Gota pledges to enhance political and economic freedom of all citizens

As Sri Lanka celebrated 72 years of Independence from the British colonizers, President Gotabaya Rajapaksa at the official National Independence Day celebration in Colombo, yesterday pledged to assure and enhance the political and economic freedom of all citizens of the island nation.

UL corruption scandal shows urgent need for deep structural SOE reforms: Advocata

Colombo-based free market think tank Advocata says the recent SriLankan Airlines corruption scandal aptly shows the urgent need for deeper structural reforms in the country’s State-Owned Enterprises (SOEs).

CSE gears for this year’s maiden listing with HNB Finance IPO

Marking the first initial public offering (IPO) for 2020, HNB Finance Limited Monday announced plans to list both voting and non-voting shares on the secondary board of the Colombo Stock Exchange (CSE).

PUCSL asks CEB to submit report on power interruptions

Electricity sector regulator, Public Utilities Commission (PUCSL) has asked the Ceylon Electricity Board (CEB) to submit a report on the interruption of electricity supply that occurred on Monday without prior PUCSL approval.

Government exploring avenues to narrow gap between tea auction and FOB prices

The government is exploring avenues to narrow the gap between tea auction prices and FOB prices for the benefit of planters amid persistent low tea prices at the Colombo Tea Auction and rising cost of production.

Asia will have to brace for a tough year ahead

The World Health Organisation has warned all governments to ‘take action’ over the SARS-like virus that originated in Hubei China. Top economists estimate that 90 percent of the economic impact from health epidemics stems from people’s fear of the unknown. If that’s right, the world economy should brace itself for the full impact of the Wuhan coronavirus.

CCC-Pathfinder Foundation discuss Belt and Road Initiative’s challenges and way forward

The Chinese approach to a better future of humankind is based on the Chinese historical and cultural values with two fundamental ideas: community sharing and mutual connectivity. Prof. Wang Yiwei from China mentioned this in his keynote speech on ‘Belt and Road Initiative (BRI): Challenges and Way Forward’ delivered recently, at the auditorium of the Ceylon Chamber of Commerce (CCC), in Colombo.

Sri Lanka’s post-war defence budget: A systematic review

A systematic review of Sri Lanka’s post-war defence budget reveals that Sri Lanka spends too much on defence and the defence budget is spent inefficiently.

Economist calls for mix of prudent macro stimulus and pro-growth reforms

Sri Lanka’s policy dilemma has entangled the national economy in a low growth trajectory amid an expanding public debt burden, and reversing this requires a prudent mix of macro stimulus and pro-growth reforms, a top economist in the country asserted.

January inflation accelerates to 5.4%; but core inflation down

Sri Lanka’s headline inflation measured by the Colombo Consumer Price Index (CCPI) advanced to 5.4 percent in the twelve months to January 2020 end from 4.8 percent in December 2019, as the prices of food and non-food items rose due to supply constraints.

The Kingsbury December quarter performance in red

The Kingsbury PLC recorded losses for the quarter ended December 31, 2019 (3Q20) as the city hotel controlled by Hayleys group became a direct target of the deadly Easter Sunday attacks, which led to the temporary closure of some of the hotel’s facilities.

Central Bank to formulate timelines for 20 finance firms

Sri Lanka’s Central Bank (CB) is formulating timelines on an individual basis for twenty out of forty licensed finance companies (LFCs) that are facing liquidity issues to raise sufficient capital by encouraging consolidation, while warning on cancellation of licences failing to meet these timelines. The CB Deputy Governor H.A. Karunaratne last week revealed that 20 out of 40 licensed companies were faced with different level of liquidity issues

SriLankan says ready to cooperate with agencies for any investigation

Amid revelations that the wife of a SriLankan Arilines’ executive is embroiled in a US$ 2 million bribery scandal, the national carrier yesterday said it will cooperate with government agencies for any investigation/prosecution relating to the matter.

Bland outlook for Ceylon Tea cuppa this year

Ceylon Tea cup this year is expected to be bland with industry representatives stating that in terms of supply, little or no carryover will be witnessed in to 2020 from 2019 with low inventory in the value chain.

