Kanishka appointed to SLT board

Sri Lanka Telecom PLC has appointed Kanishka Senanayake to its board as a Non-Executive Independent Director.

Innovation and Entrepreneurship Strategy to be tabled in Cabinet in two weeks

Development Strategies and International Trade Minister Malik Samarawickrama is likely to present the ‘Innovation and Entrepreneurship Strategy (IES) of Sri Lanka 2018-2022’ to the Ca

Sri Lanka highly vulnerable to disaster risks: WB

Sri Lanka may be the envy of many countries in the region over its income and development bracket, according to the World Bank (WB), but concerns have become grave over its vulnerability t

Consumer durables market expected to pick up with adjustment to higher costs

Sri Lanka’s consumer durables market, which is currently undergoing a cycle of tepid consumer demand, is expected to pick up in the medium term as consumers adjust to higher costs, according to Fitch Ratings. 

Implementation of National QR code-based transactions to begin shortly

Sri Lanka plans to implement the standardised National Quick Response (QR) code-based transactions named LANKAQR shortly, aiming to speed up electronic transactions and to make electronic payments affordable to masses, while several other initiatives are underway to promote cashless transactions. 

Delay in MTD Walkers rating downgrade disclosure hints firm’s debt repayment challenge

MTD Walkers PLC was queried by the Colombo Stock Exchange (CSE) last week over the firm’s ability and measures taken to retire a substantial part of its debenture maturing by the end of this month, after the company failed to disclose its rating downgrade. 

National inflation eases in August; core prices up

Sri Lanka’s national prices, measured by the National Consumer Price Index (NCPI), eased in August but the so-called core prices, which exclude the often volatile items like food and energy, rose. 

Malik to head investment delegation to Germany

A high-powered investment delegation led by Development Strategies and International Trade Minister Malik Samarawickrama will make a strong pitch this week for German investments to Sri Lanka.

Right mindset vital to make climate change adaptation effective: expert

Sri Lanka has seen a historical increase in both the number and intensity of droughts, floods and geographic changes to vector borne diseases, coastal erosion, tropical storms, lightening, crop failures, and landslides.

Unit of LTL Holdings secures Rs.3bn loan from NDB to build 2 wind power plants in North

Ceylex Engineering (Pvt.) Ltd, an associate company of LTL Holdings, has secured a Rs.3 billion loan from National Development Bank PLC (NDB)  to develop two 10 MW wind power plants in Chavakachcheri. 

Research-based inputs: Key to climate adaptation in Sri Lanka

Sri Lanka ranked in the fourth place among countries most affected by extreme weather events in 2016, according to the Global Climate Risk Index (CRI).  The average CRI for Sri Lanka for the last 20 years (1997-2017) was recorded as 48. 

Coca-Cola, Walmart to cut plastic pollution in oceans

MONTREAL (AFP) - Coca-Cola, Walmart and other big multinationals pledged this week to help reduce plastic pollution in the world’s oceans in support of a campaign by five of the G7 industrialized nations.

Central Bank ready to thwart excessive rupee volatility

The Central Bank of Sri Lanka (CBSL) stands ready to prevent excessive volatility in exchange rate while managing it, CBSL Governor, Dr. Indrajit Coomaraswamy asserted. 

Asian markets pick up Wall St baton to end week on a high

HONG KONG (AFP) - Asian markets enjoyed another day of strong buying yesterday, helping them to end the week with a flourish as investors looked past the China-US trade row to focus on the booming American economy.

High-tech Tokyo Game Show opens

MAKUHARI, Japan (AFP) -  At the Tokyo Game Show, the world’s top firms compete to show off their very latest in high-tech gaming gadgetry: from head-spinning virtual reality to cutting-edge multiplayer eSports.

NAFTA deal not yet in sight, Canada stands firm on auto tariffs

WASHINGTON (Reuters) - Canada and the United States showed scant sign on Thursday of closing a deal to revamp NAFTA, and Canadian officials made clear Washington neede

Auxenta in ‘30 Most Innovative Companies to Watch 2018’ listing

The fast-growing boutique technology solutions firm Auxenta, has been named as one of ‘30 Most Innovative Companies to Watch for 2018’, rubbing shoulders with some of the leading tech firms around 

Shares hit over 30-month closing low on rupee woes

COLOMBO (Reuters) - Sri Lankan shares dropped to their lowest close in more than 30 months yesterday as foreign investors sold banking stocks, while a weaker rupee dented investor sentiment as well. 

Singapore Airlines bans lion bones in cargo

SINGAPORE (AFP) - Singapore Airlines said yesterday it has stopped accepting lion bones for cargo after the carrier was singled out in a report for transporting the animal parts from South Africa.

No Mirror Business on Monday

There will be no Mirror Business on Monday (24) in view of the Poya Day. The next issue will be on 25th.  

Enterprise Sri Lanka loans top Rs.49bn

The Enterprise Sri Lanka subsidized loan scheme has already loaned over Rs.49.1 billion to individuals and institutions, Finance and Mass Media Ministry said yesterday.

Shares hit 30-month low on weak rupee, foreign selling

(Colombo) EUTERS:  Sri Lankan shares dropped to their lowest close in 30 months yesterday as foreign investors sold market heavyweight John Keells Holdings, while a weak rupee dented sentiment.

Rupee hits record low for 7th session; state banks sell dollar

(Colombo) REUTERS: The Sri Lankan rupee fell 0.9 percent yesterday to hit a record low for a seventh straight session due to dollar demand from importers and banks to facilitate foreign bond outflows, market sources said.

Economy to grow 3.7% this year: HSBC

Sri Lanka’s economic growth this year is expected to inch up to 3.7 percent on strong performances of the agriculture and services sectors from the multi-year low of 3.3 percent growth recorded for 2017, said HSBC Global Research. 

Sri Lanka under threat of becoming climate ‘hotspot’: WB

Rapid changes in climate conditions have put Sri Lanka under direct threat and will make it a ‘hotspot’, where failing to take corrective measures and ensuring their implementation will hind

Navin says tea output will reach this year’s production target

Plantation Industries Minister Navin Dissanayake yesterday expressed confidence on reaching minimum of 320 million kilos in tea output this year, meeting industry forecasts despite adverse weather and volatile external market conditions.  “Generally, this time of the year tea output drops, also the weather conditions have impacted the output” Dissanayake told a press briefing held at the Sri Lanka Tea Board (SLTB), yesterday.&nbs

German firms in Sri Lanka committed for further investments: survey

The majority of German businesses operating in Sri Lanka are either planning or considering making further investments in Sri Lanka over the next two years, a survey conducted by the German Industry and Commerce in Sri Lanka (AHK Sri Lanka) has revealed.  “German companie

SL gearing towards an export-oriented economy: Malik

Sri Lanka is gearing towards an export-oriented economy as the exports increased by 50 percent during last three years, while the government with the private sector would continue to introduce business-friendly economic policies and strategies to enhance the competitiveness aimed at diversifying the country’s export basket, Development Strategies and International Trade Minister Malik Samarawickrama told Sri Lanka’s top exporters, thi

MAS recognised as ‘Exporting Conglomerate of the Year’

MAS Holdings made history by being recognized as the ‘Exporting Conglomerate of the Year’ at Presidential Export Awards 2018, held at the BMICH, under the patronage of President Maithripala Sirisena on Tuesday. 

SL to sign bilateral air transport agreement with Luxemburg

The Sri Lankan government will enter into a bilateral air transport agreement with the government of Luxemburg.