Ghost town

The usual hustle and bustle that is characteristic of the Colombo business city Pettah was missing yesterday too and many shops remained closed, even four days after the nation was hit by devastating bomb attacks on Easter Sunday.

Asian markets mostly drop after mixed lead from Wall Street

HONG KONG (AFP) - Asian markets mostly fell yesterday with investors treading carefully as global slowdown worries return to the fore, with analysts pointing to an economic divergence between the US and the rest of the world.

US economy surges at the start of 2019

WASHINGTON (AFP) - The US economy kicked into high gear in the first three months of the year, quashing fears of a slowdown, the government reported yesterday. The unexpected surge will be welcome news for

IMF’s Lagarde says China’s Belt and Road should only go where sustainable

(Beijing) REUTERS: China’s massive Belt and Road infrastructure program should only go where it is needed and where the debt it generates can be sustained, International Monetary Fund Managing Director Christine Lagarde said yesterday

Microsoft tops trillion-dollar mark for first time

NEW YORK (AFP) - Microsoft hit the trillion-dollar value mark Thursday for the first time, becoming the third technology giant to reach the milestone. Shares in Microsoft rallied some five percent in early Wall Street trade after a robust earnings report a day earlier to lift the value briefly above US$1 trillion. The stock ended the day with a gain of 3.3 percent at US$ 129.15, translating to a market valuation of some US$990 billion. At its cur

JKH says Easter Sunday bombing will have negative impact on tourism and economy

Sri Lanka’s premier blue chip John Keells Holdings PLC which owns and manages a number of hotels and resorts in Sri Lanka and Maldives said, the Easter Sunday bombing will have a negative impact on the

Amazon delivers record profits on gains in cloud, advertising

SAN FRANCISCO (AFP) - Amazon on Thursday delivered record profits for the first quarter, fueled by gains in cloud computing and new business segments for the US technology colossus.

Treasury says paid Rs.84bn due on various projects

The national treasury has paid off Rs.84, 461 million due by December 31, 2018 for various programmes and projects implemented under different government ministries and institutions. Earlier, the treasury had been informed that Rs.99, 415 million was due on December 31, 2018 for completing various projects undertaken by various government institutions. Treasury Secretary, Dr.

Easter bombings in Sri Lanka will delay ‘everybody’s plans’ for investment, hotelier says

CNBC: One international hotelier said Tuesday that its plans to enter the Sri Lankan market would be put on hold after Sunday’s terrorist attacks on hotels and churches. “We were just about ready to start again, on another hotel and now look at what’s happened,” said Ho Kwon Ping, executive chairman of Banyan Tree Hotels and Resorts. On Easter Sunday, bombings struck

Chevron Lubricants 1Q net down 14% despite higher top line

Chevron Lubricants Lanka PLC March quarter (1Q19) earnings fell 14 percent year-on-year (YoY) to Rs.603.1 million despite higher lube sales, the interim financial accounts released to the Colombo bourse this week showed. The revenue during the quarter under review rose 10 percent YoY to Rs.3.3 billion. But the gross profit fell 4 percent YoY to Rs.1.2 billion as cost of sales rose 19 percent YoY to Rs.2.05 billion. Operating profit for the period

Visa on arrival put on hold

The government has put on hold the visa on arrival programme until further notice, due to security concerns following the Easter Sunday terrorist attacks. The visa on arrival programme was to be rolled out on May 1.

DFCC offers unsubscribed rights to other parties

Becoming the second bank to experience an under-subscribed rights issue in recent times, DFCC Bank PLC yesterday said it is considering allotting the unsubscribed shares to parties acceptable to its director board. The bank this January announced plans to raise Rs.7.6 billion to further boost its Tier 1 capital by issuing 106 million fresh shares to its shareholders at Rs.72 each on the basis of two new shares for every five shares held. Accordin

IMF says “decisive policy and security measures” key for tourism to sustain momentum

While expressing their deepest condolences over the barbaric attack on churchgoers and innocent civilians—mostly tourists—on Easter Sunday, the International Monetary Fund (IMF) yesterday said “decisive policy and security measures” by authorities are critical for the country’s booming tourism sector to bounce back. “Initial financial market

Is the power crisis our own creation?

The recent power crisis we encountered should not be a surprise to anyone as it was waiting to happen and of our own creation.

