Competition, capital needs and higher taxes challenges for banking sector: NDB CEO

The Colombo Stock Exchange (CSE) in partnership with Daily Mirror is featuring a column on Mirror Business as an Investor Relations initiative. The column, which will be featured in a Q&A format, encourages S&P SL20 companies to bring attention to the developments in the industry, the company and discuss growth prospects. Following are the excerpts from the interview conducted with National Development Bank PLC Director and Group Chief Executive

A group of tourists seen enjoying a boat ride on Madu Ganga in Balapitiya

Malik to hold talks in India to resume ETCA

Development Strategies and International Trade Minister Malik Samarawickrama plans to hold ministerial-level discussions with Indian counterparts during his visit to India this week, in order to resume negotiations on the proposed Economic and Technology Co-operation Agreement (ETCA) with India.

Tourist arrivals cross 100,000 mark for first time since Easter attacks

Sri Lanka’s tourist arrivals crossed 100,000 mark for the first time since the April 21 bombings, as the arrivals for the month of July were recorded at 113,701, up from 63,072 in June, the data released by the tourism office showed.

15% interest rate for senior citizens unchanged: FinMin

Although the Central Bank has reduced the rates for the deposits maintained in commercial banks, the special interest rate of 15 percent offered by the government for senior citizens has not been changed, the Finance Ministry said in a communiqué.

Shares, rupee extend losses

(Colombo) REUTERS: Sri Lankan shares fell for the fifth straight session yesterday and closed at their lowest in more than one week, as investors sold banking and telecom stocks, while the rupee ended weaker due to importer dollar demand.

Trade and Productivity Commission to be empowered through new legislation

The government plans to empower the Trade and Productivity Commission (TPC) though a new act to continue with the trade liberalisation process on a structured basis, while supporting local firms to get adjusted to the increasing competition arising from foreign firms.

SriLankan welcomes free visa on arrival facility

SriLankan Airlines welcomes the launch of the free visa on arrival facility that the Government of Sri Lanka is providing to citizens of 48 countries in Australasia, Europe and North America, from August 1, for a period of six months, as part of a concerted effort to boost tourism into the Indian Ocean island nation.

Gender-responsive budgeting

Inclusiveness is one of the salient features of the contemporary international development agenda, which means that nobody will be left behind in the development process. Gender is an important dimension of inclusive development.

Panasian Power connects solar-generated 4.2MW to national grid

Panasian Power PLC (PAP), one of Sri Lanka’s leading green energy solutions providers, recently connected their first ground solar project to the national grid through the Soorya Bala Sangramaya scheme.

India’s biggest carmaker Maruti Suzuki cuts temporary jobs as sales plunge

(Manesar/New Delhi) REUTERS: India’s biggest automaker, Maruti Suzuki India Ltd said it had cut the number of its temporary workers to cope with a slowdown in auto sales, adding to the jobless problem in Asia’s thir

Deepal retires from Samapth Bank board

Deepal Sooriyaarachchi will relinquish his duties as a Non-Executive Non-Independent Director at Sampath Bank PLC with effect from today, following the completion of his 9-year term as a director.

Higher latex prices, plantations hamper Dipped Products 1Q

Hayleys group rubber glove maker Dipped Products PLC (DPL) saw its June quarter (1Q20) earnings impacted by increases in latex prices and subpar performance of its plantations cluster, the interim accounts released to the Colombo Stock Exchange showed.

Telecom regulator mulls cutting termination rates

The Telecommunications and Regulatory Commission of Sri Lanka (TRCSL) has recently floated a White Paper on the telecom sector termination rate regime—which was introduced in 2010 to ex

Tata’s Rs.10bn mixed development project likely to begin construction next year

Tata Housing Development Company, the real-estate arm of India’s Tata Group and a wholly-owned subsidiary of Tata Sons, plans to commence construction of its proposed mixed development project, Colombo Square, next year following the completion of resettlement project last week. With a delay of over one year, the Rs.7 billion resettlement project, Metro Homes, was completed last week and was handed over to the residents. Tata Housin

Siyapatha Finance successfully raises Rs.1.5bn in debt

Siyapatha Finance PLC, a subsidiary of Sampath Bank PLC, has successfully raised Rs.1.5 billion through a listed debenture issue. The rated, unsecured subordinated, five-year debenture issue had an initial tranche of Rs.1 billion initially with an option to raise up to further Rs.500 million, in the event the initial tranche was oversubscribed.

