Stocks edge up in light turnover; rupee up

(Colombo) REUTERS: Sri Lankan shares closed slightly firmer yesterday and extended gains into a fifth session, but trading volume slumped to a near five-month low amid worries over economic slowdown and lack of investor appetite for risky assets.

Hoteliers puzzled over amendments to VAT rate

Hoteliers yesterday urged the government to correct the error in recent amendments to the Value Added Tax (VAT) rate for services provided by them, noting that they would be liable for an additional cost of 15 percent on services and purchases as per the amendments. The Finance Ministry through an Extraordinary Gazette issued on May 21 reduced the VAT rate on services offered by hoteliers and tour operators to 5 percent from the earlier 15 perce

Shipping industry urges govt. to work towards lifting travel advisories

Sri Lanka’s shipping industry yesterday applauded the strict measures taken to ensure the safety of the country’s sea ports, but asserted it is time the government kicked off working towards lifting the travel advisories issued against foreigners entering the island nation. Speaking to Mirror Business on the status of s

The Safe Labour Migration Campaign goes closer to the public

Following the launch of a national media campaign on Safe Labour Migration, the key messages of the campaign are being taken to the masses through a series of awareness programmes across the island.

Ideal Motors partners with PickMe to facilitate business opportunities to customers through access to PickMe’s truck fleet

PickMe, Sri Lanka’s most successful technology driven transportations network recently entered into a partnership with Ideal Motors (Sole Authorized dealer and distributor of Mahindra) to strengthen PickMe’s truck fleet.

Poultry sector demand halves amid plunge in tourism

The demand for poultry products has plunged as much as by 50 percent in the aftermath of the Easter bombings, which left the country’s HoReCa (hotels, restaurants and café) industry reeling amid fewer tourists and a drop in domestic consumption.

Internet users reluctant to use e-commerce despite high awareness: survey

Despite the high awareness of e-commerce platforms, the majority of Sri Lanka’s Internet users are reluctant to utilise the e-commerce platforms to purchase goods or services due to lack of trust, according to LIRNEasia, a regional digital policy think tank. The Colombo-based thin

Majority Lankans view social media blockade during times of unrest justifiable

The majority of Sri Lanka’s social media users view blocking of social media platforms during times of national unrest as a justifiable measure to tackle the spread of fake news, according to a survey conducted by Colombo-based digital policy think tank, LIRNEasia.

Sri Lanka’s largest brewery flags profit warning following bomb attacks

Sri Lanka’s largest brewer, Lion Brewery (Ceylon) PLC, has signalled a slowdown in business in the immediate future due to the Easter Sunday bombings that targeted churches and hotels, killing over 250 people.

State sector employees to get Rs.2,500 special allowance from July

The Finance Ministry yesterday said all public sector employees would be paid a special interim monthly allowance of Rs.2,500, from July 1, as announced in the 2019 budget, in March. “A circular in this regard has already been issued by the Public Administration and Disaster Management Ministry with the consent of the Treasury to all secretaries to ministries, chief provincial secretaries and heads of departments,” a Finance Ministry statement s

Cargo Development Co. to raise Rs.459mn via rights issue

Cargo Development Company PLC, an entity involved in development and rental of properties, yesterday disclosed plans to raise Rs.459 million via a rights issue. The company plans to issue 10.2 million new shares in the proportion of one share for every one share held at Rs.45 per share. The stated capital of the company

Stocks inch higher in thin trade; rupee weaker

(Colombo) REUTERS: Sri Lankan shares closed slightly higher yesterday, extending gains into a fourth session, but trading volume slumped to a near

Nandana Ekanayake takes helm of INSEE Cement Sri Lanka

Sri Lanka’s foremost producer of cement, Siam City Cement (Lanka) Limited (SCCCL), known as INSEE Cement, has appointed Nandana Ekanayake as its Chairman.

Private sector takes pledge to work towards united Sri Lanka

Colombo yesterday saw a group of private sector business leaders and representatives led by business chambers in the country coming on to one platform to affirm their pledge towards a united Sri Lanka.

