India’s poultry industry hit by false virus claims

NEW DELHI (AFP) - India’s poultry industry is reeling after sales fell nearly 80 percent over false claims that chickens were carriers of the new coronavirus and could pass it to humans, officials said yesterday. Messages warning people to stop eating chicken because of the contagion have been widely shared on social media, including Facebook and WhatsApp, in recent weeks. While Indian authorities have repeatedly said there was no scientific ev

Lebanon suspends asset freeze on 20 banks

BEIRUT (AFP) - Lebanon’s attorney general has suspended an order freezing the assets of 20 banks and their directors over concerns about its impact on the country’s fragile economy, State-run media said. The order was postponed to allow for the “study of its impact on the national currency, banking transactions as well as on the money of savers and economic security”, Ghassan Oueidat said Thursday according to a statem

No Mirror Business

There will be no Mirror Business on Monday (9th) in view of the Poya Holiday. The next issue will be on Tuesday.

Euro, yen gain as dollar’s rate advantage evaporates

(London) REUTERS: The dollar fell further against the euro and yen yesterday as sliding U.S. Treasury yields eliminated more of its interest rate advantage over other currencies. Mounting fears over the eff

Women in night and shift work in Sri Lanka: Policies to facilitate more participation

Labour markets are undergoing rapid changes, while technological advances, income growth and urbanisation are transforming lifestyles. Traditionally, most employees worked regular work hours, from morning to evening and went home to be with their families. But, with lifestyle changes, people do not spend as much time at home. Such behaviour is making inroads into labour markets, as businesses stay open late to provide services.

NCE encourages Lankan exporters to fill current void in int’l value chains

Production disruptions in China have adversely affected international value chains that have been increasingly dependent on inputs from China, in recent years. Where Sri Lanka is concerned, China is an important source for raw materials and other inputs for manufactured exports.

Is China’s Belt Road Initiative start of a new Cold War?

Whilst there has been much commentary around the Belt Road Initiative (BRI) and its geopolitical intentions, not much has been said about the way the Digital Silk Road is seen as being essential to deliver the BRI outcomes.

Why we drink our own champagne

Both service providers as well as their customers rely on technology to help their operations and business growth. Technology can be used to break down regional barriers and to enhance the ability to operate as one global team. Many service providers have acknowledged the need to modernise business operations and get onto the latest solutions.

COVID-19 dampens SL’s hopes of economic revival

The Central Bank (CB) said yesterday that Sri Lanka’s economic growth could slump to 3.5 percent this year from over 4 percent projected earlier as revenue from exports, tourism, remittances and logistics would be hit by the recent escalation of coronavirus (COVID-19) outbreak to a global health emergency spreading beyond China.

SL in discussion with China Development Bank to borrow up to US$ 2bn

The government is in discussions with China Development Bank (CDB) to obtain a loan up to US$ 2 billion with a likely 10-year tenor, which could be finalised within weeks, CB Senior Deputy Governor, Dr. P. Nandalal Weerasinghe revealed.

Six-month ultimatum given to 20 troubled finance firms facing liquidity issues

Central Bank (CB) has set up clear targets for the 20 odd non-banking sector financial institutions facing liquidity issues, to be achieved during next 3-6 months.

Govt. to appoint expert committee on issuing broadcasting and telecasting licenses

The government is to appoint an expert committee for the issuance of broadcasting and telecasting licenses, the Cabinet office said.

EDB says 2020 export target in quandary due to coronavirus

The Export Development Board (EDB) yesterday said due to the effects felt by the supply chains of Sri Lanka’s key export sectors from coronavirus (COVID-19), achieving the US$ 18.5 billion export target set for this year is in quandary.

Govt. to set up holding company for Grand Hyatt, Hilton and GOH

The government plans to bring hotels and tourism related assets held by various State-owned agencies and institutions under one holding company to stop the practice of pumping in taxpayer monies to such assets.

