IATA Travel Pass successfully trialed on first int’l flight

The International Air Transport Association (IATA) yesterday announced the arrival at London’s Heathrow Airport of the first traveler using the IATA Travel Pass app to manage their travel health credentials.

Russian billionaire Andrey Melnichenko visits Port City

Russian billionaire Andrey Melnichenko who is in town, as exclusively reported by Mirror Business, visited the Colombo Port City today. He was accompanied by Sri Lankan-born British Politician and former EU Parliamentarian Niranjan Deva Aditya

US dollar selling rate surpasses Rs.201

The Sri Lankan rupee further depreciated today with the selling rate of US dollar hitting Rs.201.75, according to the Central Bank exchange rate data.

The Finance depositors seek urgent govt. intervention

The Depositors of the failed The Finance Company PLC (TFC) have called on the government to urgently intervene in the settlement process, so that they are able to obtain their funds at the earliest.

BOI to facilitate visiting investors via bio security bubble

The Board of Investment (BOI) of Sri Lanka will facilitate potential investors, who wish to visit the country through the bio security bubble option.

Larger firms dominating market due to Covid-19: IMF

The International Monetary Fund (IMF) has warned following the COVID-19 pandemic larger firms are dominating the market in advanced economies due a shift in market power

Economy shrinks 3.6% in 2020 as virus bites

Sri Lanka’s Gross Domestic Product (GDP) contracted 3.6 percent in 2020 compared to 2.3 percent expansion in 2019, displaying the severity of the disruptions caused by the COVID-19 pandemic on the island nation’s economy, despite the last two quarters of the year recording positive growth rates.

Russian billionaire Andrey Melnichenko in town

Russian billionaire Andrey Melnichenko is currently in Colombo and is expected to hold talks with the top level of the Sri Lankan government, including Prime Minister Mahinda Rajapaksa, Mirror Business learns.

Cabinet nod for VAT and IRA amendments to implement tax proposals in Budget 2021

The Cabinet of Ministers has approved a draft bill to amend the Inland Revenue Act No. 24 of 2017 and the Value Added Tax (VAT) Act No. 14 of 2002 and to table it in Parliament after publishing in the government gazette in order to implement the tax proposals in the Budget 2021.

BreadTalk outlets to close from March 20

R I L Property PLC said the director board of its wholly owned subsidiary FoodBuzz (Pvt) Ltd. has decided to close all BreadTalk outlets from March 20, 2021 until further notice.

SriLankan Airlines to procure first freighter on lease basis

SriLankan Airlines has secured the Cabinet nod to call international tenders to procure its first dedicated freighter on lease basis as the airline eyes significant contribution from cargo segment to support its plans to return to profitability at the end of 2022.

Telcos’ broadband revenue growth to accelerate following pandemic-induced service uptake

Telecommunication companies, which became early winners of the pandemic, will continue to ride on that momentum, as Fitch Ratings this week painted a brighter outlook for the sector with an accelerated growth for broadband services through 2021.

Cabinet approval for ‘home-shop’ programme

The Cabinet of Ministers this week approved a proposal to empower 25,000 young female entrepreneurs in Samurdhi beneficiary households by initiating a new programme under ‘home-shop’ concept with a view to strengthen the local food distribution network.

Adani terminal deal fails to lift Colombo bourse

The confirmation of India’s Adani Group’s involvement in the West Container Terminal of the Port of Colombo failed to lift stock market sentiments yesterday, as both indices ended in red.

Sri Lanka’s economy contracts 3.6% in 2020

Sri Lanka’s Gross Domestic Product (GDP) contracted 3.6 percent in 2020 compared to 2.3 percent expansion in 2019, displaying the severity of the disruptions caused by the COVID-19 pandemic on the island nation’s economy, despite the last two quarters of the year recording positive growth rates.

Russian billionaire Andrey Melnichenko in town

Russian billionaire Andrey Melnichenko is currently in Colombo and is expected to hold talks with the top level of the Sri Lankan government, including Prime Minister Mahinda Rajapaksa, Daily Mirror learns.

