Apple pulls Hong Kong app used by protesters after China warning

HONG KONG (AFP) - Apple yesterday removed a Hong Kong map application used by pro-democracy protesters, saying it endangered police, after China warned the US tech giant to drop the app. According to a statement p

Asia markets mixed as dealers await start of key trade talks

HONG KONG (AFP) - Asian markets were mixed yesterday with investors moving cautiously as they sifted through conflicting reports about the outlook for upcoming China-US trade talks.

WB urges banks to adopt a multifaceted approach to be development enablers

With nearly one-third of Sri Lanka’s adult banked population considered to be inactive account holders and many facing significant constraints in accessing finance, the World Bank (WB) urges the country’s banks to position themselves as development enablers by adopting a multifaceted approach to further promote financial inclusiveness in the country.

European Union provides EUR 40mn to Sri Lanka’s STRIDE project

The European Union (EU) is providing EUR 40 million to Sri Lanka to co-finance the Strengthening Transformation, Reconciliation and Inclusive Democratic Engagement (STRIDE) project.

SL South Asia’s most improved in latest Global Competitiveness Index

Sri Lanka becomes the most improved economy in the South Asian region in Global Competitiveness Index 2019, by gaining 1.1 index points and improving its ranking to 84th, out of 141 countries, due to the improvements in socio-economic elements.

C.bank seen keeping rates on hold ahead of elections

(Colombo) REUTERS: Sri Lanka’s Central Bank will likely leave its key interest rates on hold at a policy review tomorrow, after a 50-basis-point cut in August, a Reuters poll showed, ahead of presidential elections and as lower bank rates go into effect.

Sri Lanka’s unemployment edges up to 4.9% in 2Q

Sri Lanka’s unemployment rate has inched up to 4.9 percent during the second quarter of 2019, up from 4.7 percent in the quarter ended in March 2019, although the total number of employed persons has increased.

John Keells Hotels provides Rs.2.45bn corporate guarantee to People’s Bank

John Keells Hotels provided a corporate guarantee for Rs.2.45 billion to People’s Bank yesterday, in respect of a long-term loan facility obtained by its subsidiary, Ceylon Holiday Resorts Ltd, for redevelopment of Cinnamon Bentota Beach.

Facebook’s commitment to Sri Lanka election

We believe Facebook can be a valuable force for democracy around the world, encouraging healthy debate, providing voters more direct access to their candidates and giving more people a voice in the political process. That is why we are focused on ensuring the integrity of elections on Facebook and we have learned a lot from our work around the world over the past few years.

JKH ranked as Sri Lanka’s Most Respected Entity for 14th year

For a record 14th year, John Keells Holdings PLC (JKH) was ranked as the Most Respected entity in Sri Lanka, in the recently released edition of LMD’s Most Respected entities issue. In terms of the 10 attribute rankings, JKH has taken the lead in seven categories, namely financial performance, management profile, honesty, dynamism, corporate culture, CSR and vision.

First Capital rules out third rate cut 

First Capital Research predicts zero chance for a third policy rate cut this year ahead of Central Bank’s Monetary Policy Review scheduled for this Friday. “The Central Ba

Altair infuses US$ 25 mn via syndicated loan

A consortium of leading local banks, comprising of the Bank of Ceylon, NDB Bank and National Savings Bank has raised a syndicated loan of US$ 25 million (Rs 4.5 billion at current rates) for Sri Lanka’s showpiece high rise property development Altair, in a noteworthy vote of confidence in the prospects for the project as well as for the sector in general. One of the l

Hong Kong bourse scraps US$ 39 bn play for London Stock Exchange

HONG KONG (Reuters) - Hong Kong’s bourse yesterday dropped its unsolicited US$ 39 billion bid for London Stock Exchange Group (LSE), conceding it hadn’t won over LSE management for a move that could have transformed both global financial services businesses. The surprise approach, made last mo

Enjoining order restrains MTD Walkers from giving effect to Ravi Wijeratne’s offer

MTD Walkers PLC, a construction major mired in losses, yesterday informed the Colombo Stock Exchange that one of its creditors has obtained an enjoining order preventing them giving effect to a recent volunta

HNB one of the best capitalised banks in the country: Managing Director

Jonathan Alles, Managing Director and Chief Executive of Hatton National Bank (HNB) in an interview with Mirror Business speaks about the bank’s key achievements, banking sector performance, fourth industrial revolution etc. Excerpts:

Fitch says lending rate caps may not support loan growth in short term

The lending rate caps on banks may not yield the desired effect of stimulating credit demand in the short term, as the root cause of the problem lies not with the rates but with the borrower sentiments and subdued economic activity, said Fitch Ratings.

