Rupee falls in thin trade after deadly Easter explosions

(Colombo) REUTERS: The Sri Lankan rupee fell 0.4 percent on importers’ dollar demand in thin yesterday trading, after deadly explosions rocked the Indian Ocean island on Easter Sunday that killed at least 290 people.

Colombo Stock Exchange to resume trading today

The Colombo Stock Exchange (CSE) in consultation with the Securities and Exchange Commission of Sri Lanka yesterday announced that trading and related market operations will resume today.

Presidential Election 2020: Mahathir, Modi and Ranil

This marks the fourth in a series of articles that analyse the economic aspects of the Presidential Election 2020.

Autonomous Database gives Oracle 10-year lead in cloud game

The Autonomous Database, the newest offering in Oracle’s product portfolio, is said to be showing tremendous growth in ASEAN and SAGE regions, according to the cloud company’s top management.

Returns from post-2009 private equity investments show mixed results

Sri Lanka emerged as a potential hot-spot for investments after the end of civil conflict in 2009.

In nod to debt concerns, China Belt and Road summit to urge sustainable financing

(Shanghai) REUTERS: World leaders meeting in Beijing this week for a summit on China’s Belt and Road initiative will agree to project financing that respects global debt goals and promotes green growth, according to a draft communique seen by Reuters. The Belt and Road Initiative is a key policy of President Xi Jinping and envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with massive infrastructure spending.

Gulf Air confirms flights operating as normal to and from Colombo

Gulf Air yesterday said its flight to and from the Sri Lankan capital are operating as normal. “Gulf Air sympathises with the people of Sri Lanka amidst the bombings that occurred yesterday in a number of locations, and would like to confirm that its flights to and from the Sri Lankan capital Colombo are operating as norm

Joint business chambers condemn attacks

The joint chambers of commerce strongly condemned the multiple explosions that occurred yesterday at religious places and several hotels in Colombo and suburbs. “We strongly condemn these attacks. Our thoughts and prayers are with the victims, their families and all those affected by the explosions,” a brief statement said. The business chambers urged the authorities to maintain law and order and called for speedy actions to investigate and br

SL still hopeful of hosting CITES World Wildlife Conference in May

The country’s tourism authorities are hopeful of hosting the International Trade in Endangered Species of Wild Fauna and Flora’s (CITES) World Wildlife Conference next month where over 3,000 foreign delegates and media are expected to attend despite yesterday’s attacks targeting churches and hotels on Easter Sunday. Speaking to Mirror Business, Sri Lanka Tourism Development Authority (SLTDA) and Sri Lanka Tourism Promotion Bureau (SLTPB) Chairma

Easter blasts in Sri Lankan hotels and churches kill at least 207

(Colombo) AFP: A series of eight devastating bomb blasts ripped through high-end hotels and churches holding Easter services in Sri Lanka yesterday, killing at least 207 people, including dozens of foreigners. Prime Minister Ranil Wickremesinghe co

January trade deficit narrows over lower imports

Sri Lanka’s trade deficit slumped to US $ 617 million in January, from US $ 701 million recorded in the same month in 2018, as the country’s import bill declined significantly while recording a modest growth in exports.

FinMin shares SL’s experience at UN ECOSOC forum in New York

Finance Minister Mangala Samaraweera shared Sri Lanka’s experience in inclusive growth, at the Ministerial Financial Dialogue at the UN Economic and Social Council (ECOSOC) Financing for Development (FfD) Forum, in New York.

EDB warns looming SLPA tariff hike likely to hamper export targets and export growth momentum

Sri Lanka’s Export Development Board (EDB) warns that the looming Sri Lanka Ports Authority’s (SLPA) arbitrary tariff hike is likely to hamper the country’s export targets and the current export growth momentum, while potentially jeopardising the implementation of the key export strategies such as the National Export Strategy, which are vital in transforming the country’s economy to an export-driven economy.

NCE urges inclusion of export-related subjects in school curricula

The member exporters of the National Chamber of Exporters (NCE), which is the only private sector chamber that exclusively serves Sri Lankan exporters, have expressed their concerns regarding the university undergraduates’ regular street protests.

Nippon Paint pours into Australia’s DuluxGroup with US $ 2.7bn offer

(Sydney/Tokyo) REUTERS: Japan’s Nippon Paint Holdings Co Ltd has proposed buying Australia’s biggest paint maker DuluxGroup Ltd for A$ 3.8 billion (US $ 2.7 billion), expanding its global footprint though entering Australia just as a housing boom there falters.

