Asian markets mostly down after healthy week, eyes on virus

Asian markets mostly fell yesterday after a week-long rally as investors take profits and assess developments in China’s deadly coronavirus crisis. Strong US data, Chinese financial support and a broadly healthy earnings season have provided a much-needed boost to equities after last week’s sell-off, while there is a sense that the economic impact of the outbreak globally could be limited. China’s decision Thursday to halve tariffs on US$ 75 bill

SriLankan strengthens presence in U.S. and Europe through Qatar Airways codeshare

SriLankan Airlines is strengthening its presence in the U.S. and European markets through the expansion of its existing codeshare agreement with Qatar Airways, with additional connections to serve various cities in these regions. Vipula Gunatilleka, Group

Footwear and Leather Fair

The Footwear & Leather Fair 2020 organized by the Sri Lanka Footwear and Leather Products Manufacturers Association was inaugurated at the BMICH yesterday by Small and Medium Business and Enterprise Develo

Russia to make call on oil output cuts ‘in coming days’

MOSCOW (AFP) - Russia said yesterday it will decide within days whether to back oil output reductions with its OPEC partners to counter crude price falls since the deadly spread of a coronavirus.

Embattled Credit Suisse chief Thiam steps down

ZURICH (AFP) - Credit Suisse, which has been rocked by a spying scandal, announced yesterday that chief executive Tidjane Thiam had resigned and would be replaced by the current head of the bank’s

Grim December for EU’s top economies caps year of trade war

FRANKFURT AM MAIN (AFP) - Industrial production fell back sharply in both Germany and France in December, official data showed yesterday, closing off a year that saw trade conflicts above all weigh on the top EU economies. Manufacturing output was down 3.5 percent month-on-month in Germany and 2.8 percent in its western neighbour, data from Germany’s Destatis and France’s Insee statistics authorities showed. In Germany, “there are very few posit

Hong Kong Airlines to lay off 400 staff as virus hits city

HONG KONG (AFP) - Hong Kong Airlines said yesterday it has been forced to slash hundreds of jobs and ask remaining staff to take unpaid leave as the coronavirus outbreak compounds problems at the already-

Without reforms, Gulf oil wealth could vanish by 2034: IMF

DUBAI (AFP) - Energy-addicted Gulf states must undertake much deeper reforms or risk seeing their wealth drain away in 15 years as global demand for oil slides, the IMF warned this week. “At the current fiscal stance, the region’s financial wealth could be depleted by 2034,” the International Monetary Fund said in a study on “the future of oil and fiscal sustainability” in the region.

Cabinet approval to present resolution to Vote on Account

Cabinet of Ministers has approved a proposal to present a resolution to Vote on Account (VoA) in Parliament to settle arrears and to finalise the accounts for ‘out-of-the-books’ expenses incurred in relation to implementing projects utilising external financing resources by the previous regime.

THASL urges govt. to extend tourism relief package by one more year amid heavy cancellations

The Hotels Association of Sri Lanka (THASL) yesterday urged the government to consider extending the moratoriums on all loans and interest granted by financial institutions for the tourism industry after the Easter Sunday attacks by a further one year period as all expectations of recovery have been adversely affected by the novel coronavirus (2019-nCoV) outbreak.

Sri Lanka’s 2019 tea production hits 4-year low

Sri Lanka’s tea production in 2019 is estimated to have fallen to a four-year low to 300 Mnkg in 2019 from 303.9 Mnkg recorded in 2018.

Teejay Lanka pulls off solid Dec. quarter

Teejay Lanka PLC reported solid performance for the quarter ended December 31, 2019, sustaining the momentum it gained more than two years ago as the company pushed its top and bottom lines further ahead.

PUCSL fires fresh letter to CEB calling for report on load shedding

Electricity sector regulator Public Utilities Commission of Sri Lanka (PUCSL) has fired a second letter to the Ceylon Electricity Board (CEB) asking the state-run utility to submit a report on load-shedding that had taken place on February 3.

Government to rehabilitate 100, 000km road network

The Cabinet of Ministers has approved a proposal to rehabilitate and redevelop 100,000 kilometres of roads as an optional road network connecting highways and other main roads within this year.

Kahatagaha Graphite to look for investor for value addition

The Cabinet of Ministers has given clearance to Kahatagaha Graphite to find an investor to add value to its production and boost export value.

