SLTDA Chairman to overlook functions of SLTPB

Due to the resignation of Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Kishu Gomes last Friday, Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga has appointed Sri Lanka Tourism Development Authority Chairman Johanne Jayaratne as the acting SLTPB Chairman.

Sri Lanka’s cinema experience redefined with India’s PVR

Colombo’s movie theatre experience just got a whole lot bigger and better with India’s largest and most premium film exhibition company, PVR Cinemas, having unveiled its newest facility at One Galle Face Mall.

Fourth Industrial Revolution and (unwarranted) pessimism over jobs

Ever since Homo erectus carved a piece of stone into a tool, the welfare of our species has been on the increase. Indeed, this technological breakthrough led first to the hand axe and eventually to the iPhone. We have found it convenient to organise the most dramatic period of change between these inventions into four industrial revolutions.

Bourse set to cruise with Gota’s win

Capital market analysts expect the Colombo bourse to climb upward in the short to medium-term following the fairly convincing win of Sri Lanka Podujana Peramuna (SLPP) presidential candidate Gotabaya Rajapaksa, who appeared to be the preferred choice of the country’s business and investment community.

Hemas shows signs of recovery from Easter shock

Hemas Holdings PLC showed signs of recovery across its business segments in the second quarter (2Q20) from the aftershock it felt during the first quarter from the Easter Sunday attacks, but its bottom line reached nowhere near pre-attack era levels.

SLT reports higher earnings; debt funded capex weighs

Revenues and profits rose at Sri Lanka Telecom PLC (SLT) during the three months to September 30, 2019 (3Q19), but the rise in borrowings in view of capital-heavy investments to stay in line with the technological trends is expected to weigh on the group’s cash flows and earnings for the foreseeable future.

Mangala quits as Finance Minister

Finance Minister Mangala Samaraweera yesterday announced his resignation following the defeat of New Democratic Front (NDF) candidate Sajith Premadasa in the 2019 presidential race.

Sluggish demand, higher finance costs impact Softlogic 2Q

Diversified conglomerate Softlogic PLC reported depressed results for the period ended September 2019 (2Q20) amid sluggish consumer demand, fall in tourist arrivals and higher finance costs.

Exports up only 1% in first nine months; trade gap contracts

Sri Lanka’s export earnings in the first nine months of 2019 rose only by 1 percent from a year ago to US$ 8.9 billion. However, the trade gap had narrowed significantly due to the slowdown in imports, the latest data released by the Central Bank showed.

ComBank 3Q earnings helped by fall in impairment charges

Commercial Bank of Ceylon PLC recorded an increase in earnings during the quarter ended September 30, 2019 (3Q19) amid relatively healthy top line performance and decrease in provisions made for possible bad loans.

Securing South Asia through regional economic integration

The South Asian Association for Regional Cooperation (SAARC) Chamber of Commerce recently hosted a conference on ‘Regional Economic Integration: A Catalyst for Socioeconomic Prosperity in South Asia’. I welcomed this timely forum.

STAMPEDE, SDGs Tech Accelerator established to prevent future inequality

Technological innovation has become our today, tomorrow and future. It is seen to have an irreversible impact on all spheres across the board from medical science to banking and all in-between. The most concerning is the use of technology to develop weapons. But, is there a way to use and define technology for a better future for humanity? The people behind STAMPEDE, SDGs Tech Accelerator think so.

EU fosters sustainable development in Sri Lanka through GSP Plus

Sri Lanka was readmitted as a beneficiary of the European Union (EU) Generalised Scheme of Preferences in mid-May 2017 with the new GSP Plus enabling duty free access to the EU market, constituting 28 countries, on 66 percent of the EU tariff lines for over 6,000 local products.

Narayana Murthy – Indian IT genius, kept his head in sky and feet firmly on ground

Nagavara Ramarao Narayana Murthy (born August 20, 1946) is an Indian IT industrialist and co-founder of Infosys, a multinational corporation providing business consulting, technology, engineering and outsourcing services. Murthy studied electrical engineering at the National Institute of Engineering, University of Mysore and MTech at the Indian Institute of Technology Kanpur.

