Shares snap 8-session rally; rupee falls

(Colombo) REUTERS: Sri Lankan shares closed lower yesterday, snapping an eight-session gaining streak, as investors booked profits, while the rupee weakened on higher importer dollar demand.

SEC’s dialogue with PLCs today

The Securities and Exchange Commission of Sri Lanka (SEC) will engage the publicly-listed companies (PLCs) in a dialogue today, between 4:30 and 7:30 p.m., at Grand Ballroom, Hilton Colombo.

Oil outlook sours as sanctions, global tensions fail to bring out bulls

(London/New York) REUTERS: Sentiment in the oil market has shifted dramatically in recent days, with hedge funds, producers and traders all taking a more bearish tack in response to what they see as weakness in worldwide demand.

Presidential Election 2020: Who will craft our own digital future?

From counter-terrorism to recovery: Lessons from international experience

Man-made terror attacks – like natural disasters – are extreme events and their frequency appears to be rising globally.

Replaced by a robot? Labour migration from Sri Lanka in the Age of Intelligence

Labour migration from Sri Lanka has experienced many changes in recent years. Often, these are due to traditional reasons, such as oil price fluctuations and the slowing down of growth in destination economies.

Sampath Bank expects to accelerate lending by year end

Sri Lanka’s third largest private lender in terms of assets, Sampath Bank PLC, expects its credit growth to accelerate over 10 percent by the end of this year, beating industry projections. “We certainly feel going above 10 percent credit growth at the end of the year,” Sampath Bank, Managing Director Nanda Fernando told reporters in Colombo last week. He said that the bank was focu

Plantation Industries Ministry in new replanting push

The Ministry of Plantation Industries is to launch a fresh initiative with an investment of Rs.300 million to boost low replanting rates in Sri Lanka’s tea industry. Plantation Industries Minister Navin Dissanayaka last week announced that the Rs.300 million programme will be launched with an aim to replant over 1000 hectares b

Fourth industrial revolution poses great challenges, greater opportunities: Sagala

As the world is witnessing a time of tremendous challenges, the fourth industrial revolution has changed every aspect of people’s lives and the way they go about their careers, according to Ports, S

UK provides US$ 4.7 bn unutilised export potential for Lankan apparels: report

Sri Lanka’s apparel industry could significantly boost its exports to the United Kingdom (UK) with US$ 4.7 billion unutilised export potential, according to the Ceylon Chamber of Commerce’s (CCC) ‘Sri Lanka - United Kingdom Bilateral Trade and Investment’ report, launched last week in Colombo. Sharing the key findings of the re

U.S. wants military cooperation pact with Sri Lanka to tackle red tape: envoy

(Colombo) REUTERS: The United States wants a special forces cooperation agreement with Sri Lanka to sidestep bureaucracy and has no intention of setting up a military base in the country, the American ambassador to the island nation said in a television interview. The comments represent the latest attempt by ambassador Alaina B. Teplitz to assuage concerns over U.S. involvement in the Indian Ocean island after plans to sign a Status of Forces Agr

Biz chambers told not to be selective in their advocacy

An influential minister in the current dispensation last week expressed displeasure over the inconsistent and selective advocacy of chambers led by the Ceylon Chamber of Commerce (CCC), instead of playing a crucial role in pushing forward the much needed economic policy reforms. “You (CCC) have a va

First half tea output hits 5-year high

Sri Lanka’s tea production in the first half of the year (1H19) has hit a five-year high, thanks to the favourable weather conditions that prevailed during the period resulting in higher output specially during the second quarter of the year.

Careers mobile app launched

Careers mobile app, a free mobile app which is a first-of-its-kind in Sri Lanka, was launched by CareerMe at the CA Auditorium this week. The career guidance mobile app aims to make it easier for students across the country to get career guidance at the touch of a fingertip.

