H’tota port deal was a mistake: President

Newly-elected President Gotabaya Rajapaksa says he wants to renegotiate the deal with the Chinese on the Hambantota Port, which is strategically located near one of the world’s busiest shipping lanes with tens of thousands ships passing by a year.

Govt. to make new laws to protect public officials from prosecution

The new government under President Gotabaya Rajapaksa will come up with new laws to clear public officials from prosecution due to the lapses made by them while executing decisions made in good faith to carry out government policy, Prime Minister and Finance Minister Mahinda Rajapaksa said.

MAC Holdings to begin freeport operations with US $ 5mn investment

Sri Lanka’s MAC Holdings plans to venture into freeport operations by investing over US $ 5 million to set up a freeport facility in the Katunayake Free Trade Zone, adjoining Bandaranaike International Airport.

Central Bank chief says he will step down on Dec. 20

(Colombo) REUTERS: Sri Lanka’s Central Bank chief Indrajit Coomaraswamy said yesterday he was resigning and would step down on December 20, citing personal reasons and the age limit for staff of regulated entities.

First Capital says door open for another rate cut

A third rate cut for this year, despite forecasting to the contrary prior to the recently concluded presidential election, was not ruled out by First Capital Research, the research arm of a leading Colombo-based investment bank.

The Finance says 3 investors ready to invest if banking licence could be obtained

Troubled The Finance PLC (TFC) yesterday informed the Colombo Stock Exchange that the company has been approached by three interested parties to consider an investment in the finance firm, if a banking licence could be obtained.

Shares, rupee fall; new leader’s policy direction awaited

(Colombo) REUTERS: Sri Lankan shares closed at a more than one-week low yesterday on profit-taking in banking and beverage shares, while the rupee ended weaker as investors awaited for some policy direction and clarity over the country’s newly-elected president.

Gotabaya’s opportunity to shine in Sri Lanka

In January this year, an iron curtain had descended to end Gotabaya Rajapaksa’s elusive dream to become the seventh president of Sri Lanka. Then several legal battles threatened to put the final full stop to his political ambition to be the president. To many it looked an impossible dream.

Expectations and impressions of a first-time visitor to Sri Lanka

‘Is it safe now?’ This is something I repeatedly heard from people when they found out that I really wanted to visit Sri Lanka, particularly after the Easter bombings. But I’d wanted to travel to Sri Lanka for years, ever since a traveller friend of mine told me of his adventures in this teardrop-shaped island, where he encountered the kindest people he’d ever come across before. So, a random attack was not going to change my mind.

Eight new power sets to arrive next month

Sri Lanka’s train service will be further boosted with the arrival of eight new train sets next month.

Ceramic industry seeks govt. support to boost exports

Sri Lanka’s ceramic industry is seeking the support of the new government to locally source raw materials for high value-added exports amid the country’s only refined kaolin production plant being recently shut down amidst lack of clarity in policies.

Four-member selection board to screen appointments to SOEs

The government has appointed a four-member selection board to screen the persons nominated by ministers to head state enterprises operating under them.

Top economist Dr. Dushni Weerakoon to deliver CA Sri Lanka’s 23rd Annual Tax Oration

Top economist and Executive Director of the Institute of Policy Studies of Sri Lanka (IPS), Dr. Dushni Weerakoon will deliver the 23rd Annual Oration on Taxation, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), on December 2, 2019, at the CA Sri Lanka auditorium.

UK’s Johnson promises Brexit for Christmas in manifesto

(London) REUTERS: British Prime Minister Boris Johnson will promise to bring his Brexit deal back to parliament before Christmas when he launches his Conservative Party’s manifesto yesterday, the cornerstone of his pitch to voters to “get Brexit done”.

Dialog to offer direct carrier billing facilities for Google Play Store

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, announced the launch of Add to Bill (Direct Carrier Billing) Services with Google, to make it easier for users to purchase apps, games, digital content, in-game/in-app purchases, movies, subscriptions and more from the Google Play store on their devices.

