France to lead search for European candidate to head IMF

France (AFP) - French Finance Minister Bruno Le Maire has said this week that he will lead talks on finding a single European candidate to succeed Christine Lagarde as head of the International Monetary Fund (IMF).

Kenya launches Africa’s biggest wind farm

LAKE TURKANA, Kenya (AFP) - Kenya yesterday inaugurate Africa’s biggest wind power plant, a mammoth project in a gusty stretch of remote wilderness that now provides nearly a fifth of its energy needs.

Hatton National Bank shines at Euromoney, Asian Banker Awards

Hatton National Bank PLC (HNB) continued to garner sweeping acclaim for its transformational approach to banking, bringing home a trio of high profile awards including being declared the Best Bank in Sri Lanka for 20

Colombo to get US $ 4mn entertainment park

State-run investment promotion agency, Board of Investment (BOI) yesterday said it had signed an investment agreement with a foreign firm to set up an entertainment park in the suburbs of Colombo.

Solid demand for Lankan ISBs signals potential for strong economic recovery

Strong demand on the recent issuance of Sri Lankan international sovereign bonds (ISB) signals potential for a strong economic recovery, according to Ceylon Asset Management (CAM) Director and Economic Advisor, Rainer

Bogawantalawa Rs.850mn debt snapped up on opening day

The maiden debenture issue of Bogawantalawa Tea Estates PLC aimed at Rs.850 million was fully subscribed yesterday, the official opening day of the issue, which is the first non-finance sector debt listing so far this year.

CB expects lending rates to fall further shortly

The Central Bank (CB) yesterday said it has taken a number of measures to reduce lending interest rates in the country’s banking system so that small and medium-sized enterprises (SME) can borrow at reduced rates.

The HR mantra that guide great workplaces

Great Place To Work Institute held its award programme for the sixth time last week. Great Place to Work Institute Sri Lanka has been conducting studies to understand and recognise the best workplaces in Sri Lanka since 2013.

May trade gap narrows; imports continue to fall

The trade deficit in the month of May narrowed significantly on the combined effect of the continued decline in imports and increase in exports, the data released by the Central Bank showed, yesterday.

ComBank launches SL’s first QR-based payment app

Commercial Bank of Ceylon has launched ComBank Q+ – the first Quick Response (QR)-based payment app to be launched under LankaQR – creating history yet again by introducing technology that matters in the lives of the bank’s customers.

Governance key for renewable energy development: expert

Lack of progress in enhancing energy sector governance hinders renewable energy development in Sri Lanka, whereas its neighbours are already speeding ahead with renewable energy development backed by improved energy sector governance, an energy sector expert opined.

Treasury bill yields fall for 20th consecutive week

Sri Lanka’s Treasury bill yields fell across all maturities for the 20th consecutive week yesterday, at the auction held at the Public Debt Department (PDD) of the Central Bank.

Softlogic makes significant inroads into govt. tender market

Softlogic Holdings PLC, which has an exclusive authorised dealership for Ford vehicles and King Long buses in Sri Lanka, has made significant inroads into the government tender market, strengthening its position as a leading supplier of vehicles to the state sector.

Stocks hit over 3-month high on local buying

(Colombo) REUTERS: Sri Lankan shares rose for the sixth straight session yesterday to hit a more than three-month closing high, as diversified and banking stocks gained, while the rupee ended steady.

Moody’s to sell analytics unit to PE firm Equistone Partners

Moody’s Corporation this week said it has agreed to sell its Moody’s Analytics Knowledge Services (MAKS) business to Equistone Partners Europe Limited (Equistone), a European private equity firm.

Are hotel schools staying relevant to industry needs?

An often-asked question in the hospitality industry is whether graduates of hospitality education programmes possess the competencies that the hospitality industry believes students should possess. In an industry as dynamic and diverse as hospitality, where new trends and changes are driving the sector, educators must tailor their programmes to ensure they are designed to equip graduates with the relevant knowledge that will help them advance the

Investor interest wanes in Chalmers Granaries project

The second attempt in two years to attract investors to develop the nine-acre Chalmers Granaries land opposite the Fort railway station as a mixed development project has proven unsuccessful as investor interest had waned following Easter Sunday bomb attacks, Mirror Business learns.

