Sri Lanka seeks to lower IMF fiscal targets after political crisis

(Colombo) REUTERS: Sri Lanka will ask the IMF to ease its 2019 budget deficit target of 3.9 percent under a US$1.5 billion loan programme, to give the economy more time to recover from

Oil set for weekly gain on trade optimism, OPEC-led supply cuts

(London) REUTERS: Oil prices rose slightly yesterday, putting them on track for solid weekly gains after financial markets strengthened due to hopes the United States and China may soon resolve their trade dispute.

Asia markets end strong week on positive note

(Hong Kong) AFP: The upbeat tone that characterised this week helped Asian markets to fresh gains yesterday, with Hong Kong chalking up a sixth straight day of rises. Investors globally have been

Rupee ends steady; shares post over 6-week closing low

(Colombo) REUTERS: Sri Lanka›s rupee closed steady yesterday in dull trade as dollar selling by banks offset importer demand for the greenback, while political uncertainty dented investor sentiment.  Sri Lankan shares posted a more than six-

Mirror Biz Toon

So…will 2019 be the year of great expectations for Sri Lanka’s tourism?

2.33 million tourists – up 10.3 percent over last year; February, March, June and November registered the highest growth rates in terms of monthly ‘arrivals’; December saw a record 253,169 tourists; India, China, the UK and Germany are the top source markets. That, in a nutshell, is the key statistical summary of how 2018 ended for Sri Lanka tourism.  

Economics of non-economists: Why it matters

This is that time of the year many of us make resolutions—from losing weight to eating healthy to complete something you procrastinated for months. May be it’s time that we all Sri Lankans come up with a collective resolution this year by giving ourselves a promise to strongly voice our concerns and opinions as citizens on all economic issues that affect our lives.   

Qatar Airways global campaign inspires travellers explore new destinations

Qatar Airways announced its latest global sales promotion designed to inspire passengers to explore new and exciting destinations in 2019.   

Araliya Group to double hotel room inventory this year

Araliya Group is set to double its hotel room inventory to 1,014 rooms, as Araliya Unawatuna and Araliya Red in Nuwara Eliya are scheduled to be launched this year. Araliya Group of Companies C

Rupee rises as banks sell dollars; shares steady

(Colombo) REUTERS: Sri Lanka’s rupee closed higher yesterday as banks sold dollars but political uncertainty dented investor sentiment.  Sri Lankan shares 

SL among nations most vulnerable to shifts in external financing conditions: Moody’s

Sri Lanka is among one of four Asian countries most vulnerable to shifts in external financing conditions due to its high debt repayment schedule and low reserve position, said international rating agency, Moody’s Investors Service. Renewing its stand, Moody’s warne

MICE tourism poised to make 20% contribution to tourist arrivals this year

Sri Lanka’s tourism industry officials expect the contribution of MICE (Meetings, Incentives, Conventions, Exhibition) tourism to overall tourist arrivals to increase by at least by 5 percent to 20-25 percent this year.

Another round of talks on estate worker wages ends inconclusively

Another round of talks to arrive at a solution on the drawn out wage issue of  estate workers ended inconclusively yesterday. The meeting was attended by the heads of the Regional Plantation Companies (RPCs) and Plantations Industries Minister Navin Dissanayake, Ceylon Workers’ Congress Leader and MP Argumugam Thondaman, Plantations Industries State Minister Vadivel Suresh and Labour and Trade Union Relations and Social Empowerment Min

Sri Lanka suffers US $ 500mn foreign outflow in 4Q

Sri Lanka witnessed foreign outflows to the tune of US $ 500 million during the final quarter of 2018, the government revealed yesterday. As per the data presented by Economic Affairs Non Cabinet Minister Dr. Harsha de Silva and Finance State Minister Eran Wickramaratne, US $ 490 million worth outflows was recorded from government securitie

Global economy to slow to 2.9% in 2019 as trade, investment weaken: WB

Global economic growth is projected to soften from a downwardly revised 3 percent in 2018 to 2.9 percent in 2019 amid rising downside risks to the outlook, the World Bank said on Tuesday.  

