Dialog forms new unit for network related biz activities

Dialog Axiata PLC yesterday in a stock exchange filing announced the incorporation of Dialog Network Services Limited as a fully owned subsidiary to house the group’s network related business activities.

Singapore-based Zilingo acquires Sri Lanka’s nCinga for US$15.5mn

Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software-as-a-service (SaaS) firm nCinga Innovations for US$15.5 million in cash and stock, which is being dubbed as the third-largest tech exit in Sri Lanka.

Services reach 16-month high; manufacturing expands at slower pace in Nov.

Sri Lanka’s manufacturing activities expanded at a slower pace in November while activities in the services sector reached a 16-month high with expectations over a greater stability in the political front.

Unilever lowers sales forecast on South Asia slowdown

(The Hauge) AFP: Anglo-Dutch consumer giant Unilever, the maker of Magnum ice cream and Dove soap, warned Tuesday that sales will grow below expectations for 2019, due largely to a slowdown in South Asia.

Gender dimension of remittances to Sri Lanka: Who remits more?

Remittances are often considered a stable and reliable source of development financing. In 2018, remittances to Sri Lanka totalled to US $ 7.015 billion. At macro level, the contribution of remittances to the Sri Lankan economy is immense.

Do we need a new rule book for app-based services?

The whole issue of Uber and the recent reports on mainstream and social media on assaults by Uber drivers on unsuspecting passengers has spread across the world – from the USA, India and now to Sri Lanka. The recent assault of a passenger by an Uber tuk-tuk driver here at home, has generated a lot of talk on social media, spurring investigative journalists from mainstream to look at the various aspects of app-based taxi services. Not so much the

Advantis Bunkering to supply low-sulphur marine fuel

Advantis Bunkering, the bunker supply arm of transportation and logistics giant Hayleys Advantis Limited, has commenced offering IMO2020 grade very low sulphur fuel oil (VLSFO) in Sri Lanka, becoming the first Sri Lankan company to offer this new grade of fuel.

Further easing of interest rates likely: ICRA Lanka

Expectations run high on further easing of interest rates in December and in the months that follow, as the lending rate caps take effect and the recent sweeping tax cuts factor into the real economy.

Kimarli Fernando appointed as Tourism chief

Corporate leader Kimarli Fernando has been appointed as Chairperson of the Sri Lanka Tourism Development Authority (SLTDA), Sri Lanka Tourism Promotion Bureau (SLTPB) and Sri Lanka Convention Bureau (SLCB).

COSMI hails banning of spice re-exports

Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) yesterday hailed the government’s recent decision to block the re-export of minor export crops.

Ashok Pathirage appointed as SriLankan Chairman

Dynamic business leader Ashok Pathirage has been appointed as the new Chairman of the national carrier SriLankan Airlines.

UL adds 18 more destinations via codeshare with Qatar Airways

SriLankan Airlines said it is adding 18 more new cities in Europe, North America, South America and the Middle East through the expansion of its codeshare agreement with its oneworld partner Qatar Airways, bringing its global route network to 127 destinations in 56 countries.

Lanka Ceramic to invest Rs.200mn to make mosaic tiles for export

Lanka Tiles PLC is to invest Rs.200 million to manufacture porcelain mosaic tiles for export market with foreign collaboration.

Govt. opens up wheat flour import market with lower tax

The government has removed the consolidated tax of Rs.36 per kg of imported wheat flour and replaced it with the Special Commodity Levy (SCL) of Rs.8 per kg.

When tea and sympathy not enough, a living wage for Sri Lanka’s plantation workers

Tea is one of Sri Lanka’s major export commodities; it sustains the livelihoods of the majority of the estate population in Sri Lanka. Furthermore, it contributes 10 percent to the agricultural gross domestic product and 12 percent to the value of total exports of the country.

The sustainability challenge of China’s BRI

China is focusing on its commitment to the Belt and Road Initiative (BRI) at the expense of long-term sustainability. In the early stages of BRI, an overriding concern with commitment set off what Yuen Yuen Ang calls a Maoist mass campaign to promote the BRI ‘with frenzied enthusiasm and little coordination’. All provincial governments rolled out their local plans to support the central directive while Chinese companies rushed to justify their pr

NTB structures US$ 33.5mn syndicated loan for Maldivian resort project

Nations Trust Bank PLC (NTB) has successfully concluded a landmark US$ 33.5 million syndicated term loan facility for Bayswater Maldives (Private) Limited, a joint venture between Sanken Overseas (Private) Limited, Singapore Hospitality Holdings (Pte) Limited and HIMA Holdings (Private) Limited. 

