Dialog seeks Rs.7.8bn in damages from SLT for industrial espionage

Dialog Broadband Networks (Pvt.) Ltd (DBN), a subsidiary of Dialog Axiata PLC, is seeking Rs.7.8 billion in damages from the state-owned Sri Lanka Telecom PLC (SLT), on the industrial espionage case being heard at the Commercial High Court.

CB goes extra mile to curb money laundering

The Financial Intelligence Unit (FIU) of the Central Bank has made it obligatory for designated non-finance businesses (DNFBs) to conduct customer due diligence in a bid to curb money laundering and terrorist financing activities.  

Rupee edges up after hitting record low

REUTERS: The Sri Lankan rupee inched up after touching a record low yesterday, with dollar demand from importers offsetting limited selling of the US currency by exporters earlier in the session, 

Govt. to set up six-member secretariat to implement National Export Strategy

Sri Lanka is to form a six-member secretariat for monitoring and implementation of the proposed five-year National Export Strategy (NES), Development Strategies and International Trade Ministry Secretary Chandani Wijewardana told Mirror Business, yesterday.

Weak link between CSE and global market trends hinders earnings growth: analysts

The weak link between the Colombo Stock Exchange (CSE) and global market trends is keeping earnings growth of the CSE indices below growth rates of 

Sri Lanka pools into US $ 5mn Commonwealth small states fund

In order to help the small states get access to global markets, Sri Lanka has pledged financial contribution to setup the Small States Trade Financial Facility, on the margins of the ongoing Commonwealth Heads of Government Meeting (CHOGM) in the United Kingdom.  

Weak link between CSE and global market trends hinders earnings growth: analysts

The weak link between Colombo Stock Exchange (CSE) and global market trends is keeping earnings growth of CSE indices below growth rates of competing markets. 

Sri Lankan apparel stands to gain from US-China trade spat

The apparel industry, which is Sri Lanka’s leading export revenue earner, is set to gain fresh impetus from the U.S. market in the coming months, as American garment importers look for produce

Motor car registrations surge in March

Sri Lanka’s motor car registrations in March rose sharply with pre-owned or reconditioned cars hitting a record since September 2015 when the vehicle imports reached an all-time high after the Central Bank printed money to keep bank credit cheaper, so that everyone could have a vehicle of their own. 

Prof. Samarajiva to head ICTA

Professor Rohan Samarajiva has been appointed the new Chairman of the Information and Communication Technology Agency of Sri Lanka (ICTA) along with a new director board.

Ensuring tourist safety everybody’s responsibility, says Tourism Minister

Sri Lanka yesterday pledged to protect tourists visiting the island nation as much as possible following a spate of attacks on foreigners, but stressed that the responsibility of protecting tourists falls on the tourists themselves, as well as every Sri Lankan citizen.

Power crisis looms as CEB engineers set to launch trade union action this Friday

Amidst the growing fears of an impending power crisis, the Ceylon Electricity Board Engineers’ Union (CEBEU) has informed the government that the country could experience intermittent power failures and prolonged recovery of such outages, as it will be launching a work-to-rule action this Friday, until its demands are met.

Govt. amends Companies Act to counter money laundering

Sri Lanka has tightened its screws on money laundering and terrorist financing by amending the Companies Act, a Finance and Mass Media Ministry communiqué said. The European Parliament recently confirmed that Sri Lanka, Tunisia and Trinidad and Tobago were on the European Commission’s blacklist of countries at risk for acts of money laundering. 

SLT’s Rs.7bn debenture snapped up on opening day

Sri Lanka Telecom PLC’s (SLT) unsecured Rs.7 billion debenture issue, inclusive of two greenshoe options, was subscribed on the opening day (April 11), despite two other large debenture issues opening on the same day.

Lankan banking sector resilience weak, asset quality to deteriorate further: S&P

Sri Lanka’s banking sector’s strength to withstand cyclical economic shocks remains weak and is affected by the country’s low income levels, said Standard & Poor’s, while revising the country’s economic risk trend to ‘stable’ from ‘negative’.  

