CSE Anuradhapura Branch Manager recognized by Toastmasters International

Tharaka Amarasena, the Manager of the Colombo Stock Exchange (CSE) Anuradhapura branch was recently recognized by Toastmasters International as its District 82 Toastmaster of the year for 2017/18.

Cuba lowers tourism target by 15% after US cruise ban

HAVANA (AFP) - Cuba has revised down by about 15 percent its forecast for the number of tourists visiting this year, after a US ban on cruise ship stopovers in the Communist island, the government said on Thursday.

Correction

In the article titled ‘Adamjee Lukmanjee sets up Sri Lanka’s first pepper cleaning facility’, which was published in Mirror Business on July 11, 2019 (Page 1), it was mentioned that Adamjee Lukmanjee was the first to set up a pepper cleaning facility in Sri Lanka, but it is in fact not the first to introduce such in Sri Lanka. We regret the error.

Asian markets extend gains as Fed hopes linger

HONG KONG (AFP) - Asian equities rose yesterday, building on optimism fuelled by expectations of a Federal Reserve interest rate cut, with debate now focusing on how far the central bank will go.

Volkswagen to inject US$2.6 bn into Ford unit Argo AI: source

HAMBURG (REUTERS) - Carmaker Volkswagen will inject US$2.6 billion into Ford’s self-driving unit Argo AI at an overall valuation of US$7 billion in the deal, a source close to the matter said yesterday. Volkswagen will contribute

Japan firm says US$32 mn missing in cryptocurrency hack

TOKYO (AFP) - A Tokyo-based cryptocurrency exchange said yesterday it had halted all services after losing cryptocurrency worth more than US$32 million in the latest apparent hack involving virtual money.

Group of tourists at the Independence Square, Colombo 07

The picture shows a group of tourists at the Independence Square, Colombo 07 yesterday. Tourist arrivals almost doubled in June over May as the industry which generated US $ 4.4 billion for Sri Lanka’s economy last year moves to recovery after the deadly Easter Sunday terrorist attacks on April 21. Sri Lanka welcomed 1.16 million tourists in the first half of this year. Tourism authorities last week said they were expecting to end this year with

Tourism only way to overcome poverty in Sri Lanka: Kishu

Tourism is the only way to overcome extreme poverty in Sri Lanka where 40 percent of the population is unable to afford three decent meals a day, Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Kishu Gomes said.

Central Bank cuts economic growth to 3%

The Central Bank (CB) yesterday cut the economic growth to 3 percent for the year from the earlier projected 4 percent, as the Easter Sunday attacks adversely impacted the economic activities.

SL mulls issuing Samurai bonds before elections

Sri Lanka is exploring the possibility of issuing 10-year Samurai bonds under the provisions of the Active Liability Management Act (ALMA) before election cycle begins. “We are going to Tokyo later this month to explore the possibility of issuing Samurai bonds,” the Central Bank Governor Dr. Indrajit Coomaraswamy said. He noted that the Centra

Banks considering Rs.101bn tourism sector loan relief

Banks are making progress in processing moratoriums on loans granted to the tourism sector, as the sector seeks moratorium on loans worth of Rs. 101 billion. Central Bank Governor Dr. Indrajit Coom

SLTPB to award nearly Rs.1bn worth PR campaigns to JWT

The Sri Lanka Tourism Promotion Bureau (SLTPB) is planning to finally ink agreements with J. Walter Thompson (JWT) this week to award almost Rs.1 billion worth PR and advertising campaigns after facing delays due to bureaucratic red tape.

Shares rise to 12-week closing high; rupee firmer

(Colombo) REUTERS: Sri Lankan shares rose for the third straight session yesterday to a 12-week closing high, as investors bought diversified and telecom stocks ahead of a key policy rates announcement later in the day.

Inflation risks flagged over possible higher fiscal spending ahead of elections

HSBC Global Research this week flagged the possibility of inflation creeping up, derailing the plans of Sri Lanka’s Monetary Board to ease monetary policy, should there be increased fiscal spending ahead of crucial national

how to arrest economic downturn: Hold national-level elections before end-2019

The very first article of the 1978 constitution says Sri Lanka shall be known as the Democratic Socialist Republic of Sri Lanka. One can argue that Sri Lanka at present is neither democratic nor socialist. As for the ‘democratic’ part in the constitution, what exactly is a democratic form of governance? This is a way of making collective decisions in society, which requires free and fair elections to be held at the right time and respect for the

Facebook ups investments to curb hate speech in SL

Facebook has significantly increased its investments to ramp up Sinhala and Tamil language expertise targeting to curb hate speech and other harmful contents originating from Sri Lanka on the social media platform.

