Fitch affirms Richard Pieris and Co. at ‘A(lka)’; Outlook Stable

Fitch Ratings has affirmed Sri Lanka-based conglomerate Richard Pieris and Company PLC’s (RICH) National Long-Term Rating at ‘A(lka)’ with a Stable Outlook. The affirmation of RICH’s ratings reflect the group’s substantial defensive cash flows stemming from its leading supermarket retail business, and diversification afforded by its export and plastics businesses.

Stocks edge higher on local buying; rupee firmer

REUTERS: Sri Lankan shares closed higher for a third straight session yesterday, moving further away from a near seven-year closing low hit last week, as local investors bought beaten-down stocks.

UNDP-Citi Foundation host 2nd Asia Pacific Youth Co:Lab Summit

The United Nations Development Programme (UNDP) and Citi Foundation, with the collaboration and support from the Science and Technology Ministry and the Viet Nam Volunteer Centre, opened the second Asia Pacific Youth Co:Lab Summit, in Hanoi yesterday.

Hayleys completes gender equality employee workshop

In an effort to drive support for gender equality in the workplace, iconic Sri Lankan multinational, Hayleys PLC, hosted an employee workshop along the theme: #BalanceForBetter with a view to sharing knowledge and ideas around the establishment of a workplace environment capable of supporting the aspirations of all employees regardless of gender.

Lankan youth win at ‘Silk Road & Young Dreams’ music competition

Young musicians Nipuna Siripathi and Tharushi Athukorala, who represented Sri Lanka at the recently held Silk Road & Young Dreams competition, were placed third for their outstanding performance under the ‘Silk Road Young Voice Musician’ category.

Uber partners with ICC for Men’s cricket World Cup 2019

Uber, the world’s largest personal mobility company, today announced a key partnership with The International Cricket Council, as the official sponsor of the ICC Men’s World Cup 2019.

Huawei assures support for existing smartphones in market

Huawei yesterday assured the Sri Lankan customers of continued support for the existing Huawei smartphones in the market, amid the US Internet giant Google, whose Android mobile operating system powers the Huawei smartphones, announced plans to sever ties with the Chinese smartphone marker.

Lanka IOC MD Shyam Bohra completes his tenure

Lanka IOC PLC (LIOC) Managing Director Shyam Bohra has completed his tenure in Sri Lanka and would be moving back to the parent company Indian Oil Corporation on May 20, 2019, LIOC said in a statement.

Indian stocks see biggest gain since Sept. 2013

(Mumbai/Bengaluru) REUTERS: Indian stocks saw their biggest single-day gain since September 2013 yesterday while the rupee and bonds rallied after exit polls showed Prime Minister Narendra Modi was set to win a second term with an even bigger mandate than in 2014.

Sri Lanka’s budget, current account deficits could widen after bombings: IMF

(Colombo) REUTERS: Sri Lanka’s budget and current account deficits could widen because of the Easter Sunday bombings but the island’s economy will recover in the medium-term and then have about 5 percent annual growth, the executive director for the country at the International Monetary Fund (IMF) said on Thursday.

Singer Sri Lanka March in red amid mounting borrowing costs

Singer Sri Lanka PLC plunged into loss during the quarter ended March 31, 2019 (4Q19), as the sales continued to languish amid mounting borrowing costs as the consumer durables retailer appears to be mired in a prolonged web of troubles from both insides and outside.

EPF marks CSE re-entry buying 55mn Dialog shares

The state-run private sector pension fund, the Employees’ Provident Fund (EPF), marked its re-entry into the Colombo Stock Exchange (CSE) last week, with the purchase of 55 million shares of Dialog Axiata PLC for a consideration of Rs.495 million, Mirror Business learns.

Ceylon Chamber to hold seminar on ‘Brexit and its implications to Sri Lanka’

The evolving global trade environment poses numerous opportunities and challenges to countries like Sri Lanka. In an uncertain economic environment, the impact of Brexit is a development that the private sector needs to monitor.

MMBL-Pathfinder presents long-service awards

The Annual long - standing service Award ceremony of the MMBL - Pathfinder Group 2019 was held at the River point of the Group Headquarters in Peliyagoda recently.