SriLankan says achieved record revenue for FY2017/18

National carrier SriLankan Airlines yesterday said it achieved a record unaudited annual passenger revenue of Rs.126.9 billion (US $ 830.7 million) for the FY2017/18 ended this March.

President to deliver keynote address at Commonwealth Business Forum

President Maithripala Sirisena, who arrived in London on Sunday night to attend Commonwealth Heads of Government Meeting (CHOGM) 2018, is scheduled to address the Commonwealth Business Forum tomorrow.

Central Bank cautions on cryptocurrencies for first time

Amid the growing interest towards virtual currencies globally and locally, Sri Lanka’s Central Bank yesterday said it has not given the licence or authorization to any entity or company to operate schemes involving virtual currencies, including cryptocurrencies and has not authorized any Initial Coin Offerings (ICOs).   

Karu says lack of good governance killing public enterprises

As the economy continues to fall victim to nepotism, which taxes the nation in terms of income and productivity, Speaker of Parliament Karu Jayasuriya this week stressed the need to do away with the corrupt practice, so that the public enterprises can be revived from their inefficient status.

Rupee ends weaker on importer demand

REUTERS: The Sri Lankan rupee closed marginally down yesterday on importer dollar demand in light trading ahead of the traditional festival this week, dealers said. The rupee closed at 155.65/75 per dollar, compared with Tuesday’s close of 155.55/65.

Cabinet nod to introduce colourless standard packaging for cigarettes

A proposal to the effect of introducing ‘standard packaging’ (colourless) for tobacco products has received the green light from the cabinet of ministers. The government said the proposal 

Ceylon Petroleum under pressure to raise fuel rates

REUTERS: Sri Lanka’s state-owned Ceylon Petroleum Corp (CPC) is under pressure to raise fuel prices as the refiner incurred huge losses this year, cabinet spokesman Rajitha Senaratne said yesterday.

ADB says weather and politics will decide SL’s future growth

Sri Lanka’s future economic growth largely hinges on the prospects in the agriculture and domestic politics as adverse weather and toxic politics could derail the growth similar to what the country experienced in 2017, according to the Asian Development Bank (ADB).  

Mirror Business on holiday

Due to the Sinhala and Tamil New Year holidays, Mirror Business will not be published from April 13 to 16. The next issue will be on April 17, 2018.  

Port City unveils roadmap to prosperity

CHEC Port City Colombo this week hosted its future utility partners, representatives from allied government agencies and prospective investors to an event themed ‘Roadmap to Prosperity’, held at The Kingsbury, to present the project’s Development Control Regulations (DCR).  

New bill said to give powers to SEC to regulate unlisted public offers

It doesn’t matter if you are a listed company or not, you won’t be able to escape from the Securities and Exchange Commission’s (SEC) clout on you if you seek public funds for your business growth in the future.

Kotagala divests tea exporting unit to related parties for Rs.1bn

Kotagala  Plantations PLC has divested the majority ownership in fully owned tea exporting subsidiary Union Commodities (Private) Limited for over Rs.1 billion to related parties, according to a filing at the Colombo Stock Exchange.  

New tax law frees half a million PAYE tax payers

About half a million Pay As You Earn (PAYE) tax payers will not have to pay taxes under the new Inland Revenue Act which came into effect from April 01, 2018, Finance Ministry said yesterday.

WB reveals ‘wish-list’ for better governance of public enterprises

The World Bank yesterday commended the government’s keenness in promoting good governance but laid out its ‘wish list’ that may assist authorities to ensure better governance of public enterprises. 

Govt. to introduce online property registration service

Aiming for quick wins to move up the 2019 Ease of Doing Business rankings of the World Bank, the Sri Lankan government will be introducing online property search and registration services for the city of Colombo, while other regions would be left waiting for another two years.