Jack Ma, Grab eye opportunities in Singapore digital bank battle

SINGAPORE (AFP) - Singapore is opening up its banking industry to digital lenders in a reform that could shake up the sector across Southeast Asia, with Chinese billionaire Jack Ma and ride-hailer Grab among those seeking licences. Traditional banks are being challenged by a new generation of online-only competitors that can offer better savings and borrowing rates, as they don’t need to spend money on overheads such as physical branches. The int

Management by Walking Around

Management By Walking Around (MBWA) has received prominence due to the leadership of the country President Gotabaya Rajapaksa making surprise visits to some of the important government departments to observe the workings and efficiency of the public service and to see how the public are being served.

Humans and AI co-existing as colleagues

Artificial intelligence (AI) has taken over the way we live, work and do business. Specifically in the Asia Pacific region, businesses are adopting advanced AI faster than their counterparts in the rest of the world.

Lakshmi Niwas Mittal: Steel magnate who came from obscurity to opulence

Lakshmi Niwas Mittal (born June 15, 1950) is an Indian-born steel magnate, based in the United Kingdom. He is Chairman and CEO of ArcelorMittal, the world’s largest steelmaking company. Mittal owns 38 percent of ArcelorMittal and holds an 11 percent stake in Queens Park Rangers F.C.

Poultry industry charges import ban only helps maize mafia, not farmers

The government’s decision to ban the importation of maize has met with resistance from the local poultry industry stakeholders as they asserted the move would only help feed the “maize mafia” that over the years has capitalised on the lack of timely availability of the crop, to manipulate the prices.

ICRA Lanka sanguine on SL’s economic prospects this year

While the changes in the political front and the fiscal and monetary stimulus could revive the tepid Sri Lankan economy from its depths, its sustenance largely hinges on the political will to make tougher choices by way of prudent policies and implementing structural reforms, ICRA Lanka opined.

Stocks slump over 2%; ASPI ends below 6,000 mark

The indices at the Colombo Stock Exchange (CSE) recorded a sharp decline yesterday amid the unsettled global politics, though the local stock market analysts termed it “bit of an overreaction”.

SriLankan reroutes flights to avoid Iran and Iraq airspace

Due to the prevailing unsettled situation in the Persian Gulf region, SriLankan Airlines has altered the route of its Colombo-London-Colombo flights to avoid the airspace of Iran and Iraq with immediate effect, as a precautionary measure.

Plunging US imports push trade deficit to 3-year low in November

(Washington) AFP: America’s trade deficit continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday.

CNN Business Traveller to air Sri Lanka documentary today

CNN’s foremost international business correspondent and presenter Richard Quest will feature Sri Lanka in the newest edition of CNN Business Traveller from today.

Sri Lanka likely to target US$ 2bn FDI this year

Sri Lanka’s Board of Investment (BOI) is likely set US$2 billion foreign direct investment (FDI) target for 2020, as the estimated FDI inflows have fallen to around US$ 1.2 billion last year, well below the initial US$ 3 billion target, amid Easter Sunday attacks and political uncertainty.

Lankatiles targets US export market with mosaic tile manufacturing venture

Lankatiles is targeting the North American market with its latest venture to manufacture mosaic tiles with the technical know-how from Chinese mosaic tile manufacturer, Foshan Shiwan Yulong Ceramic Co. Ltd.

National Budget Dept. gets new DG

Sri Lanka Administrative Service (SLAS) Class 1 officer Jude Nilukshan has been appointed the Director General of National Budget Department of the National Treasury by the Cabinet of Ministers.

SLT Chairman Kumarasinghe Sirisena resigns

Sri Lanka Telecom PLC Chairman P.G. Kumarasinghe Sirisena has resigned from the post with effect from January 06.

Unemployment rises to four-year high

Sri Lanka’s unemployment rate steadily rose during the 12 months to September 2019 to hit a four-year high of 5.1 percent from 4.9 percent in June 2019 and 4.1 percent in September 2018 as the businesses froze new recruitments in a slowing economy.

