Dipped Products posts healthy growth in 2018-19

Strong gains from performance enhancing initiatives in local operations in the face of stiff market conditions and robust contributions from overseas marketing operations have generated noteworthy profit growth in 2018-19 for the Dipped Products group, a global leader in hand protection.

Haycarb sees sharp increase in revenue, earnings in 4Q

Haycarb PLC’s new pricing strategy appears to have boded well for the company since it changed tact to raise the prices of its products as it enabled them to tamp down the pressure from the rising raw material costs amid heightened competition from some regional players.

China trip and son’s wedding: Sri Lanka leader denounced after Easter bombings

After coming under fire for not acting on warnings about Easter bombings that killed more than 250 people, Sri Lankan President Maithripala Sirisena is now facing criticism over his leadership in the aftermath of the Islamist attacks.

Sri Lanka: When national security trumps religious freedom

The fallout from the recent spate of suicide bombings in Sri Lanka highlights the tension between religious freedom as a fundamental human right and national-security concerns. The country’s ban on face coverings — which admittedly impinges on religious liberty — can be justified in light of its struggle to preserve the basic safety of its citizens.

Expecting the unexpected: A business viewpoint

The Easter day bombings in Sri Lanka created a sense of deep fear among the citizens; it still prevails even one month after the incidents. Even in the business sector, these acts of terror have served to create uncertainty within the marketplace. Most analysts believe, if the trend continues for another few weeks, it can lead to investor apprehension and many other adverse financial consequences.

Risk-sensitive economic planning critical for post-disaster revival: envoy

Risk-sensitive economic planning and coherence between climate and disaster risk reduction (DRR) policies are vital in building resilient societies and economies as envisioned by the Sustainable Development Goals (SDG), Sri Lanka’s Permanent Representative to the UN in Geneva, Ambassador A.L.A. Azeez said.

China’s Luckin raises US$ 561 mn as it hopes to topple Starbucks

NEW YORK (AFP) - Chinese coffee chain Luckin, battling to dethrone Starbucks in the Asian giant, has raised US$561 million ahead of its Wall Street listing, an IPO consulting firm said Thursday.

TBS International becomes first Sri Lankan company to participate at Techtextil

At Techtextil and Texprocess, the industry learns what the future will bring. These two fairs showcase the current trends in technical textile as well as planning for future production and materials.

Too early to assess Sri Lanka economic damage from Easter bombings: IMF

(Colombo) REUTERS: The International Monetary Fund said on Thursday it was holding its forecast for Sri Lanka’s 2019 economic growth at 3.5 percent in spite of devastating Easter bombings, saying it was too early to assess financial damage. The April 21 bombings, which kille

NOTICE

There will be no Mirror Business on Monday (20th) in view of Vesak Poya holidays. The next issue will be on Tuesday.

Asian markets mixed after US rally, pound down on Brexit woes

HONG KONG (AFP) - Asian markets were mixed yesterday as another rally on Wall Street and data indicating a strong US economy were offset by the increasingly tense trade and technology stand-off between China and the United States. The Brexit saga also moved

Stocks edge higher on local buying; rupee steady

REUTERS: Sri Lankan shares closed higher for a second straight session yesterday, moving further away from a near seven-year closing low hit earlier this week, as local investors bought beaten down stocks.

State help sought to set up local textile industry to fully harness GSP Plus

Sri Lanka’s apparel exporters seek government support to develop a dedicated textile industry in the country to source the required fabric base for apparel exports in order to enhance the utilisation of European Union’s (EU) GSP Plus facility. In an interview with Mi

Easter attacks pose no major threat to Sri Lanka’s debt repayment ability: IMF

The recent Easter Sunday bombings and the resultant economic slowdown don’t pose a major threat to Sri Lanka’s debt refinancing capacity, according to the International Monetary Fund (IMF).

Stocks edge up from near 7-year low

REUTERS: Sri Lankan shares rose yesterday, snapping their 10-session losing streak to recover from its lowest close in nearly seven years as investors bought beaten down shares. The rupee edged higher for the second session after four straight days of losses, but traders said sectarian violence was still denting investor sentiment. Most investors have shied away from the market since the April 21 bombings that killed more than 250 people in coor

Colombo Dockyard losses widen in March

Sri Lanka’s largest ship builder, the Colombo Dockyard PLC (DOCK), saw its losses widening during the March quarter (1Q19) despite a significant increase in the company’s top line performance, the interim financial accounts released to the Colombo bourse showed.

