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.

Shares end at 11-week high; foreign buying boosts turnover

REUTERS - Sri Lankan shares extended gains yesterday to hit their highest close in 11 weeks, boosted by foreign inflows into equities, while the rupee ended weaker.

Tel Aviv takes ride to scooter ‘paradise’

Men use their phones to connect to the electric scooter mobile app while standing on a sidewalk of a street in the Israeli coastal town of Tel Aviv. Israelis in the country’s economic capital Tel Aviv have embraced electric scooters and their smart-phone rental systems, using them to zip along Mediterranean beaches and avoid heavy traffic in a city where the Jewish Sabbath prevents public transport on weekends. (AFP)

Govt.’s mega projects lift investor sentiment

The launching of mega infrastructure projects and improved tourist arrivals in the month of June compared to May in the aftermath of the April 21 Easter Sunday attacks lifted the spirits of the Colombo Stock Exchange (CSE) yesterday, sending the indices significantly upwards.

Atlas falls victim to anti-Muslim boycott campaign

Sri Lanka’s leading school and office stationery brand, Atlas has become a victim of widespread anti-Muslim boycott campaign allegedly launched by some of its competitors and parties with vested interests following the Easter Sunday attacks on April 21.

PM to present Cabinet paper to bring down BIA airfare structure

Prime Minister Ranil Wickremesinghe is scheduled to present a Cabinet memorandum to bring down the costly airfare structure at Bandaranaike International Airport (BIA) at the next Cabinet meeting.

Listed brush maker says Easter Sunday attacks could affect its operations too

Listed brush maker BPPL Holdings PLC says the Easter Sunday attacks on April 21 that dealt a severe blow to the country’s tourism industry could impact the availability of waste plastic bottles, the key raw material of their filament production process. The company uses polyethylene terephthalate or PET plastic to make filaments for their brushes and polyester yarn.

First Capital expects improvement in corporate earnings towards 4Q19

The sharp decline in interest rates and resultant lower finance costs is likely to improve the earnings of listed corproates towards 4Q19 amid faster than expected recovery in the country’s economic outlook and lower rates, according to First Capital Research.

Tourist arrivals on the rise signalling recovery

The tourist arrivals to Sri Lanka in June almost doubled from a month ago after the April 21 Easter Sunday carnage, although the arrivals were over 50 percent down from a year ago, the data released by the country’s tourism office showed.

Committee appointed to fast-track Pettah Multimodal Transport Hub

The government has appointed an apex committee tasked with identifying an implementation model for the proposed Pettah Multimodal Transport Hub (PMTH) and resolving the key issues surrounding the project, in order to finalise theproject plan.

THASL condemns hate speech; requests govt. to take action

The Tourist Hotels Association of Sri Lanka (THASL) yesterday condemned the growing number of incidents of hate speech against the ethnic and religious communities in the country, following the Easter Sunday attacks on April 21 and requested the authorities to take action against the people who create disharmony in society.

Nuwara Eliya to get US $ 50mn cable car project

The government has approved a proposal by a private company to set up a US $ 50 million cable car project in Nuwara Eliya, targeting both local and foreign tourists.

Lagarde’s ECB nomination thrusts IMF into early succession race

(Washington) REUTERS: The nomination of Christine Lagarde as European Central Bank President on Tuesday has thrust the International Monetary Fund (IMF) into an early, unanticipated search for a new leader amid a raging trade war that has darkened the outlook for global growth.

Ceylon Chamber calls for more transparency on SOFA and MCC

The Ceylon Chamber of Commerce yesterday urged the government to be more transparent on the proposed Forces Agreement (SOFA) and Millennium Challenge Corporation (MCC) agreement with the United States government and to ensure to follow the due process when entering such agreements.