Demand for carbon emission cut

Police officers arrest an activist at London City Airport during the fourth day of demonstrations by the climate change action group Extinction Rebellion, in London yesterday. Demonstrations occurred in 60 cities around the world this week, with thousands taking to the streets of New Delhi, Cape Town, Paris, Vienna, Madrid, and Buenos Aires. Extinction Rebellion is demanding that governments drastically cut carbon emissions. / AFP

WB urges banks to adopt multifaceted approach to be development enablers

With nearly one-third of Sri Lanka’s adult banking population considered to be inactive account holders and many facing significant constraints in accessing finance, the World Bank (WB) urges the country’s banks to position themselves as development enablers by adopting a multifaceted approach to further promote financial inclusiveness in the country. “Having a bank account isn’t enough; it must be used. The challenge in Sri Lanka is less about

CB tells banks to prepare for sweeping industry changes with new Banking Act

The Central Bank (CB) wants Sri Lanka’s banking sector to start preparing for the anticipated transformation of the current banking industry landscape as the new Banking Act is set to come into effect in 2021 with the regulator gaining more ‘teeth’ to impose monetary penalties on errant banks. The Central Bank (

EU scheme to reduce Greek bad loans

ATHENS (AFP) - The European Commission yesterday approved a Greek scheme to reduce bad loans weighing down the country’s banks, limiting new credit and holding back economic recovery.

New regulations to restrict cross holdings among banks

The Central Bank (CB) is to introduce new regulations to restrict cross holdings among banks to enhance corporate governance in the banking sector. “We are looking

Stocks end tad firmer near four-week high; foreigners exit

COLOMBO (Reuters) - Sri Lankan stocks rose for the fifth straight session yesterday to hit their near four-week high led by beverage shares, but foreign investors exited from the risky assets with the start of presiden

John Keells Hotels provides Rs.2.45bn corporate guarantee to People’s Bank

John Keells Hotels provided a corporate guarantee for Rs.2.45 billion to People’s Bank on Wednesday, in respect of a long-term loan facility obtained by its subsidiary, Ceylon Holiday Resorts Ltd, for redevelopment of Cinnamon Bentota Beach. “The said loan facility was obtained by Ceylon Holiday Resorts to partially finance the redevelopment cost of hotel Cinnamon Bentota Beach,” the company stated in stock filing yesterday. Cinnamon Bentota Be

Apple pulls Hong Kong app used by protesters after China warning

HONG KONG (AFP) - Apple yesterday removed a Hong Kong map application used by pro-democracy protesters, saying it endangered police, after China warned the US tech giant to drop the app. According to a statement p

Asia markets mixed as dealers await start of key trade talks

HONG KONG (AFP) - Asian markets were mixed yesterday with investors moving cautiously as they sifted through conflicting reports about the outlook for upcoming China-US trade talks.

WB urges banks to adopt a multifaceted approach to be development enablers

With nearly one-third of Sri Lanka’s adult banked population considered to be inactive account holders and many facing significant constraints in accessing finance, the World Bank (WB) urges the country’s banks to position themselves as development enablers by adopting a multifaceted approach to further promote financial inclusiveness in the country.

European Union provides EUR 40mn to Sri Lanka’s STRIDE project

The European Union (EU) is providing EUR 40 million to Sri Lanka to co-finance the Strengthening Transformation, Reconciliation and Inclusive Democratic Engagement (STRIDE) project.

SL South Asia’s most improved in latest Global Competitiveness Index

Sri Lanka becomes the most improved economy in the South Asian region in Global Competitiveness Index 2019, by gaining 1.1 index points and improving its ranking to 84th, out of 141 countries, due to the improvements in socio-economic elements.

C.bank seen keeping rates on hold ahead of elections

(Colombo) REUTERS: Sri Lanka’s Central Bank will likely leave its key interest rates on hold at a policy review tomorrow, after a 50-basis-point cut in August, a Reuters poll showed, ahead of presidential elections and as lower bank rates go into effect.

Sri Lanka’s unemployment edges up to 4.9% in 2Q

Sri Lanka’s unemployment rate has inched up to 4.9 percent during the second quarter of 2019, up from 4.7 percent in the quarter ended in March 2019, although the total number of employed persons has increased.

John Keells Hotels provides Rs.2.45bn corporate guarantee to People’s Bank

John Keells Hotels provided a corporate guarantee for Rs.2.45 billion to People’s Bank yesterday, in respect of a long-term loan facility obtained by its subsidiary, Ceylon Holiday Resorts Ltd, for redevelopment of Cinnamon Bentota Beach.

