John Keells Hotels provides Rs.2.45bn corporate guarantee to People’s Bank

John Keells Hotels provided a corporate guarantee for Rs.2.45 billion to People’s Bank yesterday, in respect of a long-term loan facility obtained by its subsidiary, Ceylon Holiday Resorts Ltd, for redevelopment of Cinnamon Bentota Beach.

Facebook’s commitment to Sri Lanka election

We believe Facebook can be a valuable force for democracy around the world, encouraging healthy debate, providing voters more direct access to their candidates and giving more people a voice in the political process. That is why we are focused on ensuring the integrity of elections on Facebook and we have learned a lot from our work around the world over the past few years.

CB sees private credit improving to 5-6% by end of the year

The Central Bank (CB) expects private sector credit growth to pick up by end of this year amid anticipated low interest rates through lending rate caps slapped on banks and enhanced business confidence. Speaking t

JKH ranked as Sri Lanka’s Most Respected Entity for 14th year

For a record 14th year, John Keells Holdings PLC (JKH) was ranked as the Most Respected entity in Sri Lanka, in the recently released edition of LMD’s Most Respected entities issue. In terms of the 10 attribute rankings, JKH has taken the lead in seven categories, namely financial performance, management profile, honesty, dynamism, corporate culture, CSR and vision.

First Capital rules out third rate cut 

First Capital Research predicts zero chance for a third policy rate cut this year ahead of Central Bank’s Monetary Policy Review scheduled for this Friday. “The Central Ba

Altair infuses US$ 25 mn via syndicated loan

A consortium of leading local banks, comprising of the Bank of Ceylon, NDB Bank and National Savings Bank has raised a syndicated loan of US$ 25 million (Rs 4.5 billion at current rates) for Sri Lanka’s showpiece high rise property development Altair, in a noteworthy vote of confidence in the prospects for the project as well as for the sector in general. One of the l

Hong Kong bourse scraps US$ 39 bn play for London Stock Exchange

HONG KONG (Reuters) - Hong Kong’s bourse yesterday dropped its unsolicited US$ 39 billion bid for London Stock Exchange Group (LSE), conceding it hadn’t won over LSE management for a move that could have transformed both global financial services businesses. The surprise approach, made last mo

Enjoining order restrains MTD Walkers from giving effect to Ravi Wijeratne’s offer

MTD Walkers PLC, a construction major mired in losses, yesterday informed the Colombo Stock Exchange that one of its creditors has obtained an enjoining order preventing them giving effect to a recent volunta

HNB one of the best capitalised banks in the country: Managing Director

Jonathan Alles, Managing Director and Chief Executive of Hatton National Bank (HNB) in an interview with Mirror Business speaks about the bank’s key achievements, banking sector performance, fourth industrial revolution etc. Excerpts:

Fitch says lending rate caps may not support loan growth in short term

The lending rate caps on banks may not yield the desired effect of stimulating credit demand in the short term, as the root cause of the problem lies not with the rates but with the borrower sentiments and subdued economic activity, said Fitch Ratings.

EDB kicks off groundwork to develop wellness tourism strategy, national brand for Sri Lanka

The Sri Lanka Export Development Board (EDB) kicks off the groundwork to develop an international wellness tourism strategy and a brand development initiative within a year, to position the country as a leading player in the US $ 2.6 trillion global wellness tourism industry, under the five-year National Export Strategy (NES).

Litro Gas Lanka and CAA enter into agreement on LPG prices

Following two years of extensive negotiations and deliberations, Litro Gas Lanka, Sri Lanka’s largest importer and supplier of liquefied petroleum gas (LPG), has been able to arrive at an agreement with the Consumer Affairs Authority (CAA) of Sri Lanka, on the LPG price.

Softlogic Capital to raise Rs.1.5bn via listed debt

The finance sector holding company of Softlogic Holdings PLC, Softlogic Capital PLC, yesterday revealed plans to raise Rs.1.5 billion via a listed debenture issue.

CAL surpasses Rs.100bn footprint in investment banking

Capital Alliance (CAL) extends its market leadership in investment banking services with its transaction footprint exceeding Rs.100 billion in the past two years.

Stocks, rupee firmer as presidential frontrunner files nomination

(Colombo) REUTERS: Sri Lankan stocks and rupee closed firmer yesterday after presidential frontrunner Gotabaya Rajapaksa, who faced uncertainty over his candidature, filed a nomination early in the day.

Can multinationals save ASEAN from the middle-income trap?

The middle-income trap has become a concept deployed frequently in conversations among policymakers and academics in East Asia. The term is used by those trying to understand failed industrial upgrading in the region, which has occurred against a backdrop of prolonged economic slowdown in ASEAN middle-income countries.

