Advocata hails President’s stance on economic freedom; proposes recommendations

While commending President Gotabaya Rajapaksa’s Independence Day remarks with regard to his commitment to ensure political and economic freedom of Sri Lankan citizens, Colombo-based free-market think tank, Advocata has come out with three key recommendations that may allow President to keep his pledge.

Lower sales cost boosts Hayleys 3Q earnings

After several depressing quarters, diversified conglomerate, Hayaleys PLC has reported healthy earnings for the quarter ended December 31, 2019 (3Q19) amid significant cuts in cost of sales despite a sizeable drop in sales.

Virus death toll soars as China changes counting methods

China’s official death toll from the new coronavirus spiked dramatically yesterday after authorities changed their counting methods, fuelling concern the epidemic is far worse than being reported.

PUCSL calls for re-evaluation of power supply strategy

Energy sector regulator, the Public Utilities Commission Sri Lanka (PUCSL) yesterday pointed out the need to re-evaluate the strategy employed for electricity supply in the medium term, as significant changes are taking place on the demand side.

Lankan apparel exports set to take hit from China virus outbreak

Sri Lanka’s apparel exports are set to take a hit from the prevailing coronavirus outbreak in China as most shipments of key materials for apparels such as fabrics, trims and accessories from China are yet to resume following Chinese New Year holidays, leading to possible disruptions in the global apparel supply chains.

France says won’t bar Huawei from 5G network

France yesterday said Chinese telecommunications firm Huawei would not be excluded from supplying equipment for 5G networks in the country but could be subject to restrictions and Paris may prioritise European operators.

India’s Cabinet approves amendments to DTAA with Sri Lanka

India’s Union Cabinet on Wednesday has approved amendments to the existing Double Taxation Avoidance Agreement (DTAA) with Sri Lanka, aimed at curbing tax evasion. “The Union Cabinet, chaired by the Prime Minister Narendra Modi,

Economic growth through fragmentation and global value chain

Global Value Chain will continue to enhance economic growth, create better job opportunities, and shrink poverty in the developing countries to a greater extent.

Sri Lanka’s potential to become leading international leisure and sports venue

In the newspapers recently, under the headline Travel / Tourism read “President calls for new strategy to turn tourism into US$ 10 billion Industry by 2025”. It is encouraging to note that both the Tourism Minister and the Chairperson of Sri Lanka Tourism conveying positive signals regarding achieving this target.

Employees, depositors blame CB for driving TFC to bankruptcy

The employees and depositors of troubled The Finance Company PLC (TFC), which is now facing a licence cancellation, accused the financial sector regulator, the Central Bank (CB), for driving the firm towards a nearly Rs.20 billion hole in the balance sheet,

SL engaged well with EU on GSP Plus compliance issues, says EC report

Sri Lanka engaged well with the European Union (EU) on the GSP Plus compliance issues during the 2018-2019 period, according to the latest report issued by the European Commission (EC).

Jagath Wijeweera appointed as DLB Chairman

Retired Sri Lanka Administrative Service (SLAS) officer Jagath P. Wijeweera has been appointed as Chairman of the Development Lotteries Board (DLB) by Finance, Economy and Policy Development Minister Mahinda Rajapaksa.

Bribery scandal spurs SriLankan to pursue compensation from Airbus

The Sri Lankan government is considering ways of recovering damages, including claiming compensation from Airbus SE, after the European planemaker admitted to bribing executives to win aircraft orders.

European Parliament ratifies EU-Vietnam FTA

The European Parliament on Wednesday ratified an EU free trade accord with Vietnam despite some lawmakers objecting because of the Asian country’s human rights record.

Haycarb 3Q earnings surge amid higher sales

The Hayleys group’s coconut shell-based activated carbon manufacturer, Haycarb PLC, saw its earnings for the December quarter (3Q20) surging amid an impressive top line performance, backed by the higher sales volumes of the firm’s value-added activated carbon products.

