January trade gap widens amid swelling oil bill

Sri Lanka’s trade deficit widened in the first month of this year as the country consumed more imported goods than what it exported during the month, according to the import-export trade figures seen by Mirror Business.

e-Roc makes registering a company one-day affair

The Registrar of Companies yesterday launched the e-ROC digital platform, which would allow companies to be registered in Sri Lanka within one day going forward, compared to the previous nine days.

BOC maintains highest profit-earning single entity status in FY17

The state-owned banking giant, Bank of Ceylon (BOC), said it reported Rs.30.3 billion in profit before tax (PBT) for the financial year ended December 31, 2017 (FY17), maintaining its position as the highest profit-earning single entity in the country.

CB seen keeping rates steady, but cut not ruled out

REUTERS: Sri Lanka’s Central Bank is expected to keep key interest rates unchanged tomorrow after a rate review, but economists in a Reuters poll are not ruling out the possibility of a rate cut to help bolster economic growth that has slipped to a 16-year low.

Bluestone1 to buy Melsta Regal Finance for Rs.2.55bn

A share purchase agreement has been entered into, to sell 100 percent of Melsta Regal Finance Limited to Bluestone1 (Pvt.) Ltd, for Rs.2.55 billion.

Serendib Engineering new owners said to be investing in EAP Group assets

In an interesting development, it has come to light that the Singaporean firm that recently bought the controlling interest in Serendib Engineering Group PLC (SEG) is the same party that is said to be investing in the assets of EAP Group to bail out the troubled ETI Group finance firms.

Emerging economies must make most of digital revolution

Sri Lanka aims to be a rich country by the next decade by transforming this beautiful island nation into the hub of the Indian Ocean, added with a knowledge-based highly competitive economy. 

Personalised messages are fine as long as they wouldn’t ‘freak out’ consumers

We continue with the content management, which we discussed in detail last week. Today, we will concentrate on another important aspect of content management – personalized content.

Indian Oil Corp. plans US$22 bn expansion over five years

NEW DELHI (REUTERS): Indian Oil Corp plans to invest INR 1.43 trillion (US$22 billion) in next five years as the country’s top refiner seeks to raise its annual capacity to about 3.2 million barrels per day by 2030, its head of refineries said on Saturday.

Government extends agreement with Ace Power for three more years to avert power crisis

The government last week decided to extend the purchasing of the expensive thermal power as the country had four seasons of back-to-back dry spells, which exhausted reservoirs and the crucial catchment areas used for generating cheap energy.

Bahrain discovers largest oilfield in decades

RIYADH (REUTERS): Bahrain said yesterday it had discovered the country’s largest oilfield in decades, located off the west coast of the kingdom, according to state news agency BNA.

CSE takes stern action on non-compliers; suspends six companies

The Colombo Stock Exchange (CSE) suspended trading of six listed entities as they failed to file interim financials and annual reports even after the firms were given adequate time to comply with the most crucial continuous listing rule.    

De Saram and MTI set up JV for legal outsourcing

F. J. & G. de Saram, Sri Lanka’s leading corporate and commercial law firm - founded over 175 years ago, and MTI Consulting have set-up a JV called ‘Legal Source’ that offers legal process out-sourcing services to international 

Japan-Sri Lanka Expo 2018 to open on April 21

To further enhance Sri Lanka-Japan ties, the Japan- Sri Lanka Expo is scheduled to take place  at the BMICH next month from 21st-23rd for the second consecutive year.

SEC to get tough on insider trading as new Bill widens scope

Those who eavesdrop to the chitchat among listed company directors and top officials at social gatherings and cocktails and trade at the Colombo bourse based on such information, could fall into trouble in future with the enactment of the new Securities and Exchange Commission (SEC) Bill. The new Bill, which is at least a decade or more overdue, has provisions to catch anyone that trades on unpublished,

Foreign companies in China brace for VPN crackdown

AFP: Chinese people and foreign firms are girding for a weekend deadline that will curb the use of unlicensed software to circumvent internet controls, as the government plugs holes in its ‘Great Firewall’.

Dialog Axiata Digital Innovation Fund invests in Roar, InsureMe and MyDoctor.lk

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has selected new media platform, Roar, insurance broker, InsureMe and integrated healthcare platform MyDoctor.lk as its first phase of investments.  

British VW drivers invited to join ‘Dieselgate’ legal action

AFP: British drivers were this week given the chance to join collective legal action against German carmaker Volkswagen over the emissions-cheating “Dieselgate” scandal.

Tokyo stocks lead Asia higher in thin holiday trade

AFP: Japanese stocks led the way in Asia yesterday, climbing higher following a rally on Wall Street but the majority of Asian markets were closed for the Easter holiday.

Japan factory output turns up in February

AFP: Japan’s factory output picked up in February while the jobless rate stayed low, official data showed yesterday as the world’s third largest economy continues a solid expansion. 

Starbucks coffee in California must have cancer warning, judge says

REUTERS: Starbucks Corp and other coffee sellers must put a cancer warning on coffee sold in California, a Los Angeles judge has ruled, possibly exposing the companies to millions of dollars in fines.

Trump slams Amazon on taxes, postal deal

AFP: US President Donald Trump took a new swipe at Amazon this week, claiming the tech giant fails to pay its share of taxes and takes advantage of the US Postal Service.

Singapore says Uber-Grab deal may flout competition rules

AFP: The sale of Uber’s Southeast Asian business to Singapore-based rival Grab may have infringed competition rules, a Singapore watchdog said yesterday, imposing restrictions on the deal while it carries out an investigation.

Central Bank to continue accepting defaced currency notes

Considering the many requests made and the difficulties faced by the general public in exchanging willfully defaced currency notes after March 31, 2018, the Central Bank has decided to continue the service of exchange of such currency notes until further notice.

March consumer prices up 4.2%

REUTERS: Sri Lankan consumer prices rose 4.2 percent in March from a year earlier, but eased from the previous month’s 4.5 percent rate, government data showed yesterday. 

CB Governor says Bank of China has potential to really move needle on SL’s development

While the Sri Lankan entry of Bank of China marks a major landmark in Sino-Lankan relations, it also has the potential to really move the needle on Sri Lanka’s economic development, according to the country’s Central Bank Governor Dr.Indrajit Coomaraswamy.

Finance Ministry goes amnesiac on MR era economic activities

The Finance Ministry’s amnesia on the Sri Lankan economy from 2005 to 2014 may lead visitors to the ministry’s official webpage wonder what exactly had happened to the country’s economy during the period.

Kiwi companies to explore biz opportunities in Sri Lanka

A New Zealand business delegation representing 13 innovative companies will arrive in Colombo on April 2 for a 3-day visit to continue forging business and trade links with Sri Lanka.

Small cars drive vehicle registrations in February

Sri Lanka’s small car registrations continued its strong momentum in February although the total vehicle registrations slightly slipped from its January high, perhaps due to less number of days, according to registration data tracked by Colombo-based stock brokerage, JB Securities.

Sri Lanka-Singapore Free Trade Agreement and what it means for Sri Lanka

Sri Lanka and Singapore signed the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) on January 23, 2018. This is a comprehensive free trade agreement which covers goods, services, e-commerce, telecommunications, foreign direct investment, intellectual property and public procurement.