‘So Sri Lanka’ launch in WTM London today

The new brand identity and the tagline of Sri Lanka tourism ‘So Sri Lanka’ will be launched at 10.30 a.m. (UK time) today along with the launch of World Travel Market (WTM) in London, government sources told Mirror Business.  The government is like

Existing social security and pension schemes need to be converted to one system – Labour Chief

Sri Lanka needs to review the existing social security and pension schemes and convert it to one system to encourage employees to save, as only 45-50 percent of labourers are covered by the current

US to exempt eight countries from new Iran oil sanctions

(Washington) AFP: The United States will allow eight countries to continue importing Iranian oil but only at much lower levels after the reimposition of sanctions today, Secretary of State Mike Pompeo said. The US Treasury will also demand the SWIFT global financial network stop servicing Iran’s banking industry as part of enforcing sanctions over th

Daraz announces 11.11 in Sri Lanka for the first time

e-commerce company, Daraz, is bringing 11.11, the ‘World’s Biggest Sale Day’, to Sri Lanka for the first time. 

Sri Lanka risks EU trade concessions if any back-sliding on rights

(Colombo) REUTERS: The European Union will consider stripping Sri Lanka of its duty-free access if it backs off commitments on rights, the EU ambassador said, amid worries stoked by the President’s replacing of the elected premier by a wartime nationalist. The European Unio

Asian markets surge as Trump fuels China trade deal hopes

HONG KONG (AFP) - Asian markets enjoyed another rally yesterday after Donald Trump hailed positive talks with Chinese President Xi Jinping and a report said he had asked officials to draw up a draft bill as he eyes a potential trade deal between the two. Hong Kong jumped alm

China promises Pakistan support as Khan tells of “very difficult” economy

(BEIJING) REUTERS: China promised to support Pakistan’s economy on Friday as new Pakistani Prime Minister Imran Khan told of his country’s “very difficult” economic situation amid a burgeoning financial crisis. Pakistan’s foreign reserves have plunged 42 percen

Macquarie’s new boss takes the helm with all cylinders firing

BLOOMBERG: Shemara Wikramanayake will inherit an investment bank firing on all cylinders when she takes charge of Macquarie Group Ltd. next month. The Sydney-based company yest

Mahesh Wijewardene appointed Singer Sri Lanka CEO

Singer Sri Lanka yesterday announced the appointment of Mahesh Wijewardene an Executive Director/CEO with effect from November 1, 2018. Wijewardene 

China urged to move ‘beyond reform rhetoric’ at trade expo

SHANGHAI (AFP) - European ambassadors and foreign business lobbies are calling on China to introduce “bold” and concrete market reforms at a Shanghai trade fair next week that the g

Rupee ends weaker; stocks slip from nearly 2-month high

COLOMBO (REUTERS) - The Sri Lankan rupee ended slightly weaker yesterday due to dollar demand for outflows in government securities and stock-related transactions, sources said. 

Hayleys Global Beverages enters JV with Germany’s Martin Bauer

Hayleys Global Beverages (Pvt) Ltd (HGBL), a unit of diversified conglomerate Hayleys PLC yesterday announced a joint venture partnership with Germany’s botanicals giant Martin Bauer Group (BMG). Established in 2016, HGBL is a leading manufacturer of authentic pure Ceylon tea extracts, primarily in the form of powders, concentrates, aromas and flavours.  

NTB Sept. profit down on hefty credit costs

Rising funding costs, hefty credit costs and slowdown in new loans dented Nations Trust Bank PLC’s (NTB) September performance as the mid-size lender wasn’t spared from the recent headwinds experienced by the industry.  NTB reported 7 percent

PM outlines measures to ease cost of living

Prime Minister Mahinda Rajapaksa in the capacity of Finance and Economic Affairs Minister has given directions to the Finance Ministry to implement a number of initiatives to revive the country’s economy. Following are the full details of the measures. In order to ease the pressure 

Sri Lanka’s overall liabilities, assets still unknown: Auditor General

Sri Lanka’s overall liabilities and available assets are still unknown due to the poor maintenance of public accounts by accountants, the country’s top auditor said. “The government is ha

Stock market surge due to pump and dump: Harsha

Former State minister and economist Dr.Harsha de Silva yesterday said the recent surge in the country’s stock market is due to “pumping and dumping done by a few hands who are controlling the market.”

