HCL Technologies inaugurates first Global Development Centre in Colombo

HCL Technologies (HCL), a leading global technology company, yesterday announced the official opening of its Global Development Centre in Colombo.

Lanka Ashok Leyland says has adequate vehicle stocks to plough ahead despite import controls

Lanka Ashok Leyland PLC said it has adequate vehicle stocks to continue to serve the market and also to meet any sudden uptick in demand in the near term, as the government keeps a lid on vehicle imports to preserve foreign exchange and also to buy space to develop a robust public transport system in the country.

Stockbrokers told to proactively engage local investors before going after foreigners

Instead of passively waiting for foreign investors to come, the stockbrokers at the Colombo bourse have been asked to proactively engage local investors as there is huge potential for share valuations to increase in the near future.

This is a Tribute to Beloved Mother of Venerable Dhammananda Thich Phuoc Ngoc Thero

Mother Truong Thi Sau was born in 1942, like many rural women, she was unable to go to school, due to the agricultural work for her family. Sooner after her marriage, her husband decided to become a monk, the burden of raising the children was put on her shoulders. But with endless effort and love, she overcame all difficulties and took care of her 6 children, even in the time of fiercest war as well as economic crisis. Each clump of rice, each

Yala paddy harvesting season

With Yala paddy harvesting season slowly coming to an end, paddy farmers in Padaviya are seen drying their paddy harvest on the road. Based on the cultivated extent of paddy lands as at end-May, the Agriculture Department has said Yala harvest is expected to yield 1.72 million metric tonnes of paddy, a 13 percent increase over the 2019 Yala yield.

Finance company earnings plunge into negative territory

Cumulative earnings of Sri Lanka’s non-bank finance sector have turned sour during the second quarter of this year, plunging sector earnings into negative territory, and the data available since 2013 does not indicate such trying conditions ever faced by the sector.

CB mulls new methodology to capture work-from-home and other digital economic activities

The Central Bank is looking at employing new methodologies or updating the existing ones, which will contain the ability to capture economic activities that shifted online including working-from-home, as concerns were raised over how the economy recorded a contraction in the first quarter.

Franklyn Amerasinghe launches latest contribution to management literature

Sri Lanka’s Human Resource (HR) fraternity saw the addition of a localised publication with eminent lawyer and author Franklyn Amerasinghe having launched last week his latest book, ‘Business Oriented People Management’.

BPPL quits Indonesian market due to losses from heavy competition

BPPL Holdings PLC, Sri Lanka’s largest brush-ware maker and exporter, has decided to pull out from the highly competitive Indonesian market after about four years since it entered the burgeoning Southeast Asian country with its own brand as the company had sustained losses.

CEAT ramps up 2-wheeler tyre production by 85% in 3 months

CEAT Kelani Holdings has announced an 85 percent increase in the production of tyres for the ‘two-wheeler’ segment over just three months, as a full-bodied response to the needs of the local market consequent to the temporary import restrictions introduced by the government.

Eden Hotel Lanka to raise Rs.4.2bn via rights

Eden Hotel Lanka PLC, a unit of LOLC Group, is to raise Rs.4.2 billion fresh equity through a rights issue to rectify a serious capital loss, as the equity of the hotel company has eroded to less than 50 percent of its stated capital.

Banks show increased willingness to lend first time in two years

Sri Lanka’s willingness to lend, which recorded a continuous decline in every quarter since fourth quarter of 2018 has staged a substantial rebound in the second quarter this year with expectations for further desire to lend in the third quarter—a sign that credit is flowing unabated to the real economy after the Monetary Board cut interest rates multiple times.

Oil industry placing risky bet on plastics: report

Big oil producers are pinning their future growth on the world’s insatiable appetite for plastic, researchers said yesterday, in a “bet” on society’s failure to tackle disposable consumption that risks stranding billions of dollars in petrochemical investments.

Citrus Leisure PLC’s hotel portfolio bags trifecta of accolades

In an unprecedented feat among the titans of the hospitality industry in Sri Lanka, all three properties owned and operated by Citrus Leisure PLC secured three international travel accolades. Citrus Waskaduwa, Citrus Hikkaduwa, The Steuart by Citrus and the &Co Pub and Kitchen were recognised by Tripadvisor’s Travellers’ Choice Awards, Agoda’s Customer Review Awards and Booking.com’s Traveller Review Awards. These achievements resonate strongly w

Malaysia drops 1MDB charges against Goldman Sachs

Malaysia has dropped criminal charges against Goldman Sachs over its role in the 1MDB scandal, a lawyer for the bank said yesterday.