Is it possible for Sri Lanka to afford trillion rupee public service?

As Sri Lanka’s annual public service salary and pension bill exceed one trillion rupees per annum for the first time in history, the writer calls upon Presidential Candidates to present their proposals for meaningful public service reform.

Cinnamon’s 15th property opens doors in Maldives

Cinnamon Hotels & Resorts, the leisure arm of John Keells Holdings continues expansion with the opening of its newest hotel, Cinnamon Velifushi Maldives. The opening of the new r

Need for broad-based high school education through multidisciplinary approach urged

Sri Lanka is urged to broad-base its high school education system through a multidisciplinary and interdisciplinary approach to prepare future graduates to stay relevant in the dynamic economy.

Intellectual Property vital for socio-economic advancement: SL envoy

Addressing the 59th Session of the WIPO General Assemblies recently, the delegation of Sri Lanka recalled how strengthened Intellectual Property systems remained critical to the effective pursuit of economic and social development, by enabling developing countries to be fully engaged in the global economy driven by knowledge and innovation. Sri Lanka’s envoy in Geneva, Ambassador A.L.A Azeez, referred to the multifaceted work that WIPO has carri

Craft sector wins free insurance cover for first time

Sri Lanka has activated the long awaited free insurance facility to its historic crafts and handicrafts sectors. Sri Lanka announced it’s also keen on introducing hi-tech design tools to its craftsmen so that their intricate work could garner better global attention. “Very soon there will be demands by our craft sector to start work with l

Sri Lanka should set up professional debt management unit: Academic

As Sri Lanka increasingly indicates characteristics of a debt trap scenario, an academic urges the government to consider setting-up a professional debt management unit to manage the debt efficiently. “A typical debt trap situation is when you a

Mercedes-Benz offers subsidies to retrofit older diesel cars in Germany

BERLIN (Reuters) - Daimler said recently Mercedes-Benz customers in Germany could apply for a 3,000 euro (US$ 3,350) subsidy to upgrade the exhaust filters of older, polluting diesel vehicles, the latest effort am

Iran says China’s CNPC pulled out of gas project

TEHRAN (AFP) - Iran’s oil minister said yesterday that China’s CNPC has withdrawn from the development of an offshore gas field and that state-owned Petropars will take over the entire project. The South Pars gas field was to be developed jointly by France’s Total, China National Petroleum Corporation and Petropars under a US$ 4.8-billion (4.1 billion-euro) deal signed in July 2017. The deal came after Iran rea

Ceylon Tea global promotion campaign kicks off in Moscow

The maiden launch of the Ceylon Tea Global Promotion Campaign took-off ceremonially with pomp and pageant in the capital city of the Russia Federation last week. Moscow was the center of attraction where 150 guests from the tea fraternity were mesmerized by the cultural troop of Chandana Wickramasinghe consisting of ten male and female dancers.

Construction work begins to launch CineCity Waterfront and Art Centre by 2020

Bringing in new hopes to the Sri Lankan cinema industry, construction work for Cinecity Waterfront and Art Centre commenced yesterday. Back in the day Pettah has had strong links to Sinhala Cinema and was frequented by artistes and those who appreciated arts. This culture eventually died down. But 105 years later, Pettah will once again transform in

MODSIT to fast track German investments in Sri Lanka

The Ministry of Development Strategies and International Trade (MODSIT) and the Board of Investment of Sri Lanka held an interactive meeting titled ‘German Sri Lankan Fast Track Dialogue with the German investor community’, to address any issues faced by investors from Germany currently operating in Sri Lanka. The German delegation was led by Jorn Rohde, Ambassador of the Federal Republic of Germany to Sri Lanka. German Companies which were rep

CSE joins the world ringing trading bell for financial literacy

The Colombo Stock Exchange (CSE) yesterday joined market operators around the world by ringing the bell for financial literacy, to celebrate World Investor Week 2019, a global campaign that aims at raising awareness amongst the masses on the features of the financial landscape in their respective countries. An initiative of the Internation

US computer maker HP to cut thousands of jobs

SAN FRANCISCO (AFP) - US computer and printer maker HP announced Thursday it will cut more than 10 percent of its global workforce to simplify operations and cut costs. The California-based company said it will trim its workforce of some 55,000 employees by up to 9,000 positions over the next three years. “We are taking bold and decis

Asian markets mixed ahead of US jobs data as economy fears build

HONG KONG (AFP) - Asian markets were mixed yesterday as investors tentatively await the release of key US jobs data later in the day, following a number of disappointing figures this week that fanned concerns about the world’s top economy. Hong Kong tumbled, with property firms among the worst hit, as demonstrators took to the streets again to protest the imposition of a law banning face masks following months of sometimes violent protests.