Denmark’s Orana to set up US$ 1.5mn fruit processing plant in Pannala

Danish fruit juice producer Orana will set up a fruit processing plant in a two-acre land in the IDB Industrial Estate in Pannala, with a US$1.5 million investment.

Petrochina, Swiss Singapore secure supply contracts for CPC

Petrochina International (Singapore) Pte Ltd., and Swiss Singapore International have secured contracts to supply petrol and diesel to Ceylon Petroleum Corporation (CPC) for the next eight months, starting from March, according to the Cabinet Office.

Coconut shell: An extraordinary globe-trotter

Which of the following would you associate coconut shells with: fuel, ladles, salt-container, dental care, gold extraction, respirators, cabin air treatment, chemical industry, drinking water purification, industrial air treatment, pharmaceutical industry, super capacitors, ‘kon pittu’?

Measuring poverty within Sri Lanka’s new reality as an upper-middle-income country

Sri Lanka achieved the ‘upper-middle-income country’ (UMIC) status in July 2019, as the country’s gross national income (GNI) increased from US $ 3,840 per capita in 2018 to US $ 4,060 per capita in 2019. The World Bank’s (WB) new threshold for UMICs is US $ 3,996–US $ 12,375 GNI per capita.

SriLankan cuts flight frequencies to China

SriLankan Airlines yesterday said it is rationalising its services to China in accordance with the current market conditions, with a temporary reduction of frequencies to several cities.

SL urged to brace for Libor transition

The world is moving towards new short-term lending benchmark rates to replace the beleaguered London inter-bank offer rate (Libor), which helped governments, banks and companies to raise trillions of debt and the Sri Lankan corporates are risking a bumpy ride if they delay the transition process, cautions ICRA Lanka.

IRD announces removal of Withholding Tax for residents

Sri Lanka’s Inland Revenue Department (IRD) has announced the exemption of the Withholding Tax (WHT) on payments, including interest, dividends, rent, etc. made to residents and the removal of the PAYE tax on employment receipts made to both residents and non-residents, with effect from January 1, 2020.

Alumex returns to black amid drop in global aluminium prices

Alumex PLC, the Hayleys group aluminium extrusions manufacturer, returned to profit during the three months ended December 31, 2019 (3Q20), as the global aluminium prices fell and the firm reduced its finance costs.

Hilton-owning firm gets new board; Nimal Perera Chairman

The Finance Ministry has appointed a new director board to Hotel Developers (Lanka) PLC, headed by former Urban Development Authority (UDA) chief and Noritake Company Executive Consultant Nimal Perera as Chairman.

Sim Leisure to bring ESCAPE theme parks to Sri Lanka with Elpitiya Plantations

Sim Leisure Group Ltd, a leading theme park developer and operator based in Penang, Malaysia, has entered into a non-binding memorandum of understanding (MoU) with Sri Lanka’s Elpitiya Plantations PLC, to set up its world-class ESCAPE theme park in Galle.

Cathay Pacific asks all staff to take unpaid leave

Hong Kong’s flagship carrier Cathay Pacific is asking its entire workforce to take up to three weeks of unpaid leave, its CEO announced yesterday, as the airline faces a crisis in the wake of the new coronavirus outbreak.

Post-independence reflections: Gaps in our freedoms

Seventy two years ago, Sri Lanka gained independence from the shackles of British rule. This meant the autonomy to govern our people, the freedom to create and maintain our institutions and the ability to carve our own political narrative. Beyond political liberty, independence also restored our control over land, resources and Sri Lanka’s economy; we obtained the prerogative to our prosperity.

High-rise cheer

Construction workers atop a high-rise building under construction in Colombo wave at the Sri Lanka Air Force aircraft on their way to take part in the National Independence Day Celebrations held yesterday

Gota pledges to enhance political and economic freedom of all citizens

As Sri Lanka celebrated 72 years of Independence from the British colonizers, President Gotabaya Rajapaksa at the official National Independence Day celebration in Colombo, yesterday pledged to assure and enhance the political and economic freedom of all citizens of the island nation.

UL corruption scandal shows urgent need for deep structural SOE reforms: Advocata

Colombo-based free market think tank Advocata says the recent SriLankan Airlines corruption scandal aptly shows the urgent need for deeper structural reforms in the country’s State-Owned Enterprises (SOEs).