Saudi Aramco markets IPO in Dubai after approaching Kuwait fund

(Dubai) REUTERS: Saudi Aramco met investors in Dubai yesterday to market its initial public offering (IPO), after trying to secure demand from Kuwait’s sovereign wealth fund for the deal, worth up to US $ 25.6 billion, which relies heavily on local and regional buyers.

MTI recommends effective approach to Ministerial Portfolio allocation

The decision to limit the Cabinet to 15 (and sans the entourage of deputies and state ministers), be it motivated by legislation or the new leadership, is certainly a step in the right direction.

Eliminating burden of state-owned enterprises on Sri Lankan people

No-one seems to know precisely how many business enterprises the government owns. Official government figures suggest 55 businesses, but these are only those which are considered to be strategic.

Li Ka-Shing: Hong Kong’s elusive billionaire has his rags-to-riches success story

Sir Li Ka-Shing was born in Chaozhou, China, in 1928, to Teochew parents. While Li was still at elementary school, Japan invaded China. Chaozhou was bombed; the family fled to Hong Kong, then a British colony.

South African Airways signs wage deal with non-striking union

JOHANNESBURG (Reuters) - South African Airways (SAA) signed a deal yesterdayday with a union not involved in a strike that has crippled the heavily indebted carrier, giving its members a 5.9 percent pay rise backdated to April.

Prima Ceylon withdraws recent price increase

Prima Ceylon (Private) Ltd stated that, as the newly elected President of Sri Lanka is making the best effort to bring the Sri Lankan economy back on to a strong recovery path, whilst addressing many challenges, it will assist the President’s endeavours by withdrawing the recent price increase.

British Opposition Leader Corbyn’s manifesto rooted in nationalisation

LONDON (AFP) - Plans by Britain’s Labour party to nationalise key industries would reverse a business trend begun by Margaret Thatcher in the 1980s, while it proposes state spending not seen since the 1970s.

AmCham congratulates Sri Lanka’s new President

Issuing a statement, the American Chamber of Commerce (AmCham) in Sri Lanka has congratulated Gotabaya Rajapaksa on being elected as the seventh Executive President of Sri Lanka.

Most Asian markets on the rise as trade optimism returns

HONG KONG (AFP) - Asian markets mostly rose yesterday as a sense of optimism returned to trading floors after a report said China’s point man on the US tariffs talks had offered to host a meeting to help push through their crucial mini pact.

ECB’s Lagarde tells eurozone to ‘innovate and invest’

FRANKFURT AM MAIN (AFP) - Christine Lagarde yesterday urged European countries to “innovate and invest” more to support growth at a time of global uncertainty, in her first major policy speech as president of the European Central Bank.

China wants US trade deal but ‘not afraid’ to fight: Xi

BEIJING (AFP) - President Xi Jinping said yesterday that China wants to reach an initial trade deal with the United States but is “not afraid” to fight back when necessary and will enact economic reforms at its own pace.

Shares, rupee end lower with new govt’s policies in focus

Sri Lankan shares closed lower yesterday, slipping from a more than one-year high hit earlier in the week, while the rupee ended weaker as investors awaited the newly elected leader’s economic policies.

Sri Lanka’s new leader appoints his PM brother as Finance Minister

COLOMBO (Reuters): Mahinda Rajapaksa, the current Prime Minister, as the interim government’s new Finance Minister, State television showed in a live telecast yesterday.

Sri Lanka’s ruling siblings: New President swears in his brother as PM

(Colombo) REUTERS : Sri Lanka’s newly elected president Gotabaya Rajapaksa yesterday swore in his elder brother, former president Mahinda Rajapaksa, as Prime Minister, cementing the powerful family’s political comeback.

CB rubbishes Fitch statement on election outcome

The Central Bank yesterday rubbished a statement issued by Fitch Ratings on the outcome of Sri Lanka’s presidential election, saying that the contents of it were “purely based on loose assumptions” and “very much at variance with the actual market developments and expectations.”