Seminar on restructuring tertiary and vocational education sector

The National Human Resources Development Council of Sri Lanka (NHRDC) together with The Institute of Chartered Accountants of Sri Lanka (ICASL), Chartered Institute of Personnel Management (CIPM), The International Chamber of Commerce of Sri Lanka (ICC), Sri Lanka Institute of Tourism & Hotel Management (SLITHM) and Daily Financial Times will hold a seminar to discuss the fundamental changes the vocational education sector in Sri Lanka requires f

Hemas Hospitals takes legal action against fake news

Hemas Hospitals, one of Sri Lanka’s leading hospital chains for the past decade, has again been victimized as a result of fake news being circulated among the public.

Dipped Products posts healthy growth in 2018-19

Strong gains from performance enhancing initiatives in local operations in the face of stiff market conditions and robust contributions from overseas marketing operations have generated noteworthy profit growth in 2018-19 for the Dipped Products group, a global leader in hand protection.

Haycarb sees sharp increase in revenue, earnings in 4Q

Haycarb PLC’s new pricing strategy appears to have boded well for the company since it changed tact to raise the prices of its products as it enabled them to tamp down the pressure from the rising raw material costs amid heightened competition from some regional players.

China trip and son’s wedding: Sri Lanka leader denounced after Easter bombings

After coming under fire for not acting on warnings about Easter bombings that killed more than 250 people, Sri Lankan President Maithripala Sirisena is now facing criticism over his leadership in the aftermath of the Islamist attacks.

Sri Lanka: When national security trumps religious freedom

The fallout from the recent spate of suicide bombings in Sri Lanka highlights the tension between religious freedom as a fundamental human right and national-security concerns. The country’s ban on face coverings — which admittedly impinges on religious liberty — can be justified in light of its struggle to preserve the basic safety of its citizens.

Expecting the unexpected: A business viewpoint

The Easter day bombings in Sri Lanka created a sense of deep fear among the citizens; it still prevails even one month after the incidents. Even in the business sector, these acts of terror have served to create uncertainty within the marketplace. Most analysts believe, if the trend continues for another few weeks, it can lead to investor apprehension and many other adverse financial consequences.

Risk-sensitive economic planning critical for post-disaster revival: envoy

Risk-sensitive economic planning and coherence between climate and disaster risk reduction (DRR) policies are vital in building resilient societies and economies as envisioned by the Sustainable Development Goals (SDG), Sri Lanka’s Permanent Representative to the UN in Geneva, Ambassador A.L.A. Azeez said.

China’s Luckin raises US$ 561 mn as it hopes to topple Starbucks

NEW YORK (AFP) - Chinese coffee chain Luckin, battling to dethrone Starbucks in the Asian giant, has raised US$561 million ahead of its Wall Street listing, an IPO consulting firm said Thursday.

TBS International becomes first Sri Lankan company to participate at Techtextil

At Techtextil and Texprocess, the industry learns what the future will bring. These two fairs showcase the current trends in technical textile as well as planning for future production and materials.

Too early to assess Sri Lanka economic damage from Easter bombings: IMF

(Colombo) REUTERS: The International Monetary Fund said on Thursday it was holding its forecast for Sri Lanka’s 2019 economic growth at 3.5 percent in spite of devastating Easter bombings, saying it was too early to assess financial damage. The April 21 bombings, which kille

Pharma Chamber welcomes drug price revision linked to rupee devaluation

The Sri Lanka Chamber of Pharmaceutical Industry has welcomed the move by the government, in consultation with the National Medicines Regulatory Authority (NMRA), to gazette a 14.4 percent increase in the Maximum Retail Price (MRP) of 60 price-controlled pharmaceutical drug molecules.

NOTICE

There will be no Mirror Business on Monday (20th) in view of Vesak Poya holidays. The next issue will be on Tuesday.

Asian markets mixed after US rally, pound down on Brexit woes

HONG KONG (AFP) - Asian markets were mixed yesterday as another rally on Wall Street and data indicating a strong US economy were offset by the increasingly tense trade and technology stand-off between China and the United States. The Brexit saga also moved

Stocks edge higher on local buying; rupee steady

REUTERS: Sri Lankan shares closed higher for a second straight session yesterday, moving further away from a near seven-year closing low hit earlier this week, as local investors bought beaten down stocks.

Celebrating Vesak amid tight security

Sri Lankans are preparing to celebrate Vesak festival which falls over the weekend. Even amid security concerns, people are seen purchasing Vesak decorations from stalls set up at roadsides in Colombo. This year Vesak festival in Sri Lanka is being celebrated low-key with additional security provided following the Easter Sunday terror attacks