Contrary to Moody’s stance, Central Bank says lending caps credit positive for banks

The Central Bank yesterday disputed Moody’s Investors Service’s claim that the recently announced lending rate cut was credit negative for banks and said the rating agency had not taken into account the complete information set to arrive at its conclusion.

Delays in WTO reform agenda hinder developing nations’ GVC participation

Although global value chains (GVCs) have offered developing countries with opportunities to integrate into the global economy, the delays in the World Trade Organisation’s (WTO) reform agenda have hindered the wider participation of small and developing nations in GVCs.

Fitch affirms Sri Lanka at ‘B’; outlook Stable

While affirming Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a Stable outlook, Fitch Ratings warned of policy slippage risks and resurfacing of political tensions closer to the elections, amid an expanded budget deficit forecast and substantial debt obligations. Sri Lanka is entering an election cycle, with presidential elections in November this year, followed by parliamentary elections in 2020.

Roadmap to face disruption from 4IR top priority of next president: academic

As the Fourth Industrial Revolution (4IR) is set to disrupt Sri Lanka’s major business sectors, including the apparel industry over the next five-year period, a leading academic asserted that formulation of a roadmap to face the disruptions from the 4IR must be the top priority of the next president.

Master Divers to venture into logistics services

Sri Lanka’s oldest and leading underwater services and salvage company, Master Divers (Pvt.) Ltd, plans to venture into bonded warehousing and other logistics services during the next five years, aiming to offer more turnkey and value-added services to Sri Lanka’s growing maritime and logistics industry.

Case for radically restructuring SriLankan Airlines

Disruption and innovation are closely interlinked phenomena, which are coalescing at this critical juncture in time when the established world order is becoming increasingly under strain and unpredictable. It is therefore essential that Sri Lankan leaders start thinking out of the box, applying creative disruption as a means to radically reform and modernise the country’s economy.

Tourism industry in Sri Lanka: Brain drain or brain gain?

Much has been talked about and discussed about Sri Lanka’s tourism boom and the impending human resource shortfall that the industry will have to face.

NPM Presidential Candidate Mahesh Senanayake

Former Army Commander General Mahesh Senanayake was yesterday named as the Presidential Candidate of the National People’s Movement and People’s Forum Organization.

Hayleys invests Rs.2.3bn post Easter Sunday

Hayleys PLC showed exemplary corporate leadership by investing over Rs.2.3 billion across the group, following the tragic events of Easter Sunday, reiterating the confidence in the country’s potential.

Deshal de Mel rejoins Sampath Bank board

Economist Deshal de Mel has rejoined the Sampath Bank PLC board as an Independent Non-Executive Director, with effect from September 26, 2019. Deshal served Sampath Bank as a Director from 2012 to 2017, before joining the Finance Ministry as an Economic Advisor. After leaving his p

Central Bank’s cap on lending rates credit negative for banks: Moody’s

The Central Bank’s move to slap the lending rate caps on the licensed commercial banks (LCBs) will further strain the profitability of Sri Lanka’s banking sector, which is already hit by the rising credit costs and higher effective tax rate, Moody’s Investors Service said in a brief note.

Lorry topples killing 200 broilers

More than 200 poultry fowls had been killed when a lorry transporting them along the Minneriya - Hingurakgoda Main Road veered off the road and toppled near the Kothalawala Junction last morning (29).

Govt. to take responsibility for Habarana elephant deaths : Minister

The Government will take responsibility for the deaths of seven female elephants found dead in the Hiriwadunna Thumbaikulam Reserve in Habarana, State Minister of Wildlife Ranjith Aluvihare said.