SriLankan’s Travel Fest offers discounts up to 40% on Business Class air tickets

SriLankan Airlines launches ‘SriLankan Travel Fest’ offering an amazing discount of 40 percent on Business Class to over 35 destinations when booked through its online channel www.srilankan.com.

Asian markets rally on fresh hopes for steep Fed rate cut

HONG KONG (AFP) - Asian markets rallied yesterday as comments from a top Federal Reserve official were pounced on by investors as indicating the central bank will unveil a deep interest rate cut at the end of t

Profit soars for Microsoft fueled by cloud, business services

SAN FRANCISCO (AFP) - Microsoft on Thursday posted quarterly earnings that trounced expectations, citing growth in partnerships with companies on technology and cloud computing services.

Shares extend gains for 8th session on foreign inflows

COLOMBO (Reuters) - Sri Lankan shares rose for the eight consecutive session yesterday to end at a more than a four-month high, as banking stocks continued to lead gains, while the rupee edged down on high dollar demand from i

PepsiCo to buy South Africa’s Pioneer Food for US$1.7 bn

JOHANNESBURG (Reuters) - PepsiCo has struck a deal to buy South Africa’s Pioneer Food Group for US$1.7 billion, the companies said yesterday, lifting Pioneer’s shares and boosting a sector that has been hit by drought and tough trading conditions.

France to lead search for European candidate to head IMF

France (AFP) - French Finance Minister Bruno Le Maire has said this week that he will lead talks on finding a single European candidate to succeed Christine Lagarde as head of the International Monetary Fund (IMF).

Kenya launches Africa’s biggest wind farm

LAKE TURKANA, Kenya (AFP) - Kenya yesterday inaugurate Africa’s biggest wind power plant, a mammoth project in a gusty stretch of remote wilderness that now provides nearly a fifth of its energy needs.

Hatton National Bank shines at Euromoney, Asian Banker Awards

Hatton National Bank PLC (HNB) continued to garner sweeping acclaim for its transformational approach to banking, bringing home a trio of high profile awards including being declared the Best Bank in Sri Lanka for 20

Colombo to get US $ 4mn entertainment park

State-run investment promotion agency, Board of Investment (BOI) yesterday said it had signed an investment agreement with a foreign firm to set up an entertainment park in the suburbs of Colombo.

Solid demand for Lankan ISBs signals potential for strong economic recovery

Strong demand on the recent issuance of Sri Lankan international sovereign bonds (ISB) signals potential for a strong economic recovery, according to Ceylon Asset Management (CAM) Director and Economic Advisor, Rainer

SL to strike oil-for-tea barter deal with Iran

Sri Lanka is planning to export tea to Iran under a barter system from this September onwards at least for the next two years, as the U.S. sanctions on Iran disrupt Sri Lankan tea exports to that c

Bogawantalawa Rs.850mn debt snapped up on opening day

The maiden debenture issue of Bogawantalawa Tea Estates PLC aimed at Rs.850 million was fully subscribed yesterday, the official opening day of the issue, which is the first non-finance sector debt listing so far this year.

CB expects lending rates to fall further shortly

The Central Bank (CB) yesterday said it has taken a number of measures to reduce lending interest rates in the country’s banking system so that small and medium-sized enterprises (SME) can borrow at reduced rates.

The HR mantra that guide great workplaces

Great Place To Work Institute held its award programme for the sixth time last week. Great Place to Work Institute Sri Lanka has been conducting studies to understand and recognise the best workplaces in Sri Lanka since 2013.

May trade gap narrows; imports continue to fall

The trade deficit in the month of May narrowed significantly on the combined effect of the continued decline in imports and increase in exports, the data released by the Central Bank showed, yesterday.

ComBank launches SL’s first QR-based payment app

Commercial Bank of Ceylon has launched ComBank Q+ – the first Quick Response (QR)-based payment app to be launched under LankaQR – creating history yet again by introducing technology that matters in the lives of the bank’s customers.