Accused fined Rs.400,000 for 5 smuggled cigarettes

A suspect pleaded guilty on Tuesday for the possession of five smuggled cigarettes and was fined Rs.400,000 by the Gampaha Magistrate. The case was handled by

China’s Q3 Gross Domestic Product growth slows to 6%, slowest in 27 years

BEIJING (AFP) - China’s economy expanded at its slowest rate in nearly three decades in the third quarter, hit by cooling domestic demand and a protracted US trade war, official data showed yesterday. The Chinese economy grew 6.0 percent in July-September, compared with 6.2 percent in the second quarter, according to the National Bureau of Statistics (NBS). The reading - in line with

FIU strikes deal to obtain direct access to INTERPOL Information System

In terms of the provisions of the Financial Transactions Reporting Act (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into an agreement with INTERPOL National Central Bureau for Sri Lanka (NCB Colombo) recently at the Central Bank of Sri Lanka to obtain direct access to the INTERPOL Information System. Senior Deputy Inspector General of Police, Head of NCB Colombo, D. W. R. B. Seneviratne and D.M. Rupasinghe, Director, FIU si

Senaka Zenn to setup US$ 10.3 mn concrete electric poles manufacturing plant under BOI

The Board of Investment of Sri Lanka signed a supplementary agreement with M/s Senaka Zenn (Private) Limited to set up a project to manufacture pre-stressed spun concrete electrical poles, piles and railway sleepers with improved technology, for both local and export markets. The Initial investment made by the c

Apple boss Cook meets Chinese regulator after HK app criticism

BEIJING (AFP) - The CEO of Apple has met with the top market regulator in China, a statement said yesterday, a week after the tech giant faced heavy criticism over an app Beijing accused of supporting Hong Kong protesters. Apple removed HKmap.live from the

G7 says Libra should not launch until risks ‘adequately addressed’

WASHINGTON (AFP) - Facebook should not launch its global digital currency Libra until proper regulations are in place to handle the potential risks, the Group of Seven said Thursday. And France’s Economy Minister Bruno Le Maire warned that a currency like Libra could undermine sovereign nations’ control over their exchange rates.

Saudi Aramco to delay initial public offering: source

NEW YORK (AFP) - Saudi Aramco plans to push back its initial public offering, which had been expected to be launched next week, a person familiar with the situation said. The move could delay stock market trading of the

Longest non-stop flight to take off from New York to Sydney

SYDNEY (AFP) - A plane and its passengers are set to test the mental and physical limits of long-haul aviation when Qantas operates the first direct flight by a commercial airline from New York to Sydney.

Sri Lanka plans big for 6-month long Expo 2020 Dubai

Sri Lanka yesterday launched the official website announcing the country’s participation in the six-month long Expo 2020 Dubai, anticipating a major boost to exports, tourism and investments while looking to enhance the country’s brand value and image globally. The official website was launched by the Ambassador of UA

World Bank likely to cut global growth forecasts again

(Washington) REUTERS: World Bank President David Malpass said it is likely the development lender will downgrade its global growth outlook amid uncertainty over falling trade and investment flows, but he stopped short of calling on the United States and China to resolve their trade war. “As we look at the data today, w

Laugfs group to list power subsidiary shares

Laughs Power Limited (LPL), the renewable energy subsidiary of Laugfs group, is to list its shares on the secondary Diri Savi Board of the Colombo Stock Exchange (CSE) by way of a share introduction.

Hambantota Port signs terminal service agreement with Japan’s NYK

The Hambantota International Port Group (HIPG) recently entered into a terminal service agreement (TSA) with Japanese shipping conglomerate NYK, the first roll on/roll off (RoRo) specific TSA entered into by the shipping line with a Sri Lankan p

Pound sinks into losses on Brexit deal rejection fears

(London) AFP: Sterling sank into losses in chaotic trade yesterday on fears that Britain’s Brexit draft deal might not win parliamentary approval, having earlier spiked close to US$ 1.30 on news of the agreement. At 1240 GMT, the pound w

Stocks end higher on bargain hunting; rupee weaker

(Colombo) REUTERS: Sri Lankan shares snapped two sessions of losses to end higher yesterday as investors picked up beaten down stocks. The rupee closed weaker. The benchmark stock index closed 0.40 pe

Jaffna Int’l Airport opens today

The upgraded airport in Palali will be declared open as Jaffna International Airport (JIA) today, under the patronage of President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe, Transport and Civil Aviation Minister Arjuna Ranatunga and Indian High Commissioner in Sri Lanka Taranjit Singh Sandhu. The inaugural flight today by Alliance Air, a unit of Air India, will carry 30 passengers and the airline is set to operate three flights a

SL makes impressive strides in sustainable finance policy action

Sri Lanka is among eight countries advanced to the implementation stage from the preparation stage having initiated key banking reforms to drive development and fight climate change, according to the second Global Progress Report of the IFC-facilitated Sustainable Banking Network (SBN), released recently.