It’s his mindset that made Elon Musk so incredibly successful

Elon Musk was born on June 28, 1971, in Pretoria, South Africa. At age 17, in 1989, Musk moved to Canada to attend Queen’s University. In 1992, Musk left Canada to the USA to study business and physics. He graduated with a graduate degree in economics and stayed for a second bachelor’s degree in physics. Musk became a US citizen in 2002.

Over hundred governments launch rewrite of international tax rules

PARIS (REUTERS) - Nearly 140 governments have agreed to launch a rewrite of decades-old cross-border tax rules for the digital age over the coming months, the Organization for Economic Cooperation said yesterday after talks this week in Paris.

France’s Orange avoids Huawei in 5G rollout

PARIS (AFP) - French telecoms operator Orange said yesterday that it had chosen Nokia and Ericsson to supply equipment for its next-generation 5G network, amid a growing dispute over the use of gear from China’s industry heavyweight Huawei.

India’s annual growth slows to 5% as New Delhi vows revival

India’s economy grew five percent last year, its slowest expansion since the 2008 global financial crisis, official data showed yesterday, underlining the challenges facing Prime Minister Narendra Modi’s government.

Dialog’s ‘Suraksha’ designed focusing on child safety

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, introduced the newest mobile security device ‘Suraksha’, an all-encompassing safety-device specifically designed for children, accompanied by a multitude of parental controls and advanced features, as a solution for parents looking to easily keep track of their children anytime, anywhere.

Pilots, flight attendants demand flights to China stopped as virus fear mounts worldwide

Pilots and flight attendants are demanding airlines stop flights to China as health officials declare a global emergency over the rapidly spreading coronavirus, with American Airlines’ pilots filing a lawsuit seeking an immediate halt.

China’s factory activity falls in January as virus fears grow

China’s manufacturing activity slipped in January, official data released yesterday showed, as the country grapples with a new virus that has claimed more than 200 lives. The Purchasing Managers’ Index (PMI), an early gauge of factory activity, came in at 50, down slightly from 50.2 the month before.

IMF agrees on US$ 1.3 bn, 4-year aid package for Jordan

Jordanian officials reached an agreement with the International Monetary Fund on a US$ 1.3 billion, four-year aid program to help authorities stabilize the economy, the IMF announced Thursday.

Bangladesh capital awash with plastic-coated posters

Dhaka is awash with millions of plastic-laminated campaign posters ahead of elections in the Bangladeshi capital, and environmentalists are up in arms.

Markets struggle despite WHO virus declaration

Markets struggled to find their footing in Asia yesterday after the World Health Organization declared a global health emergency over the deadly new virus sweeping China.

Pakistan Lifestyle Exhibition

The second exhibition on the lifestyle in Pakistan was inaugurated by Small and Medium Business and Enterprise Development Minister Wimal Weerawansa at the Bandaranaike Memorial International Conference Hall yesterday.

EPF new banking sector investments unlikely as exposure already high

The Employees Provident Fund (EPF), the largest pension fund in the country representing private sector workers, may not buy banking sector shares further, as its exposure is already too high. But any investment decision is purely up to the investment committee overseeing the management of EPF funds, according to the Central Bank.

CB targets over 4% growth with surprise rate cut

In an unexpected move, the Central Bank (CB) yesterday slashed policy rates by 50 basis points to facilitate faster decrease in interest rates with the aim of boosting subdued economic growth to over 4 percent this year despite concerns over recent uptick in inflation.

Hotel industry braces to tackle coronavirus threat

The Hotels Association of Sri Lanka (THASL) met yesterday to discuss in depth the current situation with regard to the coronavirus outbreak and the measures to be adopted.

MAS Holdings enters 2020 with first non-family CEO

MAS Holdings has appointed Suren Fernando as Chief Executive Officer with effect from January 1, 2020, the first non-family CEO to lead South Asia’s largest apparel manufacturer.

Govt. eyes US$ 18.5bn export earnings this year; to support NES implementation

Sri Lanka’s export sector has been given an ambitious revenue target of US$ 18.5 billion this year, where merchandise exports are expected to contribute US$ 13.5 billion and services US$ 5 billion.