Mahaweli Coconut Plantation to list shares on CSE

The Colombo Stock Exchange (CSE) has approved in principle an application submitted by the Mahaweli Coconut Plantation Limited for the listing of its shares on CSE’s secondary Diri Savi Board. The company plans to list 33.8 million ordinary voting shares of by way of an Introduction. CSE said the copies of the introductory document will be made available by the company to all member firms and trading members shortly. The shares will be granted a

Central Bank extends regulatory measures on The Finance

The Central Bank yesterday extended the suspension on the troubled non-banking financial institution, The Finance Company PLC (TFC), to consider the business restructuring proposal submitted by the company.

Ceylon Tobacco says cigarette sales down in first quarter

The sales slowed at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), during the March quarter (1Q19), as CTC had to jack up the prices of some of its products, as a result of the government hiking the taxes in two instances within a span of nine months.

DFCC Bank finds growth in a dull market, but profits halved on fair value losses on ComBank shares

Despite the setbacks suffered by the rest of the licensed banks, DFCC Bank PLC managed to survive some of the economic vagaries to keep its performance ticking during the quarter ended March 31, 2019, the lender’s interim financial accounts showed.

Slower loan growth, higher provision and taxes dent ComBank 1Q19

The decline in the loan book, higher impairment charges and taxes dented the March quarter (1Q19) performance of Commercial Bank (Ceylon) PLC, Sri Lanka’s largest private lender with over Rs.1.3 trillion in assets, the interim financial accounts released to the Colombo bourse showed.

Mob attacks put tourism further in tatters

The recent mob attacks carried out targeting Muslims in several parts of Sri Lanka, in the aftermath of Easter Sunday attacks, could further hinder tourist arrivals to the island nation, dashing the industry’s hopes for a faster recovery.

Swiss Ceylon brings Lankan and Swiss values to new dimension

Swiss Ceylon Associates (Pvt.) Ltd. was founded by citizens of Sri Lanka and Switzerland who have the bond of friendship for many decades and is aiming to create a sustainable organization for the next generation of their families whom they have included in the development and expansion of the organization to the next century.

Stafford International School rejects baseless accusations circulating on social media

Stafford International School, Colombo 7 yesterday categorically rejected any claim or responsibility towards the image circulating on WhatsApp and on social media platforms, claiming its teachers are posting islamophobic comments on social media.

SLT seeks drivers for newest venture

SLT muve is a naval smart transport service introduced by Sri Lanka’s pioneering and leading telecommunication services provider – Sri Lanka Telecom group.

COYLE condemns acts of violence

The Chamber of Young Lankan Entrepreneurs (COYLE) condemns all acts of violence that result in further unnecessary attacks on innocent people and damages to property.

Sri Lanka lifts travel ban on grieving British groom

A Briton whose bride died on their honeymoon two days after arriving in Sri Lanka was allowed to return home after a court lifted a travel ban yesterday.

Stocks fall for 10th day on sectarian violence concerns

(Colombo) REUTERS: Sri Lankan shares fell for the 10th straight session yesterday and closed at their lowest in nearly seven years, as sectarian violence dented investor sentiment, while the rupee edged higher after four straight sessions of losses.

CIPM hosts ceremony to honour past presidents and fellow members

CIPM Sri Lanka hosted a ceremony with the objective of honouring and appreciating the yeomen service rendered by the past presidents during their respective tenures and to recognize the Chartered Fellow Members who bring honour and recognition to CIPM and for their contribution for the upliftment of the HR profession in Sri Lanka and the region.

Taking Sri Lankan SMEs global is not just possible, it is inevitable

Sri Lanka’s economy is not growing as fast as its potential would suggest. The final data on the country’s economic performance has not yet been collated, all forecasts point to a GDP growth rate of approximately 3.6 percent in 2018. While this is a definite improvement over the 3.1 percent growth rate witnessed in 2017 – the lowest since 2003 – it is clear that the nation has many obstacles to clear before economic growth can truly take off.