Dialog Finance to raise Rs.764mn via rights issue

Dialog Finance PLC, a unit of Dialog Axiata PLC, is to raise little over Rs.764.1 million through a rights issue, subject to shareholder and Colombo Stock Exchange approval.

Dudley Sirisena announces plans to launch anti-corruption movement under President’s leadership

The brother of President Maithripala Sirisena and Araliya Group of Companies Chairman Dudley Sirisena yesterday announced his plans to launch an anti-corruption organisation by joining hands with scholars, professionals, media and business community aiming to put a stop to corrupt activities carried out by politicians and officials and to direct the government on the path of good governance to accelerate the development work in the country. 

Symbolic power of Rajapaksa brand

In 1996, a punishing drought crippled hydroelectricity generation and impacted households and industry with gruelling eight-hour blackouts. Thousands of farmers faced crop failure and bankruptcy as Chandrika Kumaratunga limped along without plan or purpose. “Her goals are impeccable but her execution seems faulty,” said the roving American journalist Ro

Govt. to gazette 30-year revised National Physical Plan this month

Sri Lanka’s revised 30-year National Physical Plan (2019-2050), which had been delayed due to two months of political turm

Rupee ends weaker on importer, bank dollar demand

(Colombo) REUTERS: Sri Lanka’s rupee ended weaker yesterday as importer dollar demand and continued outflows of foreign funds from government bonds and stock markets due to political uncertainty dented investor sentiment.  The bourse fell to a six-wee

ComBank launches ‘WeChat Pay’ acceptance in Sri Lanka for first time

Chinese tourists visiting Sri Lanka now have the added benefit of purchasing goods and services and paying for them through ‘WeChat Pay’ –one of the leading mobile payment solutions in China, consequent to a partnership between the Commercial Bank of Ceylon PLC and Tenpay Payment Technology Ltd. 

Trading suspension on The Finance looms as firm seeks more time

The Finance Company PLC (TFC) has sought further time from the securities regulator to resolve the serious matters outstanding in its books of accounts marred by omissions and errors, which led the company auditor to issue qualified opinion on its financial statement, last year.  Last July SJMS Associat

Global natural disasters wreak US$ 160bn damage in 2018: Munich Re

(Frankfurt) AFP: Natural disasters including wildfires, hurricanes and tsunamis inflicted US $160 billion of damage and claimed 10,400 lives in 2018, German reinsurer Munich Re said yesterday.

Sri Lanka plans 13.2% increase in 2019 government expenditure

(Colombo) REUTERS: Sri Lanka plans to increase government spending by 13.2 percent from last year to Rs.4.47 trillion (US $24.51 billion) in 2019, the Finance and Mass Media Ministry said 

Port tariff hike put on hold following ministry secy.’s meeting with industry

The controversial tariff revision by the Sri Lanka Ports Authority (SLPA), which rattled exporters and importers alike, has been suspended after the industry lobbied against the move, Mirror Business learns. The decision to suspend the higher tarif

Central Bank ceiling rate on finance company FDs revised up

The Central Bank has sharply raised the upper limit of interest rates that could be offered by non-bank lenders on deposits, Mirror Business learns. The increase in ceiling deposit rates at non-bank finance companies comes as part of the twice a year revision set by the Supervision of Non-Bank Financial Institutions Department of the Central Bank.  

Unemployment in 3Q drops to 4.1%

Sri Lanka’s unemployment rate for the third quarter (3Q18) edged down to 4.1 percent, from 4.2 percent a year earlier, although the participation of females in the labour force continues to remain low, according to the data released by the Census and  Statistics Department.   

CSE amends Listing Rules to facilitate secondary listing of foreign firms

The Colombo Stock Exchange has amended the Listing Rules to facilitate the secondary listings of foreign firms through the Multi Currency Board (MCB).

Hunas Falls up for sale; prospective buyer to carry out due diligence

Hunas Falls Hotels PLC yesterday said a prospective buyer had approached the two major shareholders of the hotel owning company to purchase their collective shareholding of 66.2 percent, subject to a due diligence.  

Rupee ends firmer on mild dollar inflows; stocks down

(Colombo) REUTERS: The Sri Lankan rupee recovered further yesterday, after hitting a record low in the previous week, helped by mild dollar inflows.

Cigarette smuggling costs Sri Lanka Rs.18bn in tax revenue in 2017

The government may have lost Rs.18 billion in cigarette tax revenue as a record 583 million illicit cigarettes were estimated to have smuggled into Sri Lanka in 2017, driven by the high taxes on legal cigarettes and the absence of a proper mechanism in place to combat the illicit cigarette inflows, according to a latest research report on Sri Lanka’s illicit cigarette market.   

