Govt. announces formula to re-price fuel every two months

Sri Lanka yesterday introduced the much-talked-about automatic fuel pricing mechanism, removing the heavy subsidies that drained cash from the government coffers.

Cabinet nod to lift ban on glyphosate for 36 months

The Cabinet of Ministers yesterday approved the proposal presented by Plantation Industries Minister Navin Dissanayake to lift the ban on the glyphosate weedicide for the tea and rubber industries for a period of 36 months.

Stocks end flat near 4-week low; lenders gain

REUTERS: Sri Lankan shares ended little changed yesterday, at a near four-week low, as losses in shares of beverage companies outweighed gains in bank stocks even as many investors continued to stay on the sidelines looking for fresh cues.

Lanka IOC losses narrow in March on higher sales, lower costs

Lanka IOC PLC (LIOC) saw its losses narrowing during the quarter ended March 31, 2018 (4Q18), due to the strong increase in sales while the company committed to keep its costs in check as the oil prices in the global market made notable gains during the previous 12 months.

Teejay Lanka extends positive profit momentum to March

Teejay Lanka PLC managed to report a slight increase in the bottom line for the final quarter ended in March 2018, as the weft knitted fabric maker continued its positive march in quarterly earnings it set out in the December quarter.  

Central Bank seen keeping rates steady on Friday

REUTERS: Sri Lanka’s Central Bank is expected to keep key interest rates unchanged at its policy review announcement on Friday, after unexpectedly cutting a key rate by 25 basis points in April to help bolster economic growth that has slipped to a 16-year low.

Carson group private equity arm writes off Rs.52.4mn as two investments go bust

Guardian Capital Partners PLC, the specialized private equity investment arm of the Carson group, has incurred an impairment loss of Rs.52.4 million for the financial year ended March 31, 2018 (FY17/18), with two of the start-up companies the firm had made investments going bust.

Why trade arrangements are important for Sri Lanka

Despite all the negative rhetoric about trade agreements, trade arrangements encourage the free flow of goods and services between the members. These agreements, which can be bilateral or multilateral, reduce or eliminate trade barriers such as tariffs and quotas. As such, they lead to the creation of new markets for businesses, facilitate the production of high-quality goods and enhance economic growth.

Navigating the shift to a clean energy future

The relative abundance and modular nature of solar and wind are driving the shift to renewables. Multiple trends are driving the transformation of global energy systems. One of them is electricity networks, including “the digitization of everything and the electrification of everything”, decentralization, decarbonization and deregulation.

SL insists on removal of non-trade barriers before ETCA

The Sri Lankan free trade agreement (FTA) negotiators want India to implement interim remedies for the non-trade barriers that exist in the current Indo-Lanka Free Trade Agreement (ISFTA) prior to the signing of the Economic and Technology Co-operation Agreement (ETCA), in order to build up the confidence on the ETCA among Sri Lankan stakeholders. 

Lessons to learn from wildlife conservation in India

Recently, I visited one of the most visited national parks in India, famed for its vast number of flora and fauna, the Bandhavgarh National Park. It is one of the most popular national parks in India, located in the Umaria District of Madhya Pradesh.

Top African safari operator keen on investing in SL

Luxury African safari operator andBeyond is likely to make some large-scale investments in Sri Lanka in the next two years, giving new impetus to the island nation’s wildlife tourism, Mirror Business learns. 

Nestle Lanka March net profit up 9%

Nestle Lanka PLC, the local unit of the world’s largest food and beverage company, saw its March quarter (1Q18) net profit increasing 9.4 percent year-on-year (YoY) to Rs.944 million, as the company managed to contain its costs. 

National Economic Council to take up gem and jewellery industry issues next week

The National Economic Council (NEC) chaired by President Maithripala Sirisena is expected to take up the issues faced by the country’s gem and jewellery industry on May 15, which will include the recently imposed 1

Teejay Lanka extends positive profit momentum to March

Teejay Lanka PLC managed to report a slight increase in the bottom line for the final quarter ended in March 2018 as the weft knitted fabric maker continued its positive march in quarterly earnings it set out in December quarter.  

