DFCC Bank partners The Management Club as Official Banking Partner

DFCC Bank is proud to forge a corporate partnership with The Management Club (TMC) as Official Banking Partner for a period of three years from April 1, 2019 to March 31, 2022.

Asian markets resume downward spiral on growing trade fears

(Hong Kong) REUTERS: A red wave swept across Asia trading floors yesterday as investors grew increasingly concerned that the China-US trade deal, which appeared all but ready to sign, could fall through.

Polycrome launches Energizer LED bulbs at Build Expo 2019

Polycrome Electrical Industries (Pvt.) Ltd, one of the leading manufacturers in the electrical industry, was the centre of attraction at the ‘Build SL Housing and Construction Expo 2019’ exhibition held at BMICH, organised by Chamber of Construction Industry Sri Lanka (CCI).

Samsung launches premium smartphone Galaxy A70

Samsung Sri Lanka recently announced the launch of the Galaxy A70, its sixth smartphone in the popular Galaxy A line.

Avian Technologies celebrates recent achievements with corporate clients

Avian Technologies (Pvt.) Ltd, one of Sri Lanka’s leading total IT solutions providers and a recognised Dell EMC Platinum Partner, hosted a night of celebrations at Water’s Edge, Colombo, for their Dell corporate clients to commemorate the significant progress the company had made recently.

Sri Lanka’s fashion market in turbulent times: A positive outlook

By the time of 4/21 events, Sri Lanka’s fashion industry was about to undergo a paradigm shift. Normalcy and the growth economy that prevailed in the decade long post-conflict period have worked well for this crucial niche industry segment. Colombo was beaming with international fashion shows. Consumers were getting increasingly conscious with international designer brands.

Blunt force tariffs backfire on business and farmers

With President Trump threatening additional tariffs, the tit-for-tat tariffs already in place are complicating business decisions and causing long-term damage for soybean farmers, warns Stephen Olson.

Fortinet continues work on closing cyber skill gap

Fortinet, a global leader in broad, integrated and automated cybersecurity solutions, recently announced it continues to lead the way on training and education in the company’s ongoing efforts to close the cyber security skill gap by rolling out even further expanded training and education initiatives.

Oman reiterates commitment to Hambantota refinery project

Omani Oil and Gas Minister Dr. Mohammed Hamed Al Rumhy has reiterated Oman Oil Company’s firm interest to take part in the Hambantota oil refinery project which was announced this March. This was communicated to ministers Malik Sam

Union Bank records modest 1Q; PAT impacted by higher taxes

Union Bank of Colombo PLC pulled off some modest performance for the first quarter in 2019 amid lackluster economic conditions, the interim financial accounts released to the Colombo Stock Exchange showed yesterday.

Sri Lanka says jihadi threat persists despite arrests

(Colombo) AFP: Sri Lankan authorities have arrested or killed all the jihadists responsible for Easter suicide bombings, but the island still faces the threat of “global terrorism,” the Prime Minister said yesterday.

JWT likely to bag Rs.464mn promo campaign to revive tourism

Sri Lanka is likely to award Rs.464 million global publicity campaign to J. Walter Thompson (JWT) to revive the country’s tourism brand by, which has been adversely impacted by Easter Sunday attacks, Mirror Business learns.

Sweden-based Tundra Fund says Colombo bourse at lowest levels since 2009

The Sweden-based global asset management company, Tundra Fonder’s Tundra Sustainable Frontier Fund in its April update said the Colombo bourse has hit its lowest levels since the end of 2009, following the Easter Sunday attacks that killed over 250 people, among them 42 tourists.

Major shareholders not ready to dilute ownership in plantation firms, says Carson Cumberbatch

The Carson Cumberbatch group has indicated that the major shareholders of its four plantation companies have no intention of diluting their ownership to comply with the minimum public float rules of the Colombo Stock Exchange (CSE).

Rupee touches near 6-week low; stocks hit 5-1/2-year closing low

(Colombo) REUTERS: The Sri Lankan rupee fell for an eighth straight session yesterday to a near six-week low on dollar demand from banks, a day after clashes between two sectarian groups dented sentiment.

