Proposed steel plant inconsistent with Trincomalee Development Master Plan

If there was one characteristic that could define the four and a half years of the ‘Yahapalanaya’ government, it would be ‘Inconsistency in Policy’.

Eva Chen – the high-flying visionary leader

Eva Yi-Hwa Chen, usually referred to as Eva Chen, is a Taiwanese businessperson and the co-founder and CEO of Trend Micro, the world’s largest security firm.Currently she is graded as one of the top 100 most influential executives in the industry and also as one of Asia’s 50 Power Businesswomen.

Eleven young Sri Lankan advertising professionals vying for Gold at Cannes Young Lions

The highly-feted Young Lions Competition, which takes place annually at the Cannes Lions International Festival of Creativity in France, every June, will have the best of Sri Lankan creative talent participating at the international competition this year as well.

SLIM signs MOU with Dreamron Lanka for CPSM

The Sri Lanka Institute of Marketing (SLIM) is engaged in training a part of the Dreamron Lanka Pvt Ltd sales staff for the Certificate in Professional Sales Management (CPSM).

SLANSHEI and SLASSCOM enter partnership to boost IT/BPM industry capacity

The Sri Lankan Association of Software and Services Companies (SLASSCOM) recently announced the signing of a strategic partnership with the Sri Lanka Association of Non-State Higher Education Institutes (SLANSHEI), the umbrella organisation formed through the initiation of seven leading private educational bodies addressing the needs of the non-state higher education sector in the country.

Mobitel wins big at CEF Global Customer Engagement Forum Awards, India

Sri Lanka’s national mobile service provider, Mobitel, walked away with five highly coveted awards at the prestigious ACEF Global Customer Engagement Forum, which took place recently at the Westin Hotel in Mumbai, India.

Expolanka’s technology arm ‘ITX360’ set to take tech industry by storm

Expolanka’s newly conceptualised technology and software development arm, ITX360 is geared to take the tech industry by storm by making available top-notch operational solutions for businesses that are both locally and globally established.

SLT records highest ever quarterly profits for 1Q19

During the first quarter of 2019 (1Q19), the Sri Lanka Telecom Group (SLT) reported a net profit of Rs.2.20 billion, which is the highest ever during the first quarter of any year, with a remarkable 86.8 percent YoY growth compared to the same quarter in 2018 (1Q18).

Most Asian markets see further losses as trade row rumbles along

HONG KONG (AFP) - The increasingly fractious trade row between China and the United States was the main focus of Asian investor angst yesterday, with most markets down to extend the previous day’s steep losses, though oil edged back from a painful sell-off. With little hope for a quick turnaround in the standof

Charmarie Maelge appointed SLTPB Managing Director

Charmarie Maelge has been appointed as the Managing Director Sri Lanka Tourism Promotion Bureau (SLTPB) on May 23rd. Charmarie has started her tourism career as the Director Marketing for the Tourist Board, subsequently taking over the roles of Director London Office in the UK and Director Research and International Affairs.

Facebook plans cryptocurrency launch next year: BBC

LONDON (AFP) - Facebook has been in contact with US and British financial regulators with a view to launching its own cryptocurrency next year, the BBC reported yesterday. “GlobalCoin” would work with a new digital payments system in about a dozen countries, starting in the first quarter of 2020, the broadcaster said on its website. Previous reports have said Facebook is taking a serious look at blockchain technology under its “Project Libra”, i

Stocks snap 5 days of gains in light trade; rupee steady

REUTERS: Sri Lankan shares snapped five straight sessions of gains yesterday in low trade amid worries over economic slowdown and lack of investor appetite for risky assets. Traders said the Easter day bombings and aftermath violence weighed on investor sentiment. Most investors have shied away from the market since the April 21 bombings that killed more than 250 people.

UK retail sales hold up despite Brexit turmoil

LONDON (AFP) - British retail sales steadied in April, beating expectations of a drop, official data showed yesterday, with consumer spending ticking along despite Brexit and wider political strains in the UK.

People’s Bank Amendment Bill presented to Parliament

The People’s Bank Amendment Bill which provides for the bank to issue debentures and maintain an authorized share capital was presented to Parliament yesterday. The Bill will include provisions for the Bank to raise

US Ambassador snubs top Russia forum over investor’s arrest

MOSCOW (AFP) - The US Ambassador to Russia Jon Huntsman will boycott Russia’s annual showcase economic forum in Saint Petersburg next month over the prosecution of a top American investor, the embassy said yesterday.

