ECT to begin operations second half of next year

The East Container Terminal (ECT) is to be operational by second half of next year under the proposed terminal operating company (TOC) that will be jointly formed by Sri Lanka Ports Authority (SLPA), Japan and India in which SLPA would have 51 percent stake, SLPA Chairman Kavan Ratnayaka told Mirror Business. The SLPA o

A Muslim devotee prays inside the Minuwangoda Jumma Mosque

A Muslim devotee prays inside the Minuwangoda Jumma Mosque, which came under attack during the anti-Muslim riots recently. The Muslims ended the 31-day fast and then went into celebrating Ramadan yesterday

Tourist arrivals plunge 70% in May after Easter attacks

Sri Lanka’s tourist arrivals in May fell 70 percent year-on-year (YoY) to 37,000 in the aftermath of Easter Sunday attacks which killed 250 people, including 45 foreigners. “We have been talkin

EPF hunts for bargain stocks eyeing capital gains

Sri Lanka’s largest pension fund, the Employees’ Provident Fund (EPF), will hunt for bargain stocks in the Colombo Stock Exchange (CSE), eyeing capital gains under the Central Bank’s strengthened and decentralised investment operation mechanism.

Tourists return

Tourists are slowly trickling into Sri Lanka following the relaxation of travel advisories imposed against visiting Sri Lanka following the Easter Sunday bomb attacks that killed over 250 people, including 44 foreigners. The picture shows a tourist taking a photo of Temple of the Sacred Tooth Relic in Kandy

CB cuts rates to spur growth

The Central Bank (CB) cut policy interest rates by 50 basis points to stimulate the sub-par economic growth which is expected to further worsen due to the devastating impact on the tourism and related sectors stemming from the Easter Sunday attacks. Accordingly, the Monet

Govt. mulls allowing cigarette imports

Sri Lanka is currently contemplating to entertain applications to allow potential importers to import foreign cigarette brands to the country, as there’s significant demand for such among expatriates in Colombo, Finance Minister Mangala Samaraweera said. “We are yet to grant any app

CB says reserves could tumble to US$6.3 bn

Sri Lanka’s foreign reverses could tumble to US$6.3 billion at the end of this year, almost US$2 billion down from the earlier projected US$8.2 billion in the aftermath of Easter Sunday bombings, which has adversely impacted the country’s tourism industry while denting the investor sentiment.

Tourism industry awaits subsidised working capital loans

Sri Lanka’s crisis-hit tourism industry is anxiously awaiting the interest-subsidised working capital loans announced by the government under the financial relief package for the industry following the Easter Sunday bombings that crippled the once booming industry.

Subdued 4Q19 earnings for JKH

John Keells Holdings PLC (JKH), Sri Lanka’s largest and the most valued conglomerate, reported subdued operating results for the March quarter (4Q19), while heavy borrowing costs weighed on the group bottom line in a quarter that lacked economic vibrancy.

Korea Eximbank to conduct feasibility study for land mgt. system in SL

Recognizing the importance of efficient land management and its contribution to the economy, the Export-Import Bank of Korea (Korea Eximbank), the entrusted government agency of Economic Development Cooperation Fund (EDCF) is financing a comprehensive feasibility study to establish a Land Data Infrastructure (LDI) and Land Information Service System (LISS) in Sri Lanka as a grant under its technical assistance scheme.

Crisis-hit SMEs cry for help

The Colombo Business Association (CBA) representing small and medium-sized enterprises (SMEs) in the country warned that the delayed decision making by the government to support the crisis-hit SME sector in the aftermath of Easter Sunday bombings would drive the banking sector into crisis, leaving many unemployed.

Poultry sector demand halves amid plunge in tourism

The demand for poultry products has plunged as much as by 50 percent in the aftermath of the Easter bombings, which left the country’s HoReCa (hotels, restaurants and café) industry reeling amid fewer tourists and a drop in domestic consumption.

Private sector takes pledge to work towards united Sri Lanka

Colombo yesterday saw a group of private sector business leaders and representatives led by business chambers in the country coming on to one platform to affirm their pledge towards a united Sri Lanka.