Telenor and Axiata enter talks to merge Asian businesses

(Oslo) AFP: Norwegian telecom operator Telenor said yesterday it has entered into talks with Malaysian telecoms group Axiata about a potential merger of the companies’ Asian operations.

In wake of deadly attacks, President vows stability before vote

(Colombo) REUTERS: Sri Lanka President Maithripala Sirisena said on Saturday the security forces would “eradicate terrorism” following the devastating suicide attacks on Easter Sunday and restore stability before a presidential election due by year-end.

Tourism chief bets on faster industry revival

Sri Lanka Tourism chief Kishu Gomes expressed his confidence on the revival of the country’s tourism industry in less than 13 months, in the aftermath of the Easter Sunday bombings and is optimistic that it will revert back to growth mode in two months.

Five-star security!

The Kingsbury, one of the five-star hotels in Colombo that was attacked on Easter Sunday, has installed baggage and personnel scanners at its premises to ensure the safety of the hotel’s patrons. The hotel is also protected by the state security.

BRI should be positive for commodities, but evidence is elusive

(Launceston, Australia) REUTERS: China’s ambitious Belt and Road Initiative (BRI) is one of those vast programmes that should be positive for global commodities, but finding any concrete proof of increased demand is proving far more elusive.

To explain Sri Lanka’s bombings, look within

On Easter Sunday 2019, Islamist suicide bombers targeted three Christian churches and three hotels in Sri Lanka, killing over 250 people. The so-called Islamic State (IS) claimed responsibility but two little-known local groups, called the Jammiyathul Millathu Ibrahim and National Thowheed Jamaath (NTJ), carried out the attacks.

Counting the cost: Terrorism and its impact on Sri Lankan economy

Terrorism is not an obvious subject for economic analysis. The greatest cost comes in the form of lives lost and injured. However, terror attacks also aim to disrupt economic life and how far they succeed needs to be assessed and evaluated.

Sierra Cables reiterates revival plan for two distressed subsidiaries

Sierra Cables PLC last week reiterated on the plan it originally hatched to get two of its subsidiaries now in a quagmire back on their feet, as part of its revival efforts. The directors at the largest cable manufacturer in Sri Lanka said they had approved new capital infusion into its East African subsidiary, which has been facing bankruptcy concerns, and the company had secured confirmed orders from the offshore jurisdiction which would give

Govt. mulls tax waivers to support tourism industry after terror attacks

Sri Lanka will consider a tax amnesty programme for the tourism industry in a bid to help companies recover from the Easter Sunday terrorist attacks that killed more than 250 people, Finance Minister Mangala Samaraweera had told Bloomberg Television. The industry has requeste

Pakistan appoints IMF official as new CB governor amid bailout talks

(Karachi) REUTERS: Pakistan on Saturday appointed International Monetary Fund (IMF) economist Reza Baqir as its new Central Bank governor, as the South Asian nation seeks to finalise bailout negotiations with the Fund to avert an economic crisis. The government hopes an IMF

Private sector opposes port tariff hike

Sri Lanka’s private sector has expressed strong opposition to the controversial tariff hike proposed by the Sri Lanka Ports Authority (SLPA). Premier private sector business chamber, the

Deserted beaches, empty rooms: Sri Lanka tourism takes a hit after bombings

REUTERS: Sri Lanka’s US$4.4 billion tourism industry is reeling from cancellations as travellers shun the sun and sand Indian Ocean Island after multiple suicide bombings that killed over 250 people two weeks ago.

Tourism industry loans likely to get 1-year moratorium

The government has agreed only for a one-year moratorium to support the hotel industry during its recovery period in the aftermath of Easter Sunday bombings, despite the hoteliers’ request for a two-

Asian markets end week mixed as investors eye US jobs data

HONG KONG (AFP) - Asian markets were mixed heading into the weekend yesterday with energy firms again taking a hit from a plunge in oil prices, while investors look ahead to the release of key US jobs data later in the day.

Tesla raises size of share sale, Musk to buy more

(REUTERS) - Tesla Inc yesterday raised the size of its planned share offering to 3.1 million shares, priced at US$ 243 apiece, and said Chief Executive Officer Elon Musk would now buy stock worth up to US$ 25 million (£19.2 million), more than double his initial commitment. Tesla had said on Thursday it