Advocata backs Expert Committee recommendations on SriLankan restructuring

Advocata, a free-market policy think tank based in Colombo, yesterday said it supports the President-appointed Expert Committee recommendations on the restructuring of State-run SriLankan Airlines.

President issues directive making NGJA seal mandatory for gold products

President Maithripala Sirisena has instructed the National Gem and Jewellery Authority (NGJA) to make it mandatory to obtain the guarantee and the certificate seal of the NGJA for gold products sold in the market.

Teejay Lanka continues strong momentum into 4Q19

Weft knit fabric maker, Teejay Lanka PLC, reported some solid top and bottom line performance during the three months ended 31 March, 2019 (4Q19) as the company managed to offset the higher cost through price revisions and process improvements.

Circular issued increasing ration and allowances to Tri-Services

The Finance Ministry yesterday said the ration and other allowances paid to all officers and other ranks in the Tri-Services have been increased by the government. Some of these allowances had not been increased for the last 20 years.

Stocks edge up in light turnover; rupee up

(Colombo) REUTERS: Sri Lankan shares closed slightly firmer yesterday and extended gains into a fifth session, but trading volume slumped to a near five-month low amid worries over economic slowdown and lack of investor appetite for risky assets.

Hoteliers puzzled over amendments to VAT rate

Hoteliers yesterday urged the government to correct the error in recent amendments to the Value Added Tax (VAT) rate for services provided by them, noting that they would be liable for an additional cost of 15 percent on services and purchases as per the amendments. The Finance Ministry through an Extraordinary Gazette issued on May 21 reduced the VAT rate on services offered by hoteliers and tour operators to 5 percent from the earlier 15 perce

Shipping industry urges govt. to work towards lifting travel advisories

Sri Lanka’s shipping industry yesterday applauded the strict measures taken to ensure the safety of the country’s sea ports, but asserted it is time the government kicked off working towards lifting the travel advisories issued against foreigners entering the island nation. Speaking to Mirror Business on the status of s

Internet users reluctant to use e-commerce despite high awareness: survey

Despite the high awareness of e-commerce platforms, the majority of Sri Lanka’s Internet users are reluctant to utilise the e-commerce platforms to purchase goods or services due to lack of trust, according to LIRNEasia, a regional digital policy think tank. The Colombo-based thin

Majority Lankans view social media blockade during times of unrest justifiable

The majority of Sri Lanka’s social media users view blocking of social media platforms during times of national unrest as a justifiable measure to tackle the spread of fake news, according to a survey conducted by Colombo-based digital policy think tank, LIRNEasia.

Sri Lanka’s largest brewery flags profit warning following bomb attacks

Sri Lanka’s largest brewer, Lion Brewery (Ceylon) PLC, has signalled a slowdown in business in the immediate future due to the Easter Sunday bombings that targeted churches and hotels, killing over 250 people.

State sector employees to get Rs.2,500 special allowance from July

The Finance Ministry yesterday said all public sector employees would be paid a special interim monthly allowance of Rs.2,500, from July 1, as announced in the 2019 budget, in March. “A circular in this regard has already been issued by the Public Administration and Disaster Management Ministry with the consent of the Treasury to all secretaries to ministries, chief provincial secretaries and heads of departments,” a Finance Ministry statement s

Cargo Development Co. to raise Rs.459mn via rights issue

Cargo Development Company PLC, an entity involved in development and rental of properties, yesterday disclosed plans to raise Rs.459 million via a rights issue. The company plans to issue 10.2 million new shares in the proportion of one share for every one share held at Rs.45 per share. The stated capital of the company

Stocks inch higher in thin trade; rupee weaker

(Colombo) REUTERS: Sri Lankan shares closed slightly higher yesterday, extending gains into a fourth session, but trading volume slumped to a near

Nandana Ekanayake takes helm of INSEE Cement Sri Lanka

Sri Lanka’s foremost producer of cement, Siam City Cement (Lanka) Limited (SCCCL), known as INSEE Cement, has appointed Nandana Ekanayake as its Chairman.

Private sector takes pledge to work towards united Sri Lanka

Colombo yesterday saw a group of private sector business leaders and representatives led by business chambers in the country coming on to one platform to affirm their pledge towards a united Sri Lanka.