UAE to deposit US$ 3 bn in Pakistan central bank

ABU DHABI (AFP) - The United Arab Emirates will deposit US$ 3 billion in the central bank of Pakistan to help ‘enhance liquidity’ as the country struggles with a balance of payments cris

Ceylon Chamber says it holds MS, RW accountable for choice of ministers

Sri Lanka’s premier trade chamber Ceylon Chamber of Commerce (CCC) said it holds President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe responsible and accountable for the choice of ministers appointed yesterday.

Rupee hits record low on foreign outflows

(Colombo) REUTERS: The Sri Lankan rupee touched a record low in early trade yesterday and ended weaker amid pressure on the currency due to foreign outflows from bonds and stocks as uncertainty from a political crisis dented sentiment. Sri Lankan President Maithripala Sirisena appointed a 30-member Cabinet yesterday, retaining control over the police while they investigate an alleged plot to kill him that triggered a row with the premier and led

President names new Cabinet after final dispute with PM

(Colombo) AFP: Sri Lanka’s President Maithripala Sirisena named a 30-member Cabinet yesterday  to end a crippling seven-week power struggle with his Prime Minister, but only after a final tu

THASL congratulates John; hails combining of tourism and wildlife

While congratulating the United National Party MP John Amaratunga on his appointment as the Tourism, Wildlife and Christian Religious Affairs Minister, The Hotels Association of Sri Lanka (THASL) yesterday endorsed the combining of wildlife with tourism as a timely initiative for the hospitality and tourism industry. “Today, safari parks are most sought after places visited by tourists, and over-visitation of parks is a challenge for the in

New Cabinet passes vote-on-account; 2019 budget in January

The newly appointed Cabinet of Ministers of the United National Front (UNF) government led by Prime Minister Ranil Wickremesinghe yesterday passed a proposal for a vote-on-account for state expenditure in the first four m

Colombo on the way to become Tuk capital of Uber universe: official

Colombo has become the fastest growing market for UberTuk product and is on the way to become the Tuk capital of Uber universe, a top Uber official said. “Today, the growth of UberTuk p

Japan welcomes recent political developments toward stability

 Japan yesterday welcomed the recent development toward political stability in Sri Lanka, including the appointment of the new Cabinet, through due process in accordance with the law, and commended all the parties for their efforts.

ComBank to raise up to Rs.15bn Basel III debt

The director board of Commercial Bank of Ceylon PLC yesterday revealed plans to raise up to Rs.15 billion though a Basel III compliant listed debt issue, subject to necessary regulatory and shareholder approvals.

BOC Chairman, non-executive directors resign

The State-run Bank of Ceylon (BOC) yesterday announced the resignation of its Chairman and four other directors following the change in government. The directors who announced their resignations were: Neil Umagiliya (Chairman) and the Non-Executive Directors Lalith P.Withana, Madhavie Herath, Isuru Balapatabendi and Harsha Wijayawardhana. The resignations are with effect from December 20, 2018.

Economic growth slumps to 2.9% in 3Q

Sri Lanka’s economy was estimated to have grown 2.9 percent in the third quarter of this year (3Q18) following the expansion of all three major activities of the economy—agriculture, industry and services, according to the Census and Statistics Department.  

Hayleys Advantis unveils Sri Lanka’s largest distribution hub

Hayleys Advantis Limited ceremonially unveiled Sri Lanka’s largest distribution hub – Advantis 3PL Plus Logistics City – in Kotugoda, Ja-Ela recently. 

SAGT breaks through 2mn TEUs in 2018

South Asia Gateway Terminals (Pvt.) Ltd (SAGT), Sri Lanka’s first public-private partnership, a flagship venture of the Board of Investment, today achieved an impressive two million 20-foot equivalent container units (TEUs) in a calendar year, for the first time.     

Rupee ends weaker as foreign outflows hurt

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday amid pressure on the currency due to foreign outflows from bonds and stocks as uncertainty from a political crisis dented sentiment.  

US-based LeapFrog invests US $ 12mn in Softlogic Life

LeapFrog Investments, a US-based private investment firm that invests in high-growth financial services and healthcare companies in emerging markets, yesterday bought a 19 percent stake in Sri Lanka’s Softlogic Life Insurance PLC, investing US $ 12 million (Rs.2.2 billion).  