Indian consumer demand falls for first time in decades: report

MUMBAI (AFP) - Consumer spending in India has slumped for the first time in four decades, a leading business daily reported yesterday, bringing more bad news for Prime Minister Narendra Modi as he struggles to revive a stuttering economy. Consumer demand in India’s

Stocks, rupee end higher ahead of presidential polls

The benchmark stock index ends 0.72 firmer at 6,023.02 Foreign investors remain net sellers of riskier assets for seventh straight session REUTERS - Sri Lankan shares rose yesterday, touching their two-week high as investors picked up shares of beverage makers and diversified companies ahead of Saturday’s presidential vote, which is

Automakers around world await Trump tariff decision

WASHINGTON (Reuters) - Automakers around the world are awaiting a decision from U.S. President Donald Trump on whether he will impose up to 25 percent tariffs on U.S. car and auto part imports after a 180-day review period elapsed this week. Trump was briefed ahead of the expiry of the self-imposed deadline, which he set in May, to decide whether to again extend a review or impose tariffs that automakers have warned could cost jobs and dramatical

UK Labour promises free broadband for all

LONDON (AFP) - Britain’s main opposition Labour party yesterday promised free, fast broadband internet for everyone, in an eye-catching pledge for next month’s election. Following on from promises t

Climate change looms over giant Saudi energy IPO

DUBAI (AFP) - As investors weigh up the value of Saudi energy colossus Aramco ahead of its IPO next month, the global drive to contain climate change and waning demand for fossil fuels are seen as key risks. The world’s largest hydrocarbo

Alibaba confirms huge Hong Kong public listing worth at least US$ 13bn

HONG KONG (AFP) - Chinese technology giant Alibaba yesterday confirmed plans to list in Hong Kong in what it called a US$ 13 billion vote of confidence in the turbulent city’s markets and a step forward in its plans to go global. The enormous IPO, which Hong Kong had lo

Asian markets boosted by fresh China-US trade optimism

HONG KONG (AFP) - Asian markets mostly rose yesterday as trade hopes were given a boost by Donald Trump’s economic aide saying “enormous progress” had been made in talks with China, easing recent concerns that they were stumbling. Hong Kong enjoyed a much-ne

Aitken Spence reports resilient 2Q performance amid challenges

Diversified conglomerate, Aitken Spence PLC, had a subdued September quarter (2Q20) amid the group’s leisure operations feeling the brunt of the Easter Sunday attacks in April, which delivered a crippling blow to

Rising NPLs, weak profits and dwindling capital buffers put FLCs under pressure

Sri Lankan Finance and Leasing Companies’ (FLCs) credit profiles are likely to remain under pressure amid rising non-performing loans (NPLs), weakening profitability and erosion of capital buffers, Fitch

Kishu bids farewell to tourism; set to return to corporate sector

Sri Lanka Tourism Promotion Bureau (SLTPB) Chairman Kishu Gomes said yesterday that he submitted his resignation to Tourism Development Minister John Amaratunga effective from today to allow the newly elected president to appoint a new Chairman following the election during the weekend. Gomes revealed to Mirror Business that he will return to the corporate sector shortly after over a nine

Stocks, rupee slip ahead of presidential polls

REUTERS: Sri Lankan shares ended weaker yesterday, edging lower from their near one-week high hit in the previous session, as investors sold healthcare and telecommunication shares ahead of Saturday’s presidential vote. Campaigning for the polls ended o

Sri Lanka increases overflying charges after four decades

The government has reached a decision to increase overflying charges after almost four decades expecting 57 percent increase in revenue.

PB obtains enjoining order against MTD Walkers preventing share transfer

People’s Bank recently instituted action against MTD Walkers and its parent company MTD Capital Bhd of Malaysia before the Commercial High Court in the background where a corporate disclosure had been made by MTD Walkers to the Colombo Stock Exchange on 9th September 2019 that MTD Capital Bhd intended to transfer its majority shareholding in MTD Walkers to a third party.

Labour Dept. to introduce minimum retirement age for private sector employees

The Department of Labour plans to introduce a minimum retirement age for Sri Lanka’s private sector employees after the presidential elections.

SL gets US$150mn ADB loan to upgrade rural roads

The Asian Development Bank (ADB) and the Government of Sri Lanka (GOSL) yesterday signed a US$150 million tranche two loan agreement for the Second Integrated Road Investment Programme to continue ADB’s assistance to upgrade the country’s rural road network.

NDB exploits regulatory respite on capital adequacy to full use in 3Q

National Development Bank PLC (NDB) stood tall among its peers during the three months ended September 30, 2019 (3Q19) as the lender enjoyed more room for its loan book expansion with regulatory changes that ended up in its favour.