Tourism sector slowdown likely to worsen banking sector asset quality

Sri Lanka’s tourism industry, which is experiencing the adverse impacts of the multiple suicide bombs that targeted the churches and five-star hotels on Easter Sunday, may further worsen the country’s banking sector asset quality with an anticipated rise in non-performing loans (NPLs).

Impact on tourism inevitable; short-term hit on FDI and portfolio investments expected: Mangala

Finance Minister Mangala Samaraweera says that the impact on the tourism industry from the Easter Sunday bombing would be inevitable while a dent in foreign direct investment (FDI) and portfolio investment are also anticipated in the short term.

Kingsbury to welcome visitors from today

Amid strengthened security, following the Easter Sunday attacks, The Kingsbury Hotel is to reopen the premises for visitors from today.

SriLankan says customers now served through offices across country

SriLankan Airlines has made arrangements for all ticketing-related matters to be handled from SriLankan Airlines ticket offices and passenger service offices across the country, for the convenience of its valued customers and taking into consideration the current situation in the country.

EFC condemns Easter Sunday attacks

The Employers’ Federation of Ceylon (EFC) and its membership yesterday in a statement condemned the terrorist attacks that were carried out on Easter Sunday, targeting the civilians at places of worship and at several member establishments.

Rupee weakens on fears of more attacks; stocks rise slightly

(Colombo) REUTERS: The Sri Lankan rupee closed 0.2 percent weaker yesterday as worries over further explosions after the Easter Sunday blasts weighed on the currency while stocks rose a fraction after hitting a more than six year low.

Terror attacks: Hoteliers say cancellation not at alarming levels

Although there are some cancellations in the aftermath of the Easter Sunday attacks, Sri Lanka’s hoteliers say it has not reached alarming levels yet, and the impact would be somewhat contained as the country is currently in the ‘off peak’ season. “It’s not alarming. There have been some cancellations. However, the positive thing is that we are currently in the off peak season,” Jetwing Chairperson Shiromal Cooray told Mirror Business.

National inflation increases to 2.9% in March

Sri Lanka’s countrywide inflation measured by the year-on-year change in the National Consumer Price Index (NCPI) rose to 2.9 percent in March from 2.4 percent in February, mainly due to the low base that prevailed in the corresponding month of the previous year. The year-on-year food and non-food inflation r

Easter Sunday attacks will have serious implications on export sector: NCE

Sri Lanka’s export sector is already feeling the blow from the terror attacks that took place on Easter Sunday, and the negative impact is expected to continue in the coming months, according to top representatives of the sector. The National Chamber of Exporters (NCE), the ap

‘Dialogue with Public Listed Companies’ postponed

The Securities and Exchange Commission of Sri Lanka (SEC) has postponed the ‘Dialogue with Public Listed Companies’ scheduled for April 25th at the Hilton Colombo. “The unprecedented, tragic events of Sunday (April 21) present formidable challenges at a national, governmental and institutional/corporate level, which the SEC as the apex regulator of the capital market, identifies and empathizes with and thus believes that all stakeholders require

THASL says terror attacks will have adverse impact

While strongly condemning the Easter Sunday terror attacks on hotels and places of worship, The Hotels Association of Sri Lanka (THASL) yesterday said the attacks will have an adverse impact on the country’s tourism industry.

February trade deficit narrows sharply over lower imports

Sri Lanka’s trade deficit significantly narrowed in February, largely owing to the slowdown in imports due to the measures taken by the Central Bank and government and increase in exports, the data released by the Central Bank showed, yesterday.

ASOS billionaire loses 3 children in SL bomb attacks

Daily Mail: Billionaire ASOS owner Anders Holch Povlsen has lost three of his four children in the Sri Lanka terror attacks on Easter Sunday.

Sri Lanka to reintroduce wartime security measures to Colombo hotels

Sri Lanka is to introduce several wartime security measures, including setting up baggage scanners at popular hotels and formulating an emergency plan to ensure the safety of tourists visiting the island, in the aftermath of the Easter bomb attacks that targeted multiple churches and five-star hotels in Colombo.

SLASSCOM condemns Easter Sunday attacks

The board of directors of the Sri Lanka Association of Software and Services Companies (SLASSCOM) said they were shocked and deeply saddened by the multiple explosions that occurred Sunday morning.

Sri Lanka’s bomb carnage casts pall over tourism revival

(Colombo) REUTERS: With its capital under curfew following devastating Easter Sunday bomb attacks on churches and upmarket hotels, Sri Lanka is filled with fear, horror and grief and tourists who have been flocking to the Indian Ocean island could cancel in droves.