US Federal Reserve to remain patient on interest rates

(Washington) AFP: The Federal Reserve will make its first interest rate announcement of the year on Wednesday but almost certainly will make it clear it will remain patient about any further moves.  

Developing human resources SL’s best bet to move forward

Sri Lanka must prioritize developing its human resources with continuous investments over hard infrastructure developments, to move forward with the increasing competition in the South Asian region, which is overshadowed by economies with large populations, according to the country’s junior finance minister. 

Sampath Bank says investigating financial irregularity

Samapth Bank PLC yesterday said it is investigating a ‘financial irregularity’ at one of its branches, and said the ongoing investigation prevents them from disclosing details any further.

Proposed port tariff hike deferred until March 15

Ports, Shipping and Southern Development Minister Sagala Ratnayaka said the implementation of the proposed port tariff revision will be deferred until March 15 considering concerns raised by numerous industry stakeholders.  The Cabinet of 

Maxims Holdings unveils Rs.2bn modern warehousing complex

Maxims Holdings, a diversified Board of Investment (BOI) approved company opened its futuristic modern warehousing complex at Mulleriyawa yesterday.  The brand new facility is built on a 4.5 acre land with a total investment of  Rs.2 billion

Sri Lanka’s political problems imperil a fragile economy

Sri Lanka plunged into a political crisis in October 2018 when President Maithripala Sirisena suddenly and unexpectedly sacked the sitting prime minister Ranil Wickremesinghe, his former partner in the National Unity Government formed in January 2015. It could not have come at a worse time for the Sri Lankan economy. In a peculiar turn of events,

PM rains on John’s parade

Tourism Development, Wildlife & Christian Religious Affairs Minister John Amaratunga faced an embarrassing situation yesterday when he was compelled to postpone the appo

Mirror Biz Toon

JKH resort sector Dec. profits still lower but healthier than previous quarters

John Keells Hotels PLC, the resort sector arm of the John Keells group, reported lower revenue and profits for the quarter ended December 2018 (3Q19), mainly due to weak performance from the group’s Maldivian resorts.  John Keells Hotels reported earnin

Rupee firmer on dollar sales; stocks climb

(Colombo) REUTERS: Sri Lanka’s rupee closed firmer yesterday on banks’ dollar sales from inward remittances and on behalf of foreign investors who are purchasing short-term bills, while stocks en

Sri Lanka to do away with discriminatory FBR regulations on female migrant workers

Sri Lanka will soon replace the discriminatory Family Background Report (FBR) regulations imposed on female migrant workers leaving the country for foreign employment with a supportive family background plan scheme. Telecommunication, Foreign Em

SLT to access domestic bank borrowings to roll-over foreign debt

Sri Lanka Telecom PLC (SLT), the leading fixed line operator will access domestic banking sources to refinance its maturing foreign currency debt, Fitch Ratings said in its latest report on Asia-Pacific telecom sector.  According to Fit

Plantation firms and trade unions end wage deadlock

An agreement was reached last Friday between the Employers’ Federation of Ceylon (EFC) and the estate sector trade unions to revise the collective agreement pertaining to plantation workers’ wage. Secretary General of The Planters’ As

CB cuts foreign holding in G-Secs to limit hot money stock

Sri Lanka’s Central Bank has cut foreign investor threshold in purchasing government securities (G-secs) in a bid to increase the quality of the country’s foreign reserves and significantly reduce the a

Govt. offers loans to trishaw owners, migrant workers up to Rs.10mn

The government on realising the success of Enterprise Sri Lanka concessionary loan scheme is to introduce further concessionary loans to widen the schemes enabling the stakeholders to move towards next generation economic activities in their respective areas. Accordingly, migrant workers wi

Lanka IOC December quarter swings to Rs.1bn loss

Lanka IOC PLC (LIOC) swung to a heavy loss of Rs.986.9 million or Rs.1.85 a share during the three months ended December 2018 (3Q19) as Sri Lanka’s only private sector fuel distributor saw its cost of sales rising faster than sales.

Crop-eating armyworms hit Sri Lanka’s rice and maize output

(Colombo) REUTERS: Sri Lanka is facing what could be its worst pest infestation in history, potentially cutting the country’s rice and maize output and forcing the island nation to im

Jaffna International Trade Fair begins

The Jaffna International Trade Fair (JITF), the multi-faceted gateway to the North, that brings together some of Sri Lanka’s favourite brands and services opened yesterday. 

Footwear and Leather Fair 2019

The 11th Footwear & Leather Fair opened at the BMICH yesterday. The events brings together exhibitors comprising manufacturers, suppliers and exporters who specialize in products like travel goods, footwear, leather goods, raw materials, machineries, chemicals, components and accessories and other services related to the sector. Picture shows former Export Development Board (EDB) Chief Indira Malwatte making inquiries about certain products o

Asian markets end week on strong note

HONG KONG (AFP) - Asian markets rose yesterday putting them on course to end a shaky week on a positive note as investors look ahead to crucial trade talks between China and the United States at the end  of the month.

Seventy five countries launch WTO e-commerce talks

DAVOS, Switzerland (AFP) - Ministers from 75 countries launched talks towards drawing up global e-commerce rules amid growing calls for technology to be more closely regulated internationally.

‘World’s cheapest car’ nears end of the road in India

MUMBAI (AFP) - It was billed as the world’s cheapest car and shaped like a jelly bean but after a bumpy 10-year ride India’s Tata Nano is nearing the end of the road. Tata Motors, India’s top automaker, said yesterday that it could stop manufacturing and selling the vehicle from April next year due to new safety and emissions rules that would require major investment. “We may not invest in upgrading 

Rupee ends steady; stocks extend gains

COLOMBO (Reuters) - Sri Lanka’s rupee closed steady yesterday as dollar selling by exporters offset importer demand for the greenback, while stocks edged higher for a third straight session.  The rupee closed at 181.60/80 

German business morale worsens as slowdown fears grow

FRANKFURT (AFP) - German business confidence fell to a nearly three-year low in January, a closely-watched survey said yesterday, in the latest sign of waning momentum in Europe’s top economy. The Munich-based Ifo insti

Microsoft ‘waiting to find out’ why Bing went offline in China

BEIJING (AFP) - Microsoft is still trying to figure out why its Bing search engine temporarily went offline in China, the company’s president said following speculation that it could have been blocked by censors. The US firm’s Chinese website, cn.b

Apparel industry seeks government help to enter emerging markets

As Sri Lanka’s apparel sector has embarked on a journey to achieve US $8 billion in exports by 2025, the industry requested the government’s to assistance to enhance a

Thai Lion Air to operate Colombo-Bangkok direct flights from January 30

Low-cost carrier Thai Lion Air will begin operating direct flights between Sri Lanka and Bangkok from January 30. The flight is scheduled to depart 

Tea industry eyes ambitious production target this year

Sri Lanka’s tea industry is eying an ambitious production target of 320 million kgs this year, despite ending the previous year on a grim note as tea output in 2018 fell to 303 million kgs from 307 million kgs in 201

Finance Ministry calls for budget proposals before Feb. 11

The Finance and Mass Media Ministry yesterday called upon all stakeholders including the general public to make their proposals for the budget 2019 before February 11. Finance and Mass Media

Rupee edges up on exporter dollar sales; stocks gain

(Colombo) REUTERS: Sri Lanka’s rupee closed slightly firmer yesterday due to dollar selling by exporters, while stocks edged higher for a second straight session, moving away from an eight-week closing low hit early this week.