SL to promote trade, tourism at Expo 2020 Dubai

Sri Lanka will make its debut at the upcoming Expo 2020 Dubai, with the aim of further promoting Sri Lanka as a tourist destination, facilitating international trade and attracting investors to the country.

Regulating foreign workers now a top priority

Sri Lanka is today facing a domestic labour shortage in some key sectors and industries. Demographic issues, social attitudes, expansion of the economy and outward labour emigration are contributing to the shortfall. Generally, the lack of interest in certain types of jobs, low salaries and benefits, lack of qualified people and poor terms and conditions contribute to this overall shortage. Labour shortages

Sl’s Foreign direct investment conundrum

Sri Lanka is dollar hungry. As a country with an export income of little over US $ 11 billion and debt obligations of US $ 4 billion on average for the next few years, Sri Lanka’s prime focus should be towards bringing in more dollars into the country. The best two ways to do this is to increase exports and get foreigners to invest in the country. Sri Lanka took 17 years to double its e

Mirror Biz Toon

SLT 4Q profits up despite heavy forex translation losses

Sri Lanka Telecom PLC’s (SLT) profits surged despite some significant foreign exchange translation losses incurred on its foreign borrowing portfolio, as the State-controlled telecom operator is pivoting towards data related services from traditional services.

Sri Lanka sets eyes on exiting FATF grey list by this June

The Financial Action Task Force (FATF), the global policy setter on anti-money laundering and countering the financing of terrorism (AML/CFT), has made the initial determination that Sri Lanka has completed its action plan

Job creation schemes urged to avert rampant youth migration in NP

The Northern Province public representatives recently urged the government to adopt short-term employment creation schemes in the Northern Province, as skilled youth migration has spiked, due to the lack of employment opportunities for the youth in the province. “The high unemployment i

Resus Energy to invest Rs.1.3bn in hydro and solar projects

The renewable energy developer, Resus Energy PLC is to invest Rs.1.3 billion in a couple of hydropower and solar power projects during this year, the company said in a media statement. The company said these projects have been structured with focus to generating renewable and sustainable energy, combining the latest tech and an environmentally responsible business proposition.

Higher loan-loss provisions hurt HNB 4Q; full-year profit up 11%

Hatton National Bank PLC (HNB) reported lower profits for the quarter ended December 31 (4Q18) as the increased credit loss expenses upended the financial performance of the country’s second largest private lender. The banking group,

Pan Asia Bank’s 4Q earnings flat; full-year profit up 11%

Pan Asia Banking Corporation PLC (PABC) was able to somewhat contain the blows from the first-time impact of the adoption of new accounting standards and implementation of financial sector-specific levies during the December quarter (4Q18), while recording a 11 percent growth in earnings for the full year (FY18). According to the 4Q1

Diversified LOLC group joins trillion rupee club

Sustaining its unblemished track record in performance, the LOLC group crossed the rupees trillion mark, with total assets reaching Rs.1.008 trillion, as at December 2018. This significant achievement is on account of the group’s consistently resilient financial sector – both local and international, coupled with its strategic investments in non-financial sectors—leisure, plantations, cons

SL Tourism eying 30-min programme on CNN Business Traveller with Quest

Sri Lanka Tourism is eying a 30-minute segment on the CNN Business Traveller programme hosted by Richard Quest to attract high-net-worth business and leisure tourists to Sri Lanka. A Sri Lanka Tourism Promotion Bureau (SLTPB) official said they are considering a proposal to obtain a 30-minute segment on the CNN Business Traveller programme rather than launching another media campaign to promote Sri Lanka tourism on CNN.

Combination of factors dim ComBank 4Q; full year earnings grow modestly

Commercial Bank of Ceylon PLC saw its earnings for the quarter ended December (4Q18) declining, as the country’s largest private lender failed to reflect its solid loan growth in its net interest income amid attempts to reverse the impact from weakening asset quality. The lender with assets of Rs.1.3 trillion saw its earnings falling by 16 percent year-on-year (YoY) to Rs.4.06 billion or Rs.4.05 a share for the quarter under review, as hefty prov

Foreign purchaser of ETIFL assets dumps Swarnamahal Financial out of deal

The buyer of the troubled ETI Finance Limited’s (ETIFL) assets has decided to refrain from purchasing Swarnamahal Financial Services, thereby bringing down the value of the deal to US$ 70 million from the original US$ 75 million. “There is an issue regarding the

Tough market conditions, weak consumer demand hurt Nestlé Lanka performance

Nestlé Lanka PLC reported lower revenues and profits for the quarter ended December 31, 2018 (4Q18), as the local unit of the world’s largest food company suffered from tough market conditions and weak consumer demand. Nestlé Lanka reported earnings of Rs.16.11 a share or Rs.865.6 million in total earnings for the October-December period compared to Rs.21.95 a share or Rs.1.18 billion in total earnings made during the correspondin

SLTDA’s new unit commences registering nearly 2200 tourist establishments in informal sector

Sri Lanka has commenced registering nearly 2200 tourist establishments in the informal sector amounting to a 50,000 room stock under the newly established enforcement unit of Sri Lanka Touris

Govt. to engage rating agencies for upgrade following IMF deal

Sri Lanka will start discussions with credit rating agencies for a rating upgrade after reaching a staff level agreement with the International Monetary Fund (IMF) for the 5th instalment of the US $1.5 loan facility.

