BAT stubs out 2300 jobs, as vaping casts cloud

(LONDON) AFP: British American Tobacco (BAT) yesterday said it planned to cut 2,300 jobs globally by January as its new boss seeks to drive revenues in controversial e-cigarettes. “My goal is to oversee a step change in new category growth and significantly simplify our current ways of working and business processes, whilst delivering long-term sustainable returns for our shareholders,” Chief E

Hyundai appoints Abans Auto as authorised distributor for Sri Lanka

Hyundai Motor Company has announced Abans Auto as the authorised distributor for Sri Lanka. As the authorised

SAPPTA dismisses minimum export price for Lankan cinnamon

Responding to a recent newspaper article where it was suggested to introduce a minimum export price (MEP) for Sri Lankan cinnamon to prevent unhealthy competition, the management committee of the Spices & Allied Products Producers’ & Traders’ Association (SAPPTA) dismissed such claims and said the competition between Sri Lankan cinnamon and Cassia is keeping prices low. “An individual has suggested recently in the print media that there is intens

Rupee ends flat; stocks edge up

REUTERS: Sri Lanka’s rupee closed flat yesterday, with foreign outflows from government securities showing a declining trend, while equities ended a tad firmer. The rupee ended flat at 180.25/45 per dollar ahead of a long weekend. The currency gained 0.33 percent this week and is up 1.3 percent this year. Markets are closed for a Buddhist r

NOTICE

There will be no Mirror Business tomorrow in view of today’s Poya holiday. The next issue will be on Monday (16).

Economist fears shift towards State and against markets

With elections nearing, a leading economist painted gloomy economic prospects for Sri Lanka, saying that the country is faced with a choice between the devil and the deep blue sea after the current dispensation missed once in a generation opportunity to drive economic reforms. “As we stand h

Women key to achieving upper-middle-income status, says ADB

As Sri Lanka is in the midst of making a transition to the upper-middle-income status, the Asian Development Bank (ADB) this week asserted that focus on women entrepreneurship is becoming increasin

Hong Kong Exchanges proposes US $ 39bn London Stock Exchange takeover

(London) REUTERS: The Hong Kong Exchanges and Clearing Limited has proposed a 31.6 billion pound (US $ 39 billion) takeover of the London Stock Exchange, it said yesterday, just weeks after the London bourse announced a plan to merge with data company Refinitiv.

Fed should get US interest rate ‘down to ZERO, or less’: Trump

(Washington) AFP: President Donald Trump wants US “interest rates down to ZERO, or less,” he tweeted yesterday amid widespread expectations that the Federal Reserve will cut rates later this month.

Safran S’pore bags UL aircraft landing gear deal

The Singaporean unit of the French landing gear company, Safran Landing Systems, has bagged a contract to renovate the landing gear of six A330-200 aircraft of the national carrier, SriLankan Airlines. The Cabinet Office yeste

Rupee gains for third straight session; stocks steady

(Colombo) REUTERS: Sri Lanka’s rupee closed a tad firmer yesterday with foreign outflows from government securities showing a declining trend, while stocks ended steady. The rupee ended 0.03 percent firmer at 180.25/45 per dollar. It closed at 180.30/50 on Tuesday after gaining in the two sessions.

SLTPB plans fresh Rs.1.3bn multi-country marketing campaign

The Sri Lanka Tourism Promotion Bureau (SLTPB) plans to call tenders for a fresh Rs.1.3 billion multi-country marketing campaign next week targeting 12 key source markets of Sri Lanka tourism.

Private sector renews call for stability and policy consistency from next political leadership

Sri Lanka’s private sector, which has been repeatedly affected in recent times due to lack of stability in the operating environment, presented their ‘wish list’ for the next political leadership yesterda

Colombo’s first elevated highway construction begins

Prime Minister Ranil Wickremesinghe yesterday launched the construction work of the elevated highway, which is to be constructed from the New Kelani Bridge to Colombo Port City. The construction of 5.9 km Port Access Road and related facilities will be funded by a US$ 300 million loan from the Asian Development Bank (ADB). The leading construction c

Effective public financial mgt. crucial to achieve economic prosperity: CB Governor

Considering the important role government activities play in an economy, the need for effective public financial management, which is built on trustworthiness of accountants, cannot be overlooked if a nation strives to achieve economic prosperity. “Successful economies deliver sustai

Central Bank to issue lending caps to banks this week

The Central Bank plans to issue lending caps for banks with timelines this week. “We have already made some calculations. The Monetary Board is meeting this week and will consider the proposed caps and timelines. Hopefully, we will be able to issue it this week,” Central Bank Governor, Dr. Indrajith Coomaraswamy told Mirror Business. He said depending on the nature of the lending caps, the timelines given to banks would vary. “If we were to impo

Rupee strengthens for second day; stocks rise

(Colombo) REUTERS: Sri Lanka’s rupee closed stronger for a second day yesterday, after foreign outflows from government securities showed a declining trend, while stocks too ended higher.