Facebook’s commitment to Sri Lanka election

We believe Facebook can be a valuable force for democracy around the world, encouraging healthy debate, providing voters more direct access to their candidates and giving more people a voice in the political process. That is why we are focused on ensuring the integrity of elections on Facebook and we have learned a lot from our work around the world over the past few years.

CB sees private credit improving to 5-6% by end of the year

The Central Bank (CB) expects private sector credit growth to pick up by end of this year amid anticipated low interest rates through lending rate caps slapped on banks and enhanced business confidence. Speaking t

JKH ranked as Sri Lanka’s Most Respected Entity for 14th year

For a record 14th year, John Keells Holdings PLC (JKH) was ranked as the Most Respected entity in Sri Lanka, in the recently released edition of LMD’s Most Respected entities issue. In terms of the 10 attribute rankings, JKH has taken the lead in seven categories, namely financial performance, management profile, honesty, dynamism, corporate culture, CSR and vision.

First Capital rules out third rate cut 

First Capital Research predicts zero chance for a third policy rate cut this year ahead of Central Bank’s Monetary Policy Review scheduled for this Friday. “The Central Ba

Altair infuses US$ 25 mn via syndicated loan

A consortium of leading local banks, comprising of the Bank of Ceylon, NDB Bank and National Savings Bank has raised a syndicated loan of US$ 25 million (Rs 4.5 billion at current rates) for Sri Lanka’s showpiece high rise property development Altair, in a noteworthy vote of confidence in the prospects for the project as well as for the sector in general. One of the l

Hong Kong bourse scraps US$ 39 bn play for London Stock Exchange

HONG KONG (Reuters) - Hong Kong’s bourse yesterday dropped its unsolicited US$ 39 billion bid for London Stock Exchange Group (LSE), conceding it hadn’t won over LSE management for a move that could have transformed both global financial services businesses. The surprise approach, made last mo

Enjoining order restrains MTD Walkers from giving effect to Ravi Wijeratne’s offer

MTD Walkers PLC, a construction major mired in losses, yesterday informed the Colombo Stock Exchange that one of its creditors has obtained an enjoining order preventing them giving effect to a recent volunta

HNB one of the best capitalised banks in the country: Managing Director

Jonathan Alles, Managing Director and Chief Executive of Hatton National Bank (HNB) in an interview with Mirror Business speaks about the bank’s key achievements, banking sector performance, fourth industrial revolution etc. Excerpts:

Fitch says lending rate caps may not support loan growth in short term

The lending rate caps on banks may not yield the desired effect of stimulating credit demand in the short term, as the root cause of the problem lies not with the rates but with the borrower sentiments and subdued economic activity, said Fitch Ratings.

EDB kicks off groundwork to develop wellness tourism strategy, national brand for Sri Lanka

The Sri Lanka Export Development Board (EDB) kicks off the groundwork to develop an international wellness tourism strategy and a brand development initiative within a year, to position the country as a leading player in the US $ 2.6 trillion global wellness tourism industry, under the five-year National Export Strategy (NES).

Litro Gas Lanka and CAA enter into agreement on LPG prices

Following two years of extensive negotiations and deliberations, Litro Gas Lanka, Sri Lanka’s largest importer and supplier of liquefied petroleum gas (LPG), has been able to arrive at an agreement with the Consumer Affairs Authority (CAA) of Sri Lanka, on the LPG price.

Softlogic Capital to raise Rs.1.5bn via listed debt

The finance sector holding company of Softlogic Holdings PLC, Softlogic Capital PLC, yesterday revealed plans to raise Rs.1.5 billion via a listed debenture issue.

CAL surpasses Rs.100bn footprint in investment banking

Capital Alliance (CAL) extends its market leadership in investment banking services with its transaction footprint exceeding Rs.100 billion in the past two years.

Stocks, rupee firmer as presidential frontrunner files nomination

(Colombo) REUTERS: Sri Lankan stocks and rupee closed firmer yesterday after presidential frontrunner Gotabaya Rajapaksa, who faced uncertainty over his candidature, filed a nomination early in the day.

Can multinationals save ASEAN from the middle-income trap?

The middle-income trap has become a concept deployed frequently in conversations among policymakers and academics in East Asia. The term is used by those trying to understand failed industrial upgrading in the region, which has occurred against a backdrop of prolonged economic slowdown in ASEAN middle-income countries.