All BreadTalk outlets to be closed from March 20

R I L Property PLC today said the director board of its wholly owned subsidiary FoodBuzz (Pvt) Ltd. has decided to close all BreadTalk outlets from March 20, 2021 until further notice.

Register for COVID-19 vaccination via eChannelling

SLT-Mobitel has collaborated with the IT Division of Colombo Municipal Council (CMC) to introduce yet another pioneering initiative through Mobitel’s eChannelling service, enabling the convenient registration of persons for the COVID-19 vaccination.

SAARC Startup Awards recognises Hatch as Best Co-Working Space 2020

Hatch, an innovative co-working space and start-up incubator established in Sri Lanka, has been recognised by the prestigious SAARC Startup Awards as Best Co-Working Space 2020.

Three Lankan restaurants among ’Essence of Asia’ Collection

To support the recovery of the hospitality sector, Asia’s 50 Best Restaurants – in association with S.Pellegrino & Acqua Panna – have announced ’Essence of Asia’, an unranked collection of restaurants that represents the spirit of Asian gastronomy.

US dollar selling rate hits Rs.200

Sri Lankan rupee today depreciated to new lows against the US dollar with the current selling price hitting Rs.200.06 a dollar, according to the Central Bank data.

Telecom sector revenue to grow by 5-7% this year: Fitch

Fitch Ratings expect Sri Lankan telecom industry’s revenue to rise by 5-7 percent this year, driven by a surge in data and fixed broadband, largely due to COVID-19 effects.

Shiromal Cooray amongst 14 rising biz women for 2021 EY Entrepreneurial Winning Women Asia-Pacific programme

EY has announced 14 female business leaders selected for the Asia-Pacific class of the 2021 EY Entrepreneurial Winning Women — a programme designed to support women entrepreneurs to become global market leaders and to scale their businesses to reach full potential and break down barriers. Amongst them is Shiromal Cooray, Chairman and Managing Director of Jetwing Travels (Pvt.) Ltd and Chairman of Jetwing Hotels (Pvt) Ltd.

Dhammika Peniya: A post-mortem for ethics and business success

Having spent our childhood with Asterix comics, we were not really surprised in encountering our own Getafix (‘Veda Pappa’ in Sinhalised version) in the form of a house constructor turned medic in Kegalle, offering us magic portion in quarter litre bottles, a proven remedy, according to him, against COVID-19, the worst known pandemic of recent times.

Adani Group slated to become first Indian port operator in SL

Adani Ports and Special Economic Zones (APSEZ) Ltd., India’s largest private ports & logistics company and a key subsidiary of the diversified Adani Group yesterday said it has received a Letter of Intent (LOI) from the Ministry of Ports and Shipping and Sri Lanka Ports Authority, acting on behalf of the Government of Sri Lanka, pursuant to approval from the Sri Lankan Cabinet of Ministers for the development and operations of the West Container

JKH says will have material equity stake; concession agreement expected

John Keels Holdings (JKH), Sri Lanka’s largest listed entity on the Colombo Stock Exchange (CSE) yesterday affirmed its involvement in the development of the West Container Terminal (WCT), and announced a concession agreement to carry forward the project is expected in due course.

Finance companies asked to join banks to provide relief on passenger vehicle leases

After banks were asked to come on board to provide extended relief on leases on passenger transportation sector, the finance company sector too has been requested to join the bandwagon to provide similar assistance to their borrowers as Central Bank’s talks with the latter on the matter have come to fruition. Fortnight ago the Central Bank said they were holding talks with both Sri Lanka Banks’ Association and the Finance House Association of Sri

February PMI shows sustained expansion in manufacturing and services

The Purchasing Managers’ Index (PMI) for February showed that both manufacturing and services activities in the country sustaining their expansion at robust levels while the expectations for further normalisation of business activities continuing to improve.

Budget’s foreign financing continues to remain negative through Nov. 2020

The foreign financing of the budget in 2020 continued to be in the negative as the government settled more of its outstanding loans to foreigners in the eleven months to November compared to net foreign borrowings in the same period in 2019.

India to propose cryptocurrency ban penalising miners, traders

India will propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets, a senior government official told Reuters in a potential blow to millions of investors piling into the red-hot asset class.