HNB raises Rs.10bn via listed debentures

Sri Lanka’s second largest private bank by assets, Hatton National Bank PLC (HNB) said it successfully raised Rs.10 billion via a listed debenture issue. HNB in September last year, announced plans to issue 50 million BASEL III-compliant, Tier II debentures at Rs.100 a share, with an option to issue further 20 million debentures. The bank in January t

Lack of trade finance cited as key constraint to up tea exports

The tea exporters recently complained that the decline in trade finance in the Sri Lankan banking sector restricts tea exports to key traditional markets while hindering the efforts by the exporters to penetrate into new markets. “Due to various reasons, financing or the availability of adequate finance to the trade has declined, which has affected all sectors of the trade. Local banks don’t finance most of our current markets such as Russia, Ir

Japan’s Sugano invests US $ 7.5mn to set up packaging plant in Ja-Ela

Japan’s Sugano Packing Material Co. Ltd is to invest US $ 7.5 million to set up a manufacturing plant to make flexible polythene packaging for Sri Lanka’s tea industry and other sectors. The manufacturing plant, to be located in Ja-Ela, will produce flat-bottomed bags. The company recently signe

Ravi Wijeratne offers to buy troubled MTD Walkers

MTD Walkers PLC, a construction company mired in losses, yesterday told the Colombo Stock Exchange businessman Ravi Wijeratne, one-time director of the company, has agreed to buy the controlling stake held by the firm’s Malaysian parent. A stock e

Lion beer roars in Fiji

Sri Lanka’s largest brewer, Lion Brewery Ceylon PLC, has entered Fiji with its complete Lion range consisting of Lion Lager, Lion Stout, Lion Strong and Lion Extra Strong. A company statement said the products would be available across leading bars, hotels, restaurants and popular retail outlets across the 332 Fijian islands. The company

Rupee recovers from 7-month closing low; stocks rise

Sri Lanka’s rupee closed higher yesterday from its lowest level in more than seven months hit in the previous session after foreign fund outflows from government securities showed a declining trend, wh

Trade war, global economic uncertainty cloud oil outlook at Asia conference

(Singapore) REUTERS: Uncertainties surrounding the global economy, a prolonged trade war between the United States and China and increasing US supplies are expected to weigh on oil prices this year, executives at a key industry conference said yesterday. Their comments at the Asia Pacific Petroleum Conference (APPEC), an annual gathering of top energy executives, were more tempered compared with last year, when merchants were forecasting oil at U

Royal Ceramics amalgamates with tile-making subsidiary

Sri Lanka’s tile and bathware market leader Royal Ceramics Lanka PLC yesterday announced the amalgamation of Royal Porcelain (Pvt.) Ltd, a fully-owned subsidiary of the firm.

ME Colombo at forefront among design concept hotels

ME Colombo, standing as the only design concept hotel in Colombo, with a mesmerising view of Colombo’s skyline, boasts high-end atmospheric offerings along with understated elegance and refined luxury,

Enterprise Sri Lanka exhibition

Prime Minister Ranil Wickremesinghe inaugurated the Enterprise Sri Lanka exhibition in Jaffna on Saturday. Finance Minister Mangala Samaraweera, State Minister Wijeyakala Maheshwaran, TNA MPs M. A. Sumanthiran, Mawai Senathirajah and Dharamalingam Sidharthan were present at the exhibition. The picture shows Premier Wickremesinghe inspecting the Media Zone at the exhibition

Grundfos records healthy 1H growth despite global challenges

Privately held Danish water pump giant Grundfos has reported continued momentum and sales growth in most markets with Western Europe, China, and the global service business as the main contributors.

Microsoft Envision Forum to be held in Colombo for first time

For the first time in Sri Lanka, Microsoft Envision Forum will take place in Colombo on September 11. The inaugural full-day conference is part

Tea industry told to fully commit to Ceylon Tea brand

Sri Lanka’s tea industry stakeholders were urged to create a common platform quickly to make a paradigm shift to revive the struggling 150-year old industry by committing to the globally recognised Ceylon Tea brand, its core values and its brand promise, prior to promoting Ceylon tea in the global marketplace. “If we promo