Airlines at centre of storm as coronavirus spreads

LONDON (Reuters) - European airlines stepped up their warnings over the coronavirus outbreak yesterday, with British Airways-owner IAG and Finnair flagging a hit to profits and easyJet reporting a big drop in demand int

World Bank restores relations with Somalia

WASHINGTON (AFP) - The World Bank moved Thursday to reestablish relations with Somalia after a 30-year break, paving the way for the country to have access to low-cost development aid. Contact was severed in 1991

Still no deal on estate workers’ wage hike

The announced minimum daily wage of Rs.1, 000 for plantation workers is unlikely to come into effect on March 1 as decreed by the government, as wage negotiations with plantation firms and trade unions are yet to make a breakthrough with only a day remaining to reach consensus.

Ceylon Tobacco says cigarette sales down 19% in Dec. quarter

Sales at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), fell during the December quarter (4Q19) due to two Excise-led price increases within a period of eight months.

President instructs relevant authorities to take measures to ban oil palm cultivation

President Gotabaya Rajapaksa has instructed State officials to take measures to ban oil palm cultivation based on various claims of its adverse effects on the environment, according to a Presidential Media Division (PMD) press release.

Uber launches new safety features for both riders and drivers in Sri Lanka

Following repeated incidents of violence, US-based multinational ride-hailing company Uber that commenced operations in Sri Lanka in 2016, yesterday announced several new safety features that Sri Lankan riders could use.

NTB 4Q boosted by lower provisions on possible bad loans

Slower growth in loans, pressure on margins and weak asset quality hurt Nations Trust Bank PLC (NTB), but the quarter ended December 31, 2019 (4Q19) showed better performance partly supported by lower provisions on possible bad loans.

SL to construct first electric rail track between Rambukkana and Kandy

Sri Lanka’s Transport Ministry said yesterday that it will construct the country’s first electric rail track in the central highlands of Kandy to ease traffic and further develop the island’s transport sector.

India lifts ban on onion exports

India has lifted a ban on onion exports, Food Minister Ram Vilas Paswan said on Wednesday, as prices of the bulb have fallen sharply in the last few weeks on expectations of a big crop.

Saudi Arabia suspends entry for pilgrims over coronavirus

Saudi Arabia yesterday suspended visas for visits to Islam’s holiest sites for the “umrah” pilgrimage, an unprecedented move triggered by coronavirus fears that raises questions over the annual hajj.

Japan’s PM calls for closure of public schools over virus

Japan Prime Minister Shinzo Abe called yesterday on public schools to close nationwide from March 2 to prevent the spread of the new coronavirus.

BIMCO says coronavirus comes at worst time for shipping

The outbreak of the coronavirus, originating from Wuhan, China, comes at one of the worst time for the shipping industry, which is currently struggling with the additional fuel costs from IMO 2020 and the switch to low-sulphur fuels, according to Baltic and International Maritime Council (BIMCO), the largest of the international shipping associations representing shipowners.

False narrative of demonising fiscal deficits – Whose interests does it serve?

As the cacophony of noise predicting economic implosion from the bloated fiscal deficit and public debt pile up is getting louder every day, it is important to put the things into correct perspective for the benefit of everyone.

ComBank eyes Africa for overseas expansion

Sri Lanka’s largest private lender in terms of assets, Commercial Bank of Ceylon PLC, yesterday said it is looking to further expand its global footprint and is in the midst of exploring the potential of setting up operations in Africa.

Report concludes CEB in clear violation of Electricity Act

The Ceylon Electricity Board (CEB) has clearly violated the Electricity Act for failing to secure the approval of the energy sector regulator, the Public Utilities Commission of Sri Lanka (PUCSL), for the electricity supply interruption in certain parts of the country, according to a report by the committee appointed to investigate the sudden electricity supply interruption on February 3, 2020.

Union Bank’s aggressive credit card push boosts FY19 performance

Union Bank of Colombo PLC managed to pull off an impressive financial performance for the period ended December 31, 2019 (4Q19), as the bank’s strategy to churn out as many credit cards as possible proved successful but the asset quality showed weakness.