Softlogic eyes Asia, Africa for healthcare and insurance business expansion

Diversified conglomerate Softlogic Holdings PLC is looking to expand its business interests beyond Sri Lankan shores while evaluating options to reduce its gearing, a top official said.

New regulations on ship emissions to impact cargo transport costs: Expolanka

Leading freight and logistics player, Expolanka PLC, a unit of Japan’s SG Holdings says regulations on ship emissions that are set to come into effect from next year will add to cargo transport costs.

BOC to raise Rs.12bn via private debentures to beef up capital

The Bank of Ceylon (BOC) this week said it would raise as much as Rs.12 billion through a private placement of subordinated debentures to prevent its capital base from falling towards the regulatory minimum under the new capital rules stipulated by Basel III.

Factory output gathers momentum in June; services recover

Sri Lanka’s factory output picked up pace in June, as activities returned to normalcy after Easter Sunday attacks with employees returning to work and production gathering steam after two months of paralysis across sectors in April and May.

Sunshine-CIC abandon plan to merge healthcare biz

Sunshine Holdings PLC and CIC Holdings PLC this week said they called off plans to combine their healthcare sector operations as announced in March this year.

“They bombed our livelihoods”: Sri Lanka’s tourism firms struggle after attacks

(Unawatuna/Galle) REUTERS: Pearl Divers, a diving school on one of Sri Lanka’s most popular southern beaches, shut shop for two months after suicide bombers attacked churches and hotels on the island on Easter Sunday, killing about 250 people. It had no customers as tourists cancelled holidays and its manager Nuwan Harshana says he took two months leave and a pay cut.

Australian travel and tour operators arrive on 10-day familiarisation visit

A team of 18 Australian travel and tour operators arrived in Sri Lanka on a 10-day familiarisation tour hosted by the Sri Lanka Tourism Promotion Bureau (SLTPB). Tourist arrivals from Australia have shown a steady increase in recent months and it is envisioned that the familiarisation tour would capitalise on this wave of interest. Over 4000 tourists had arrived from Australia to Sri Lanka, mostly by air, during June this year. The tour operator

Bank of England picks WW II code-breaker Turing for banknotes

(Manchester) REUTERS: Mathematician Alan Turing, whose cracking of a Nazi code helped the Allies to win World War Two but who committed suicide after being convicted for homosexuality, will appear on the

China 2Q GDP growth slows to 27-year low

(Beijing) REUTERS: China’s economic growth slowed to 6.2 percent in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure. While more upbeat June factory

JICA supports Sri Lanka’s tourism recovery after Easter bombings

The Japan International Cooperation Agency (JICA), in cooperation with the Tourism, Wildlife and Christian Religious Affairs Ministry, successfully completed a joint seminar themed ‘Recovery of tourism sector in Sri Lanka after the Easter bombings 2019’, targeting the officials and professionals in the tourism sector.

Public transportation services to be available on Google Maps

Transportation and Civil Aviation Ministry last week said it had started the process of upgrading Google Maps to show public transportation services as a part of Google Transit, and it would be available for use in Google Maps covering the Western Province shortly.

Industrial production recovers in May

Industrial production recovered in the month of May after hitting a 3-year low in April due to traditional New Year holidays and Easter Sunday bombings that kept workers away from factories. The Index of Industrial Production (IIP) increased by 0.4 percent to 106.1 points in May from 105.7 points in May 2018, the data released by the Department of Census and Statistics (DCS) showed.

Enterprise Sri Lanka exhibition to be held in A’pura from July 24

The Enterprise Sri Lanka exhibition organized by the Ministry of Finance will be held in Anuradhapura Walisinghe Harischandra playground from 24th to 27th this month from 10.a.m. to 10 p.m. daily.