Sri Lanka hosts social media influencers to boost battered tourism

The Sri Lanka Tourism Promotion Bureau (SLTPB) said it is hosting a group of famed international social media influences, who arrived in the country on May 7, to promote the country’s battered tourism sector by the Easter Sunday attacks.

LIOC pulls off a solid performance in March on lower oil prices

Lanka IOC (LIOC) swung to a profit during the three months ended March 31, 2019 (4Q19) as the local unit of the Indian downstream oil behemoth managed to survive a financial year marked by multiple headwinds.

Russian flag carrier cancels flights to Colombo

The Russian national air carrier Aeroflot has decided to cancel all flights made by its Rossiya affiliate from Moscow to Colombo, the Association of Tour Operators of Russia (ATOR) said. The last flight will be on May 11.

US official succumbs to SL Easter bombing injuries

(Colombo) AFP: A US official wounded in Sri Lanka’s Easter Sunday suicide bombings has died in hospital, raising to 258 the total number killed, including 45 foreigners, officials said yesterday.

SLTPB mulls sponsoring more MICE events to help industry recovery

Sri Lanka’s tourism authorities plan to sponsor more international MICE events (meetings, incentives, conferences and exhibitions) to be held in Sri Lanka to support the recovery of the country’s tourism sector in the aftermath of the Easter Sunday attacks.

Stocks hover near 6-1/2-year closing low; rupee up

(Colombo) REUTERS: Sri Lankan shares extended falls into a fifth session yesterday and closed at their lowest levels in six-and-a-half years on shattered investor confidence following the Easter Sunday bombings.

Oracle’s Guru on why the back office is now the new front office

The biggest challenge businesses face now is staying relevant. The world is changing faster than ever before and computer technology and Internet have been the key drivers behind this rapid change. It is only now in the human history we are hearing of taxi companies owning no cars, retailers owning no inventories and world’s most popular media company creating no content. These are a new breed of enterprises that thrive in a new business reality,

Commerzbank confirms 2019 objectives as first quarter profits tumble

(Frankfurt) AFP: Germany’s second-largest lender Commerzbank said yesterday it was sticking to a full-year forecasts for 2019 even as profits halved in the first quarter, after merger talks with rival Deutsche Bank fell through.

CA Sri Lanka library goes digital providing 24/7 access

The library of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) heralded a new era in digital transformation last week, as it launched its e-Library for the benefit of its vast membership.

DFCC’s rights issue concludes

DFCC Bank concluded its rights issue recently with subscriptions reaching over 43 percent of the total Rs. 7.6 billion on offer.

NDB Leasing wins ‘Best Automobile Finance Bank Sri Lanka 2019’award

The Global Banking and Finance Review Awards honour institutions that stand out in their particular area of expertise in the finance industry.

StanChart faces potential investor revolt over CEO pay

(London) REUTERS: Standard Chartered could face a shareholder rebellion yesterday over the bank’s pay plans for senior executives, the latest in a series of potential revolts over bosses pension payouts at top British firms.

DFCC Bank partners The Management Club as Official Banking Partner

DFCC Bank is proud to forge a corporate partnership with The Management Club (TMC) as Official Banking Partner for a period of three years from April 1, 2019 to March 31, 2022.

Asian markets resume downward spiral on growing trade fears

(Hong Kong) REUTERS: A red wave swept across Asia trading floors yesterday as investors grew increasingly concerned that the China-US trade deal, which appeared all but ready to sign, could fall through.

Polycrome launches Energizer LED bulbs at Build Expo 2019

Polycrome Electrical Industries (Pvt.) Ltd, one of the leading manufacturers in the electrical industry, was the centre of attraction at the ‘Build SL Housing and Construction Expo 2019’ exhibition held at BMICH, organised by Chamber of Construction Industry Sri Lanka (CCI).

Samsung launches premium smartphone Galaxy A70

Samsung Sri Lanka recently announced the launch of the Galaxy A70, its sixth smartphone in the popular Galaxy A line.