Perennial’s US$ 250mn mixed development project to be launched in March

Singapore’s Perennial Real Estate Holdings Limited is to launch the proposed US$ 250 million mixed development project in Colombo by March this year, State Minister Lakshman Yapa Abeywardena told Parliament yesterday.

Road Map: Monetary and Financial Sector Policies for 2020 and Beyond

Following is the full text of ‘Road Map: Monetary and Financial Sector Policies for 2020 and Beyond’ delivered by Prof. W.D. Lakshman Governor Central Bank of Sri Lanka 06 January 2020.

Hayleys Fentons MD bullish on construction, renewables, despite domestic challenges

As an industry that relies on large-scale investments to fund long-term projects, the construction sector is by nature, a business that relies on confidence, precision and quality. One of the sector’s leading the charge on these fronts is Hayleys Fentons.

CB to introduce cost-reflective benchmark interest rate for banks

The Central Bank (CB) plans to introduce a task force to introduce a cost-reflective benchmark interest rate for the banking sector, which reflects the actual cost of funds, in order to overcome the deficiencies in the current benchmark interest rates.

Sri Lanka attracts 1.91mn tourists in 2019

Sri Lanka attracted 241,663 tourists in the final month of 2019, down by only 4.5 percent year-on-year, signalling a considerable recovery in the country’s tourism industry, which dealt a crippling blow by the Easter Sunday attacks in April.

LOLC announces sale of PRASAC stake for US$603mn

LOLC Holdings PLC yesterday finally came up with its much-awaited announcement on its US$603 million deal with a Korean lender to divest its Cambodian microfinance business.

CB to get tough on errant finance firms

The financial sector regulator, the Central Bank (CB), is drafting a comprehensive resolution framework for all financial institutions to introduce tougher measures against errant institutions beyond cancellation of licence.

Oil hits US $ 70 a barrel as Iran, Trump trade threats

London (REUTERS): Oil prices rose a further 2 percent yesterday, pushing Brent above US $ 70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.

Business suspension of Ptl extended

The Monetary Board of the Central Bank has extended the suspension on the controversial primary dealer, Perpetual Treasuries Limited (PTL), by another six months, with effect from January 5, 2020. The suspension will bar PTL from carrying on the business and activities of a primary dealer.

Minority shareholders show tepid interest towards Softlogic Finance rights issue

The minority shareholders of Softlogic Finance PLC showed lukewarm interest towards the firm’s Rs.602 million rights issue, which prompted Softlogic Capital, its immediate parent company, to chip in by buying the unsubscribed rights.

Samurai bond likely after parliamentary election

Sri Lanka’s maiden US $ 500 million (60 billion yen) 10-year Samurai bond issuance is likely to be launched after the parliamentary election, which is expected to be held in April, the government sources told Mirror Business.

Tax relief on employment income kicks off

The proposed tax relief on the income received from employment is in effect from January 01, 2020, as the Inland Revenue Department kicked into action with the new guidelines and tables for the calculation of the Pay-As-You-Earn (PAYE) tax.

Tobacco smoking in Sri Lanka: Going the last mile

Despite multiple measures by successive governments to bring down tobacco prevalence in Sri Lanka, still more than one in four males use tobacco.

Worsening climate emergency and tepid COP25 underscore need for urgent global action

After a disappointing 2019 United Nations Climate Change Conference, there is a need to restore confidence that the intergovernmental process can deliver on mitigation, adaptation, and finance.

Dinesh Weerakkody appointed to Abans board

Dinesh Weerakkody has been appointed to the Abans PLC board as an Independent Non-Executive Director with effect from December 16, 2019. Weerakkody is the Chairman of the International Chamber of Commerce Sri Lanka, Hatton National Bank PLC and Cornucopia Sri Lanka. He is a former Chairman of Commercial Bank of Ceylon PLC, National Human Resources Development Council of Sri Lanka and the Employees’ Trust Fund Board of Sri Lanka. He was also a D