MODSIT to fast track German investments in Sri Lanka

The Ministry of Development Strategies and International Trade (MODSIT) and the Board of Investment of Sri Lanka held an interactive meeting titled ‘German Sri Lankan Fast Track Dialogue with the German investor community’, to address any issues faced by investors from Germany currently operating in Sri Lanka. The German delegation was led by Jorn Rohde, Ambassador of the Federal Republic of Germany to Sri Lanka. German Companies which were rep

CSE joins the world ringing trading bell for financial literacy

The Colombo Stock Exchange (CSE) yesterday joined market operators around the world by ringing the bell for financial literacy, to celebrate World Investor Week 2019, a global campaign that aims at raising awareness amongst the masses on the features of the financial landscape in their respective countries. An initiative of the Internation

US computer maker HP to cut thousands of jobs

SAN FRANCISCO (AFP) - US computer and printer maker HP announced Thursday it will cut more than 10 percent of its global workforce to simplify operations and cut costs. The California-based company said it will trim its workforce of some 55,000 employees by up to 9,000 positions over the next three years. “We are taking bold and decis

Asian markets mixed ahead of US jobs data as economy fears build

HONG KONG (AFP) - Asian markets were mixed yesterday as investors tentatively await the release of key US jobs data later in the day, following a number of disappointing figures this week that fanned concerns about the world’s top economy. Hong Kong tumbled, with property firms among the worst hit, as demonstrators took to the streets again to protest the imposition of a law banning face masks following months of sometimes violent protests.

Japan’s Uniqlo takes plunge in uncertain India retail market

NEW DELHI (AFP) - Japanese clothing giant Uniqlo yesterday opened its first store in India, one of its largest worldwide, becoming the latest global retailer to plunge into the huge but tough developing market. The South Asian nation, w

AIA Insurance Lanka successfully delists from CSE

AIA Insurance Lanka PLC said yesterday it received a letter from the Colombo Stock Exchange confirming that the company was delisted from the official CSE list effective October 2, 2019.

September sees unexpected dip in tourist arrivals

Tourist arrivals in the month of September slowed 24.4 percent from a month ago to 108, 575, ending the three-month recovery streak that followed Easter Sunday attacks, according to data released by the Sri Lanka Tourism Development Authority (SLTDA). Compared t

Access Engineering to invest Rs.4-5bn in latest acquisition

Access Engineering PLC will invest big money in its latest acquisition, W.U.S. Logistics (Pvt) Ltd., which marked the construction major’s entry into the logistics sector, to set up a world-class logistics facility in Kimbulapitiya, Negombo.

NCE dismayed by govt.’s inaction in tackling railway strike

The National Chamber of Exporters (NCE) which services the most vital component of the economy, namely exports, yesterday expressed its utter dismay at the failure of the political leadership to have acted and halted the ongoing railway strike.

Axiata’s tower unit seeking deals to enter new markets, expand

(Kuala Lumpur) REUTERS: Malaysian telecoms firm Axiata Group Bhd has asked its edotco towers unit to seek deals to enter new markets or expand in Southeast Asia and South Asia, and may consider selling a stake if attractive large investment opportunities arise. Axiata last month pulled t

Stocks down for 5th session amid foreign outflows; political woes weigh

(Colombo) REUTERS: Sri Lanka’s stocks fell for the fifth straight session yesterday to a more than 10-week closing low, as foreign investors sold the island nation’s risky assets, while the rupee closed lower.

Oracle says Lankan customers excited to come on board the autonomous journey

As the Redwood City, California-based computer technology firm Oracle Corp. is aggressively expanding its autonomous product offering with its Co-founder, Executive Chairman and Chief Technology Officer Larry Ellison announcing a Linux-based autonomous operating system that will complement the firm’s already launched autonomous data warehouse, a top Oracle official overlooking the Asian region said their Sri Lankan customers are excited to come o

Bridging gap between finance and marketing departments

Marketing and finance are fundamental departments at any organisation. But usually they operate on their own without any connection to one another. While those in finance are often stereotyped, many business analysts believe that this disconnect is unhealthy for any organisation in the long term.