Rabobank, Dutch govt. fund Lankan rural bridges, vocational institute

Two agreements were signed yesterday between the government and the Netherlands’ Rabobank amounting to EUR 70.7 million (approx. Rs.14.1 billion) for the construction of rural bridges and establishment of the National Vocational Training Institute in Hingurakgoda, Polonnaruwa.

SL to borrow US $ 25mn from World Bank’s IBRD

The Cabinet of Ministers has cleared a proposal to borrow US $ 25 million from the International Bank for Reconstruction and Development (IBRD) of the World Bank to improve the efficiency and transparency of public institutions.

Govt. further relaxes rule on repatriation of export earnings

The Cabinet of Ministers has decided to further relax the rule on repatriation of export earnings by taking into consideration the appeals made by exporters, the Government Information Department said.

Govt. to set up debt management bureau under Finance Ministry

The Cabinet of Ministers has this week approved the setting up of a debt management bureau at the Finance Ministry, as a separate unit, the Government of Information Department said. At present, the country’s foreign and domestic debt are sold and managed by a department at the Central Bank while foreign loans are raised by the External Resources Department of the Finance Ministry.

Indian travel agents to hold convention in Colombo to show solidarity

The Travel Agents Association of India (TAAI) is planning to host its Annual Convention in Sri Lanka later this year.

World economy: Synchronised slowdown, precarious outlook

The global economy is in a synchronised slowdown and we are, once again, downgrading growth for 2019 to 3 percent, its slowest pace since the global financial crisis. Growth continues to be weakened by rising trade barriers and increasing geopolitical tensions.

The milky way

When Rathinam Jenaka first began working at YARLCO, she was only allowed to boil the milk. As she stood stirring the pot, she would glance over to the other women on the factory floor.

South Asia’s trajectory through innovations and disruptions in Fourth Industrial Revolution

The primary issue that arose at the plenary on ‘Promoting Innovation and Disruption in the Fourth Industrial Revolution (4IR)’, at the 12th South Asia Economic Summit (SAES XII), organised by the Institute of Policy Studies of Sri Lanka, was the role of disruption in the status quo.

Cloud adoption in Asia “absolutely phenomenal”: Oracle executive

Chris Chelliah Group Vice President & Chief Architect, Cloud Platform, APAC, Japan & EMEA. He has more than 24 years of experience in the information systems industry; 20 of those years have been with Oracle across different portfolios in Asia Pacific, Europe and North America.

Trade war cuts global growth to lowest since financial crisis: IMF

(Washington) REUTERS: The U.S.-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned yesterday, adding that the outlook could darken considerably if trade tensions remain unresolved. The IMF said its latest Worl

Test flight from India lands at Jaffna Int’l Airport

A test flight was competed yesterday from Chennai to Palali Airport, which is to be declared open as the Jaffna International Airport (JIA) tomorrow (17th). Indian aviation experts and specialists, who were on board the test flight, inspected the runway and other facilities at the airport. Alliance Air, an affiliate of Air India, has confirmed to operate thre

Manufacturing, services activities see slowdown in September

Sri Lanka’s manufacturing and services sector activities expanded in the month of September, albeit at a slower pace compared to August, according to the Central Bank’s SL Purchasing Managers’ Index (PMI). Manufacturing activities recorded a PMI index value of 54.7 percent, down from 1.9 index points in August. The deceleration in activities was mainly driven by the slowdown in production in manufacturing of food & beverages and textiles & wearin

Stocks slip from near 6-week high on profit-taking; rupee weakens

(Colombo) REUTERS: Sri Lankan stocks ended weaker yesterday, snapping a run of seven straight gaining sessions to slip from a near six-week high hit in the previous session as investors booked profits. The rupee currency ended weaker. The benchmark stock index ended down 0.5 percent at 5,840.48, slipping from its highest close since Sept. 3. So far this year, the index has dropped 3.50 percent. Meanwhile, the rupee was 0.49 percent

Port City land sales to begin first half of next year

Land sales of the Colombo Port City is set to begin within the first half of next year with both government and the project company preparing to float the tenders for land plots, Mirror Business learns.