SLT partners with Prime Land Residencies to power 10 apartment complexes with superior fibre connectivity

Sri Lanka Telecom (SLT), the leading telecommunication service provider in the country, entered into a partnership with Prime Lands Residencies (Pvt.) Ltd., the trusted partner inhousing industry in Sri Lanka to power 10 condominium project with 740 units with SLT Smartline and Megaline Services via SLT’s superior fibre connectivity.

Higher apartment sales boost Overseas Realty 1Q19

Overseas Realty (Ceylon) PLC maintained a healthy momentum across its business verticals as the real estate major reported sound top and bottom line growth during the three months ended March 31, 2019 (1Q19).

Quality standards – Make or break point of Sri Lanka’s cinnamon industry

Cinnamon is the leading spice commodity of Sri Lanka. It contributed to approximately 54 percent of total spice exports and accounted for 8 percent of total agriculture exports in terms of values, in 2017. During the last decade, Sri Lanka has dominated the world market in cinnamon exports, followed by Indonesia, China and Vietnam. However, these countries produce cassia in huge quantities, whereas Sri Lanka produces pure cinnamon (Cinnamomumzeyl

Everybody blamed somebody when nobody did what anybody could have

It is in the public domain for quite some time that the government of the day has not given priority to the most important ‘national security’ concerns and it did not figure high on the governance agenda since January 2015. Archbishop of Colombo Malcolm Ranjith is also reported to have told the government, in no uncertain terms, that he is utterly displeased with the security measures adopted since the Easter Sunday attacks.

Sri Lanka tourism’s rocky road to recovery

Compared to the 180,429 visitors in April last year, arrivals in April 2019 dropped 7.5 percent to 166,975 due to the terror attacks on the 21st.

Kadugannawa: Forgotten city of Sri Lanka emerges as most peaceful tourist town in South Asia

Kadugannawa, considered the gateway town to the central highlands and Sri Lanka’s sacred city - Kandy, is set to become the newest addition to South Asia’s nature immersion and spiritual rejuvenation tourism by end-2019.

Jetwing Symphony records Rs.86mn profit for 4Q19

Jetwing Symphony PLC, for the first time since it became a publicly listed company on the Colombo Stock Exchange in December 2017, turned a profit for the quarter ended March 31, 2019 (4Q19), the interim financial accounts released to the Colombo bourse showed.

John calls on German Ambassador

Tourism, Wildlife and Christian Affairs Minister John Amaratunga met with the Ambassador of the Federal Republic of Germany to Sri Lanka and the Republic of Maldives Jörn Rohde last week to discuss the improvements in the security situation post-Easter Sunday terror attacks,

AIA Group posts 18% rise in first-quarter value of new business, boosted by China

REUTERS: AIA Group Ltd, the world’s second-largest life insurer by market value, posted an 18 percent increase in new business value in the first quarter on Friday, supported by growth in China.

Construction industry hit hard by terror attacks

By Shabiya Ali Ahlam Sri Lanka’s real estate and construction sector that was finally beginning to get on-track towards a fast-paced growth starting this year, has been hit hard by the Easter Sunday terror attacks, the economic impact of which the government is yet to quantify. The Chamber of Construction Industry Sri Lanka (CCI), the apex representative body of construction sector stakeholders, shared that sentiments have worsened and the effect

UFTAA to hold forum to promote Colombo as safe destination

With a view of promoting Sri Lanka as a safe destination, the Universal Federation of Travel Agents Associations (UFTAA) announced that the global body would hold its Mid-Year Forum in Sri Lanka within next two months, with participation of 100 tourism leaders and experts from 30 countries. “The UFTAA boar

Ceylinco Insurance announces record 350% dividend on original share price

Ceylinco Insurance PLC announced an incomparable dividend of Rs.35per share to its shareholders for the year 2018, which constitutes a 350 percent dividend of the original share price at the AGM of the company held recently. This is an increase of 11 percent of the dividend

Sampath Bank Head Office achieves Carbon Neutrality

Signifying a landmark achievement in environmental sustainability, the Sampath Bank Head Office recently attained the status of Carbon Neutrality. Sampath Bank PLC was awarded the ‘Carbon Neutral Certification’ by Climate Smart Initiatives (Pvt.) Ltd (ClimateSI), declaring its Head Office as ‘carbon free’ for the year 2018. The certification is further attested through a confirmation issued by the

Distress conditions create opportunities

It has been 10 years since the war ended and during this period there has been massive economic development in the country which has improved the economic indicators of which some are illustrated. Shares are now trading at valuat

Revised National Physical Plan receives presidential nod

Sri Lanka’s revised 30-year National Physical Plan (2019-2050) has finally secured the approval by the National Physical Planning Council (NPPC) chaired by President Maithripala Sirisena, and is scheduled to be gazetted within this month.

