Tourism chief bets on faster industry revival

Sri Lanka Tourism chief Kishu Gomes expressed his confidence on the revival of the country’s tourism industry in less than 13 months, in the aftermath of the Easter Sunday bombings and is optimistic that it will revert back to growth mode in two months.

Five-star security!

The Kingsbury, one of the five-star hotels in Colombo that was attacked on Easter Sunday, has installed baggage and personnel scanners at its premises to ensure the safety of the hotel’s patrons. The hotel is also protected by the state security.

BRI should be positive for commodities, but evidence is elusive

(Launceston, Australia) REUTERS: China’s ambitious Belt and Road Initiative (BRI) is one of those vast programmes that should be positive for global commodities, but finding any concrete proof of increased demand is proving far more elusive.

To explain Sri Lanka’s bombings, look within

On Easter Sunday 2019, Islamist suicide bombers targeted three Christian churches and three hotels in Sri Lanka, killing over 250 people. The so-called Islamic State (IS) claimed responsibility but two little-known local groups, called the Jammiyathul Millathu Ibrahim and National Thowheed Jamaath (NTJ), carried out the attacks.

Counting the cost: Terrorism and its impact on Sri Lankan economy

Terrorism is not an obvious subject for economic analysis. The greatest cost comes in the form of lives lost and injured. However, terror attacks also aim to disrupt economic life and how far they succeed needs to be assessed and evaluated.

Sierra Cables reiterates revival plan for two distressed subsidiaries

Sierra Cables PLC last week reiterated on the plan it originally hatched to get two of its subsidiaries now in a quagmire back on their feet, as part of its revival efforts. The directors at the largest cable manufacturer in Sri Lanka said they had approved new capital infusion into its East African subsidiary, which has been facing bankruptcy concerns, and the company had secured confirmed orders from the offshore jurisdiction which would give

Govt. mulls tax waivers to support tourism industry after terror attacks

Sri Lanka will consider a tax amnesty programme for the tourism industry in a bid to help companies recover from the Easter Sunday terrorist attacks that killed more than 250 people, Finance Minister Mangala Samaraweera had told Bloomberg Television. The industry has requeste

Praying for peace

A  Sri  Lankan Catholic prays on the road in front of St. Anthony’s Shrine, where an explosion took place during mass on Easter Sunday, in Colombo. Masses in the churches of Archdiocese of Colombo were not held yesterday due to security concerns (Reuters photo)

Pakistan appoints IMF official as new CB governor amid bailout talks

(Karachi) REUTERS: Pakistan on Saturday appointed International Monetary Fund (IMF) economist Reza Baqir as its new Central Bank governor, as the South Asian nation seeks to finalise bailout negotiations with the Fund to avert an economic crisis. The government hopes an IMF

Private sector opposes port tariff hike

Sri Lanka’s private sector has expressed strong opposition to the controversial tariff hike proposed by the Sri Lanka Ports Authority (SLPA). Premier private sector business chamber, the

Deserted beaches, empty rooms: Sri Lanka tourism takes a hit after bombings

REUTERS: Sri Lanka’s US$4.4 billion tourism industry is reeling from cancellations as travellers shun the sun and sand Indian Ocean Island after multiple suicide bombings that killed over 250 people two weeks ago.

Tourism industry loans likely to get 1-year moratorium

The government has agreed only for a one-year moratorium to support the hotel industry during its recovery period in the aftermath of Easter Sunday bombings, despite the hoteliers’ request for a two-

Colombo on high alert

Sri Lankan Special Task Force (STF) soldiers patrol along a road in Colombo yesterday, after a series of bomb blasts targeting luxury hotels near Colombo’s main business district and churches on Easter Sunday. Islamist extremists in Sri Lanka are believed to be planning attacks on bridges in Colombo, authorities said, as they warned several conspirators in the Easter Sunday bombings that killed 257 people still at large. (AFP)

Asian markets end week mixed as investors eye US jobs data

HONG KONG (AFP) - Asian markets were mixed heading into the weekend yesterday with energy firms again taking a hit from a plunge in oil prices, while investors look ahead to the release of key US jobs data later in the day.