Risks and regulation of algorithmic news in the era of artificial intelligence

The news communication industry is highly dependent on technology, and every new technology will take its transformation. Although the algorithmic news has just started,

World Bank expects economy to grow 4% this year

The World Bank (WB) forecasts Sri Lanka’s gross domestic product (GDP) growth to accelerate marginally to 4 percent this year, below the projected growth in South Asia, while the GDP growth for 2018 is estimated at 3.9 percent.  

Mangala set to leave for US to get IMF deal back on track

Finance and Mass Media Minister Mangala Samaraweera will leave for Washington tomorrow to get the International Monetary Fund (IMF) External Fund Facility (EFF) back on track.    

Sri Lanka secures US $ 400mn from RBI to support dwindling reserves

The Reserve Bank of India (RBI) has agreed to provide US $ 400 million to the Central Bank under its SAARC swap facility.  

Rupee rises as foreign banks sell dollar; shares at over 6-wk low

(Colombo) REUTERS: Sri Lanka’s rupee closed higher yesterday as foreign banks sold dollars but political uncertainty dented investor sentiment, dragging the benchmark stock index down to a more than six-week low.   

Chevron Lubricants continues to lose market share in an expanding lube market

Chevron Lubricants Lanka PLC, the market leader in Sri Lanka’s lubricant market, saw its market share declining further during the third quarter of last year (3Q18), the lubricant market data released by the Public Utilities Commission of Sri Lanka (PUCSL), showed.  

Dialog Finance to raise Rs.764mn via rights issue

Dialog Finance PLC, a unit of Dialog Axiata PLC, is to raise little over Rs.764.1 million through a rights issue, subject to shareholder and Colombo Stock Exchange approval.

Dudley Sirisena announces plans to launch anti-corruption movement under President’s leadership

The brother of President Maithripala Sirisena and Araliya Group of Companies Chairman Dudley Sirisena yesterday announced his plans to launch an anti-corruption organisation by joining hands with scholars, professionals, media and business community aiming to put a stop to corrupt activities carried out by politicians and officials and to direct the government on the path of good governance to accelerate the development work in the country. 

Symbolic power of Rajapaksa brand

In 1996, a punishing drought crippled hydroelectricity generation and impacted households and industry with gruelling eight-hour blackouts. Thousands of farmers faced crop failure and bankruptcy as Chandrika Kumaratunga limped along without plan or purpose. “Her goals are impeccable but her execution seems faulty,” said the roving American journalist Ro

Govt. to gazette 30-year revised National Physical Plan this month

Sri Lanka’s revised 30-year National Physical Plan (2019-2050), which had been delayed due to two months of political turm

Rupee ends weaker on importer, bank dollar demand

(Colombo) REUTERS: Sri Lanka’s rupee ended weaker yesterday as importer dollar demand and continued outflows of foreign funds from government bonds and stock markets due to political uncertainty dented investor sentiment.  The bourse fell to a six-wee

ComBank launches ‘WeChat Pay’ acceptance in Sri Lanka for first time

Chinese tourists visiting Sri Lanka now have the added benefit of purchasing goods and services and paying for them through ‘WeChat Pay’ –one of the leading mobile payment solutions in China, consequent to a partnership between the Commercial Bank of Ceylon PLC and Tenpay Payment Technology Ltd. 

Trading suspension on The Finance looms as firm seeks more time

The Finance Company PLC (TFC) has sought further time from the securities regulator to resolve the serious matters outstanding in its books of accounts marred by omissions and errors, which led the company auditor to issue qualified opinion on its financial statement, last year.  Last July SJMS Associat

Global natural disasters wreak US$ 160bn damage in 2018: Munich Re

(Frankfurt) AFP: Natural disasters including wildfires, hurricanes and tsunamis inflicted US $160 billion of damage and claimed 10,400 lives in 2018, German reinsurer Munich Re said yesterday.

Sri Lanka plans 13.2% increase in 2019 government expenditure

(Colombo) REUTERS: Sri Lanka plans to increase government spending by 13.2 percent from last year to Rs.4.47 trillion (US $24.51 billion) in 2019, the Finance and Mass Media Ministry said