Litro sheds light on LPG shortage and assures consumers of continued supply

State-owned Litro Gas yesterday identified increased local demand due to price reductions and global supply constraints as two key reasons for the current LP gas shortage experienced by consumers.

Increased efforts on marketing urged to link SMEs with supply chains

Advocata backs proposal to allow Attorney General’s Department reps at COPE meetings

Colombo-based think tank Advocata, which promotes free market principles, yesterday urged the government to prioritise a suggestion to include the Attorney General’s Department representatives at the Committee on Public Enterprises (COPE) proceedings.

HSBC boss says bank underperforming in Europe, US as profits slip

(Hong Kong) AFP: HSBC’s interim chief executive yesterday said the banking giant was underperforming in parts of Europe and the United States, as third-quarter profits slipped and the lender warned of further headwinds.

Shares end at 12-week high; rupee weaker

(Colombo) REUTERS: Sri Lankan shares closed at a 12-week high yesterday, led by financial services and telecom companies, while the rupee closed weaker on dollar demand from importers.

Higher levy on foreign purchases through payment cards in place of 2.5% stamp duty

The Sri Lankans who have subscriptions on foreign video streaming services such as Netflix and like to order things online from digital market places such as ebay and AliExpress are set to pay more as the government has slapped a 3.5 percent levy on the value of such transactions.

Tea Smallholder Factories cuts losses in Sept.

Tea Smallholder Factories PLC, which buys green leaves from smallholders and leaf collectors and turns them into black teas through its seven factories, managed to cut losses in the three months to September 30, 2019.

People’s Leasing & Finance reports subdued results for 2Q

People’s Leasing & Finance PLC reported muted performance for the September quarter as the company experienced a de-growth in loans and leases while the provisions for doubtful loans rose as the economic malaise in the wider economy hit the country’s largest standalone non-bank lender.

Fourth Industrial Revolution and future of work in SL

Scientific breakthroughs in a broad spectrum of fields, including genetics, artificial intelligence, nanotechnology and 3D printing, are feeding into innovations that are redefining the way people reproduce, grow food, live, work and interact with each other. These trends are shifting the nature and organisation of the labour market in many ways. This article examines how these changes are affecting the labour market in Sri Lanka and provides rec

Oracle: The disruptor in the Cloud world

According to Oracle Cloud Vice President Steve Daheb, Oracle OpenWorld 2019 in San Francisco this September was all about integration. Oracle is now aggressively integrating the AI and highly disruptive autonomous capabilities it has built over the years to its product portfolio creating a unique market position for itself among other cloud service providers.

Tourism industry calls for a bold, new and progressive master plan

Following is the full speech made by The Tourist Hotels Association of Sri Lanka (THASL) President Sanath Ukwatte, at the association’s 54th anniversary Annual General Meeting (AGM), held in Colombo, on October 23.

Gota’s camp promises key biz reforms, concessions

Sri Lankan businesses were last week promised of key concessions including debt moratoriums, lower interest rates, sweeping CRIB reforms and State-backed financial aid if Sri Lanka Podujana Peramuna (SLPP) candidate Gotabaya Rajapaksa is elected president at the upcoming presidential election. “First of all, we will reform the CRIB. We will bring in a restructuring system, so the people who have shown good results, but having difficulties in repa

Moody’s Analytics inks deal with BOI to expand IT-enabled services

Moody’s Analytics Knowledge Services Lanka (Pvt) Ltd. has signed a supplementary agreement with the Board of Investment (BOI) to expand its IT-enabled services. The expansion project will provide IT-enabled research and analysis services for export, provide editorial, desktop processing and compliance services, financial training, research, research and analysis services

India’s Vistara to launch services to Colombo

Vistara, India’s full-service carrier and a joint venture of Tata Sons and Singapore Airlines will begin daily direct flights (except Wednesday) to Colombo from Mumbai from November 25 onwards, making it

Lanka IOC Sept. profits jump amid easing global crude prices

Lanka IOC PLC reported improved performance for the three months ended September 30, 2019 (2Q20) from the losses in the previous quarter, as oil prices eased somewhat in the world market due to concerns over slowing global economy. The local unit of Indian Oil Corporation Limited reported earnings of Rs.517.4 million for the July-September quarter compared to Rs.207.3 million reported for the same period last year. The earnings per share stood

Easter attacks, property closure drive John Keells Hotels into red

John Keells Hotels PLC continued to remain in red for the second quarter in a row in September amid aftershocks of Easter attacks and the closure of few resort hotels in Sri Lanka and Maldives for refurbishments. As one of the larg

Pre and post-election fiscal indiscipline and way forward

According to the Election Commission chairman, the presidential election results will be officially announced only on November 18. The writer is of the view that the probable outcome would be known to the people by early hours of November 17 itself, as there seems to be a fairly clear mandate given to one of the leading presidential candidates, although 35 contenders are running, thus wasting public money.

