Five-pronged solution proposed to improve national budget practices

Successive governments have failed to come up with a citizens’ budget that entails the necessary insights for the public to understand the viability of the proposals made and to break this recurring inefficient cycle, economic think tank Verité Research stresses the need for the relevant authorities to take up a more transparent approach in its proposal formulation, backed by proper analysis and research.

Tougher capitalisation requirements, NPLs to add pressure on already battered finance firms

Sri Lanka’s finance and leasing company (FLC) sector will face added pressure for consolidation as the deadlines for the implementation of tougher capitalisation requirements approach in 2021, said Fitch Ratings.

SEC DG transferred to Finance Ministry

Securities and Exchange Commission Director General Vajira Wijegunawardane has been removed from his post with immediate effect and transferred to the Finance, Economy and Policy Development Ministry, as an Advisor.

Masmovil to acquire Lycamobile Spain for US $ 420mn

Lycamobile, the world’s largest mobile virtual network operator (MVNO) and part of Lyca Group, yesterday announced the sale of Lycamobile Spain to the publicly listed Masmovil, a Spanish mobile network operator (MNO).

CB opens stakeholder consultation for open banking

The Central Bank this week kicked off a wide-scale stakeholder consultation process in a bid to assess the possibility of introducing open banking to Sri Lanka, a move where financial data can be given upon customer consent to third party service providers to obtain value-added financial services.

February inflation shoots up to 6.2%

Headline inflation as measured by the year-on-year (YoY) change in the Colombo Consumer Price Index increased to 6.2 percent in February 2020 from 5.7 percent in January 2020.

Tourism looks for silver lining from Europe amid China virus crisis

A silver lining may be emerging for Sri Lanka’s tourism industry as European holidaymakers look for alternative destinations avoiding coronavirus-hit East and South-East Asian regions while the industry braces for a major decline in tourist arrivals from key Asia-Pacific markets such as China.

Govt. bond market suffers worst weekly fall as investors hide behind safe havens

Sri Lanka’s government bond market last week suffered its worst outflow for the year as foreign investors sought to seek refuge in safe haven assets such as United States government securities, as coronavirus outbreak didn’t show signs of receding.

SLT sees modest top line growth in 4Q; earnings boosted by tax reversal

Operating results at Sri Lanka Telecom PLC (SLT) were hurt by higher depreciation charges resulting from the application of new lease standard and higher interest costs resulting from new borrowings made to fulfil the growing capital expenditure needed to stay on par with global technological trends.

MILCO confirms Highland products shortage in market

State-run dairy producer MILCO (Pvt) Limited confirmed a shortage of its products in the market due to a scarcity of raw materials entering the supply chain for processing.

Dialog to widen enterprise service offering with VES acquisition

Dialog Axiata PLC on Friday said its subsidiary Dialog Broadband Networks (Private) Ltd had entered into a share sale and purchase agreement to acquire 100 percent of shares in VSIS Enterprise Solutions (Private) Limited (VES).

This year’s 2nd monetary policy on March 5

The Monetary Policy Review No.2 of 2020 will be announced on Thursday, at 7.30 a.m., the Central Bank said.

Asian markets flop as virus fears fuel global turmoil

Asian and European equities spiralled downwards yesterday, extending a collapse in world markets that has wiped trillions of dollars off valuations as the coronavirus spread rapidly around the world with the WHO war

Coronavirus slows China’s major projects in Asia

AFP - From an artificial island in Sri Lanka to a bridge in Bangladesh and hydropower projects in Nepal and Indonesia, China’s trillion-dollar Belt and Road plan is stuttering under the effects of the deadly coronavirus. The outbreak that emerged in

Investment advisors worry U.S. response to coronavirus too little

NEW YORK (Reuters) - Investment-advisors are increasingly worried that U.S. authorities are not be doing enough to prevent a widespread outbreak of coronavirus in the country, potentially adding further do