February tourist arrivals up 13%

Tourist arrivals to Sri Lanka for the month of April rose 12.6 percent year-on-year (YoY) to 180, 429 amid higher arrivals from Asia & Pacific and Europe, the data released by Sri Lanka Tourism Development Authority (SLTDA) showed.

Feb. trade gap widens as imports race and exports languish

Sri Lanka’s trade gap widened considerably to US $ 1.06 billion in February from US $ 743 million a year earlier, while the cumulative gap for the first two months of the year expanded to US $ 2.1 billion from US $ 1.68 billion during the same period, last year.  

State-owned Litro Gas says price hike was necessary

Litro Gas Lanka Ltd recently announced the price hike of a Litro gas cylinder (12.5kg) by Rs.245, following the approval from the Consumer Affairs Authority (CAA). “The price increase was a necessity and a long overdue step that the company was compelled to take, owing to the volatile nature of the industry prices, which is largely determined by two key variables, namely the Saudi Armco contract price (CP) (announced on a monthly basis) as

Sampath Bank March net up over 40% on new loans, higher margins

Higher loans, stretched margins and fee incomes helped Sampath Bank PLC to record higher earnings for the quarter ended in March 2018, offsetting the negative impact from the increased provisions made on possible bad loans. 

Cargills offers free pumpkin to customers to help farmers

Sri Lanka’s largest supermarket operator, Cargills Food City said it would offer 500 grammes of pumpkin to every customer, whose bill value exceeds Rs.750, in a bid to help out the pumpkin farmers in Nawagaththegama.

ADB tells Sri Lanka to keep all options open for an energy-secure future

Sri Lanka should keep its options open when it comes to electricity generation to secure the country’s energy future and meet the increasing demand as its economy grows, according to energy sector experts at the Asian Development Bank (ADB).

Distilleries Company 4Q net surges amid price increase

Distilleries Company of Sri Lanka PLC reported a surge in profits for its January-March quarter (4Q18), as the country’s largest and oldest spirit maker increased the prices to pass on higher taxes on alcoholic beverages in November, last year.   

Softlogic bags Delifrance franchise

Diversified conglomerate Softlogic Holdings PLC has entered into a master franchise agreement with France’s Delifrance S.A., to develop, open and operate Delifrance outlets in Sri Lanka with its trademarks.

Key metrics are critically important when measuring success of an agile company

Leaders often can encounter ‘information overload’ in their work. They know the importance of measuring results but can find themselves faced with an overwhelming hodgepodge of numbers rather than a simpler and more focused set of data that is truly useful for making decisions that lead to achieving their organisational vision.

The reality of investment risk

When it comes to risk, here’s a reality check: All investments carry some degree of risk. Stocks, bonds, mutual funds and exchange-traded funds can lose value, even all their value, if market 

Navin calls to end populist govt. intervention in rubber industry

Plantation Industries Minister Navin Dissanayake yesterday asserted that the populist government interventions in Sri Lanka’s rubber industry have indirectly led to subsidization of big businesses as well as to corruption, 

Sancharaka Udawa 2018

The 8th edition of the tourism and travel fair ‘Sancharaka Udawa’ was inaugurated by Tourism Minister John Amaratunga at the BMICH yesterday.  The two-day event which is being organized by Sri Lanka Association

Mangala holds discussions with ADB to expedite projects in Sri Lanka

Minister of Finance and Media Mangala Samaraweera who is currently attending the 51st Annual meeting of the Asian Development Bank (ADB) in Manila held discussions with In-Chang Song, an Executive Director of the Board of ADB at the ADB Headquarters yesterday.

EFC calls for grassroot level interventions to ensure OSH standards at workplace

At a time when ‘youth are a rare resource’, the need to give priority to Occupational Health and Safety (OSH) measures at the workplace is unprecedented, observed the Director General, Employers’ Federation of Ceylon (EFC), Kanishka Weerasinghe. The EFC Chief made these observations at the ILO-initiated workshop held on World Day for Safety and Health at Work recently. 

THASL invites SLTDA to run joint workshops in major touristic areas

The President of The Hotels Association of Sri Lanka (THASL) Sanath Ukwatte said the recent incidents in Mirissa and harassment of foreigners in general has brought in great disrepute and has tarnished the cou