JLanka to invest US $10m in Bahrain’s renewable energy sector

TRADE ARABIA: Sri Lanka-based JLanka International, a premier solar and renewable energy technology solutions provider, has announced an investment of up to US $10 million within the coming five years in Bahrain’s renewable energy sector. Commencing operations in Bahrain, JLanka has been commissioned by the kingdom’s Sustainable Energy Unit (SEU) under the supervision of Dr. Abdul Hussain Bin Ali Mirza, Minister of Electr

Bracing for climate change – A matter of survival for the Maldives

For low-lying island states, the impacts of global warming and climate change can be a matter of survival. The irony is that while these states have not contributed much to greenhouse emissions, as they produce very little, they may face some of the worst consequences.   

Rupee slips on importer, bank dollar demand; stocks down

(Colombo) REUTERS: Sri Lanka’s rupee closed slightly weaker yesterday, snapping two straight sessions of gains, due to dollar demand from banks and importers.   

South Asia tops ranks of world’s highest real interest rates

Bloomberg: Real interest rates in South Asia are among the highest in the world, raising the prospect of more dovish monetary policy in the region.  

MTD Walkers transfers subsidiaries to Malaysian parent in US $ 19mn deal to settle debt

The troubled construction firm, MTD Walkers PLC, has transferred three of its subsidiaries to its Malaysian parent, MTD Capital Berhard, for a purchase consideration of little over US $ 19 million, to settle a debt payable by one of its subsidiaries.   

Patterns to politics: Entering 2019

In the new year, Sri Lanka remains at a crossroads. As before, the island nation requires carefully calibrated statecraft from policymakers to choose the path towards prosperity. The political, constitutional and parliamentary crisis over the last months of 2018 was a waste of time. Possibly, the president never was fully in control of the crisis-riddled turbulent political alliance strategized by him.  

Global FDI skids 19% on Trump tax reform, may rebound in 2019: UN

(Geneva) REUTERS: Global foreign direct investment (FDI) fell 19 percent last year to an estimated US $ 1.2 trillion, largely caused by US President Donald Trump’s tax reforms, the United Nations trade and development agency UNCTAD said yesterday.  

New entity to handle Port City land sales

A new procurement and regulatory entity is to be established within next three to six months to conduct land sales, handle regulation and development activities of Colombo Port City (CPC), a top government official told Mirror Business.  

After downgrading Sri Lanka, Fitch says frontier market ratings mostly stable

Fitch-rated frontier markets saw more positive than negative sovereign rating actions in 2018, partly due to higher commodity prices, although the rating agency cut Sri Lanka’s sovereign rating over political uncertainty in December.   

Tax reversal helps Tea Smallholders’ 3Q

Tea Smallholder Factories PLC has returned to the black during the December quarter (3Q19), as the company saw its earnings for the period rising 47 percent year-on-year (YoY) to Rs.13.7 million, thanks to a Rs.8.9 million tax reversal. The earnings per shar

Tourism earnings hit US $ 4.4bn in 2018

Tourism earnings are estimated to have risen 11.6 percent year-on-year to US $ 4.4 billion in 2018, according a press release issued by Sri Lanka Tourism Development Authority (SLTDA)  on Friday.

SLT gets new CEO and COO

Sri Lanka Telecom (SLT) last week announced a new leadership team with the appointment of Kiththi Perera as the Chief Executive Officer (CEO) and B.P. Fernandez as the Chief Operating Officer (COO) with effect from January 1, 2019.  

India’s SBI says lenders awaiting SEBI decision on Etihad offer for Jet Airways

(New Delhi) REUTERS: The State Bank of India (SBI)-led consortium of lenders is waiting for India’s capital markets regulator to decide on a bailout offer by Etihad Airways for the financially stressed Jet Airways, SBI Chairman Rajnish Kumar said, the Business Standard reported on Saturday. The UAE-based carrier, w

Port City to become catalyst for banking sector to reach Rs.30tn in assets by 2025

The Colombo Port City (CPC) will attract foreign banks to set up their operations in Sri Lanka, paving the way for the country’s banking sector’s asset base to more than double to Rs.30 tril

Sri Lanka sees unexpected population growth amid upturn in fertility rates

Sri Lanka is set to face higher demand for housing, health, food, education, employment, energy, water, transportation and infrastructure amid unexpected growth in population driven by a significant upturn in recent fertility rates and anticipated inward migration.  Participating in t

EDEX Expo 2019

Sri Lanka’s premier and largest education exhibition and job fair “EDEX Expo” opened at the BMICH yesterday. Minister of City Planning, Water Supply and Higher Education Rauff Hakeem ceremoniously declared the event open as Chief Guest. 