Automation can lead SL to achieve US $ 6bn in apparel exports by 2020

Sri Lanka has the potential to achieve US $ 6 billion in apparel exports in 2020 by capitalising on automation to get premium prices for the country’s apparel exports with high-quality apparels.

Mangala Yapa appointed new BOI Chairman

Mangala Yapa has been appointed as the new Chairman of the Board of Investment by President Maithripala Sirisena. Yapa assumed duties as the 22nd Chairman of the country’s apex investment promotion authority, following an earlier stint as a member of its board. Previously, Yapa was the Managing Director and Chief Executive Officer of Colombo Dockyard PLC, a CSE-listed company, for many years and led the company’s rapid growth and international e

National Entrepreneurship and Innovation Strategy to kick off in June

The Ministry of Science, Technology and Research is to kick off a four-year National Entrepreneurship and Innovation Strategy in Kuliyapitiya this June, with the objective of increasing high tech ex

SLPA to purchase STS cranes for JCT 5 expansion

Ports, Shipping and Southern Development Minister Sagala Ratnayaka announced that Sri Lanka Ports Authority (SLPA) was in the process of purchasing three Ship to Shore (STS) cranes in view of the Jaya Container Terminal (JCT) 5 expansion. “I am glad to announce that the SLPA, upon Cabinet approval, is now in the process of purchasing three STS cranes for the JCT 5 expansion. The US$ 25 million investment has been approved by a Cabinet-appointed

IFC helps CBSL launch Roadmap for Sustainable Finance

The Central Bank of Sri Lanka, with support from International Finance Corporation (IFC) and the United Nations Development Program (UNDP) recently launched the Sustainable Finance Roadmap for the financial sector t

MTD Walkers delivers another blow to banks already grappling with myriad of issues

Full loan exposure to the beleaguered construction group, MTD Walkers PLC by all lenders, will be classified as non-performing, and provisions will also be made against the outstanding value of those loans, with immediate effect. In a rather unusual direction issued to all licensed banks this week, the Central Bank asked the lenders to make the necessary adjustments in the books since their finance and accounting de

No Mirror Business

Mirror Business will not be published on April 13, 14, 15 and 16 due to Avurudu holidays. The next issue will be on April 17.

WB tells Sri Lanka to replace subsidy schemes and empower the poor

The World Bank (WB) says that the performance of Sri Lanka’s State-owned firms can be improved by replacing various subsidy schemes with a guaranteed minimum income for poor people in the country, which would also empow

Rupee ends firmer; stocks dip on foreign outflows

REUTERS: The Sri Lankan rupee closed slightly firmer yesterday, supported by dollar inflows from remittances ahead of the traditional New Year, while stocks ended lower due to foreign outflows in moderate trade.

IMF says materialising of key global risks could upset growth of emerging Asia

Although the growth in emerging markets and developing economies is expected to stabilise around 5 percent, the International Monetary Fund (IMF) this week warned that the materialising of any of the key global risks could derail the growth of these economies.

PM-appointed committee tells at what price and where banks could lend

In what appears to be a desperate and last-ditch attempt to stimulate a hobbling economy, the lawmakers and Central Bank are coming up with a highly interventionist-styled policy package recommended by a prime minister-appointed working committee to nudge the banks to cut rates and lend more to small businesses.

People’s Bank on landmark transaction with China Development Bank

People’s Bank signed a landmark US $ 200 million, eight-year bilateral funding facility with China Development Bank, one of the largest ever and longest tenure funding facilities secured by any commercial bank in Sri Lanka.

Uber introduces security measures to ensure driver safety in Sri Lanka

Uber introduces several security measures to ensure the safety of its driver partners in Sri Lanka, amid an increase in reports of attacks on the driver partners of the taxi-hailing apps in the country.

Rupee firms on remittances; stocks end steady

(Colombo) REUTERS: The Sri Lankan rupee ended stronger yesterday as dollar inflows from remittances ahead of the traditional new year provided support, while stocks closed steady in dull trade.

Cabinet nod to change CSE legal status to a limited stock company

The Cabinet of Ministers on Tuesday approved a proposal presented by Finance Minister Mangala Samaraweera to amend the bill drafted to change the legal status of the Colombo Stock Exchange (CSE).