ComBank wins ACEF ‘Social Media Brand of the Year’ award for second year

The Commercial Bank of Ceylon has been adjudged the ‘Social Media Brand of the Year 2019’ for the second consecutive year at the 8th Global Customer Engagement Forum & Awards in Mumbai, sharing the honour with joint Gold winner Switzerland Tourism.

IMF completes fifth review; releases US$ 164.1mn to SL

The Executive Board of the International Monetary Fund (IMF) has approved US$ 164.1 million disbursement for Sri Lanka, completing the fifth review of the Extended Fund Facility (EFF) arrangement the island nation has wit

Growth at NDB slows amid asset quality challenges, sluggish loan demand

National Development Bank PLC (NDB), which was on an aggressive growth path last year, was seen treading carefully during the March quarter (1Q19) amid narrow capital buffers and rising non-performing loans in a moribund economy.

Dialog gets tailwind from strong rupee; mobile business plateaus

Profits at Dialog Axiata PLC received a tailwind from the appreciation of the rupee during the quarter ended March 31, 2019, while its mobile telephone operation—the group’s cash cow— showed signs of plateauing amid billions of rupees ar

Slower loan growth, higher provisions and taxes dent ComBank 1Q19

Decline in loan book, higher impairment charges and taxes dented the March quarter (1Q19) performance of Commercial Bank (Ceylon) PLC, Sri Lanka’s largest private lender with over Rs.1.3 trillion in assets, the interim financial accounts released to the Colombo bourse showed. The banking group recorded earnings of Rs.3.05 per share or Rs.Rs.3.1 billion for the quarter under review compared to Rs.4.07 per share or Rs.4.1 billion reported for the s

Kishu steps down from SLTDA

Kishu Gomes has resigned from the chairmanship of Sri Lanka Tourism Development Authority (SLTDA), and from now on will only function as Chairman of Sri Lanka Tourism Promotion Bureau (SLTPB) in order to fully focus on re-building Sri Lanka’s tourism brand in the aftermath of the Easter Sunday terrorist attacks.

Construction industry experiences over 25% decline in worker turnout

Sri Lanka’s construction sector is experiencing an over 25 percent decline in worker turnout in the aftermath of Easter Sunday attacks, contributing to a considerable productivity loss. Access Engineering PLC Managing Director Christopher Joshua told Mirror Business that Access Engineering is experiencing close to 25 percent reduction in worker turnout on average while the figure is higher for

A word of caution for govt. handling the crisis

The essential food and commodities importers last week wrote to Prime Minister Ranil Wickremesinghe expressing their grievances in the aftermath of the Easter Sunday terrorist attacks and requested immediate assistance by way of rescheduling of loans, moratoriums on capital and interest payments and concessionary rates for working capital loans. They sounded as if their businesses wer

Sri Lankan attacks and inter-communal relations – Analysis

Sri Lanka has had a turbulent history in recent centuries, especially over the last few decades. This has often been linked to rivalries between communities perceived to be different by either or both religion and ethnicity.

Mirror Biz Toon

IMF completes fifth review: approves US $ 164.1mn

The Executive Board of the International Monetary Fund (IMF) has approved US $ 164.1 million disbursements for Sri Lanka, completing the fifth review of the Extended Fund Facility (EFF) arrangement Sri Lanka has with the multilateral lender.

Stocks, rupee extend falls in dull trade

Sri Lankan shares fell yesterday for an eight straight session, closing at their lowest in more than six-and-a-half years and the rupee slipped for a third day in dull trade, as the Easter bombings drove off investors.

Deutsche Bank talks with UBS on asset management deal stall

(Frankfurt/Zurich) REUTERS: Talks between Deutsche Bank and UBS to tie up their asset management businesses have stalled, three people familiar with the matter said.

China ‘won’t surrender’ to pressure in US trade war

(Beijing) REUTERS: China warned yesterday that it will “never surrender to external pressure” after the United States ordered tariffs on almost all Chinese exports.

Sri Lanka imposes new curfew as mosques attacked

(Kiniyama) REUTERS: Sri Lanka widened a curfew yesterday after attacks on mosques and Muslim-owned businesses in the worst unrest since Easter bombings by Islamist militants and blocked Facebook and WhatsApp to stop people inciting violence.

