U.S. envoy says threat real as security forces maintain high alert

(Colombo) REUTERS: The U.S. Ambassador to Sri Lanka said yesterday that some of the Islamist militants involved in the Easter Sunday bombings on the island were likely to be still at large and could be planning fresh attacks.

Fairfax chief conveys condolences; pledges to support affected

Fairfax Financial Holdings Chairman/Chief Executive Prem Watsa has conveyed his deepest sympathies and condolences to the people of Sri Lanka on the Easter Sunday terror attacks.

Standard Chartered plans US $1bn buyback as 1Q profits rise

(Hong Kong) AFP: Standard Chartered announced a share buyback of up to US $1 billion yesterday as the bank reported a jump in first quarter pre-tax profits.

Ban on social media lifted

The government yesterday lifted the ban on social media platforms intended to stop the spread of rumours following the Easter Sunday bombings.

Mangala to lead Lankan delegation to 52nd ADB AGM in Fiji

Finance Minister Mangala Samaraweera will lead the Sri Lankan delegation to the 52nd Annual General Meeting of the Board of Governors of the Asian Development Bank (ADB) to be held in Nadi, Fiji from May 2 to 5.

Rupee extends losses on security alerts; stocks up in dull trade

(Colombo) REUTERS: The Sri Lankan rupee closed weaker for the fifth consecutive session yesterday, as security alerts on possible further attacks after the Easter Sunday bombings weighed on investor sentiment, while stocks extended gains into the fifth day after hitting a more than six-year closing low last week.

France in a rush to train skilled workers to restore Notre-Dame

(Paris) REUTERS: France is in a hurry to rebuild world famous Notre-Dame Cathedral and Romain Legoube, an 18-year-old apprentice carpenter, hopes to be among those chosen for the prestigious task of restoring its centuries-old roof. “It would be an achievement to be able to say that we participated in the creation of Notre-Dame,” Legoube told Reuters. Legoube is one of around 10,000 students trained every year by Les Compagnons du Devoir, a guild

Tourist arrivals in Colombo to drop by 50% after bombings

(Dubai) REUTERS: Tourist arrivals in Colombo will fall by 50 percent over the next two months following the Easter Sunday bombings that killed more than 250 people, Sri Lanka’s Tourism Bureau Chairman Kishu Gomes said yesterday. Tourist arrivals i

FinMin says will soon come up with solution to settle senior citizen interest arrears to banks

The Finance Ministry plans to come up with a “permanent and acceptable” solution to settle the interest subsidy arrears to banks with regards to senior citizen savings, within two weeks, a top official said. Finance Ministry Secretary Dr. R

Banks cut deposit rates in response to Central Bank’s directive

Sri Lanka’s banks have reduced the deposit interest rates after the Central Bank asked the licensed banks and non-banking financial institutions to lower the interest rates on deposits and lending products, to increase credit into the economy to revive the sluggish growth. Sampath Bank has cut the interest rate o

CB requests banks, NBFIs to cut lending rates

The Central Bank has requested all licensed banks and non-bank financial institutions (NBFIs) to reduce lending rates to increase credit flows to the real economy in an attempt to prop up the sluggish growth, which is

Travel giant TUI scrapping trips to Sri Lanka

(Berlin) AFP: European travel group TUI said Friday they are cancelling all trips to Sri Lanka following the deadly Easter bombings and offering to repatriate customers already there. The tour company said those planning to visit Sri Lanka in the coming weeks with TUI will be contacted and their holiday rescheduled or fully refunded -in both cases free-of-charge. Holidaymakers currently in Sri Lanka will be off

Tourism industry meets President today to discuss way forward

As Sri Lanka’s tourism sector is heading for a major slowdown following the Easter Sunday bombings, tourism industry stakeholders are expected to hold an urgent meeting chaired by President Maithripala Sirisena this morning to discuss priority action required to mitigate the situation. The industry stakehold

CITES World Wildlife Conference postponed to October

Sri Lanka has postponed the Convention on International Trade in Endangered Species of Wild Fauna and Flora’s (CITES) World Wildlife Conference “(CoP 18)” to October this year, after considering a request made by the Geneva-based United Nation affiliated CITES Secretariat, on security concerns and travel advisories in the aftermath of Easter Sunday bombings. The CITES conference was originally schedu

Motorcar registrations gain steam in March somewhat defying higher duties

Sri Lanka’s motor car registrations have picked up pace in March after the numbers fell in the preceding month in a sign that the people were willing to defy the higher duties for a little more comfort than the suffering they undergo daily using the inconvenient public transport system in the country.

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).