SBI to close down Jaffna branch: reports

The State Bank of India (SBI) has decided to shut down six non-viable overseas branches, which includes the Sri Lanka’s Jaffna branch, according to Indian news reports. 

Lankan firm partners big Chinese travel agency to bring additional tourists

Green Leaves Leisure (Pvt) Ltd., a subsidiary of Green Leaves Group, yesterday guaranteed to bring 16,000 additional Chinese tourists to Sri Lanka monthly for the next 10 years commencing this May, with the aim of making China the largest source market for the Sri Lankan tourism industry by year end. Addressing a press conference

Dinesh next HNB Chairman

Dinesh Weerakkody, the former Chairman of Commercial Bank of (Ceylon) PLC, will take over as the Chairman of Hatton National Bank PLC (HNB) with effect from May 26, 2018.

Ceylon Tea risks losing Japanese market

Sri Lanka risks losing a key market for its high and medium grown teas as tea exports to Japan remain close to zero during this year amid Japanese authorities rejecting several tea shipments during last four months amounting in value to approximately Rs.1 billion, Mirror Business learns.

SL urgently needs professional real estate marketing: expert

It is an established fact that the real estate industry makes an important contribution to the economy of a country and to the welfare of its people.

Why governance standards becoming No. 1 yardstick for equity investors

To begin, after the financial crisis, the regulators and funds came up with a new bunch of new governance structures and rules that they wanted their companies to practise and adopt. This new governance regime brought about new challenges for the chairman, the conscience keeper in a business. 

Time for a sea change in India-China relations

Under the leadership of Prime Minister Narendra Modi, India has advanced its ‘Act East’ policy, an upgraded version of the 1990s ‘Look East’ policy. This new approach encompasses a more robust political and security engagement with Asia.

Lack of fuel subsidies could hasten Asian crude demand destruction

The term “demand destruction” is again entering the lexicon of the current crude oil market as the sharp rise in prices raises concerns about when do consumers start cutting back on their fuel consumption.

Strategy should always be coupled with tactics to achieve business success

Many people use strategies and tactics interchangeably but anyone with military experience can tell you they’re different. Senior management usually define strategies, while middle managers and those who execute employ tactics. 

Korea Eximbank provides consultation to set up automated taxation system

The Export-Import Bank of Korea (Korea Eximbank) has agreed to provide KSP (Knowledge Sharing Program) policy consultation to establish an automated taxation system in the Colombo Municipality. 

Round Table International World Meeting (RTIWM) 2018 to be held in Negombo

Sri Lanka has won the bid to host the Round Table International World Meeting (RTIWM) 2018 connecting four leading hotels in Negombo from 5th to 9th September, the organizers of the event announced at a recent press briefing. 

Pakistani envoy urges both countries to boost bilateral trade to US$ 1bn

Pakistani High Commissioner in Sri Lanka Major General (retd) Shahid Ahmed Hashmat said that both Sri Lanka and Pakistan should work towards achieving an annual bilateral trade value of US$ 1 billion to strengthen the economic potential of the two countries.

Japan’s Honda, Mazda issue profit warnings as yen rise clouds outlook

REUTERS: Two Japanese automakers, including Honda Motor, issued profit warnings for the current financial year on worries a stronger yen would erode their operating earnings, wiping out the impact of record high global vehicle sales.

U.S. considers tightening grip on China ties to corporate America

REUTERS: The U.S. government may start scrutinizing informal partnerships between American and Chinese companies in the field of artificial intelligence, threatening practices that have long been considered garden variety development work for technology companies, sources familiar with the discussions said. So far, U.S. government reviews for

World Bank approves US $100mn loan to help Sri Lanka modernize education system

The World Bank Board of Executive Directors has approved a US $100 million credit to support Sri Lanka’s efforts to strengthen and modernize its education system.   The General Education Modernization Project (GEM) will modernize and

Harsha says govt. won’t meddle with exchange rate

State Minister of National Policies and Economic Affairs Dr. Harsha de Silva yesterday ruled out the possibility of introducing measures to contain the devaluation of the rupee, in the wake of the local currency hitting record lows against the U.S. dollar. 