NTB performance hit moderation in loans, taxes

The moderation in the growth in new loans, pressure on margins amid higher funding cost, weak asset quality and Debt Repayment Levy were among the key reasons behind the weak top and bottom line performance of Nations Trust Bank PLC (NTB), the bank’s first quarter interim results showed.

HNB 1Q19 profits halved over higher impairments, taxes

The earnings at Sri Lanka’s second largest private lender by assets more than halved during the quarter ended March 31, 2019 (1Q19), amid a significant rise in provisions on bad loans and higher taxation, the interim financial accounts of Hatton National Bank PLC (HNB) released yesterday, showed.

Real estate sector braces for slowdown

Kantar LMRB operates as ‘Kantar’ from April

International market research agency, Kantar LMRB, which has operated in Sri Lanka for close to four decades, has announced that effective 2nd April all services and offerings will be delivered under the Kantar brand name.

Win a trip to Dubai with Emirates and Daily Mirror Life

Food and travel enthusiasts have an opportunity to compete for a trip to Dubai and a visit to the world’s largest flight kitchen courtesy of Emirates, the award-winning airline and Daily Mirror Life.

NCE to launch 27th Annual Export Awards Application this week

The National Chamber of Exporters (NCE), the only private sector Chamber which exclusively serves Sri Lankan exporters, and represents them, conducts the Annual Export Awards to recognize and reward the achievements of Sri Lankan exporters of products and services as well as service providers to exporters in the international market place.

EO Sri Lanka hosts GSEA National Finals

The Entrepreneurs’ Organization’s Global Student Entrepreneur Awards (EO GSEA) is a catalyst that inspires students and young people to start and grow entrepreneurial ventures.

Advantis Engineering completes boat manufacturing facility for BAFF Polymech

Advantis Engineering, a subsidiary of Hayleys Advantis Limited, recently completed the first phase of the design, construction, furnishing and assembly of a pre-engineered boat manufacturing facility for BAFF Polymech at Ussangoda in Hambantota.

SLT partners Yechee Group to power Athurugiriya Lotus Gardens Residencies

Sri Lanka Telecom (SLT)entered into a partnership with Yechee Group (Pvt) Ltd., the professional steel construction service provider to power Lotus Gardens Residencies with SLT Smartline and Megaline Services through SLT’s superior fibre connectivity.

SLT partners with Prime Land Residencies to power 10 apartment complexes with superior fibre connectivity

Sri Lanka Telecom (SLT), the leading telecommunication service provider in the country, entered into a partnership with Prime Lands Residencies (Pvt.) Ltd., the trusted partner inhousing industry in Sri Lanka to power 10 condominium project with 740 units with SLT Smartline and Megaline Services via SLT’s superior fibre connectivity.

Higher apartment sales boost Overseas Realty 1Q19

Overseas Realty (Ceylon) PLC maintained a healthy momentum across its business verticals as the real estate major reported sound top and bottom line growth during the three months ended March 31, 2019 (1Q19).

Quality standards – Make or break point of Sri Lanka’s cinnamon industry

Cinnamon is the leading spice commodity of Sri Lanka. It contributed to approximately 54 percent of total spice exports and accounted for 8 percent of total agriculture exports in terms of values, in 2017. During the last decade, Sri Lanka has dominated the world market in cinnamon exports, followed by Indonesia, China and Vietnam. However, these countries produce cassia in huge quantities, whereas Sri Lanka produces pure cinnamon (Cinnamomumzeyl

Everybody blamed somebody when nobody did what anybody could have

It is in the public domain for quite some time that the government of the day has not given priority to the most important ‘national security’ concerns and it did not figure high on the governance agenda since January 2015. Archbishop of Colombo Malcolm Ranjith is also reported to have told the government, in no uncertain terms, that he is utterly displeased with the security measures adopted since the Easter Sunday attacks.

Sri Lanka tourism’s rocky road to recovery

Compared to the 180,429 visitors in April last year, arrivals in April 2019 dropped 7.5 percent to 166,975 due to the terror attacks on the 21st.

Kadugannawa: Forgotten city of Sri Lanka emerges as most peaceful tourist town in South Asia

Kadugannawa, considered the gateway town to the central highlands and Sri Lanka’s sacred city - Kandy, is set to become the newest addition to South Asia’s nature immersion and spiritual rejuvenation tourism by end-2019.