Port City could have US $ 4.6bn positive impact on SL’s BOP: PwC study

Colombo Port City (CPC) is projected to have around US $ 4.6 billion positive impact on the country’s balance of payments (BOP) per annum when it reaches the normal operational level after 2041 with an overall US

Coronavirus cases emerging faster outside China: WHO

There are now more new cases of the coronavirus reported each day outside China than inside the hardest-hit country, the World Health Organisation said yesterday.

EU eyes ‘mini deal’ to ease US trade tensions

The EU sees a chance to strike a mini deal to help ease trade tensions with the United States, the bloc’s trade chief told the Financial Times on Tuesday.

Colombo land value decelerates in second half of 2019

The growth in land values in the Colombo district decelerated to 10.8 percent year-on-year (YoY) in the second half of 2019, from 14.9 percent YoY recorded in the first half of the same year, according to the Land Valuations Indicator (LVI) complied by the Central Bank (CB).

Tea industry overview – January to December 2019

Sri Lanka tea industry witnessed a ‘mediocre’ year with decline in production, averages and a growth in exports in comparison to year 2018. The industry’s export revenue depicted a growth from year 2018 backed by a weakened rupee.

Overseas expansion- another growth prospect we are actively pursuing

‘Mirror Business S&P SL20 Insights’ is conducted in collaboration with the Colombo Stock Exchange as an investor relations initiative. The interview series encourages S&P SL20 companies to talk on the developments of their respective industries and growth prospects. Following are excerpts from an interview with Access Engineering PLC Managing Director Christopher Joshua where he talked about the firm’s financial performance, industry challenges a

Hutch completes 4G rollout covering 90% of population

Hutch Telecommunications Lanka (Pvt.) Ltd, the third largest telco in the country, which has completed its island wide 4G rollout covering 90 percent of the population, says it is geared to compete with the two main mobile operators in the country on an equal footing, offering alternative choice to Sri Lankan consumers while catering to the new customer segments.

Tax reversal boosts HNB 4Q; loan book stagnates

Absence of new loans, thin margins and weak assets quality hurt Hatton National Bank PLC’s (HNB) performance for the quarter ended December 31, 2019 (4Q19) as the country’s second largest private lender by assets was seen taking a cautious approach on new lending during the period beset by multiple challenges.

Akbar Brothers Founder Chairman passes away

The Founder Chairman of Akbar Brothers (Pvt) Ltd., Deshamanya Shk. Abbas Akbarally passed away yesterday (25th). He was born on 31st January, 1933.

CSE gets four appointed directors

Four new directors have been appointed to the Colombo Stock Exchange (CSE) by Finance, Economy and Policy Development Ministry, Mirror Business learns.

Lankan Angel Network gets Ford Foundation backing

The Lankan Angel Network (LAN) yesterday announced that it has signed a landmark grant agreement with the Ford Foundation to catalyze the growth of Sri Lanka’s startup ecosystem.

Tokyo Cement IP action ends in settlement

The intellectual property (IP) action filed by Tokyo Cement Company (Lanka) PLC (the plaintiff) against Ceramica Bathrooms (Pvt) Limited, Abdul Salam Abdul Malik and Safreena Salahudeen (the 1st, 2nd and 3rd defendants) on unfair competition and infringement of trademarks was settled in the Commercial High Court on January 17, 2020.

Chevron ploughs ahead with strong top and bottom line performance in 4Q

Revenue jumped and profit surged at Chevron Lubricants Lanka PLC during the three months ended December 31, 2019 (4Q19) as the company reported two quarters of positive results, ending a prolonged weak performance.

Best Buy CEO proved bricks and mortar retailers can prosper with online retailing

Hubert Joly (born August 11, 1959) is a businessman, currently serving as Executive Chairman of Best Buy. He was the former President, CEO and Director of Carlson Wagonlit Travel (CWT). It is a privately held international conglomerate in the hotel, travel and restaurant franchise industries, employing more than 175,000 people in more than 160 countries and territories.