LNG, renewable and coal mix way forward to lower energy cost

A customer likes to view, feel, look for alternatives, check the prices and at times bargain before buying a product. Sadly not so, when we buy utility services, particularly electricity and water supply. These, as the economists call, are ‘natural monopolies’.  

President Sirisena, City of God and The Prince

“It is better to be feared than loved, if you cannot be both.” -Niccolo Machiavelli, Prince 1532 St. Augustine’s ‘City of God’ was perhaps the book Maithripala Sirisena was following since the beginning of his presidency in 2015. A kind and calm leader from humble beginnings was seen trying to be righteous yet appeared cornered, isolated and perhaps pushed to the wall by his coalition partners. 

Sri Lanka set to miss apparel export target by US $ 500mn

Sri Lanka’s apparel industry has revised this year’s export target to US $ 5 billion from the earlier target of US $ 5.5 billion, amid the October apparel export earnings declining by marginal one percent year-on-year (YoY) to US $ 403 million.  

RW’s reinstatement calms markets; cabinet in focus

(Colombo) REUTERS: The Sri Lankan rupee strengthened yesterday while bond yields dropped as a seven-week political crisis appeared to ebb after President Maithripala Sirisena reinstated the premier he had initially sacked in a widely criticised move.  

Cinnamon Life’s Suites Tower topped off

Iconic integrated development Cinnamon Life recently completed the structure of the ‘Suites Tower’, which comprises of 39 floors. A topping off ceremony was held on site to celebrate this key milestone.  

EU, US and Australia welcome resolution of political crisis

The Delegation of the European Union (EU) in a statement yesterday welcomed the peaceful and democratic resolution of the political crisis in accordance with Sri Lanka’s constitution.

Thailand becomes first in Asia to introduce tobacco plain packaging

The World Health Organisation (WHO) yesterday commended stronger tobacco control measures being adopted by Thailand, which has become the first in Asia and the first low and middle-income country to adopt plain packaging for tobacco products.  

Philippines’ Catriona Gray wins fourth Miss Universe crown

(Bangkok) REUTERS: Catriona Gray from the Philippines was crowned Miss Universe yesterday, the fourth time the Southeast Asian country has won the international beauty pageant.

Condo sales hit by politics, falling rupee and high financing cost

Sales in Sri Lanka’s residential condominium sector have experienced a slowdown due to the general uncertainty in the country, devaluation of the rupee and high cost of financing.  Speaking to Mirror Business, KPMG Principal Deal A

Dialog Axiata among first seven global operators to receive GSMA Mobile Money Certification

Dialog Axiata has become the first provider in Sri Lanka to be granted certification under the GSMA’s Mobile Money Certification initiative.  Through its premier mobile payment Network, eZ Cash, Dialog Axiata is amongst first seven mobile money service providers in the world and the first in Sri Lanka to receive the prestigious certificati

US Fed to hike again but hints at pause in 2019

(Washington) AFP: The US Federal Reserve is likely to raise interest rates in the coming week but policymakers have begun to signal they may take it a bit slower in 2019.

Manufacturing and services activities slow in November

Sri Lanka’s Purchasing Managers Index (PMI) fell in November mainly due to the slowdown in new orders in textile and wearing apparels while the heightened political crisis soured the expectations in the services sector.  Accordingly, the manufact

Maldives seize US$6.5 mn from former president

(Colombo) AFP: Former Maldives president Abdulla Yameen is under investigation for corruption, police said yesterday, after a court ordered accounts holding US$ 6.5 million to be frozen.

Ranil returns as PM; crisis nears end

(Colombo) REUTERS: Ranil Wickremesinghe was sworn in as Sri Lanka’s Prime Minister yesterday, making remarkable comeback weeks after being ousted by President Maithripala Sirisena under controversial circumstances. Wickremesinghe’s reinstateme

Rupee ends lower on foreign sell-off on uncertainty

The Sri Lankan rupee ended weaker yesterday amid pressure on the currency due to foreign outflows from bonds and stocks as uncertainty from a lingering political crisis weighed on sentiment.  

