PM identifies ICT industry as savior to help realise national export targets

The country’s budding ICT sector was yesterday looked up to by the government to help reach national export targets in the medium term and was urged to boost its efforts to ensure not only its progression, but also the industries it supports.

Are you breathing plastic air at home? Here’s how microplastics are polluting our lungs

Research shows that many of the microplastics in our bodies come from the air we breathe – not just from drinking bottled water or eating fish from polluted oceans. Due to their small size, microplastics can be inhaled and may induce a wide range of diseases including respiratory and cardiovascular diseases, as well as cancer. 

Should emerging markets worry about higher interest rates and strong dollar?

The US 10-year treasury yield recently hit 3 percent, the so-called “psychological ceiling,” for the first time in five years. It remains to be seen whether the long-term rate will settle there, but capital markets in advanced and emerging economies seem taken aback.

Sri Lanka and the world: Whither political prudence ?

There is piercing hopelessness for the future when listening to certain political rhetoric in Sri Lanka. 

When (and when not) to use PPPs

In the context of strained public finances and limited borrowing capacity for developing countries, there is growing debate on the roles of public and private actors to deliver the trillions of dollars of infrastructure necessary to achieve the Sustainable Development Goals (SDGs).

Five reasons why Sri Lanka needs to attract foreign direct investments

To facilitate Foreign Direct Investment (FDI), Sri Lanka is launching this week an innovative online one-stop shop to help investors obtain all official approvals. To mark the occasion, this blog series explores different aspects of FDI in Sri Lanka. 

Removal of JKH from MSCI Index drives Tundra Fund to up stake to 2.5%

The Sweden-based global asset management company, Tundra Fonder’s Tundra Sustainable Frontier Fund said they upped their position in Sri Lanka’s premier blue chip John Keells Holdings PLC (JKH) following the latter’s exclusion from the Frontier100 Index.

May tourist arrivals up 6.2%

Tourist arrivals to Sri Lanka in May rose 6.2 percent year-on-year (YoY) to 129, 466, recording the lowest arrival number so far this year. For the first five months of the year, the cumulat

The Finance revival efforts go south as firm mounts losses amid shrinking loan book

The losses at The Finance Company PLC (TFC) widened many-fold during the period ended in March 31, 2018, as the troubled licensed finance company saw the hole in its balance sheet deepening with over Rs.16 billion in negative shareholder funds.

Finlays Colombo to divest insurance broking arm to Singaporean party

Finlays Colombo Limited has entered into a binding agreement to dispose its insurance broking business to a Singaporean party, according to the company’s 2017/18 annual report.

Fitch says more M&As likely in Lankan insurance sector

Fitch Ratings sees further consolidation by way of mergers and acquisitions (M&As) in Sri Lanka’s insurance market, particularly in the general insurance segment, as the players continue to compete in a crowded market amid tougher operating conditions due to enhanced capital requirements. 

‘The One’ project ready to showcase tallest skyscraper in South Asia

One Transworks Square (Pvt) Ltd together with Zhong Tian Ding Hui (ZTDH) Company yesterday announced that it is ready to transform Colombo’s skyscape with South Asia’s tallest building, rising to a height of 376 meters in 92 floors by 2021. 

SLTPB gets new Chairman

The Tourism Development and Christian Religious Affairs Ministry yesterday announced the appointment of veteran marketer Dehan Seneviratne as the Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman with effect from June 4, 2018.

Sri Lanka Insurance does it again; declares highest life insurance bonus

Sri Lanka Insurance (SLI) has declared a life insurance bonus of Rs.6.8 billion for this year, recording the largest life insurance bonus ever to be declared in Sri Lanka’s insurance industry. 

HNB arranges Rs.5.4bn syndicated loan to fund ODEL Mall

Hatton National Bank PLC (HNB), Sri Lanka’s second largest private sector lender by assets, yesterday announced a breakthrough partnership with popular retail department store, ODEL to lead the syndication of a Rs.5.4 billion loan to fuel the expansion of its flagship store at Alexandra Place, Colombo 7.  