EDB kicks off groundwork to develop wellness tourism strategy, national brand for Sri Lanka

The Sri Lanka Export Development Board (EDB) kicks off the groundwork to develop an international wellness tourism strategy and a brand development initiative within a year, to position the country as a leading player in the US $ 2.6 trillion global wellness tourism industry, under the five-year National Export Strategy (NES).

Litro Gas Lanka and CAA enter into agreement on LPG prices

Following two years of extensive negotiations and deliberations, Litro Gas Lanka, Sri Lanka’s largest importer and supplier of liquefied petroleum gas (LPG), has been able to arrive at an agreement with the Consumer Affairs Authority (CAA) of Sri Lanka, on the LPG price.

Softlogic Capital to raise Rs.1.5bn via listed debt

The finance sector holding company of Softlogic Holdings PLC, Softlogic Capital PLC, yesterday revealed plans to raise Rs.1.5 billion via a listed debenture issue.

CAL surpasses Rs.100bn footprint in investment banking

Capital Alliance (CAL) extends its market leadership in investment banking services with its transaction footprint exceeding Rs.100 billion in the past two years.

Stocks, rupee firmer as presidential frontrunner files nomination

(Colombo) REUTERS: Sri Lankan stocks and rupee closed firmer yesterday after presidential frontrunner Gotabaya Rajapaksa, who faced uncertainty over his candidature, filed a nomination early in the day.

Can multinationals save ASEAN from the middle-income trap?

The middle-income trap has become a concept deployed frequently in conversations among policymakers and academics in East Asia. The term is used by those trying to understand failed industrial upgrading in the region, which has occurred against a backdrop of prolonged economic slowdown in ASEAN middle-income countries.

Is it possible for Sri Lanka to afford trillion rupee public service?

As Sri Lanka’s annual public service salary and pension bill exceed one trillion rupees per annum for the first time in history, the writer calls upon Presidential Candidates to present their proposals for meaningful public service reform.

Need for broad-based high school education through multidisciplinary approach urged

Sri Lanka is urged to broad-base its high school education system through a multidisciplinary and interdisciplinary approach to prepare future graduates to stay relevant in the dynamic economy.

Intellectual Property vital for socio-economic advancement: SL envoy

Addressing the 59th Session of the WIPO General Assemblies recently, the delegation of Sri Lanka recalled how strengthened Intellectual Property systems remained critical to the effective pursuit of economic and social development, by enabling developing countries to be fully engaged in the global economy driven by knowledge and innovation. Sri Lanka’s envoy in Geneva, Ambassador A.L.A Azeez, referred to the multifaceted work that WIPO has carri

Craft sector wins free insurance cover for first time

Sri Lanka has activated the long awaited free insurance facility to its historic crafts and handicrafts sectors. Sri Lanka announced it’s also keen on introducing hi-tech design tools to its craftsmen so that their intricate work could garner better global attention. “Very soon there will be demands by our craft sector to start work with l

Sri Lanka should set up professional debt management unit: Academic

As Sri Lanka increasingly indicates characteristics of a debt trap scenario, an academic urges the government to consider setting-up a professional debt management unit to manage the debt efficiently. “A typical debt trap situation is when you a

Mercedes-Benz offers subsidies to retrofit older diesel cars in Germany

BERLIN (Reuters) - Daimler said recently Mercedes-Benz customers in Germany could apply for a 3,000 euro (US$ 3,350) subsidy to upgrade the exhaust filters of older, polluting diesel vehicles, the latest effort am

Iran says China’s CNPC pulled out of gas project

TEHRAN (AFP) - Iran’s oil minister said yesterday that China’s CNPC has withdrawn from the development of an offshore gas field and that state-owned Petropars will take over the entire project. The South Pars gas field was to be developed jointly by France’s Total, China National Petroleum Corporation and Petropars under a US$ 4.8-billion (4.1 billion-euro) deal signed in July 2017. The deal came after Iran rea

Construction work begins to launch CineCity Waterfront and Art Centre by 2020

Bringing in new hopes to the Sri Lankan cinema industry, construction work for Cinecity Waterfront and Art Centre commenced yesterday. Back in the day Pettah has had strong links to Sinhala Cinema and was frequented by artistes and those who appreciated arts. This culture eventually died down. But 105 years later, Pettah will once again transform in