Sending Sri Lankans and receiving Chinese workers: Emerging trend of labour migration in Sri Lanka

Kamal, a construction labourer living on-site in Colombo, finds it difficult to make ends meet with his daily wage of Rs.1,500. On the other hand, Hong Chua, a Chinese construction worker in Colombo, who works 10 hours a day, says, “We are paid a daily wage of Rs.1,000 and food. Accommodation is provided free of charge. So, we are okay.”   

Economy grows 2.9% in 3Q

Sri Lanka’s economy was estimated to have grown 2.9 percent in the third quarter of this year (3Q18) following the expansion of all three major activities of the economy—agricultu

Rare comet lights up Christmas skies

Sri Lankan astronomy enthusiasts will have a rare opportunity to observe a comet in the eastern sky soon after sunset in the constellation of Taurus these days. The comet 46P/Wirtanen, a space rock which is only 1.2 kilometres in diameter was first observed on January 17th, 1948 by American astronomer Carl A. Wirtanen.  This small comet with a

Stocks down as market awaits new Cabinet

The indices at the Colombo Stock Exchange (CSE) closed in the red territory yesterday as the country awaits for the appointment of a fresh Cabinet of ministers following the appointment of Ranil Wickremesinghe as the Prime Minister last Sunday after over a 50-day political stalemate. The market stakeholders Mirror Busi

Tender dispute on luggage services at BIA: CA fixes writ petition for Jan 31

The Court of Appeal issued notice and fixed for support on January 31, 2019 for an interim order in respect of a writ petition, which alleged that awarding of the tender for the provision of luggage wrapping services at the departure check-in area of the Bandaranaike International Airport (BIA) was unlawful. The writ petition filed by Airdora

Sri Lanka seeks to strengthen settlement infrastructure with China

Sri Lanka’s Central Depository Systems (Pvt) Ltd (CDS) and China Securities Depository and Clearing Corporation Limited (CSDC) recently committed towards pursuing a cooperative relationship in the areas of securities clearing and depository.  This commitment was formalized with the signing of a MoU between the tw

LNG, renewable and coal mix way forward to lower energy cost

A customer likes to view, feel, look for alternatives, check the prices and at times bargain before buying a product. Sadly not so, when we buy utility services, particularly electricity and water supply. These, as the economists call, are ‘natural monopolies’.  

President Sirisena, City of God and The Prince

“It is better to be feared than loved, if you cannot be both.” -Niccolo Machiavelli, Prince 1532 St. Augustine’s ‘City of God’ was perhaps the book Maithripala Sirisena was following since the beginning of his presidency in 2015. A kind and calm leader from humble beginnings was seen trying to be righteous yet appeared cornered, isolated and perhaps pushed to the wall by his coalition partners. 

Sri Lanka set to miss apparel export target by US $ 500mn

Sri Lanka’s apparel industry has revised this year’s export target to US $ 5 billion from the earlier target of US $ 5.5 billion, amid the October apparel export earnings declining by marginal one percent year-on-year (YoY) to US $ 403 million.  

RW’s reinstatement calms markets; cabinet in focus

(Colombo) REUTERS: The Sri Lankan rupee strengthened yesterday while bond yields dropped as a seven-week political crisis appeared to ebb after President Maithripala Sirisena reinstated the premier he had initially sacked in a widely criticised move.  

Cinnamon Life’s Suites Tower topped off

Iconic integrated development Cinnamon Life recently completed the structure of the ‘Suites Tower’, which comprises of 39 floors. A topping off ceremony was held on site to celebrate this key milestone.  

EU, US and Australia welcome resolution of political crisis

The Delegation of the European Union (EU) in a statement yesterday welcomed the peaceful and democratic resolution of the political crisis in accordance with Sri Lanka’s constitution.

Thailand becomes first in Asia to introduce tobacco plain packaging

The World Health Organisation (WHO) yesterday commended stronger tobacco control measures being adopted by Thailand, which has become the first in Asia and the first low and middle-income country to adopt plain packaging for tobacco products.  

Philippines’ Catriona Gray wins fourth Miss Universe crown

(Bangkok) REUTERS: Catriona Gray from the Philippines was crowned Miss Universe yesterday, the fourth time the Southeast Asian country has won the international beauty pageant.

Condo sales hit by politics, falling rupee and high financing cost

Sales in Sri Lanka’s residential condominium sector have experienced a slowdown due to the general uncertainty in the country, devaluation of the rupee and high cost of financing.  Speaking to Mirror Business, KPMG Principal Deal A