Asia markets slump on Donald Trump’s tariff worries

HONG KONG (AFP) - Asian markets fell sharply yesterday as US President Donald Trump’s decision to slap new tariffs on China ratcheted up investor fears over the trade war between the world’s top two economies. The losses in Asia followed a broad-based sell-off on Wall Street, where the Dow finished 1.1 percent lower on Thursday, losing more than 400 points following Trump’s announcement that Washington would impose 10 per

China vows to strike back at US tariffs threat

BEIJING (AFP) - The trade war between the United States and China escalated yesterday as Beijing threatened to unleash “counter measures” against US plans to impose tariffs on US$300 billion in Chinese goods. President Donald T

EU tells France to recover 8.5 mn euros illegal aid from Ryanair

BRUSSELS (Reuters) - EU competition regulators yesterday ordered France to recover 8.5 million euros (7.75 million pounds) in illegal aid granted to Ryanair at Montpellier airport because it gave the Irish low-cost carrier an unfair advantage.

Climate battle will ‘succeed or fail’ in Asia: UN

TOKYO (AFP) - The battle to combat climate change will “succeed or fail” based on what happens in Asia, where growing energy needs are increasing demand for fossil fuels, UN officials said yesterday.

Profood Propack and Agbiz trade exhibition kicks off

Kicking off for the 18th consecutive year, the highly anticipated Profood Propack and Agbiz 2019 trade exhibition opened its doors to the public yesterday and will go on till August 4 from 10:00 a.m. to 8:00 p.m.

EU states begin voting to break deadlock on IMF pick

PARIS (AFP) - EU governments began voting yesterday on their candidate to lead the International Monetary Fund (IMF), France’s finance ministry said, an unusual move that underscores lingering mistrust between nort

S. Korea’s Moon condemns Japan’s ‘reckless’ trade decision

SEOUL (AFP) - South Korean President Moon Jae-in yesterday condemned Japan’s decision to remove his country from a ‘white list’ of favoured trading partners, calling it a ‘very reckless’ move and threatening unspecified countermeasures. Tokyo’s move is a “selfish, destruct

Rishad slams Ceylon Chamber for keeping mum on Muslim business boycott

Sri Lankan business chambers have failed to stand with Muslim-owned small and medium-sized enterprises at their darkest hour, a leading Muslim politician in the country said yesterday. “It was very sad for me to see the silence of the Chamber of Commerce as the backlash on Muslim-owned businesses raged,” said Minister of Industry and Commerce Rishad Bathiudeen on July 30

Union Assurance’s Dirk tenders resignation

Union Assurance PLC (UAL) said yesterday its Executive Director/CEO Dirk Pereira tendered three months notice of his resignation from his post.

US Fed cuts key rate to ‘insure’ against global uncertainties

(Washington) AFP: The US Federal Reserve, under intense pressure from Donald Trump to stimulate the economy, produced on Wednesday the first interest rate cut in more than a decade but struggled to justify the move or explain where it goes next. The move to ease the cost of borrowing

CB urges adherence to adequate safety measures when making e-payments

The Payments and Settlements Department of the Central Bank yesterday urged people to register for real-time SMS alerts and obtain EMV chip-based payments cards to prevent fraudulent electronic transaction.

Shares end near one week low on selling in banks

(Colombo) REUTERS: Sri Lankan shares fell for a third straight session yesterday to near one-week low, dragged down by banking and diversified shares, while the rupee ended weaker due to importer dollar demand.

Are Sri Lanka’s economic policies targeted at addressing root cause of all problems?

One of the most common complaints of businesses/entrepreneurs in Sri Lanka is policy inconsistency and ad hoc policy changes. From the changes in taxes to changes in interest rates, Sri Lankan businesses are often faced with challenging conditions.

A Fed interest rate cut is in the bag. What then?

(San Francisco) REUTERS: U.S. central bankers are expected to lower borrowing costs this week for the first time since the depths of the financial crisis more than a decade ago. That’s the easy part.