July inflation hits 6-mth high

Sri Lanka’s inflation measured by the Colombo Consumer Price Index (CCPI) accelerated to a six-month high of 5.4 percent during the 12 months to July, up sharply from 4.4 percent in June, largely due to the base effects and higher food prices. 

Rupee ends marginally firmer in dull trade

(Colombo) REUTERS: The Sri Lankan rupee ended marginally firmer in dull trade yesterday as selling off dollars by banks surpassed mild demand for greenbacks from importers, traders said.

Susantha announces retirement from CTC

Ceylon Tobacco Company PLC (CTC) yesterday announced that Susantha Ratnayake, who served as Chairman of the board of directors of the company, retired from the position with effect from July 31, 2018, having completed a term of five years as Chairman and a term of six years as a Non-Executive Independent Director.  

Understanding Sri Lanka-Singapore FTA

Sri Lanka and Singapore have recently signed a bilateral free trade agreement – the Sri Lanka-Singapore FTA (SLSFTA). Apart from being a comprehensive and modern free trade agreement (FTA) in scope and coverage, the SLSFTA paves the way for Sri Lanka’s greater integration with ASEAN and possible future entry in RCEP. Reflecting on the challenges for optimising the benefits of the SLSFTA, this article argues a successful SLSFTA would v

SLIC to regain market leadership through 3-yr strategy

Sri Lanka Insurance Corporation (SLIC) launches a fresh attempt to regain the market leadership in Sri Lanka’s insurance industry by implementing a three-year strategic plan partnering with a consultancy firm, aligned with fast-tracked branch expansions and modernisation of SLIC operations. 

Killing aspirations by regulating tuk-tuks

What does the regulations enforced after August 1 mean for tuk-tuks?  I live in Moratuwa, down Diggala Road, a two-kilometre by-road from Keselwaata Junction on Old Galle Road. In my little hamlet, there are only two mini Lanka Ashok Leyland busses that operate in synchronization with the train time table from the Moratuwa railway station to Diggala Road. 

Malaysia calls for Sri Lanka FTA

Malaysia has expressed its strong interest in moving forward on the free trade agreement (FTA) with Sri Lanka that was initially contemplated in 2013, a communiqué from Sri Lanka’s Industry and Commerce Ministry said yesterday. 

Losses at JKH resort sector arm widen

John Keells Hotels PLC, the resort sector arm of the John Keells group, produced yet another disappointing quarterly performance as three of its resorts – two in the Maldives and one in Sri Lanka – were closed for refurbishment. 

NDB records solid growth for June quarter

Some solid growth in new loans and better margins lifted the profits of National Development Bank PLC (NDB) but the hefty provisioning against the possible bad loans and the resulting asset quality weakening stood out by  June 30, 2018. 

Golden Key clarifies; says repayment plan has reached tail-end of execution

In response to the Mirror Business article titled ‘Spat between CB and FinMin delays Golden Key repayment’, published on July 30 (yesterday), Golden Key Credit Card Company (GKCCL) Ltd Chairman Priyantha Fernando clarified that GKCCL has paid 9,123 security deposit holders, equivalent to 99.31 percent of deposit holders, under the repayment plan.

Rupee ends tad weaker on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee ended slightly weaker yesterday as dollar demand from importers surpassed greenback sales by banks, traders said.

Damro opens Rs.12.5bn Marino Mall

Marino Mall, the mega shopping mall by Damro Group with an investment of Rs.12.5 billion, was opened to the public yesterday. 

UL completes acquisition of final Airbus Neo aircraft

SriLankan Airlines yesterday welcomed its newest and final addition to the Airbus A321 Neo fleet. The aircraft arrived from Hamburg via Abu Dhabi on July 29, 2018.

Letter from Sri Lanka: A bond market opportunity?

Mention Sri Lanka and tea, cricket, sea and safari typically come to mind. These are the more positive perceptions of the country. But political turmoil, policy confusion, currency depreciation and a bond scandal remain some of the negatives that the nation has yet to shake off.

Strong Chinese economy good news for whole world

According to the statistics released by China’s National Bureau of Statistics, China’s gross domestic product (GDP) growth rate in the first half of 2018 reached 6.8 percent. The national economy sustained the momentum of steady and sound development with its inner stability and coordination strengthened,

GlobalData ranks Sri Lanka among top 5 fastest growing tourism markets

GlobalData has ranked Sri Lanka as the fourth fastest growing tourism market in the world.  