Adamjee Lukmanjee invests Rs.48mn in pepper cleaning facility

Adamjee Lukmanjee (Pvt.) Ltd, a subsidiary of Adamjee Lukmanjee Group of Companies established in 1865, recently launched the company’s pepper cleaning facility, at its premises on Grandpass Road, Colombo 14.

John wants financial institutions not supporting tourism recovery dealt with

Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga wants the authorities to revoke the licences of financial institutions which fail to implement the financial relief package introduced to help the tourism sector recovery in the aftermath of the Easter bombings.

Asian markets rise as Fed boss takes centre stage

(Hong Kong) AFP: Asian markets mostly rose yesterday after two days of losses with investors focusing on congressional testimony by Federal Reserve boss Jerome Powell.

Struggling tea factories remain hopeful of financial relief

Sri Lanka’s struggling tea factories are likely to receive a financial relief package with the intervention of the Plantation Industries Ministry.

Shares post near 12-week closing high; rupee firmer

(Colombo) REUTERS: Sri Lankan shares rose for the second straight session yesterday to a near 12-week closing high, as investors bought diversified stocks ahead of a key policy rates announcement later this week.

Current economic woes to weigh on leasing, finance industry in 2019: PLC CEO

The Colombo Stock Exchange (CSE) in partnership with Daily Mirror is featuring a column on Mirror Business as an Investor Relations initiative. The column, which will be featured in a Q&A format, encourages S&P SL20 companies to bring attention to developments in the industry, the company and discuss growth prospects. Following are the excerpts from the interview conducted with People’s Leasing and Finance PLC (PLC) CEO/General Manager Sabry Ibra

Over 2mn tourist arrivals expected this year following reduction in airport charges

Sri Lanka’s State-run tourism authority expressed confidence on a faster recovery of the sector with over two million arrivals this year, backed by recent reduction of charges at Bandaranaike International Airport (BIA) and other supportive measures. Following th

Japanese firm to set up US $ 8.4mn boutique hotel in Ahungalla

Wakana JPN (Pvt) Ltd. a Japanese firm which already operates two hotels in Sri Lanka’s southern coastal strip, is to invest US $ 8.4 million for a new boutique hotel in Ahungalla. The 21-roomed property will be designed by famous Japanese architect Kengo Kuma and every aspect of the hotel from the design of the building, to the furniture, internal décor and cuisine, are to be optimized according to the traditions of both Sri Lanka and Japan. Waka

More power to Ceylon Chamber to ask the right questions

Sri Lanka’s premier business chamber, the Ceylon Chamber of Commerce (CCC), this week was at the receiving end of prime ministerial anger over the apex organisation’s recent statement regarding the Millennium Corporation Challenge (MCC) and Status of Forces Agreement (SOFA), a political hot potato in the current context. On July 3, the C

Where have all typists gone? Technology and changing job profiles in Sri Lanka

A few decades ago, typing and shorthand courses were popular amongst young girls aiming for low-skilled office jobs. But today, no one aspires to be a typist. With the proliferation of computers, most do their own typing. But the demand for graphic designers and copy editors has increased, as individuals attempt to use new software to make their written work more interesting and reader-friendly.

Visa on arrival programme likely to make comeback

The government plans to revive the recently suspended free visa and visa on arrival programme from August 1 this year for 39 countries. Tourism Development Minister John Amaratunga yesterday revealed that his ministry along with the Department of Immigration and Emigration are jointly working on a proposal to seek Cabinet approval to revive the free visa and visa on ar

Cabinet nod for IoT road map

The Cabinet nod has been received for the proposed road map of Internet of Things (IoT), which is seen as a mechanism to standardize and regulate IoT technology of Sri Lanka.

CB seen keeping rates steady after easing to spur growth

(Colombo) REUTERS: Sri Lanka’s Central Bank is expected to leave its key interest rates unchanged tomorrow, a Reuters poll showed, after cutting them in May to support the economy as tourism and investment plummeted in the wake of Easter Sunday bombings. Economic growth i

HSBC paints gloomy economic outlook for Sri Lanka

Painting a rather bleak outlook, HSBC Global Research this week stated that any recovery in the Sri Lankan economy is unlikely until the much anticipated Presidential and Parliamentary polls are held to end the current policy and political impasse. Extreme weather patterns and political crisis over th