Fitch rates CEB’s proposed debt up to Rs.20bn at ‘AA+(lka)’

Fitch Ratings has assigned Ceylon Electricity Board’s (CEB: AA+(lka)/Negative) proposed senior unsecured debenture issue of up to Rs.20 billion a National Long-Term Rating of ‘AA+(lka)’.

CB mulls action against banks imposing charges sans public disclosure

The Central Bank (CB) is contemplating to initiate action against banks which impose various charges on their customers without public disclosure.

February tourist arrivals hit by coronavirus

Tourist arrivals to Sri Lanka sharply declined by 17.7 percent Year-on-Year (YoY) in February to 207,507 mainly driven by a record decline in arrivals from China due to COVID -19 outbreak while the arrivals from other key markets also dropped fuelled by virus fears with India, Australia and Eastern Europe being exceptions.

Tourism— ‘Mother of all crises’ around the corner?

Sri Lanka tourism, just raising its head after last year’s 21/4 terrorist attacks, is now facing what could possibly be the worst evert crisis to hit world tourism ever- The New coronavirus epidemic ( CoVid-19).

Apparel industry holds crucial meeting today to assess virus hit

The representatives of Sri Lanka’s apparel sector will meet today to assess the impact of the coronavirus (COVID-19) outbreak on the industry, which is also in fear of going out of work in the immediate term, Mirror Business learns.

Senkadagala Finance acquires Candor Asset Management

Senkadagala Finance PLC yesterday acquired Candor Asset Management, a unit trust and asset management firm, from Eagle Proprietary Investments Limited (EPIL), the Dubai-based financial investment arm of National Industries Group (NIG), according to a filing to the Colombo Stock Exchange (CSE).

India’s coronavirus cases rise to 28, including 16 Italians

Sixteen Italians in India have tested positive for coronavirus, the Indian health minister said yesterday, as the total number of known cases in the country rose sharply to 28.

Need for prudent ministerial portfolio allocation urged for better public finance mgmt.

As Sri Lanka is gearing up for a parliamentary election, economists are stressing on the need to allocate ministerial portfolios in a more prudent manner so that the public finance management, amongst other areas, does not get hampered.

Multi Finance says working towards fulfilling Rs.2.5bn capital requirement

Multi Finance PLC has long been eying a capital injection running into at least a couple of billions, which will help it to come out from the Colombo Stock Exchange’s (CSE) Watch List and to meet the enhanced regulatory capital requirements.

Colombo Dockyard in red as shipbuilding in deep waters

Colombo Dockyard PLC swung to a loss in the quarter ended December 31, 2019 (4Q19), as the firm’s shipbuilding operations lost money and the ship repairing business lost steam amid the escalation of costs.

Government decides to increase low-interest loan amount offered to victims of microfinance crisis

The government has decided to increase the low-interest loan amount offered to the borrowers of microfinance loans, who were charged with extremely high interest rates, by Rs.20,000 to Rs.60,000, the Finance, Economy and Policy Development Ministry said.

UPDATE - Missing YouTube Channels Re-emerge

The popular YouTube channels of Chooty Malli Podi Malli, Lakai Sikai & Janai Priyai that disappeared yesterday have resurfaced and the YouTubers have released videos explaining what happened.

China’s virus shutdown will hurt growth abroad

Many affluent Chinese fearful of being infected by the coronavirus and being quarantined by the state are staying home. Many companies and countries around the world are linked to the Chinese economy, which is likely to have far-reaching consequences as a result.

European Commission’s palm oil conundrum

With the new regulatory changes now taking place on the basis of the European Union’s (EU) Renewable Energy Directive (RED) II of 2018, Indonesia and Malaysia are trying to come to terms with the implications for their global palm oil market strategy and domestic production.

One size doesn’t fit all when designing a better world for women in business

We live in a world full of possibilities but they’re not always open to everyone. While the number of women entrepreneurs worldwide has grown over time, women looking to start businesses still struggle to obtain adequate resourcing – funding, logistics and industry knowledge.

LankaClear, CSSL deny recent ATM network ‘hacking’ rumours

LankaClear, the operator of LankaPay denies recent rumours circulating in social media claiming that the security of ATMs of certain banks were compromised.