Sri Lanka: How to avoid hybrid governments

Sri Lanka’s experiment with hybrid governments failed miserably. By hybrid government, I mean a government that entails the President from one party and the administration or the Cabinet of ministers from another party (or a coalition).  

Appointing of chairman and directors to public institutions

To improve SOEs’ performance and following many controversial appointments to State-owned enterprises in the past, President Maithripala Sirisena has issued fresh instructions on selection criteria in a bid to eliminate controversial and poorly qualified candidates.   

sl eyes GSP concessions on sourcing fabrics

Meanwhile, Cooray and Fernando revealed that in order to enhance the benefits of GSP Plus, the industry stakeholders had submitted reports to the government requesting to source fabrics from Indonesia and South Korea, last year.  The Department of Commerce (DOC) has already commenced negotiations with relevant authorities in Indonesia and South Korea to enter into joint agreements with the EU to obtain GSP Plus for sourcing fabri

Apparel exports poised to top US $ 5bn mark for first time

As the apparel export growth picked up pace in November last year, the apparel industry expects to surpass the US $5 billion mark in 2018 for the first time, recording the best growth in apparel exports since 

ICC embarks on Rs.4bn apartment complex in Galle

One of Sri Lanka’s frontline construction firms, International Construction Consortium (Pvt) Ltd., has embarked on an ambitious Rs.4 billion apartment complex in Galle. The oceanfront serviced ap

Iran’s CB proposes slashing four zeros from falling currency

(Dubai) REUTERS: Iran’s central bank has proposed slashing four zeros from the rial, State news agency IRNA reported yesterday, after the currency plunged in a year marked by an economic crisis fuelled by  U.S. sanctions.

SLPA port tariff revision takes everybody by surprise

he Sri Lanka Ports Authority (SLPA) has substantially raised its port charges and other related tariffs effective from January 1, 2019, a move that has taken importers, exporters and other key stakeholders by surprise, as it will drive up costs for manufacturers and consumers alike. SLPA has more than doubled 

Budget 2019 aims to reduce fiscal deficit to 3.5% of GDP

The budget 2019, which is to be presented to Parliament on February 05, will be prepared with a focus to reduce the fiscal deficit to 3.5 percent of the Gross Domestic Product (GDP) and mainta

Hayleys Advantis wins bid to manage container depot in Abu Dhabi

Hayleys Advantis Ltd (Advantis), the transportation and logistics arm of Hayleys PLC, announced that it has entered into a landmark deal with Dubai-based Trustworthy.ae Group to manage the container depot in Abu Dhabi.  Advantis is to operate and manage a state-of-the-art inland container depot (ICD) and third-party container freight station (CFS) being developed by Trustworthy.ae Group in the Khalifa Industrial Zone Abu D

Bingumal becomes first local CEO to head Standard Chartered Sri Lanka

Standard Chartered last Friday announced the appointment of its first Sri Lankan Chief Executive Officer (CEO), Bingumal Thewarathanthri with effect from January 1, 2019.

Sri Lanka to borrow US$ 1.85 bn from Japan for light rail project

The Japan International Cooperation Agency (JICA) has agreed to lend US $ 1.85 billion to Sri Lanka to build a light rail transit (LRT) service between Colombo Fort and Malambe to ease the cong

Financial sector regulators sign MoU for consolidated risk-based supervision

The Central Bank entered into a Memorandum of Understanding (MoU) with the Securities and Exchange Commission of Sri Lanka (SEC) and the Insurance Regulatory Commission of Sri Lanka (IRCSL) on 31 December 2018, to conduct effective consolidated risk-based supervision and for the Central Bank to be the lead supervisor in this regard. 

Ghosn set for court hearing in Japan over detention

(Tokyo) AFP: Former Nissan Chairman Carlos Ghosn is likely to appear in a Japanese court next Tuesday to hear the reasons for his detention, after his lawyers deployed a little-used article of the Constitution. The shock move was the latest in a series of unexpected twists in a case that has gripped Japan and the business world since the once-revered auto tycoon was arrested on his 

German politicians’ data hacked, govt. cyber team in crisis meeting

(Berlin) REUTERS: Hackers have posted personal data from hundreds of German politicians from major parties including credit card details and mobile phone numbers, with Chancellor Angela Merkel among those affected, local media reported yesterday. Germany’s BSI nation