Govt. to develop ECT jointly with Japan and India

The government is gearing to fast-track the development of East Container Terminal (ECT) at the Port of Colombo jointly with Japan and India with the setting up of a terminal operating company (TOC), ensuring that the full ownership of ECT will remain with Sri Lanka.

CB Governor says seeing strong case for relaxing monetary policy

Central Bank Governor Dr. Indrajit Coomaraswamy has hinted a strong possibility of a policy rate cut at the next monetary policy review, as he sees “a strong case for relaxing monetary policy.”

Sri Lanka likely to miss growth targets after Easter bombings

REUTERS: Sri Lanka is unlikely to hit its full-year economic growth target of 3-4 percent following the Easter Sunday bombings, junior finance minister Eran Wickremeratne told Reuters yesterday.

Higher borrowings weigh on Hayleys March performance

Hayleys PLC saw the gains made at the top line getting pared as the conglomerate’s massive debt load continued to weigh on any progress made by its diverse business interests during the March quarter (4Q19), the interim financial accounts showed. Hayleys recorded revenues of Rs.56.5 billion for the three months ended March 31, 2019, up 11 percent year-on-year (YoY).

National inflation hits 3.6% in April

Prices countrywide measured by National Consumer Price Index (NCPI) rose 3.6 percent in the 12 months to April, accelerating from 2.9 percent in March, due to price increases of both food and non-food categories, the Central Bank said.

Private schools select Headstart to drive digital learning

Two leading Colombo schools have implemented a digital learning system in collaboration with Headstart (Pvt.) Ltd in order to supplement students’ classroom education, as well as to be able to keep students engaged in learning during times when schools are closed.

Ensuring protection and safety tips for online shoppers

Over the past five years, online shopping has become an increasingly popular option for Sri Lankan consumers.

Update WhatsApp now! One call could give spies access to your phone

On May 13, 2019, Facebook revealed that an ‘advanced cyber actor’ has been spying on some users of its ridiculously popular WhatsApp messaging app, thanks to zero-day vulnerability that allowed hackers to install spyware, silently, just by calling a victim’s phone.

NSDI programme to empower citizens through geospatial data

Spatial data sets are collected by number of government organisations to support their business processes in Sri Lanka.

Aventude partners Infront Asia Pacific to enable end to cloud solutions

Aventude, the latest Sri Lankan-based digital transformation services company recently announced that it is entering into a strategic partnership with Infront Asia Pacific, an award winning pioneer regional specialist in cloud and data centre consulting in the APAC region for the past 10 years.

Market promotion need of the hour for apparel industry: SLAEA Chair

Sri Lanka’s apparel industry led by the Joint Apparel Association Forum Sri Lanka (JAAF) recently rolled out an image-building media campaign aiming to transform the negative stereotypes on the female employees in the apparel industry, with a view to give the due recognition to female labour. In an interview with Mirror Business, Sri Lanka Apparel Exporters Association (SLAEA) Chairman Rehan Lakhani, on behalf of the country’s apparel industry,

Foraging through fresh frontiers of pharmaceutical innovation

For centuries, human beings have waged a relentlessbattle againsta litany of diseases that have ravaged countless generations.

What comes next in US–China trade war?

The escalation of tit-for-tat tariffs between the United States and China is now in the danger zone. Surely, reason will ultimately prevail. At least that is the common refrain in the echo chamber, especially in light of the dark history of earlier trade wars.

Growing global support for SL’s tourism revival

Sri Lanka is continuing to attract global support for the quick revival of its tourism industry which took a heavy blow following the terrorist attacks last month.

Lanka IOC announces new managing director

Indian Oil Corporation (IOC) owned Lanka IOC (LIOC) announced changes at the top management with the appointment of Manoj Gupta as a new managing director who assumed duties on May 20, 2019, and succeeds Shyam Bohra who has completed his tenure and has been transferred back to the parent company in India.

Nanda Ekanayake takes helm of INSEE Cement Sri Lanka

Sri Lanka’s foremost producer of cement, Siam City Cement (Lanka) Limited (SCCCL), known as INSEE Cement, announced changes to the composition of the company’s board of directors on May 15.