We have plans to resuscitate economy now in tatters- Gota

Presidential candidate of Sri Lanka Podujana Peramuna (SLPP) Gotabaya Rajapaksa said he had a vision and mission to uplift people engulfed in poverty and resuscitate the economy which is now in tatters. Addressing the special convention of Lanka Sama Samaja Party (LSSP), he said there were huge market opportunities opening up in the countries such as Malaysia, Singapore, and Japan, and S

I will support Gota no matter what SLFP decides : Nimal Siripala

Senior Vice President of Sri Lanka Freedom Party (SLFP) MP Nimal Siripala de Silva said whatever his party decides, his support will be for Sri Lanka Podujana Peramuna(SLPP)’s presidential candidate Gotabaya Rajapaksa. He made this remark the day before yesterday in a discussion held with Badulla district SLPP political activists. The discussion was he

Will support SLPP at presidential polls if it agrees to a common symbol- President

President Maithripala Sirisena asserted yesterday that his Sri Lanka Freedom Party (SLFP) would team up with Sri Lanka Podujana Peramuna (SLPP) in view of the presidential election only if it agreed to contest under a common symbol. However, SLPP

Invest in human capital for secure future, World Bank advises Sri Lanka

The World Bank (WB) has advised Sri Lanka to prioritise investing in human capital, as the country’s progression to higher-income status would require a more developed human resource pool,

Petition against Gota soon: Rajitha

A petition will be filed in the Supreme Court shortly seeking a Stay Order preventing SLPP Presidential Candidate Gotabaya Rajapaksa from contesting at the November 16 Presidential Election, Minister Ra

I’m not ready to retire: President

President Maithripala Sirisena said over the weekend that he was not ready to retire from politics and that he would open a new chapter after December.

Customs nab Brazilian woman with Rs.10 mn worth Cocaine

A female Brazilian tourist who attempted to smuggle in a stock Cocaine worth over Rs.10 million by swallowing it was nabbed by the Customs officials at the Bandaranaike International Airport (BIA) on Saturday morning.

Morison receives shareholder nod for delisting

The shareholders of Morison PLC approved the delisting of its voting and non-voting shares from the Colombo Stock Exchange, by way of a special resolution, having over 75 percent shareholders present and voting at the Extraordinary General Meeting of the company, held on September 27, 2019. The company stated that it w

Dubai developers race to lure buyers as downturn bites

AFP: Dubai, a city defined by its glittering towers and man-made islands, is stuck in a five-year property downturn with no end in sight, drawing warnings of an industry reckoning that will see weaker players fail.

Ensure UNP candidate’s victory to enact new constitution: PM

UNP leader Prime Minister Ranil Wickremesinghe said it was important to ensure the victory of presidential candidate Sajith Premadasa as the next step to enact the new constitution. Addressing a meeting with civil society leaders at Temple Trees yesterday, Mr. Wickremesinghe said victory at the presidential election should be considered as the final battle as there is much more to be done t

UNP meets today for further planning

All organisers of the United National Party had been called for a meeting at the party headquarters Sirikotha today, sources said yesterday.

Formation of DNA deferred till presidential election is over

The registration of the Democratic National Alliance (DNA) under the leadership of the United National Party (UNP) has been postponed until after the Presidential Election to be concluded on November 16, Daily Mirror learns.

Saudi Arabia to offer tourist visas for first time

RIYADH (AFP) - Saudi Arabia said yesterday it will offer tourist visas for the first time, opening up the ultra-conservative kingdom to holidaymakers as part of a push to diversify its economy away from oil.

UK rate cut ‘plausible’ if Brexit uncertainty persists: BoE’s Saunders

England (Reuters) - The Bank of England may need to cut interest rates in the likely scenario that high levels of uncertainty over Brexit persist, policymaker Michael Saunders said yesterday in the first

Asian markets fall as Trump impeachment saga hits sentiment

HONG KONG (AFP) - Asian markets fell yesterday following declines on Wall Street as the impeachment inquiry into President Donald Trump weighed on sentiment. Political turmoil in Washington following the release of a whistleblower’s complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan

Turkey shrugs off Thomas Cook collapse amid booming investment

ISTANBUL (AFP) - Turkey’s tourism minister said yesterday he was unconcerned by the collapse of British tour operator Thomas Cook as he unveiled ambitious plans to make the country one of the world’s top holiday destinations. “Nobody should be concerned b

Shares end down; rupee steady

(Colombo) REUTERS: Sri Lankan shares ended down yesterday, snapping two straight gaining sessions to record their second weekly fall, while the rupee was little changed as inward remittances offset dollar demand from banks. The index rose for the past two s