Baidu warns of big hit from coronavirus outbreak

BEIJING (AFP) - Internet search giant Baidu has warned the deadly coronavirus outbreak could drive revenues down in the first quarter, as it reported steady annual revenue growth. The Beijing-based group has forecast a plunge of between five percent and 13 percent due to the economic uncertainty surrounding the new virus, which is rapidly spreading around the world. It is forecasting revenues between 21.0 billion yuan (US$ 3.0 billion) and 22.9 b

US farmers cautious on income, investment: survey

WASHINGTON (AFP) - A majority of US farmers and ranchers expect flat or lower profits and declining investment in 2020 despite much-touted new US trade agreements, according to a survey released Wednesday. While farmers are “

Airlines at centre of storm as coronavirus spreads

LONDON (Reuters) - European airlines stepped up their warnings over the coronavirus outbreak yesterday, with British Airways-owner IAG and Finnair flagging a hit to profits and easyJet reporting a big drop in demand int

World Bank restores relations with Somalia

WASHINGTON (AFP) - The World Bank moved Thursday to reestablish relations with Somalia after a 30-year break, paving the way for the country to have access to low-cost development aid. Contact was severed in 1991

Still no deal on estate workers’ wage hike

The announced minimum daily wage of Rs.1, 000 for plantation workers is unlikely to come into effect on March 1 as decreed by the government, as wage negotiations with plantation firms and trade unions are yet to make a breakthrough with only a day remaining to reach consensus.

Ceylon Tobacco says cigarette sales down 19% in Dec. quarter

Sales at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), fell during the December quarter (4Q19) due to two Excise-led price increases within a period of eight months.

President instructs relevant authorities to take measures to ban oil palm cultivation

President Gotabaya Rajapaksa has instructed State officials to take measures to ban oil palm cultivation based on various claims of its adverse effects on the environment, according to a Presidential Media Division (PMD) press release.

Uber launches new safety features for both riders and drivers in Sri Lanka

Following repeated incidents of violence, US-based multinational ride-hailing company Uber that commenced operations in Sri Lanka in 2016, yesterday announced several new safety features that Sri Lankan riders could use.

NTB 4Q boosted by lower provisions on possible bad loans

Slower growth in loans, pressure on margins and weak asset quality hurt Nations Trust Bank PLC (NTB), but the quarter ended December 31, 2019 (4Q19) showed better performance partly supported by lower provisions on possible bad loans.

SL to construct first electric rail track between Rambukkana and Kandy

Sri Lanka’s Transport Ministry said yesterday that it will construct the country’s first electric rail track in the central highlands of Kandy to ease traffic and further develop the island’s transport sector.

India lifts ban on onion exports

India has lifted a ban on onion exports, Food Minister Ram Vilas Paswan said on Wednesday, as prices of the bulb have fallen sharply in the last few weeks on expectations of a big crop.

Saudi Arabia suspends entry for pilgrims over coronavirus

Saudi Arabia yesterday suspended visas for visits to Islam’s holiest sites for the “umrah” pilgrimage, an unprecedented move triggered by coronavirus fears that raises questions over the annual hajj.

Japan’s PM calls for closure of public schools over virus

Japan Prime Minister Shinzo Abe called yesterday on public schools to close nationwide from March 2 to prevent the spread of the new coronavirus.

BIMCO says coronavirus comes at worst time for shipping

The outbreak of the coronavirus, originating from Wuhan, China, comes at one of the worst time for the shipping industry, which is currently struggling with the additional fuel costs from IMO 2020 and the switch to low-sulphur fuels, according to Baltic and International Maritime Council (BIMCO), the largest of the international shipping associations representing shipowners.

ComBank eyes Africa for overseas expansion

Sri Lanka’s largest private lender in terms of assets, Commercial Bank of Ceylon PLC, yesterday said it is looking to further expand its global footprint and is in the midst of exploring the potential of setting up operations in Africa.