how to arrest economic downturn: Hold national-level elections before end-2019

The very first article of the 1978 constitution says Sri Lanka shall be known as the Democratic Socialist Republic of Sri Lanka. One can argue that Sri Lanka at present is neither democratic nor socialist. As for the ‘democratic’ part in the constitution, what exactly is a democratic form of governance? This is a way of making collective decisions in society, which requires free and fair elections to be held at the right time and respect for the

Facebook ups investments to curb hate speech in SL

Facebook has significantly increased its investments to ramp up Sinhala and Tamil language expertise targeting to curb hate speech and other harmful contents originating from Sri Lanka on the social media platform.

Adamjee Lukmanjee invests Rs.48mn in pepper cleaning facility

Adamjee Lukmanjee (Pvt.) Ltd, a subsidiary of Adamjee Lukmanjee Group of Companies established in 1865, recently launched the company’s pepper cleaning facility, at its premises on Grandpass Road, Colombo 14.

John wants financial institutions not supporting tourism recovery dealt with

Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga wants the authorities to revoke the licences of financial institutions which fail to implement the financial relief package introduced to help the tourism sector recovery in the aftermath of the Easter bombings.

Asian markets rise as Fed boss takes centre stage

(Hong Kong) AFP: Asian markets mostly rose yesterday after two days of losses with investors focusing on congressional testimony by Federal Reserve boss Jerome Powell.

Struggling tea factories remain hopeful of financial relief

Sri Lanka’s struggling tea factories are likely to receive a financial relief package with the intervention of the Plantation Industries Ministry.

Shares post near 12-week closing high; rupee firmer

(Colombo) REUTERS: Sri Lankan shares rose for the second straight session yesterday to a near 12-week closing high, as investors bought diversified stocks ahead of a key policy rates announcement later this week.

Current economic woes to weigh on leasing, finance industry in 2019: PLC 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 developments in the industry, the company and discuss growth prospects. Following are the excerpts from the interview conducted with People’s Leasing and Finance PLC (PLC) CEO/General Manager Sabry Ibra

Over 2mn tourist arrivals expected this year following reduction in airport charges

Sri Lanka’s State-run tourism authority expressed confidence on a faster recovery of the sector with over two million arrivals this year, backed by recent reduction of charges at Bandaranaike International Airport (BIA) and other supportive measures. Following th

Visa on arrival programme likely to make comeback

The government plans to revive the recently suspended free visa and visa on arrival programme from August 1 this year for 39 countries. Tourism Development Minister John Amaratunga yesterday revealed that his ministry along with the Department of Immigration and Emigration are jointly working on a proposal to seek Cabinet approval to revive the free visa and visa on ar

Cabinet nod for IoT road map

The Cabinet nod has been received for the proposed road map of Internet of Things (IoT), which is seen as a mechanism to standardize and regulate IoT technology of Sri Lanka.

CB seen keeping rates steady after easing to spur growth

(Colombo) REUTERS: Sri Lanka’s Central Bank is expected to leave its key interest rates unchanged tomorrow, a Reuters poll showed, after cutting them in May to support the economy as tourism and investment plummeted in the wake of Easter Sunday bombings. Economic growth i

HSBC paints gloomy economic outlook for Sri Lanka

Painting a rather bleak outlook, HSBC Global Research this week stated that any recovery in the Sri Lankan economy is unlikely until the much anticipated Presidential and Parliamentary polls are held to end the current policy and political impasse. Extreme weather patterns and political crisis over th

Nearly 60% of major proposals in Budget 2019 on track for completion: FinMin

With nearly 60 percent of major proposals in Budget 2019 on track for completion, the government plans to revise the budget by reprioritising the remaining expenditure proposals to contain the fiscal deficit at a manageable level, due to the economic impacts stemming from the Easter Sunday attacks on the state revenue. “Around 60 percent of 84 major