Australian of Sri Lankan origin to head Macquarie Group

(Sydney) REUTERS: Australian investment bank Macquarie Group has appointed its first female CEO last week, promoting the 10-year head of its funds unit Shemara Wikramanayake to t

Court allows Hayleys and McLarens to enter as intervenient petitioners

The Appeal Court last week allowed Hayleys Advantis Ltd and McLarens Investments (Pvt) Ltd to enter as intervenient petitioners to the writ petition filed by Parliamentarian Vasudeva Nanayakk

Spat between CB and FinMin delays Golden Key re-payments

A dispute between Central Bank and the Finance Ministry has delayed the re-payment of above Rs.10 million deposit holders of the failed Golden Key Credit Card Ltd (GKCCL), failing to honour a pledge made to the Supreme Court by the government, Mirror Business learns. 

Depressed consumer demand hampers John Keells first quarter

John Keells Holdings PLC (JKH), Sri Lanka’s highest valued business conglomerate, could not escape from the dampened economic activities in the country, as the group performance was hampered by its key consumer business segments.

Leviathan in an island democracy

India is concerned by the growing Chinese influence in the North and East of Sri Lanka. Some of this concern stems from a housing project recently awarded by the Sri Lankan Resettlement, 

Need to examine possible response of South Asian countries for collective security architecture

The seventh World Peace Forum, organised by the Tsinghua University in association with the Chinese People’s Institute of Foreign Affairs, was held in Beijing from July 14 to 15. The theme selected for this year’s event was ‘Constructing a security community: Equality, equity and justice’.

Moody’s maintains negative outlook; affirms B1 rating

Moody’s Investors Service yesterday affirmed Sri Lanka’s foreign currency issuer and senior unsecured ratings at B1 but maintained the negative outlook, which it first assigned to the island nation’s credit rating in June, 2016 and maintained during last year too.

AHK Sri Lanka to promote key Lankan industries to draw German investments

The recently launched Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) plans to carry out investment promotions for Sri Lanka’s Rubber, IT, apparel and logistics industries in Germany as the German businesses are increasingly becoming interested in Sri Lanka.

Shares fall for fourth straight session

(Colombo) REUTERS: Sri Lankan shares extended their losses to a fourth straight session yesterday as foreign investors sold blue-chip stocks such as John Keells Holdings Plc and Hemas Holdings Plc. The Colombo stock index ended 0.14 percent weaker at 6,153.99, its lowest close since July 16. The index dropped 0.47 percent this week, its first weekly fall in three, bringing its year-to-date losses to 3.4 percent.

Rising temperatures to carry big price tag in steamy Sri Lanka

(Colombo) THOMSON REUTERS FOUNDATION: Dinesh de Alwis has lived all his life in Ratmalana, a suburb of Sri Lanka’s capital Colombo. When he was young, he remembers, he would rush outside every day at 4 p.m., to play with friends after school.

Rupee ends steady in dull trade

(Colombo) REUTERS: The Sri Lankan rupee ended steady yesterday as dollar demand from importers offset greenback selling by exporters in dull trade ahead of the long weekend, traders said. The rupee ended flat at 159.50/60 per dollar. It has declined 3.98 percent so far this year and had hit a record low of 160.17 on June 20.

John tells city hotels to re-commence night clubs to retain tourists in Colombo

Sri Lanka’s Tourism and Christian Religious Affairs Minister John Amaratunga this week called the “grumbling Colombo hoteliers” to re-commence night club operations to retain more tourists in Colombo.

Bringing Sri Lanka’s traders one step closer to global market

Sri Lanka’s traditional lacework famously known as Beeralu is slowly moving into the spotlight of the global fashion industry. Udeni, who is a traditional Beeralu lace maker from Galle, learned the technique from her mother and developed it into a part-time business. 

It’s not only manufacturing – trade services also take workers out of poverty

Asia and the Pacific has enjoyed robust economic growth and experienced large reductions in poverty in the past few decades. Nevertheless, with the region home to 1.2 billion people living on less than US $ 1.9 per day (in 2011 PPPs), the international poverty line for extreme poverty, poverty reduction remains a key challenge.