Tesla raises size of share sale, Musk to buy more

(REUTERS) - Tesla Inc yesterday raised the size of its planned share offering to 3.1 million shares, priced at US$ 243 apiece, and said Chief Executive Officer Elon Musk would now buy stock worth up to US$ 25 million (£19.2 million), more than double his initial commitment. Tesla had said on Thursday it

Sri Lanka will emerge stronger as robust economy: envoy

The 7th Session of the UNCTAD Multi-Year Expert Meeting on Trade, Services and Development convened in Geneva from 1 to 2 May 2019, under the chairmanship of Ambassador A.L.A. Azeez, Sri Lanka’s Permanent Representative to the UN in Geneva. Interactive discussions covering sever

Military official likely to conduct security briefing for foreign, local media next week

Prime Minister Ranil Wickremesinghe, as the first step of relaxing the travel advisories issued by several countries to their citizen against visiting Sri Lanka, has agreed to arrange a security briefing next week for foreign and lo

German car sales stuck in reverse gear

FRANKFURT AM MAIN (AFP) - New car registrations in Germany fell back in April, official data showed yesterday, in a sign the vital industry is still grappling with tougher emissions tests and a broader economic slowdown.

Fuel costs push Air France-KLM deeper into loss

PARIS (AFP) - Air France-KLM said yesterday its losses deepened in the first quarter of the year under the pressure of higher fuel costs and competition, although the group managed to boost passenger numbers.

Uber hit with Australia class action ahead of stock listing

SYDNEY (AFP) - Global ride-sharing firm Uber yesterday faced another legal bump on the road to its blockbuster initial public offering, with taxi drivers launching a class action lawsuit in Australia.

Seylan Bank records modest earnings growth in March quarter

Seylan Bank PLC reported higher earnings supported by modest growth in new loans during the quarter ended in March 31, 2019 (1Q19) - a period characterized by an extremely sluggish economic activity.

Hoteliers, tour operators and airlines to offer special rates to attract tourists

Sri Lanka’s hoteliers and tour operators during a meeting with leading airlines have reached an agreement to offer special promotional packages to attract tourists to the country, Sri Lanka Tourism Chief, Kishu Gomes said. The Board Of Airline Representatives (BAR) which includes Emirates, SriLankan, Singapore Airlines, Turkish Airlines, Air India and Cathay Pacific had participated in the meeting, which was headed by Tou

Tourism chief fears too many committees could spoil the soup

Sri Lanka’s Tourism chief Kishu Gomes urges the government to appoint a single national-level committee consisting of responsible officials and experts to expedite the revival of the tourism industry. He said t

Increased bitcoin activity seen on day prior to Easter Sunday attacks: report

An investigation conducted by an Israeli blockchain intelligence startup Whitestream has found that on the day prior to the Easter Sunday bombings in Sri Lanka, there were exceptionally large transfers in the bitcoin wallets that ISIS uses to raise contributions. Militant Islamic terror group ISIS took responsibil

Rupee falls for 6th session; stocks snap 5-day losing streak

REUTERS - The Sri Lankan rupee fell for the sixth consecutive session yesterday on dollar demand from banks amid security alerts on possible further attacks after the Easter Sunday bombings. Stocks closed lower for the first time in six sessions.

Central Bank says legal action initiated against ETI Finance directors

The Central Bank yesterday said it has initiated legal action against the directors of troubled ETI Finance Limited (ETIF) to seize their personal assets and transfer those proceeds to the ETIF, whil

The day the nation was let down by ITS leaders

On Easter Sunday, my wife and I attended the Easter Sunday Mass at 6:30 a.m. at All Saints Church, Colombo 8, then visited Cinnamon Grand, returned home by around 9:15 a.m. only to hear the reports of explosions in three churches in Negombo, Batticaloa and Kochchikade.

Asking banks to bend rules to pump more money into SMEs

The central banks and governments around the world—be they from the developed world or developing world— aspire to do one thing in common, i.e. to practise prudent monetary policy free from political interference, which in return ensures a stable financial sector.

SA’s largest LPG transhipment terminal by Laugfs officially inaugurates operations

Laugfs Terminals Ltd officially inaugurated the operations of its state-of-the-art LPG transhipment terminal at the Hambantota International Port, the largest of its kind in South Asia, with the first of its LPG cargo brought in by the Sri Lankan-flagged vessel Gas Success, part of Laugfs Maritime’s own LPG vessel fleet.

SL to obtain US $ 100mn loan from China Development Bank for Port City

Sri Lanka plans to obtain a US $ 100 million interest-free loan facility from China Development Bank (CDB) to expand the proposed Port Access Elevated Highway to Marine Drive through Colombo Port City.