AIA Group posts 18% rise in first-quarter value of new business, boosted by China

REUTERS: AIA Group Ltd, the world’s second-largest life insurer by market value, posted an 18 percent increase in new business value in the first quarter on Friday, supported by growth in China.

Construction industry hit hard by terror attacks

By Shabiya Ali Ahlam Sri Lanka’s real estate and construction sector that was finally beginning to get on-track towards a fast-paced growth starting this year, has been hit hard by the Easter Sunday terror attacks, the economic impact of which the government is yet to quantify. The Chamber of Construction Industry Sri Lanka (CCI), the apex representative body of construction sector stakeholders, shared that sentiments have worsened and the effect

Importers of essential goods seek govt. help to repay loans after bomb attacks

The essential food and commodities’ importers have written to the government requesting immediate assistance, as the current security situation in the country in the aftermath of the Easter Su

UFTAA to hold forum to promote Colombo as safe destination

With a view of promoting Sri Lanka as a safe destination, the Universal Federation of Travel Agents Associations (UFTAA) announced that the global body would hold its Mid-Year Forum in Sri Lanka within next two months, with participation of 100 tourism leaders and experts from 30 countries. “The UFTAA boar

Fighting terrorism 2.0 with strategy 1.0

November 2015. France was in the middle of the worst conflict situation since WW II. Coordinated bomb and assassination attacks were carried out by the IS terrorists. The first of them took place in Saint-Denis, near the Stade de France in a friendly football match between France and Germany, attended by then President Francois Hollande. On the refusal of entry to the stadium, three terrorists blew themselves up in what became the first suicide

Ceylinco Insurance announces record 350% dividend on original share price

Ceylinco Insurance PLC announced an incomparable dividend of Rs.35per share to its shareholders for the year 2018, which constitutes a 350 percent dividend of the original share price at the AGM of the company held recently. This is an increase of 11 percent of the dividend

Sampath Bank Head Office achieves Carbon Neutrality

Signifying a landmark achievement in environmental sustainability, the Sampath Bank Head Office recently attained the status of Carbon Neutrality. Sampath Bank PLC was awarded the ‘Carbon Neutral Certification’ by Climate Smart Initiatives (Pvt.) Ltd (ClimateSI), declaring its Head Office as ‘carbon free’ for the year 2018. The certification is further attested through a confirmation issued by the

Distress conditions create opportunities

It has been 10 years since the war ended and during this period there has been massive economic development in the country which has improved the economic indicators of which some are illustrated. Shares are now trading at valuat

Revised National Physical Plan receives presidential nod

Sri Lanka’s revised 30-year National Physical Plan (2019-2050) has finally secured the approval by the National Physical Planning Council (NPPC) chaired by President Maithripala Sirisena, and is scheduled to be gazetted within this month.

State-run Sri Lanka Insurance to insure tourists

As several counties have suspended issuing travel insurances due to harsh travel advisories issued by their governments, the Sri Lankan government is now considering a proposal to issue travel insurance for tourists visiting the country. Sri Lanka Tourism chief Kishu Gomes said the pr

Cabinet nod likely this week for Rs.1bn tourism PR and ad campaign

The Cabinet of Ministers is likely to award a billion rupee PR and advertising campaign to selected global agencies this week, in order to revive the country’s tourism sector image in the aftermath of Easter Sunday attacks.

Virtusa employee arrested over suspected links to attacks

REUTERS: Sri Lankan police on Friday said they had arrested an employee of information technology services company Virtusa Corp in Colombo in connection with Easter Sunday bombings that killed more than 250 people.

Construction work hit by complete stoppage of explosives supply for quarrying

The Easter Sunday bombings are posing newer challenges to Sri Lanka’s construction industry which is now expecting a negative growth this year, as blanket control approaches adopted by authorities following

Sri Lanka’s 2019 growth to hit 18-year low after Easter bombings

Sri Lanka’s economic growth is expected to slump to a near two-decade low this year, a Reuters poll showed, as tourism, foreign investment and overall business activity eased sharply in the wake of the devastating Easter

Most Asian markets up but traders on edge as tariffs are hiked

HONG KONG (AFP) - Shanghai led gains across most Asian and European markets yesterday at the end of a torrid week for equities, with investors keeping a nervous eye on China-US trade talks after Washington more than doubled tariffs on US$200 billion

Airlines want travel advisory softened

Representative of airlines, hotels and tour operators met with Tourism Minister John Amaratunga yesterday to discuss and develop a cohesive recovery plan for the travel and tourism industry.