Germany integrating migrants quickly: business chief

FRANKFURT AM MAIN (AFP) - Many among the more than one million people who arrived in Germany as migrants or refugees since 2015 are integrating speedily through work, the head of a key business group said yesterday.  

Asian markets sink as profit-takers move in, pound resilient

HONG KONG (AFP) - Asian markets fell yesterday, putting the region on course to end a broadly positive week on a sour note, as traders took a step back and their profits off the table.  

Supreme Court backs Modi over Rafale jet deal

NEW DELHI (AFP) - India’s Supreme Court dismissed yesterday calls for an investigation into a controversial French fighter jet deal, in a move seen as a boost for Prime Minister Narendra Modi.  

EU Summit on Brexit deal

British Prime Minister Theresa May arriving in Brussels yesterday during the second day of a European Summit aimed at discussing the Brexit deal, the long-term budget and the single market. EU leaders were to approve a modest list of euro single currency reforms yesterday that are a far cry from the vast overhaul to the European project sought by France. (AFP)

Argentina’s economic programme yielding results: IMF

WASHINGTON (AFP) - Argentina’s economic programme, including tough budget cuts, is yielding results and stabilizing financial markets, an International Monetary Fund spokesman said this week.  

China says to halt additional tariffs on US-made cars from Jan. 1

BEIJING (Reuters) - China will suspend additional tariffs on U.S.-made vehicles and auto parts for three months starting Jan. 1, 2019, the country’s finance ministry said yesterday, following a truce in a trade war between the world’s two largest economies.  

China’s ZTE loses major German mobile contract

FRANKFURT AM MAIN (AFP) -  Chinese telecoms giant ZTE lost its biggest contract in Germany, network provider Telefonica yesterday told AFP, as resistance mounts across the West to Beijing’s infrastructure manufacturers.  

The other power struggle

The biggest challenge the power sector is facing today is that there hasn’t been a single new power plant commissioned since 2014. Meanwhile, there have been issues in the form of delays in the generation plan approval, the Kerawalapitiya liquefied natural gas (LNG) power plant tender award is in the midst of legal proceedings and the Sampur coal power plant was cancelled in 2016. All these factors affect the consumer, who must bear the ult

CICT to enhance Colombo port’s deep water capacity by March 2019

The Colombo International Container Terminals (CICT) has announced a significant equipment addition that will enhance the terminal’s deep water capacity and make Colombo one of the few ports in Asia capable of handling vessels of 22,000 plus TEUs.  

Hutch welcomes removal of floor rates; expects no price war

Hutch Sri Lanka, Sri Lanka’s third largest mobile operator following its merger with Etisalat Sri Lanka, on Wednesday said they welcome the recent move by the government and the telecom industry regulator to remove the floor rates on voice calls.

OYO expands international presence entering Sri Lanka

(New Delhi) PTI: Hospitality firm OYO has entered Sri Lanka as part of its expansion plan in South Asian market, sources said yesterday. Currently, the company has presence in seven countries including India, China, Indonesia, Malaysia, Nepal, the UK and UAE. “The company launched operations in Colombo, Sri Lanka, earlier last month with over 10 properties,” sources aware of the development said.

Court rules against Sri Lanka President, impeachment edges closer

(Colombo) AFP: Sri Lanka’s Supreme Court opened the way for potential impeachment proceedings against the President yesterday, ruling that he broke the law by dissolving parliament last month.  

Rupee ends lower on foreign sell-off

(Colombo) REUTERS: The Sri Lankan rupee ended a tad weaker yesterday in dull trade amid pressure on the currency due to foreign outflows from bonds and stocks as a lingering political crisis weighed on sentiment ahead of a key ruling by the island nation’s Supreme Court.

New IFC report reveals Lankan firms offering childcare support gain significant business benefits 

Businesses in Sri Lanka that offer childcare support to their employees can gain a significant positive impact on recruitment, retention and productivity of workers, especially women, according to a new report released by the International Finance Corporation (IFC) in collaboration with the United Nations Children’s Fund (UNICEF).

No decision to suspend FTA with Singapore: ministry

The International Trade and Investment Promotion Ministry yesterday stressed that no decision has been reached to temporarily suspend the Sri Lanka-Singapore Free Trade Agreement.