State-run Sri Lanka Insurance to insure tourists

As several counties have suspended issuing travel insurances due to harsh travel advisories issued by their governments, the Sri Lankan government is now considering a proposal to issue travel insurance for tourists visiting the country. Sri Lanka Tourism chief Kishu Gomes said the pr

Cabinet nod likely this week for Rs.1bn tourism PR and ad campaign

The Cabinet of Ministers is likely to award a billion rupee PR and advertising campaign to selected global agencies this week, in order to revive the country’s tourism sector image in the aftermath of Easter Sunday attacks.

Virtusa employee arrested over suspected links to attacks

REUTERS: Sri Lankan police on Friday said they had arrested an employee of information technology services company Virtusa Corp in Colombo in connection with Easter Sunday bombings that killed more than 250 people.

Construction work hit by complete stoppage of explosives supply for quarrying

The Easter Sunday bombings are posing newer challenges to Sri Lanka’s construction industry which is now expecting a negative growth this year, as blanket control approaches adopted by authorities following

Most Asian markets up but traders on edge as tariffs are hiked

HONG KONG (AFP) - Shanghai led gains across most Asian and European markets yesterday at the end of a torrid week for equities, with investors keeping a nervous eye on China-US trade talks after Washington more than doubled tariffs on US$200 billion

Airlines want travel advisory softened

Representative of airlines, hotels and tour operators met with Tourism Minister John Amaratunga yesterday to discuss and develop a cohesive recovery plan for the travel and tourism industry.

Break up Facebook, says company’s co-founder

NEW YORK (AFP) - One of the co-founders of Facebook called on Thursday for the social media behemoth to be broken up, warning that the company’s head, Mark Zuckerberg, had become far too powerful. “It’s time to break up Facebook,” sai

Trump’s tariff hike on US$200 bn of Chinese goods takes effect

(Washington) REUTERS: U.S. President Donald Trump’s tariff increase to 25 percent on US$200 billion worth of Chinese goods took effect yesterday, ratcheting up tensions between the United States and China as they pursue last-ditch talks to try to salvage a trade deal. With no action from the Trump administration to

UK economy expands on Brexit stockpiling

LONDON (AFP) - Britain’s economy grew by 0.5 percent in the first quarter, boosted by companies stockpiling ahead of Brexit, official data showed yesterday. Gross domestic product expansion outpaced the 0.2 percent seen in the final three month

Thai bay made famous in ‘The Beach’ to be shut until 2021

BANGKOK (AFP) - The closure of the glittering Thai bay made famous by the movie “The Beach” has been extended for another two years to allow a full recovery of its corals and wildlife, an official said this week, drawing a sharp rebuke from the tourism industry.

US indicts Chinese hackers over giant 2015 data breach

WASHINGTON (AFP) - The US Justice Department announced Thursday the indictment of members of “an extremely sophisticated” Chinese hacking group that allegedly stole the personal information of more than 78 million

Special promotional packages for tourists to be finalised by next Wednesday

Hoteliers, travel management companies (TMCs) and airlines plan to finalise special promotional tour packages by next Wednesday, which are to be offered to tourists in the aftermath of the Easter Sunday bombings, which led to a 60 percent decline in tourist arrivals to the country. “We discussed extensive

Minority shareholder activist charges certain controlling shareholders on move to devalue stocks

A leading good governance advocate and minority shareholder activist in the country recently called on the Central Bank and the Securities and Exchange Commission (SEC) to intervene to protect the interests of public and minority shareholders, as certain controlling shareholders and related parties are allegedly on the move to devalue stocks by creating “shareholder fatigue.” Writing to the SEC

Sri Lanka suspends flight training near biggest air force base

REUTERS: Sri Lanka has suspended flight training near its biggest air force base due to security concerns after suspected Islamist militants killed more than 250 people last month, according to a government directive seen by Reuters yesterday.

Slower sales, higher interest costs hinder Nestle Lanka 1Q

Nestle Lanka PLC, the local unit of the world’s largest food company, reported lower earnings for the quarter ended March 31, 2019 (1Q19) amid a sluggish economy and significant shift in consumer behaviour.