CORRECTION

In our yesterday’s Page 1 story titled ‘Cargills looks to modernise agriculture supply chain as cost of local produce remains high’, several paragraphs were inadvertently quoted due to a technical error. Only the following paragraphs should be attributed to Cargills (Ceylon) PLC Chairman Louis Page and the rest of the content are views of the Mirror Business editorial team. “Produce in Sri Lanka is expensive compared with regional peers, while fa

Deutsche Bank says to slash 18,000 jobs by 2022

(Frankfurt) AFP: Germany’s biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country’s financial sector looks to escape years of turmoil. The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche. The bank said the layoffs would reduce annual costs by six billion euros (US $ 6.7 billion) over the same period. “Today we

Majestic City to undergo Rs.450mn refurbishment

CT Land Development PLC, the owners of Majestic City, has embarked on a Rs.450 million refurbishment programme of the popular shopping mall cum entertainment complex in Bambalapitiya.

Central Bank seen standing pat on rates; but 25bps rate cut likely year-end: First Capital

The Central Bank will most likely stay pat in this month after it cut the key policy rates on May 31 by 50 basis points to revive a tottering economy, said First Capital Research, leaving space for another 25 basis point cut towards the final quarter of 2019, if the economy fails to get back on its knees. Releasing a pre-policy analysis, the equity research firm stated that it believes the Central Bank could resort to lending rate caps before fu

Shares slip from 11-week closing high; rupee edges higher

(Colombo) REUTERS: Sri Lankan shares inched lower yesterday, retreating after six straight sessions of gains to a near 11-week closing high, as investors sold diversified stocks such as John Keells Holdings PLC.

Govt. to open Palaly airport from August for international flights

The government expects to open the Palaly airport, which is set to undergo an over Rs.2 billion upgrading, for international traffic by this August, according to a media communiqué by the Transport and Civil Aviation Ministry. The airport located in

Transparent and interactive communication platform urged to curb corruption

The Sri Lanka Logistics & Freight Forwarders Association (SLLFFA) is planning to develop a transparent and interactive single communication platform aimed at curbing corruption and boosting efficiency in logistic operations. “Dealing with

Softlogic Glomark enters Kottawa with new outlet

Following the establishment of its credentials in the modern trade market, Softlogic Glomark, Sri Lanka’s first inspirational global supermarket, launched its latest outlet in Kottawa on July 4 with a fusion of international brands and specially selected exclusive local products.

Two new appointments at Treasury

The Finance Ministry yesterday announced two new appointments at the General Treasury.

Singaporeans charged over illegal drone flying

SINGAPORE (AFP) - Two Singaporean men were charged yesterday with flying drones near a military airbase without permission, the city-state’s first such prosecutions as it cracks down on illegal use of the devices.

Jaguar Land Rover decides to build electric cars in UK

LONDON (AFP) - Car manufacturer Jaguar Land Rover will make electric cars at its central England factory, it announced yesterday, securing thousands of jobs in a major boost to post-Brexit Britain.

Ex-British finance chief Osborne eyes IMF role: media

LONDON (AFP) - Former British finance minister George Osborne is lining up a bid to replace Christine Lagarde as head of the International Monetary Fund, UK newspapers reported this week.

UK competition regulator puts brake on Amazon’s Deliveroo investment

REUTERS - Britain’s competition regulator has stepped in to pause Amazon’s investment in online food delivery group Deliveroo while it considers launching a full investigation.

CB extends suspension on Perpetual Treasuries by six months

The Monetary Board of the Central Bank of Sri Lanka, acting in terms of the regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension of Perpetual Treasuries Limited (PTL) from carrying on the business and activities of a primary dealer for a period of six months with effect from 4.30 p.m. yesterday (July 5th), in order to continue the investigations being con

India to ease investment rules to catch up with China

NEW DELHI (AFP) - India’s newly re-elected government promised yesterday an easing of foreign investment rules and more infrastructure spending in an effort to boost flagging growth rates and create jobs.

Asian markets fluctuate in cautious trade ahead of US jobs data

HONG KONG (AFP) - Asian markets fluctuated yesterday as investors steeled themselves for the release of a crucial US jobs report that could have a major bearing on the size of an expected Federal Reserve interest rate cut.