Avian Technologies celebrates recent achievements with corporate clients

Avian Technologies (Pvt.) Ltd, one of Sri Lanka’s leading total IT solutions providers and a recognised Dell EMC Platinum Partner, hosted a night of celebrations at Water’s Edge, Colombo, for their Dell corporate clients to commemorate the significant progress the company had made recently.

Sri Lanka’s fashion market in turbulent times: A positive outlook

By the time of 4/21 events, Sri Lanka’s fashion industry was about to undergo a paradigm shift. Normalcy and the growth economy that prevailed in the decade long post-conflict period have worked well for this crucial niche industry segment. Colombo was beaming with international fashion shows. Consumers were getting increasingly conscious with international designer brands.

Blunt force tariffs backfire on business and farmers

With President Trump threatening additional tariffs, the tit-for-tat tariffs already in place are complicating business decisions and causing long-term damage for soybean farmers, warns Stephen Olson.

Fortinet continues work on closing cyber skill gap

Fortinet, a global leader in broad, integrated and automated cybersecurity solutions, recently announced it continues to lead the way on training and education in the company’s ongoing efforts to close the cyber security skill gap by rolling out even further expanded training and education initiatives.

Govt. announces relief package for struggling tourism industry

Finance Ministry yesterday announced the much anticipated financial relief package to the country’s troubled tourism industry, which included a one-year moratorium on loans, subsidized credit and 10 percent reduc

Mirror Biz Toon

Sustainable tourism for sustainable development

Tourism is one of the fastest growing industries in the world and Asia is one of the hottest destinations. Though it generates sizable economic effects, there is a growing recognition that tourism is a double-edged sword. For example, large numbers of tourists can seriously damage the natural and cultural heritage of destinations. However, there are plenty of options available to policymakers to promot

Oman reiterates commitment to Hambantota refinery project

Omani Oil and Gas Minister Dr. Mohammed Hamed Al Rumhy has reiterated Oman Oil Company’s firm interest to take part in the Hambantota oil refinery project which was announced this March. This was communicated to ministers Malik Sam

Union Bank records modest 1Q; PAT impacted by higher taxes

Union Bank of Colombo PLC pulled off some modest performance for the first quarter in 2019 amid lackluster economic conditions, the interim financial accounts released to the Colombo Stock Exchange showed yesterday.

Sri Lanka says jihadi threat persists despite arrests

(Colombo) AFP: Sri Lankan authorities have arrested or killed all the jihadists responsible for Easter suicide bombings, but the island still faces the threat of “global terrorism,” the Prime Minister said yesterday.

JWT likely to bag Rs.464mn promo campaign to revive tourism

Sri Lanka is likely to award Rs.464 million global publicity campaign to J. Walter Thompson (JWT) to revive the country’s tourism brand by, which has been adversely impacted by Easter Sunday attacks, Mirror Business learns.

Sweden-based Tundra Fund says Colombo bourse at lowest levels since 2009

The Sweden-based global asset management company, Tundra Fonder’s Tundra Sustainable Frontier Fund in its April update said the Colombo bourse has hit its lowest levels since the end of 2009, following the Easter Sunday attacks that killed over 250 people, among them 42 tourists.

Terrorism, tourism and failed leaders

Last week, Sri Lanka Tourism chief Kishu Gomes vent his frustration when he saw that committee after committee was being appointed by the President and Prime Minister as if they were having a mini contest to look into how Sri Lanka’s tourism industry could be revived from the fallout of the Easter Sunday bombings by a home-grown but possibly foreign-trained jihadist group.

Major shareholders not ready to dilute ownership in plantation firms, says Carson Cumberbatch

The Carson Cumberbatch group has indicated that the major shareholders of its four plantation companies have no intention of diluting their ownership to comply with the minimum public float rules of the Colombo Stock Exchange (CSE).