Inclusive institutions, meritocracy vital for new governance model

The presidential elections are around the corner and it is likely it will be held on Saturday, November 16 or 23. The main issues for public debate at the presidential elections would be national security concerns, economic downturn, further strengthening democratic institutions, religious and ethnic peace and harmony, upholding human rights and few other issues affecting the people.

India’s ‘multipolar Asia’ and China

India envisions a ‘multipolar Asia’: shared regional leadership where major and minor powers have equal standing in decision-making. This model is based on the rationale that China’s rise in Asia is unbalancing the regional power structure and eroding India’s strategic choices. While a growing association with China in bilateral and multilateral mechanisms has made New Delhi more open to Beijing’s engagement, China’s strategic urge to dominate ha

Malaysia’s Axiata flags other deals, tower unit initial public offering after Telenor letdown

(Kuala Lumpur) REUTERS: Malaysia’s Axiata Group is discussing deals with other parties and considering an initial public offering of its tower business, executives said after announcing the collapse of a planned Asian telecoms deal with Norway’s Telenor. The Telenor deal fell

SLT to go for private placement to comply with public float rules

Sri Lanka Telecom PLC (SLT) is to carry out a private placement of shares to meet the regulatory minimum public shareholding requirement stipulated by the Colombo Stock Exchange listing rules.

Govt. offers collateral-free loans to NP entrepreneurs

Finance Minister Mangala Samaraweera who is in Jaffna overseeing the implementation of the entrepreneurship loan scheme to young people in the Northern Province yesterday held series of meetings with war-affected people in order to help them make use of the opportunity under the Enterprise Sri Lanka exhibition.

SL slumps 13 places in WEF’s latest Travel & Tourism Competitiveness Report

Sri Lanka has slumped 13 places to be ranked 77th out of 140 countries in the World Economic Forum’s (WEF) latest Travel & Tourism Competitiveness Report published under the theme of ‘Travel and To

Buildcon & Wood Int’l Expo 2019 opens

The Sri Lanka Buildcon and Wood International Expo supported by Confederation of Indian Industry (CII) and Ministry of Commerce & Industry of India was inaugurated yesterday by the Minister of Megapolis & Western Development, Patali Champika Ranawaka and the High Commissoner of India, Taranjit Singh Sandhu. More than 70 Indian companies with a focus on varied products and services related to engineering, procurement & construction (EPC), commerci

Asian markets rise again as investors make most of feel-good vibe

HONG KONG (AFP) - Asian markets rose again yesterday as the feel-good factor that fired investors the day before looked set to push into the weekend, fuelled by upbeat data and trade optimism.

PM to open Enterprise Sri Lanka exhibition in Jaffna today

The Enterprise Sri Lanka Jaffna exhibition organized by the Ministry of Finance which aims to create entrepreneurs will be declared open by Prime Minister Ranil Wickremesinghe in Jaffna today (September 7).

Rupee ends at its lowest in over 7 months; stocks fall

Sri Lanka’s rupee closed at its lowest level in over seven months as foreign fund outflows from government securities rose, while stocks extended losses for the third straight session. The rupee ended weaker at 180.80/181.00 per dollar, its lowest since Jan. 28. It closed at 180.75/90 on Thursday. However, the currency is up 1 percent this year. Foreign investors sold government securities worth Rs.25.2 billion in the two weeks ended on Aug. 28,

Japan’s Nissan mulls pulling out of South Korea as trade tensions rise

TOKYO (Reuters) - Nissan Motor Co is considering pulling out of South Korea, the Financial Times reported yesterday, as political and trade tensions between Japan and South Korea have caused sales of Japanes

Fitch downgrades Hong Kong citing protests and China fears

HONG KONG (AFP) - Hong Kong’s reputation as a dependable financial hub took a hit yesterday after Fitch downgraded the city’s sovereign rating, citing ongoing protests and uncertainty caused by closer integration with the Chinese mainland.

Trade war cited as cause for 10,000 layoffs in August: report

WASHINGTON (AFP) - The pace of downsizing at American companies surged last month, with more than 10,000 job cuts blamed on “trade difficulties” alone, according to figures released this week.

China to cut reserve requirements for banks to boost economy

BEIJING (AFP) - China’s central bank announced yesterday it was cutting the reserve requirements for banks, in a bid to boost lending and bolster the slowing economy.

Corporate leaders call for decisive leadership ahead of elections

Ahead of the upcoming election cycle, Sri Lanka’s corporate sector leaders stressed on decisive leadership, security, national economic policy, rule of law, increased R&D spending and educational reforms to transform the country to an export-oriented economy, in order to become a developed nation.