President ensures clean drinking water for every household before 2025

President Gotabaya Rajapaksa recently reviewed future stages of the programme to provide clean drinking water to all households for all 24-hours of the day, before the end of 2025.

COVID-19 will widen gender poverty gap: UN Women, UNDP data

The COVID-19 crisis will dramatically increase the poverty rate for women and widen the gap between men and women who live in poverty, according to new data released by UN Women and the United Nations Development Programme (UNDP).

Amazon creates 7,000 UK jobs as virus fuels online demand

Amazon will create 7,000 permanent jobs in the UK by the end of the year, the US e-commerce giant announced Thursday as the coronavirus pandemic fuels online shopping while hurting bricks-and- mortar businesses.

Breakfast Meeting with State Minister

Sri Lanka - Germany Business Council of the Ceylon Chamber of Commerce organised a Breakfast Meeting at Kingsbury hotel yesterday with State Minister Ajith Nivard Cabraal for its members to obtain an overview of the financial and economic policies of the government.

Asian stocks plunge with Wall Street as tech sector surge halted

Asian markets fell deep into negative territory yesterday following painfully deep losses on Wall Street, where the tech sector finally succumbed to profit-taking after months of mind-boggling gains.

Cabraal wants “out of the box” thinking to develop capital market

State Minister of Finance, Capital Market Development and Public Enterprise Reforms Ajith Nivard Cabraal yesterday told Sri Lanka’s capital market officials to think “out of the box” to develop the island nation’s capital market.

First half public debt soars

Sri Lanka’s total outstanding public debt has risen by little over a trillion rupees during the first six months of 2020 as the government ramped up borrowing to fend off the effects of coronavirus on the economy.

Government to ramp up local maize cultivation to make up for imports

The government has decided to increase the cultivation of maize to make up for the imports, as feed millers and poultry producers remain hamstrung by the import ban in place on the key poultry feed since the beginning of this year. To this effect, the government has decided to allocate an additional 30,000 hectares of arable lands to cultivate maize, increasing the total extent of the lands used for maize cultivation to 110,000 hectares.

Heritance Aarah becomes first Maldivian resort to be listed as BBC Travel Partner

Aitken Spence Hotels’ premier all-inclusive resort in the Maldives, Heritance Aarah, received the rare honour of being listed a BBC Travel Partner; the first resort in the Maldives to receive the recognition.

Auto industry says govt.’s latest vehicle permit move impractical

Local motorcar dealers, whose business has taken a hit due to the ban imposed on vehicle imports, asserted that the government’s decision to allow permit holders to purchase unregistered vehicles using the concession is impractical and unjust. Sharing the stance of the auto industry with Mirror Business, Ceylon Motor Traders Association (CMTA) Chairman Yasendra Amerasinghe said the industry does not welcome the government’s decision in this rega

Prime lending rate flirts with all-time lows with another 32bps decline

Continuing its descent further, Sri Lanka’s prime lending rate logged a sharp 32 basis points (bps) fall last week, bringing the popular benchmark rate used in pricing loans mainly for big and mid-sized corporates close to its all-time lows in over five years.

Singer partners Malaysia’s Signature to introduce leading kitchen solutions

Singer, Sri Lanka’s premier consumer durables retailer, has partnered with Signature Group, Malaysia’s largest kitchen cabinet and wardrobe manufacturer.

Ministerial committee appointed to assist import substitution, export promotion

President Gotabaya Rajapaksa will chair a high-powered ministerial committee consisting of both Cabinet and State Ministers, whose task is to promote investments for import substitution and exports in line with President’s ‘Saubhagya Dakma’ election manifesto.

44% of UL customers believe it will be safe to fly in 3 months

A survey carried out by SriLankan Airlines among its loyal customers has revealed that 44 percent of the respondents believe that it would be safe to fly within three months in the current context, despite COVID-19 pandemic has not shown any signs of slowing down.

Chinese builder says US blacklisting has no impact on Port City

Colombo Port City builder, China Harbour Engineering Company (CHEC), yesterday affirmed that Sri Lanka’s upcoming mega project would not be hindered by the United States (US) blacklisting 24 Chinese state-owned companies, including the ultimate parent of CHEC.