SriLankan says A330-200 idling at BIA lacks suitable cabin configuration for their use

In response to an exposure by one of their trade unions recently, SriLankan Airlines yesterday said an Airbus A330-200 4R ALS acquired by the previous management, which is 

Asian markets end week on a high as China-US trade hopes rise

HONG KONG (AFP) - Asian markets rallied yesterday as another broadly positive week drew to a close, with investors cheered by a report that the US was considering lifting tariffs on China 

Malaysia open to talks if Goldman pays US$ 7.5 bn, says minister

(Kuala Lumpur) REUTERS: Malaysia’s finance minister said yesterday the government would be ready to discuss dropping criminal charges against Goldman Sachs linked to the 1MDB scandal if the bank pays US$7.5 billion in reparations. Goldman Sachs is be

Malicious phishing attempt impersonating Central Bank

The public and institutions, particularly the financial institutions were yesterday warned by Central Bank to be beware of a malicious email being circulated, impersonating the Employees Provident Fund (EPF) Department of the Central Bank. Issuing a notice, Central Bank stated “It has been reported to the Central Bank of Sri Lanka (CBSL) that a phishing attempt has been initiated targeting mainly the financial institutions

Jinasena introduces Sri Lanka’s first solar pumping solution

Jinasena Pvt Ltd, the pump manufacturing giant in Sri Lanka has launched a first of its kind pumping solution for Sri Lanka, adding to the many accolades achieved since its inception in 1905

‘We will miss you’ - Germany pleads with the British to stay in EU

(London) REUTERS: German Chancellor Angela Merkel’s protégé appealed to the British yesterday to stay in the European Union, saying her compatriots had not forgotten how Britain welcomed Germany back as a sovereign nation after World War Two.Conservative leader Annegret Kramp-Karrenbauer, who succeeded Merkel as leader of the Christian

Rupee extends gains on dollar sales by bank; stocks steady

COLOMBO (Reuters) -  Sri Lanka’s rupee closed firmer for a second straight session yesterday, helped by dollar selling by banks and after the IMF said it would resume discussions with the island nation for further disbursal of part of a US$1.5 billion loan and the Central Bank chief said around US$5 borrowing in the pipeline could help debt repayments. 

Kavan appointed SLPA Chairman

Top professional Kavan Ratnayaka yesterday assumed duties as the Chairman of Sri Lanka Ports Authority (SLPA).  Before his appointmen

IMF willing to revise fiscal targets, says CB

The Central Bank Governor Dr.Indrajit Coomaraswamy said the International Monetary Fund (IMF) has agreed for flexibility to revise fiscal targets set for this year, following the discussions held in Washington, early this week.  Delivering the keyn

Sri Lanka targets US $ 1bn from seafood exports by 2022

Sri Lanka’s seafood industry is eyeing US $ 350 million in exports this year in line with a three-year target of achieving US $ 1 billion in seafood export revenue by 2022.

Sri Lanka signs US $ 455mn ADB loan agreements

President Maithripala Sirisena, who is currently on an official visit to Philippines, yesterday signed three loan agreements totaling US $ 455 million with the Asian Development Bank (ADB) for projects in higher education and transport as well as technical assistance loan for the  urban sector.

CB expects all fund raising to end in 1Q

Meanwhile Governor Coomaraswamy told Mirror Business that the Central Bank will start the process to raise at least US $ 1 to US $ 1.5 billion via issuing dollar denominated international sovereign bonds (ISBs) in a matter of days. The Cabinet has approved a proposal to raise up to US $2 billion via ISBs, he said. Coomaraswam

Carbon Tax applies to State-owned vehicles too : Finance Ministry

Responding to criticism, Finance and Mass Media Ministry said yesterday that the Carbon Tax, which came into effect from January this year, is applicable to State-owned vehicles as well.

Online company registration process reaches halfway mark

Sri Lanka will activate the partly completed South Asia’s most sophisticated, national-scale electronic company registration system next week, which is expected to boost the country’s Doing Business Index ranking significantly.