September apparel exports up; industry confident of US $ 5.5bn export earnings

Sri Lanka’s apparel export earnings grew 9.2 percent year-on-year (YoY) to US $ 451 million in September—the second highest growth rate recorded so far for this year backed by a dou

Teejay Lanka Sept. performance boosted by strong order book

Teejay Lanka PLC reported some solid top and bottom line growth for the three months ended September 30, 2018, despite the challenges from the still high cotton yarn prices, as the weft knit fabric maker could expand capacity on a strong order book, arising from the GSP facilities it enjoys.    

CB assures timely repayment of US $ 1.5bn maturing bonds early next year

The Central Bank of Sri Lanka yesterday assured the investors that Sri Lanka would meet the maturing international sovereign bond (ISB) obligations worth of US $ 1.5 in January and April next year, despite the current  political crisis. 

NDB plows ahead beating economic odds

 National Development Bank PLC (NDB) plowed ahead beating the odds in a slow-moving economy as the bank recorded some solid growth in new loans and reported strong top and bottom line performances for the September quarter (3Q18), the interim financial accounts showed. NDB reported Rs.6.49 a share or Rs.1.15 billion in total earnings for the July-September period, up 11.3 percent from the same period last year, supported by some solid core b

Sri Lanka, Indian Ocean and new era of great power competition

“We must not return to the age of great power rivalries. Asia in rivalry will hold us back; Asia in cooperation will shape the century,” said Deputy National Security Adviser of India Pankaj Saran, at The Indian Ocean: Defining our Future Conference in Colombo (2018).   

Rupee hits record low on political woes

(Colombo) REUTERS: The Sri Lankan rupee dropped 0.51 percent to a record low yesterday, dented by political uncertainty. Stocks slipped from   

CB highlights recent economic developments, prospects for 2019

The Central Bank of Sri Lanka this week released its half yearly publication titeld: “Recent Economic Developments: Highlights of 2018 and Prospects for 2019”.    

Arguments from both sides follow flawed patterns of reasoning; go for parliamentary election

By According to Article 3 of our Constitution, sovereignty is in the people. In terms of Article 30(2) of the 19th Amendment, the president is elected by the people of the entire country. The president is the Head of the state, head of the government, the commander-in-chief of the armed forces and even the head of the Cabinet of Ministers (vide Article 42(3).   

MR signals return to inward-looking economic policy

Assuming duties as the Finance and Economic Affairs Minister yesterday, Prime Minister Mahinda Rajapaksa hinted towards his plans to return Sri Lanka to the inward-looking economy that he had built during his presidency from 2005 to 2014. While acknowledging the important role foreign direct investment could play in Sri Lanka’s economic advancement, Rajapaksa said domestic production and the agriculture sector activities would be actively

Fitch warns prolonged power struggle could heighten SL’s debt re-financing risks

Fitch Ratings yesterday said the current political standoff triggered by the appointment of former President Mahinda Rajapaksa as the new Prime Minister has raised uncertainty over the con

Political crisis may lead to reduced investor interest, increased capital outflows: Moody’s

Sri Lanka is warned of reduced investor interest and increased capital outflows, leading to more pressure on rupee and raising financing costs amid the current fractious political environment.

Chevron Lubricants Sept. net falls amid flat top line

Sri Lanka’s lubricant market leader Chevron Lubricants Lanka PLC saw its earnings for the September quarter (3Q18) falling 21 percent year-on-year (YoY) to Rs.516.4 million with tepid growth in sales, the interim financial accounts released to the Colombo Stock Exchange showed. The revenue from lubricants sales edged up only 1 percent YoY to Rs.2.8 bill

NDB plows ahead beating economic odds

The National Development Bank PLC (NDB) plowed ahead beating the odds in a slow moving economy as the bank recorded some solid growth in new loans and reported strong top and bottom line performances for the September quarter (3Q18), the interim financial accounts showed. NDB reported Rs.6.49 a share or Rs.1.15 billion 

Sri Lanka’s political crisis triggers major economic concerns

(Colombo/Mumbai) REUTERS: A decision by Sri Lanka’s President to fire the Prime Minister has raised doubts among global investors and credit analysts about the near-term economic health of a