Shermal Fernando appointed CIC Holdings COO

Shermal Fernando has been appointed as Chief Operating Officer (COO) of CIC Holdings PLC with effect from September 1, the company said in a brief media statement yesterday.

Sri Lanka’s first ever Samurai bond gets Cabinet nod

The Central Bank (CB) has secured Cabinet approval to appoint lead managers to launch Sri Lanka’s first ever yen-denominated Samurai bond issuance

Cargills Bank hurt by rising NPLs and sluggish economy

Cargills Bank PLC recorded a net loss during the period ended in June 30, 2019 (2Q19) as the lender was stung by hefty non-performing loans in a hobbling economy. The bank reported Rs.64.4 million loss or 7 cents per share in negative earnings for the three months under review compared to a profit of Rs.52.5 million or 53 cents a share. The poor bottom line resulted from heavy credit losses due to rise in non-performing loans and the contractio

Address public sector issues before national policy dialogue: Eran

Sri Lanka must address the fundamental issues in the country’s public sector before moving into a national policy dialogue, Finance State Minister Eran Wickramaratne said.

Foreign outflows from Sri Lanka govt. bonds settling after rate cut, says Central Bank

(Colombo) REUTERS: Outflows from Sri Lanka’s government securities have been settling after the Central Bank’s rate cut last month, the Central Bank’s senior Deputy Governor Nanda

Rupee extends losses as fund outflow worries weigh

(Colombo) REUTERS: Sri Lanka›s rupee fell further yesterday to close at its lowest level in more than seven months, due to continued foreign fund outflows from government securities after a surprise rate cut last month.

No current parliamentarian issued with liquor license: FinMin

Although liquor licenses were issued to owners of hotels approved by the Tourist Board after 2015 with the intention of developing the tourism industry, none of the current parliamentarians h

A weakening global economy calls for a consensus on Sri Lanka’s priorities

Global stock markets seem jittery once again. After substantial rallies during the first half of 2019, stock markets have given back much of their gains over the last two months. Against fears over a global recession, an intensifying trade war between the US and China and an increased likelihood of a disorderly Brexit, stock markets plummeted in the US, Asia and Europe in August. Asian equities dropped by 4 percent during the month, whilst Europe

Airtel says geared for opportunities Sri Lanka has to offer

Sri Lanka’s telecommunication industry is now at an interesting juncture. With two existing players merging their operations and the regulator removing the floor price on voice calls, the industry appears to be heading for exciting times. In this backdrop, Mirror Business spoke to Jinesh Hegde, CEO of Airtel Lanka, a unit of India’s Bharti Airtel, which entered the Sri Lankan market a decade ago, to find out Airtel Lanka’s future plans and his ta

Why aren’t there more universities like SLIIT?

The education sector or more specifically the higher education sector is big business in Sri Lanka. One need not go far to understand its potential from an entrepreneurial point of view, as the Sunday papers are heavy with the number of special supplements on higher education with an information overload on the spread of choices available to students seeking degrees outside of state universities.

Winning over millennials for life insurance in Sri Lanka

Marketers have been trying to crack the code of how millennials purchase products. They’re perceived to be a baffling group of individuals whose purchasing decisions are uncanny and random.

Address public sector issues before national policy dialogue: Eran

Sri Lanka must address the fundamental issues in the country’s public sector before moving into a national policy dialogue, Finance State Minister Eran Wickramaratne said. “I’m convinced no country will rise above without the support of the public sector. The fundamental issues need to be resolved before moving into the national policy,” he said. He made these re

One-day licence renewal service for tourism service providers

The Sri Lanka Tourism Development Authority (SLTDA) yesterday officially launched a five-step, one-day licence renewal service for the tourism industry service providers, an effort taken towards improving the standards of the industry and ensuring sooth operations. As an initiative to expedite the annual renewal of licences process and to deliver enhanced satisfaction to the tourism industry service providers, the SLTDA said it is now fully geare

Corporate leaders call for decisive leadership ahead of elections

Ahead of the upcoming election cycle, Sri Lanka’s corporate sector leaders stressed on decisive leadership, security, national economic policy, rule of law, increased R&D spending and educational reforms to transform the country to an export-oriented economy, in order to become a developed nation. “We need

Tourism authorities confident of achieving 2.1mn visitors this year

The Sri Lanka Tourism Development Authority (SLTDA) yesterday expressed confidence in achieving the 2019 year-end target of 2.1 million tourist arrivals, as the August figures indicate the industry is reaping the benefits of the post-Easter Sunday attack revival me