Jaffna International Trade Fair begins

The Jaffna International Trade Fair (JITF), the multi-faceted gateway to the North, that brings together some of Sri Lanka’s favourite brands and services opened yesterday. 

Footwear and Leather Fair 2019

The 11th Footwear & Leather Fair opened at the BMICH yesterday. The events brings together exhibitors comprising manufacturers, suppliers and exporters who specialize in products like travel goods, footwear, leather goods, raw materials, machineries, chemicals, components and accessories and other services related to the sector. Picture shows former Export Development Board (EDB) Chief Indira Malwatte making inquiries about certain products o

Asian markets end week on strong note

HONG KONG (AFP) - Asian markets rose yesterday putting them on course to end a shaky week on a positive note as investors look ahead to crucial trade talks between China and the United States at the end  of the month.

Seventy five countries launch WTO e-commerce talks

DAVOS, Switzerland (AFP) - Ministers from 75 countries launched talks towards drawing up global e-commerce rules amid growing calls for technology to be more closely regulated internationally.

‘World’s cheapest car’ nears end of the road in India

MUMBAI (AFP) - It was billed as the world’s cheapest car and shaped like a jelly bean but after a bumpy 10-year ride India’s Tata Nano is nearing the end of the road. Tata Motors, India’s top automaker, said yesterday that it could stop manufacturing and selling the vehicle from April next year due to new safety and emissions rules that would require major investment. “We may not invest in upgrading 

Rupee ends steady; stocks extend gains

COLOMBO (Reuters) - Sri Lanka’s rupee closed steady yesterday as dollar selling by exporters offset importer demand for the greenback, while stocks edged higher for a third straight session.  The rupee closed at 181.60/80 

German business morale worsens as slowdown fears grow

FRANKFURT (AFP) - German business confidence fell to a nearly three-year low in January, a closely-watched survey said yesterday, in the latest sign of waning momentum in Europe’s top economy. The Munich-based Ifo insti

Microsoft ‘waiting to find out’ why Bing went offline in China

BEIJING (AFP) - Microsoft is still trying to figure out why its Bing search engine temporarily went offline in China, the company’s president said following speculation that it could have been blocked by censors. The US firm’s Chinese website, cn.b

Apparel industry seeks government help to enter emerging markets

As Sri Lanka’s apparel sector has embarked on a journey to achieve US $8 billion in exports by 2025, the industry requested the government’s to assistance to enhance a

Thai Lion Air to operate Colombo-Bangkok direct flights from January 30

Low-cost carrier Thai Lion Air will begin operating direct flights between Sri Lanka and Bangkok from January 30. The flight is scheduled to depart 

Tea industry eyes ambitious production target this year

Sri Lanka’s tea industry is eying an ambitious production target of 320 million kgs this year, despite ending the previous year on a grim note as tea output in 2018 fell to 303 million kgs from 307 million kgs in 201

Finance Ministry calls for budget proposals before Feb. 11

The Finance and Mass Media Ministry yesterday called upon all stakeholders including the general public to make their proposals for the budget 2019 before February 11. Finance and Mass Media

Rupee edges up on exporter dollar sales; stocks gain

(Colombo) REUTERS: Sri Lanka’s rupee closed slightly firmer yesterday due to dollar selling by exporters, while stocks edged higher for a second straight session, moving away from an eight-week closing low hit early this week.

HNB upsizes debenture issue by Rs.3bn to raise up to Rs.10 bn

Sri Lanka’s second largest private bank by assets, Hatton National Bank PLC (HNB) has upsized its already announced Basel III debenture issue by Rs.3 billion.  HNB in September last year, announced plans to issue 50 million BASEL III-compliant, Tier II debentures at Rs.100 a share, with an option to issue further 20 million debentures.

Need for smoother school-to-work transitions

The world stands on the brink of a fourth industrial revolution, where dramatic changes in technological advancements will have profound impacts on the future employment landscape and skill requirements. This means that engaging in lifelong learning—be it at school or at work—to anticipate and prepare for future labour market demands is of paramount importance.  