Government unveils policy framework for next 5 years

The new government of President Gotabaya Rajapaksa has unveiled its National Policy Framework (NPF) themed ‘Vistas of Prosperity and Splendour’ to achieve US$ 6500 per capita income with an economic growth of 6.5 percent per annum under stable macro-economic fundamentals over the next five years, largely by focusing on supporting domestic industries.

UltraTech reduces cement prices to effect tax benefit

UltraTech Cement Lanka (Pvt) Ltd. has reduced the prices of its cement with effect from December 1 passing on the benefits of the reduction in Value Added Tax (VAT) and the removal of Nation Building Tax (NBT) to customers.

Relatively low duty on luxury goods helping Sri Lanka’s potential in retail tourism

Sri Lanka’s relatively low duty structure on luxury goods such as wrist watches are supporting the country to position itself as a regional retail hub by attracting high-end tourists from the region, competing with international retail hubs such as Dubai and Singapore.

Lanka Securities Kosala new CSBA President

Lanka Securities’ chief Kosala Gamage has been appointed the new President of Colombo Stockbrokers Association (CSBA) at the Association’s Annual General Meeting (AGM) held on December 5.

JKH likely to delay scheduled closure of Crescat mall

John Keels Holdings (JKH) is likely to postpone the earlier scheduled closure of the Crescat Boulevard, one of the oldest shopping malls in the country adjacent to Colombo’s Cinnamon Grand hotel, next February.

October trade gap narrows amid decline in imports; exports down marginally

Sri Lanka’s trade deficit contracted in the month of October and also during the first 10 months of 2019 amid slight gain in export income and considerable decline in import expenditure, according to the external trade data released by the Central Bank.

Banning oil palm cultivation: Throwing baby away with bathwater?

It is very unfortunate that the government has decided to stop the expansion of cultivation of oil palm without considering in depth, the merits and demerits. Totally banning the globally most widely used weed killer, glyphosate in 2015, was a similar folly of the previous regime, overlooking the views of the scientists and government high officials and largely on a highly erroneous scientific hypothesis that it was a causal factor in the Rajarat

Azim Hashim Premji: Extraordinary compassionate Indian entrepreneur

Azim Hashim Premji (born July 24, 1945) is an Indian business tycoon, investor, engineer and philanthropist. He is popularly known as the Czar of the Indian IT industry.

Investors get early Christmas on trade, Brexit optimism

Christmas came early yesterday as equities and the pound surged on reports China and the US had reached a trade agreement, while British Prime Minister Boris Johnson won a landslide victory that will allow him to push through Brexit. Investors flocked back into stocks around the world on news that Donald Trump had signed off on a long-awaited pact between the world’s economic superpowers that will see the cancellation of fresh US tariffs due at t

US on verge of landmark China trade deal: Trump

WASHINGTON (AFP) - The United States was poised to announce a historic trade deal with China, days before new tariffs are due to kick in between the world’s two largest economies, easing a commercial dispute that has roiled markets for almost two years. Reports that Washington and Beijing had struck a bargain at last -- subject to approval by US President Donald Trump - sent US stocks sailing to their first record closes of December. “Getting Ver

Boeing acknowledges 737 MAX won’t fly until 2020

WASHINGTON (AFP) - Chastised by the top US aviation regulator, Boeing on Thursday at last acknowledged that its 727 MAX aircraft will not return to the skies until next year. Steve Dickson, head of the Federal Aviation Administration, met Thursday with Boeing chief Dennis Muilenburg to express concerns the company is rushing to get the jets back in the air, the agency said.

High profile delegation from Holland in Sri Lanka on familiarization visit

A delegation from the Vereniging van Kleinschalige Reisorganisaties (VVKR); Small & Medium Tour Operators Association in The Netherlands arrived in Sri Lanka on December 02nd, on an invitation from Sri Lanka Tourism. Upon their arrival, they were given a warm welcome amidst a distinguished gathering, and also had the opportunity of witnessing a cultural performance. The delegation was in Sri Lanka till December 08.

Microsoft unveils Xbox Series X as console war heats up

LOS ANGELES (AFP) - Microsoft has unveiled a name and look for its new gaming console, the Xbox Series X, promising a still-more immersive experience as it fends off threats from streaming and rival Sony. The US company in June p