Huawei assures support for existing smartphones in market

Huawei yesterday assured the Sri Lankan customers of continued support for the existing Huawei smartphones in the market, amid the US Internet giant Google, whose Android mobile operating system powers the Huawei smartphones, announced plans to sever ties with the Chinese smartphone marker.

EPF marks CSE re-entry buying 55mn Dialog shares

The state-run private sector pension fund, the Employees’ Provident Fund (EPF), marked its re-entry into the Colombo Stock Exchange (CSE) last week, with the purchase of 55 million shares of Dialog Axiata PLC for a consideration of Rs.495 million, Mirror Business learns.

Pharma Chamber welcomes drug price revision linked to rupee devaluation

The Sri Lanka Chamber of Pharmaceutical Industry has welcomed the move by the government, in consultation with the National Medicines Regulatory Authority (NMRA), to gazette a 14.4 percent increase in the Maximum Retail Price (MRP) of 60 price-controlled pharmaceutical drug molecules.

Celebrating Vesak amid tight security

Sri Lankans are preparing to celebrate Vesak festival which falls over the weekend. Even amid security concerns, people are seen purchasing Vesak decorations from stalls set up at roadsides in Colombo. This year Vesak festival in Sri Lanka is being celebrated low-key with additional security provided following the Easter Sunday terror attacks

Mob attacks put tourism further in tatters

The recent mob attacks carried out targeting Muslims in several parts of Sri Lanka, in the aftermath of Easter Sunday attacks, could further hinder tourist arrivals to the island nation, dashing the industry’s hopes for a faster recovery.

IMF completes fifth review; releases US$ 164.1mn to SL

The Executive Board of the International Monetary Fund (IMF) has approved US$ 164.1 million disbursement for Sri Lanka, completing the fifth review of the Extended Fund Facility (EFF) arrangement the island nation has wit

Real estate sector braces for slowdown

Importers of essential goods seek govt. help to repay loans after bomb attacks

The essential food and commodities’ importers have written to the government requesting immediate assistance, as the current security situation in the country in the aftermath of the Easter Su

Sri Lanka’s 2019 growth to hit 18-year low after Easter bombings

Sri Lanka’s economic growth is expected to slump to a near two-decade low this year, a Reuters poll showed, as tourism, foreign investment and overall business activity eased sharply in the wake of the devastating Easter

Former US envoy urges need for unified leadership for economic revival

A strong and unified leadership remains paramount for Sri Lanka in the aftermath of the Easter Sunday bombings to address the security concerns of investors and to revive the island nation’s economy, according to former US Ambassador to Sri Lanka Robert O. Blake.

Govt. announces relief package for struggling tourism industry

Finance Ministry yesterday announced the much anticipated financial relief package to the country’s troubled tourism industry, which included a one-year moratorium on loans, subsidized credit and 10 percent reduc

Five-star security!

The Kingsbury, one of the five-star hotels in Colombo that was attacked on Easter Sunday, has installed baggage and personnel scanners at its premises to ensure the safety of the hotel’s patrons. The hotel is also protected by the state security.

Praying for peace

A  Sri  Lankan Catholic prays on the road in front of St. Anthony’s Shrine, where an explosion took place during mass on Easter Sunday, in Colombo. Masses in the churches of Archdiocese of Colombo were not held yesterday due to security concerns (Reuters photo)

Colombo on high alert

Sri Lankan Special Task Force (STF) soldiers patrol along a road in Colombo yesterday, after a series of bomb blasts targeting luxury hotels near Colombo’s main business district and churches on Easter Sunday. Islamist extremists in Sri Lanka are believed to be planning attacks on bridges in Colombo, authorities said, as they warned several conspirators in the Easter Sunday bombings that killed 257 people still at large. (AFP)

Tourism chief fears too many committees could spoil the soup

Sri Lanka’s Tourism chief Kishu Gomes urges the government to appoint a single national-level committee consisting of responsible officials and experts to expedite the revival of the tourism industry. He said t

SA’s largest LPG transhipment terminal by Laugfs officially inaugurates operations

Laugfs Terminals Ltd officially inaugurated the operations of its state-of-the-art LPG transhipment terminal at the Hambantota International Port, the largest of its kind in South Asia, with the first of its LPG cargo brought in by the Sri Lankan-flagged vessel Gas Success, part of Laugfs Maritime’s own LPG vessel fleet.