Ranel Wijesingha tipped to be next SEC Chairman

 Top professional Ranel T. Wijesinha is tipped to be appointed as the new Securities and Exchange Commission (SEC) Chairman, Mirror Business learns. Wijesinha served as a Commissioner in the previous Commission headed by Thilak Karunaratne.

Authorities become tourists in Mirissa !

Government authorities have become the tourists in the previously thriving tourism hotspot of Mirissa, as overenthusiastic inter-agency cooperation has led to a crackdown in the region following two consecutive cases of sexual assault and assault on tourists by locals.

Long-delayed tourism promotional campaign to kick-off in two weeks

Sri Lanka is to finally kick off the long-delayed tourism promotion campaign with a US$3.5 million worth six-month digital marketing campaign and a CNN advertising campaign in two weeks, Tourism and Christian Affairs Minister John Amaratunga said.

Fitch voices concerns over political uncertainty; says could affect investor confidence

Ratings agency Fitch yesterday voiced concerns over the political uncertainty prevailing in Sri Lanka, saying that investor confidence may be affected unless political issues are swiftly resolved followed by the implementation of reforms and continued fiscal consolidation in order to maintain stability in the debt-ridden economy. “Recent political developments in Sri Lanka have created some uncertainty over the reform momentum and fiscal co

Exporters want proposed development bank with EXIM window fast-tracked

Exporters urge the Development Strategies and International Trade Minister Malik Samrawickrama to fast-track the implementation of the budget proposal to set up a development bank with an EXIM (export-import) window, which is crucial to address the current hardships faced by exporters with regard to financing.  Speaking to Mirror Business, National Chamber of Exporters (NCE) C

Hutch, Etisalat enter agreement to merge operations

The parent companies of Hutchison Telecommunications Lanka (Pvt) Ltd. and Etisalat Lanka (Pvt) Ltd. have entered to into a definitive agreement to merge the operations of the two companies. 

CB says has enough “firepower” to deal with depreciating rupee

The Central Bank yesterday described the recent sharp depreciation of the rupee against the U.S. dollar as a “normal demand and supply phenomenon,” and assured there’s no need for panic as the Central Bank has enough “firepower” to intervene if the situation warrants.

Central Bank releases 2017 Annual Report

The Central Bank Governor Dr. Indrajit Coomaraswamy handed over the first copy of Central Bank’s Annual Report - 2017 to Minister of Finance and Mass Media Mangala Samaraweera yesterday at the Treasury as per the statutory requirement. Secretary to the Treasury Dr. R. H. S. Samaratunga, and Deputy Governors Dr. P. Nandalal Weerasinghe, K.D. Ranasinghe and C.J.P. Siriwardene were present at the occasion.

Transparency improves in SL’s budget implementation process

The government has made significant progress in disclosing the status of implementation of promises in the budget 2017 in the last six months of 2017 and beyond, compared to the first half, a leading think-tank in the country said.

Union Bank 1Q18 net up on higher margins

Despite the higher sour loans and stalled credit growth due to higher interest rates, Union Bank of Colombo PLC (UBC) managed to improve its margins and report higher profits for the January-March quarter (1Q18) compared to the corresponding period of the previous year.

Rupee hits all-time closing low on importer dollar demand

REUTERS: The Sri Lankan rupee hit a record closing low yesterday, as importers bought dollars while exporters stayed away expecting a further fall in the currency, dealers said.

Construction of 32-storey Renuka Towers begins

Renuka Holdings PLC said one of its sub-subsidiaries, Galle Face Properties Ltd, commenced the construction of the group’s ambitious property development plan, ‘Renuka Towers’, which was in the pipe line for several years, on a company-owned land in Colombo 3.

CB says has “substantial liquidity” to service debt

The Central Bank of Sri Lanka (CBSL) yesterday hit back at the erroneous media reports, which had said that the CBSL lacks funds to pay off the treasury bonds before their  date of maturity.

IFC approves US $ 24m loan for Melwa hotel project with Hilton

The International Finance Corporation (IFC) of the World Bank Group has approved a loan up to US $ 24 million for a mega luxury leisure project in Sri Lanka, handled by the real estate developer Melwa Hotels & Resorts (Pvt) Ltd.