Harsha calls for paradigm shift in country’s labour pool

Economic Reforms and Public Distributions Minister Dr. Harsha de Silva lashed out at his own government last week for its lackluster efforts in getting the local talent pool up to mark, and stressed a more proactive approach is mandatory to bring the national economy on track, so that it can have the edge to compete on the world stage. Asserting the island nation “will

SL recalibrates borrowing strategy towards ISBs

Sri Lanka has recalibrated its borrowing strategy back to dollar denominated international sovereign bonds (ISBs) with the country’s yield curve normalising to below pre-political crisis level. “The yields have

So Sri Lanka IRONMAN 70.3 Colombo Expo launched

The much anticipated So Sri Lanka IRONMAN 70.3 Colombo Expo will showcase a range of health and wellness products from across the world, and is held from February 21st to the 24th, at the Shangri-La Hotel Colombo, Lotus Ballroom. The timings for the Expo would be Thurs

Russia indicts big US investor for fraud: lawyer

MOSCOW (AFP) - Russian investigators formally charged US investor Michael Calvey with fraud on Thursday following his controversial arrest, his lawyer said. Investigators presented Calvey with the indictment on the charge of large-scale fraud as part of an organised group, which can be punished by up to 10 years in prison. “He has refused to admit his guilt or give any testimony” before consulting with his defence, lawyer Dmitry Kletochkin told

Australia plays down reports of Chinese coal ban

SYDNEY (AFP) - Canberra yesterday played down reports a major Chinese port had banned coal imports from Australia, as fears grow that worsening diplomatic tensions are damaging the nations’ crucial trading relation

Months-long slide in German business morale deepens

FRANKFURT AM MAIN (AFP) - Confidence among business leaders in Germany fell for the sixth month in a row in February, a closely-watched survey showed yesterday, as global trade struggles cast a pall over Europe’s powerhouse economy. The Munich-based Ifo institute’s busin

Rupee, stocks end largely flat after Central Bank’s reserve ratio cut

COLOMBO (REUTERS) - The Sri Lankan rupee and the main stock index ended little changed yesterday after the Central Bank surprisingly reduced commercial banks’ statutory reserve ratio (SRR) by 100 basis points with effect from March 1, market sources said. Sri Lanka’s Central Bank reduced com

Most Asian stocks dip with Wall St, dealers await trade talk news

HONG KONG (AFP) - Asian stocks mostly rose yesterday as early concerns about weak US data were replaced by hopes for success in the China-US trade talks. With high-level negotiations between the w

BMW, Daimler to invest 1 bn euros in joint carsharing scheme

BERLIN (AFP) - German auto giants BMW and Daimler said yesterday they would invest one billion euros (US$1.1 billion) in combining and extending their carsharing schemes DriveNow and Car2Go, in future offering a slew of ‘mobility services’, including for electric cars. “We are pooling the strength and e

CB cuts Statutory Reserve Ratio to inject Rs. 60 bn

The Monetary Board of the Central Bank (CB) decided to reduce the Statutory Reserve Ratio (SRR) to inject Rs. 60 billion to the domestic money market, aiming to support economic growth and addres

Eran attributes slow policy implementation to poor public service

Finance State Minister Eran Wickramaratne recently acknowledged the continuing lag in the implementation efforts in the country and said if at all there is an area to be picked for change, it would be the public service.

Parakrama to take over from Brito as Aitken Spence Dy. Chairman/MD

Dr. Parakrama Dissanayake will be taking over from J.M.S. Brito as the Deputy Chairman/Managing Director of Aitken Spence PLC with effect from March 15, 2019, the company said in a stock market disclosure. Brito, who will be retiring with effect from March 15, will continue as a non-executive director of the company. Dr. Dissanayake is currently serving as the Secretary to Ports, Shipping and Southern Development Ministry. Before being a

Big change in govt. spending and policies to improve competition urged to avert middle-income trap

A policy combination enhancing competitiveness of businesses and structural changes in State expenditure supporting Sri Lanka’s transformation to a knowledge-based and high-tech driven economy will be crucial for the country to escape a potential middle-income trap, a recent forum in Colombo was told. Central Bank Deputy Governor and Deputy Secretary General of National Economic Council (NEC), C.J.P. Siriwardana pointed out that the government n