German consumer confidence hits three-year low

FRANKFURT AM MAIN (AFP) - German shoppers are heading into November feeling gloomy with consumer morale hitting a three-year low on fears the country could tip into recession, a forward-looking monthly survey said Thursday.

India’s under-pressure telecom firms hit with US$ 13 bn bill

MUMBAI (AFP) - India’s beleaguered telecom companies were dealt a blow yday after being told to pay a whopping US$ 13 billion bill, though boosting Asia’s richest tycoon Mukesh Ambani who has shaken up the sector with his low-cost deals.

BMW CEO says trade war could cost U.S. jobs

Germany (Reuters) - BMW has told United States trade representatives, including Robert Lighthizer, that intensifying a global trade war could threaten jobs in South Carolina, Chief Executive Oliver Zipse said yesterday.

Thailand’s largest company CP Group signs US$ 7.4 bn rail deal

BANGKOK (AFP) - A consortium led by Thailand’s largest conglomerate CP Group on Thursday signed a US$7.4 billion deal to build a high-speed railway connecting three airports, the spine of an infrastructure scheme set to transform the southern coast into a tech hub.

Shares end at 11-week high; rupee edges down

COLOMBO (Reuters) - Banking and beverage stocks pushed Sri Lankan shares to a near 11-week peak yesterday after one of the presidential front-runners released his policy manifesto, while the rupee closed tad weaker.

Amazon shares hit by earnings disappointment

SAN FRANCISCO (AFP) - Amazon on Thursday reported that quarterly profits shy of Wall Street forecasts, sending shares of the tech giant tumbling in after-market trades.

Pound slips further as Johnson eyes poll to break Brexit logjam

HONG KONG (AFP) - Sterling extended losses yesterday owing to renewed Brexit uncertainty after Boris Johnson proposed a general election to resolve the long-running saga, while Asian markets were mixed after a broadly positive week.

Tourism industry visits Jaffna Airport to explore future opportunities

The officials and stakeholders of the tourism industry visited the Jaffna International Airport to explore future tourism opportunities with Tourism Development Minister last week.

Big firm products top worst plastic litter list: report

(Manila) AFP: Tens of thousands of pieces of plastic littering the planet come from just a handful of multinational corporations, an environmental pressure group said Wednesday. Coca-Cola, Nestle and PepsiCo were named b

Sanken to build US$ 9.3mn business hotel in Union Place

Sanken Constriction (Pvt.) Ltd. has entered an investment agreement worth US$ 9.28mn with the Board of Investment (BOI) to build a 122-room one-star business hotel in Colombo. “We will be building a 112-room business hotel in the one-star category, but which will be of a much higher standard. This will be a 10-storey building, and we are seeking an international hotel operator to work wi

Sri Lanka fails to maintain momentum in making climate easy for business

Sri Lanka remains stagnant in the World Bank (WB) Group’s Doing Business Index 2020, making a marginal improvement by one place to 99th position among 190 economies, as the business regulatory reform process came into a grinding halt during the review period. In comparison with Do

Keells Foods 2Q profit down despite higher top line

Keells Food Products PLC (KFP), the processed food maker of John Keells group, reported lower profits for the quarter ended September 30, 2019 (2Q20), despite gains at the top line level, signaling somewhat improved consumer sentiment. KFP, the manufacturer of Keells br

Shares, rupee gain ahead of manifesto announcements

(Colombo) REUTERS: Sri Lankan shares and the rupee gained yesterday, with investors waiting for policy manifestos of the two front-runners in next month’s presidential poll. Former defence chief Gotabaya Rajapaksa and Housing Minister Sajith Premadasa will announce their policy framework on Friday and Nov. 1, respectively. Analysts had said investors were waiting to see their views on tax, subsidies and private businesses.