Favourable market conditions boost Cargills 3Q

Cargills Ceylon PLC delivered a strong performance for the quarter ended December 31, 2019, as the leading consumer foods and retail player saw business recovering from the Easter attacks amid positive consumer sentiments following the presidential polls in November.

Girls in STEM: How is Sri Lanka faring?

Sri Lanka is well recognised as a leader in gender-equal education in the developing world; the World Bank statistics show that the primary and secondary school enrolments and completion rates are similar for girls and boys, while girls have higher enrolment and retention rates in upper secondary and tertiary education.

Classic train ride for tourism promotion

A steam locomotive, which left from Colombo Fort railway station on Sunday (09), reached Nanu-Oya railway station yesterday carrying 38 tourists from 12 countries.

SL’s export sector out of sync with local and global developments

Sri Lanka’s export sector is out of sync with local and global developments despite the country’s graduation to the upper middle income bracket, and successive governments have engaged in re-canvassing the country’s export targets rather than addressing overdue fundamental problems in the sector, a leading trade economist opined.

WHO warns of ‘very grave’ global virus threat

The World Health Organization (WHO) warned yesterday that the novel coronavirus was a “very grave threat” for the planet as it hosted the first major conference on fighting the epidemic.

JW Marriott and Ritz-Carlton to enter Sri Lanka

Dhammika Perera, Chairman of Greener Water Limited (a fully owned subsidiary of Vallibel One PLC) and Chairman of Summer Season Limited Mohan Pandithage signed two groundbreaking MOUs recently to establish global luxury brands JW Marriott & Ritz-Carlton in Sri Lanka.

Singer Sri Lanka returns to profit in third quarter

Singer (Sri Lanka) PLC returned to profit during the December quarter (3Q20) amid gradual recovery in consumer spending, significant reduction in finance cost, supported by easing interest rates, the interim financial accounts released to the Colombo Stock Exchange showed.

Intel, Vivo drop out of key mobile fair over virus fears

US chip giant Intel and Chinese phonemaker Vivo withdrew from the Mobile World Congress over coronavirus fears yesterday, adding to a lengthening list of industry heavyweights pulling out of the world’s top mobile fair.

European Union Ambassador advocates a more open trade policy at NCE AGM

Denis Chaibi, the new Ambassador of the European Union (EU) Delegation in Sri Lanka, who was the chief guest at the Annual General Meeting (AGM) of the National Chamber of Exporters (NCE), held recently at Galadari, Colombo, was warmly welcomed by the chamber.

Sri Lanka eyes fresh programme with IMF

Amid concerns over fiscal slippages and uptick in fiscal deficit, the Central Bank (CB) is mulling entering into a fresh programme with the International Monetary Fund (IMF), under the policy framework of the new government.

Official foreign reserves end a tad weaker in January

Sri Lanka’s official reserves ended up at US $ 7,526 million on January 31, 2020, a tad weaker from US $ 7,642 million on December 31, 2019, indicating the uphill task of strengthening the foreign currency buffers amid the potential expansion in the current account balance and foreign debt repayments.

Aitken Spence overseas operations boost 9-month PBT

The blue-chip conglomerate, Aitken Spence PLC, remained resilient during a difficult period through its diversity of investments in eight countries, thereby recording favourable results for the nine months ended December 2019.

Upside for mini-hydro with expected revival in economic activities

Despite the heightened headwinds from the extreme climatic conditions, Sri Lanka’s mini-hydro producers are poised to reap higher margins and profits and would further receive an additional tailwind from the rising demand for electricity.

SL to enter into MoUs with four countries to promote tourism

The government is planning to enter into memorandums of understanding (MoUs) with four countries, for the promotion of tourism.

Global markets mostly dip on coronavirus woes

Asian and European markets mostly fell Monday with investors worried over the impact of China’s coronavirus outbreak on the global economy.