Harsha slams rent-seeking public sector for scuttling e-govt. projects

The rent-seeking nature of Sri Lanka’s public sector is blamed for the failure to fully implement the key e-government initiatives, including the Electronic Government Procurement (e-GP) System aimed at enhancing the efficiency and cutting wastage in the public sector. “I am still unable to buy a pack of A4 paper via the so-called Electronic Government Procurement (e-GP) System. People have been working on it for years.

Cinnamon Life office tower to open for business early 2020

John Keells Properties yesterday announced a major milestone in Colombo’s landmark development project Cinnamon Life, sharing that the office tower of the complex will officially open for business in early 2020.

SL’s electricity space to be upgraded with smart metering

Sri Lanka’s electricity sector is in the midst of embarking on a massive technological advancement journey with the Ceylon Electricity Board (CEB) looking to expand its smart metering pilot project, after a successful test run carried out at two locations.

Unilever reveals global tea suppliers in drive for slave-free sourcing

THOMSON REUTERS FOUNDATION: Consumer goods giant Unilever released a list of its global tea suppliers on Thursday, bolstering a drive to stamp out worker exploitation and modern-day slavery on plantations.

Access Engineering acquires logistics firm for Rs.925mn

Access Engineering PLC yesterday said it has fully acquired a privately-held logistics firm W.U.S. Logistics (Pvt.) Ltd, for Rs.925 million.

SL places orders for onion imports with Egypt, China as India ban bites

Sri Lanka has placed orders for alternative onion imports as India, the world’s biggest onion seller, banned exports after the extended monsoon downpours delayed harvests and supplies shrivelled.

Govt. to allow foreign carriers to operate internal flights

The government has decided to issue licence to allow foreign carriers to operate commercial flights between internal airports.

Stocks hit 10-week low on political woes; rupee firms

(Colombo) REUTERS: Sri Lanka’s stocks fell for the fourth straight session yesterday to a 10-week closing low, while the rupee closed higher.

NCE’s Export Vision 2030 Forum focuses on forthcoming presidential election

The National Chamber of Exporters (NCC) conducted the Export Vision 2030 Forum, at Marino Beach Hotel, Colombo 3, recently.

Sri Lanka’s crippling external debt

The performance of the Sri Lankan economy has been highly erratic during the period 2006-2018. A plot of GDP growth versus time for this period yields an inverse relationship despite strong growth in some years. As reported in the Daily Mirror (July 12, 2019), the Central Bank (CB) expects GDP to grow by around 3.0 percent in 2019, compared with 3.2 percent in 2018 and 3.4 percent in 2017.

SAES XII discusses key opportunities and challenges facing South Asia in 4IR

The 12th South Asia Economic Summit (SAES XII), organised by the Institute of Policy Studies of Sri Lanka (IPS) on September 26 and 27, 2019, in Colombo, brought to light several key opportunities and challenges facing the South Asian region in the new digital era.

Independent expert committee to probe mysterious deaths of seven elephants

The government will appoint an independent expert committee to probe the mysterious deaths of seven elephants in Habarana effective from October 1 in addition to the investigations carried out by the Department of

Inflation registers sharp increase in Sept. as food prices rise

Sri Lanka’s inflation as measured by the Colombo Consumer Price Index (CCPI) recorded a sharp increase in September from a year ago, as the prices of food items rose notably while the base effects too contributed adversely.

EIB starts sale of first major bond linked to new euro zone rate ESTR

(London) REUTERS: The European Investment Bank on Tuesday kicked off the first major bond sale linked to the euro zone’s new market interest rate ESTR, investment banks managing the deal said. The deal from the EIB, the Euro

Rupee closes weaker; shares end low

(Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday, following continued demand from importers and banks, while equities ended lower for the third straight session. The rupee ended 0.11 percent weaker at 182.20/40 per dollar compared to Monday’s close of 182.00/10. The rupee fell 0.41 percent last week. However, the currency is up 0.22 percent this year.

Janashakthi to amalgamate with Dunamis Capital

Janashakthi PLC, the investment arm of Schaffter family, yesterday said its director board gave approval to amalgamate with its subsidiary, Dunamis Capital PLC, subject to shareholder approval.

Gota faces court test over nationality

(Colombo) REUTERS: A court in Sri Lanka set up a three-judge panel yesterday to hear a petition challenging the citizenship of presidential nominee Gotabaya Rajapaksa, which could disqualify the hardline former defence chief from the November 16 vote if it succeeds.