Break up Facebook, says company’s co-founder

NEW YORK (AFP) - One of the co-founders of Facebook called on Thursday for the social media behemoth to be broken up, warning that the company’s head, Mark Zuckerberg, had become far too powerful. “It’s time to break up Facebook,” sai

Trump’s tariff hike on US$200 bn of Chinese goods takes effect

(Washington) REUTERS: U.S. President Donald Trump’s tariff increase to 25 percent on US$200 billion worth of Chinese goods took effect yesterday, ratcheting up tensions between the United States and China as they pursue last-ditch talks to try to salvage a trade deal. With no action from the Trump administration to

UK economy expands on Brexit stockpiling

LONDON (AFP) - Britain’s economy grew by 0.5 percent in the first quarter, boosted by companies stockpiling ahead of Brexit, official data showed yesterday. Gross domestic product expansion outpaced the 0.2 percent seen in the final three month

Thai bay made famous in ‘The Beach’ to be shut until 2021

BANGKOK (AFP) - The closure of the glittering Thai bay made famous by the movie “The Beach” has been extended for another two years to allow a full recovery of its corals and wildlife, an official said this week, drawing a sharp rebuke from the tourism industry.

US indicts Chinese hackers over giant 2015 data breach

WASHINGTON (AFP) - The US Justice Department announced Thursday the indictment of members of “an extremely sophisticated” Chinese hacking group that allegedly stole the personal information of more than 78 million

Special promotional packages for tourists to be finalised by next Wednesday

Hoteliers, travel management companies (TMCs) and airlines plan to finalise special promotional tour packages by next Wednesday, which are to be offered to tourists in the aftermath of the Easter Sunday bombings, which led to a 60 percent decline in tourist arrivals to the country. “We discussed extensive

Minority shareholder activist charges certain controlling shareholders on move to devalue stocks

A leading good governance advocate and minority shareholder activist in the country recently called on the Central Bank and the Securities and Exchange Commission (SEC) to intervene to protect the interests of public and minority shareholders, as certain controlling shareholders and related parties are allegedly on the move to devalue stocks by creating “shareholder fatigue.” Writing to the SEC

Sri Lanka suspends flight training near biggest air force base

REUTERS: Sri Lanka has suspended flight training near its biggest air force base due to security concerns after suspected Islamist militants killed more than 250 people last month, according to a government directive seen by Reuters yesterday.

Slower sales, higher interest costs hinder Nestle Lanka 1Q

Nestle Lanka PLC, the local unit of the world’s largest food company, reported lower earnings for the quarter ended March 31, 2019 (1Q19) amid a sluggish economy and significant shift in consumer behaviour.

Stocks fall for 6th session, rupee snaps 2 days of gains

(Colombo) REUTERS: Sri Lankan shares extended falls into a sixth session yesterday and closed at their lowest levels in six-and-a-half years, due to shattered investor confidence after the Easter Sunday bombings.

Nimo and Co. introduces theft-deterrent portable safes to local market

AquaVault and FlexSafe are now available in Sri Lanka, exclusively from Nimo and Company (Pvt.) Ltd, necessitating all travel protection needs.

Former US envoy urges need for unified leadership for economic revival

A strong and unified leadership remains paramount for Sri Lanka in the aftermath of the Easter Sunday bombings to address the security concerns of investors and to revive the island nation’s economy, according to former US Ambassador to Sri Lanka Robert O. Blake.

Sri Lanka hosts social media influencers to boost battered tourism

The Sri Lanka Tourism Promotion Bureau (SLTPB) said it is hosting a group of famed international social media influences, who arrived in the country on May 7, to promote the country’s battered tourism sector by the Easter Sunday attacks.

LIOC pulls off a solid performance in March on lower oil prices

Lanka IOC (LIOC) swung to a profit during the three months ended March 31, 2019 (4Q19) as the local unit of the Indian downstream oil behemoth managed to survive a financial year marked by multiple headwinds.