saw its earnings falling 4.3 percent year-on-year (YoY) to Rs.900.4 million for the quarter ended September 30, 2019 (3Q19) as the local unit of the world’s largest food company saw its top line getting impacted by higher cost of sales.

SL’s slide in Global Entrepreneurship Index – A challenge for next political regime

As Sri Lanka heads to elect a government led by a new president, the main political parties have come up with economic agendas to outdo each other, in addition to promising to do a better job than the current political regime. Developing entrepreneurship is embedded in these agendas in various forms.

International travel and migration in Fourth Industrial Revolution

The Fourth Industrial Revolution (4IR) is changing today’s world. Globally, 64 percent of all migrant travellers have migrated for employment. However, traditional models of employment are increasingly replaced by new developments associated with the 4IR technologies. This height of technological advancements in some aspects is creating inadvertent challenges.