Ten Year Challenge: Has SL made progress in last decade to become a financially literate nation?

The ‘10 Year Challenge’, Facebook’s latest social media phenomenon, has taken the Internet by a storm. People are posting a picture from 10 years ago alongside their current profile picture or some other photograph and the transformation through the decade is remarkable. True, people have changed quite a lot over the last 10 years; not only people but countries also have advanced, developed  and diversified.  

Sri Lanka secures US $ 200mn IBRD loan for primary healthcare system

Sri Lanka is to obtain US $ 200 million from the International Bank for Reconstruction and Development (IBRD) of the World Bank to implement a primary healthcare system strengthening project.  

Repatriation rules on export earnings likely to be relaxed

The government will be looking at further relaxing the rules pertaining to repatriation of export earnings to facilitate the country’s exporters, said the former Export Development Board (EDB) Chairperson and Chief Executive Officer Indira Malwatte.   

Rupee edges down on importer, state bank dollar demand

(Colombo) REUTERS: Sri Lanka’s rupee closed slightly weaker yesterday due to dollar demand from importers and state banks, while investors remained cautious over debt repayment by the government.   

New team of FTA negotiators to be appointed

Development Strategies and International Trade Minister Malik Samarawickrama plans to appoint a new free trade agreement (FTA) negotiation team shortly with the approval of the Cabinet of Ministers, a top ministry official told Mirror Business.   

DFCC Bank in Rs.7.6bn cash call to bolster capital base

DFCC Bank PLC yesterday announced a rights issue to bolster its capital base, in view of supporting its growth projections, the bank said in a stock exchange filing.   

SriLankan loses Rs.40bn in 9 months

The losses at the national carrier, SriLankan Airlines, widened during the nine months ended December 31, 2018, despite the gains at the top line level, due to currency depreciation and higher oil prices, the airline said yesterday in a statement.   

National inflation decelerates to 0.4% in December

Sri Lanka’s countrywide headline inflation, measured by the year-on-year change in the National Consumer Price Index (NCPI), decelerated to 0.4 percent in December 2018, from 1.0 percent a month ago, the da

Rupee falls on importer dollar demand; stocks post 8-week closing low

(Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday due to dollar demand from importers, while stocks fell to an eight-week closing low amid concerns over debt repayment by the government. The rupee closed at 18

Managing Sri Lanka-China economic relations: BRI, debt and diplomacy

China holds approximately 9 percent of Sri Lanka’s total outstanding debt as of 2017 and 14 percent amongst bilateral lenders – equivalent to the same share held by neighbouring India. Despite this, Sri Lanka’s engagement with China has become synonymous globally with the Asian giant’s so-called ‘debt diplomacy’ – an euphemism for debt entrapment.

Illicit cigarette market and tax implications

A recent study by the academics of the University of Kelaniya and Open University of Sri Lanka estimates that Sri Lanka lost Rs.18 billion in tax money due to contraband cigarettes in 2018. The law enforcement authorities have seized over 580 million illegal cigarettes smuggled into the country during the same year. However, given the Rs.18 billion number and the ample availability in the market, it can be safely assumed that the majority of the

Mirror Biz Toon

Hayleys Fabric 3Q net up on strong sales

 Hayleys Fabric PLC, the knit fabric maker of Hayleys group, reported solid performance for the three months ended December 31, 2018 (3Q19) as the company extended its positive earnings for the third quarter in a row supported by a strong top line performance.  Hayleys Fabric reported earnings of 52 cents a share or Rs.107.6 million profit for the quarter under review from a loss of 5 cents a share or Rs.10.8 million reported for the sa

Keells Food Products December profits down on higher costs

Keells Food Products PLC (KFP), the processed food maker of John Keells group, reported lower profits for the quarter ended December 31, 2018 (3Q19) amid weak consumer sentiment and difficult operating conditions.

sl urged to strive for 2nd demographic dividend driven by ‘Silver Economy’

Sri Lanka needs to focus on improving productivity, health and saving capacity of its current workforce in order to earn a second demographic dividend driven by its ‘Silver Economy’, a t