Shares hit 5-month closing low, foreign investors cap falls

(Colombo) REUTERS: Sri Lankan shares ended weaker yesterday to hit their lowest close in more than five months as investors sold telecom and banking shares, while foreign buying curbed further decline.

How can Asia keep looming financial challenges at bay?

About two decades ago, prior to the Asian financial crisis, investor overconfidence triggered a mispricing of risk on Asia’s economic prospects. The region’s policymakers and financial markets became complacent and risk aversion dropped, causing a surge in capital inflows to Asia that resulted in overleveraged banks and corporations.

CIC Holdings hopeful of turnaround with new re-strategizing exercise

Sri Lanka’s CIC Holdings PLC, which has its core interests in the country’s agriculture sector, said it carried out a re-strategizing exercise, which accompanied a voluntary retirement scheme (VRS), aimed at creating a more fluid and efficient organisation. 

Disruptive technologies: The challenge to business

Today the rise of emerging markets, the accelerating impact of technology, new talent demands, an aging population, and the easy flow of capital and knowledge are having a transformative impact on business, leaders and economies. By 2025, a single regional city in China will have a GDP equal of Sweden (22nd largest economy in the world). We have never had more data and advice at our fingertips – literally. 

What’s the real investment in a Sri Lankan hotel plant?

The tourism industry has been referred to as a ‘Thrust industry ‘and ‘Engine of growth’ by the state ad nauseam, while in reality the industry is paid only lip service. The immense benefits both direct and indirect often go un-noticed. 

Better logistics ops lift Expolanka March quarter earnings

The growing global trade volumes across all trade lines kept both air and ocean freight operations busy at Expolanka Holdings PLC during the January-March quarter, giving the much-needed impetus to the logistics player’s top and bottom lines. 

IMF tells govt. automatic pricing formula for electricity “essential”

Following the introduction of the automatic pricing formula on fuel prices by the government last month, the International Monetary Fund (IMF), with whom Sri Lanka has an ongoing Extended Fund Facility (EFF) arrangement, now wants the government to consider a similar formula for electricity prices and a plan to restructure debt-laden state-run     

Improved performance from Softlogic as group starts de-leveraging

The top line growth across major business sectors led by retail and healthcare and the tight cost controls helped Softlogic Holdings PLC to report better operating profits for the quarter ended March (4Q18), as the group

Sri Lanka’s banking sector bracing for tough operating conditions: Fitch

Fitch Ratings last week said Sri Lanka’s banking sector is bracing for some tough operating conditions in 2018 with muted loan growth and moderate asset quality, which could put pressure on profits.  As a result

Rajaratnam fails to cut U.S. insider trading conviction, sentence

(New York) REUTERS: A federal appeals court on Friday rejected a bid by Raj Rajaratnam, the highest-profile hedge fund manager convicted in a sweeping U.S. crackdown on insider trading, to void much of his 2011 conviction and shorte

SL to move ahead with decision to plant 20,000 hectares of oil palm

Sri Lanka is to move ahead with the former government’s policy of establishing 20,000 hectares of oil palm in the country as a ‘supplementary income’ to the rubber plantation, Plantations Industries Minister Navin Dissanayake said recently. 

April vehicle imports match March highs as holidays fail to deter imports

Vehicle registrations in April remained almost unchanged from the highs it reached in March, the vehicle registrations data compiled by JB Securities, a Colombo-based equity brokerage, showed.

CB targets to end 2018 with US $ 9.5bn in foreign reserves

Sri Lanka will end 2018 with gross official reserves of US $9.5 billion while further cutting its exposure to short-term swaps by another US $700-800 million, Central Bank Governor Dr. Indrajit 

Sri Lanka Tourism in major promotion drive in China

Sri Lanka was showcased in all its splendour at the Shanghai World Travel Fair held at Shanghai Exhibition Centre in China last week.  This was the main highlight of a series of promotional events and meetings that were conducted across major cities in China during the course of the past week. Minister of Tourism Devel

Rishad says only 6% entering Sri Lanka’s higher education

Skilling and improved human resources are crucial in government’s economic vision, but Sri Lanka is facing a supply crunch in such skilled personnel.