Monsanto ordered to pay US$80 mn in Roundup cancer trial

(San Francisco) AFP: Monsanto has been ordered to pay some US $80 million to an American retiree who blames his cancer on the agribusiness giant’s weedkiller Roundup, in a case that could influence the outcome of thousands more like it. A San Francisco jury yesterday found the firm, which is owned by Bayer, had been “negligent by not using reasonable care” to warn of the risks of its product, ordering it to

Research says 370mn people should change present skills by 2030 to stay relevant

The findings of a recent research carried out by a global professional body anticipate that 65 percent of today’s primary school children will engage in jobs that do not exist today and, 370 million people will need to change their present skills by 2030. Over th

Lankan and B’deshi listed firms urged to increase sustainability reporting

More than 500 businesses in Sri Lanka and Bangladesh are being supported to report on their sustainability impacts following the launch of new guidance. ​Global Reporting Initiative (GRI) has provided technical input to guides produced by the Dhaka Stock Exchange (DSE) and the Colombo Stock Exchange (CSE), which they will share with all their listed companies, pro

First-ever electric tuk-tuk launched in Sri Lanka

Development Strategies and International Trade Minister Malik Samarawickrama, MP Kumara Welgama and former Eastern Province Chief Minister and current National Apprentice and Industrial Training Authority Chairman Nazir Ahamed seen yesterday at the launch of Mahindra Treo electric tuk-tuk, the first-ever electric three-wheeler in Sri Lanka. The electric tuk-tuk is priced at just below a million rupees and can travel up to 130-kilometres in one ch

Rs.48bn revenue target from vehicle imports in jeopardy: VIAL

The Vehicle Importers Association of Lanka (VIAL) claims that several officials at Sri Lanka Customs (SLC) are attempting to jeopardise the government’s revenue target to collect Rs.48 billion as revenue from vehicle duties by arbitrarily classifying hybrid vehicles as petrol or diesel vehicles, which would drastically lower hybrid vehicle imports into the country.

Kasturi of Hemas honoured as a Change Maker in Sri Lanka

Hemas Pharmaceuticals and Hemas Logistics and Maritime Cluster Managing Director Kasturi Chellaraja Wilson has been recognised by Sri Lanka Parliament as a Women Change Maker in Sri Lanka in the Business Category.

SriLankan Airlines to increase frequencies to Tokyo

SriLankan Airlines, one of the first carriers to fly to Tokyo’s Narita International Airport, is celebrating 35 years of flying to Narita by increasing its number of frequencies up to five per week, with Sri Lanka growing rapidly in popularity as a destination for Japanese travellers.

Banking sector’s capital dilemma puts investors at bay

Banks may like to raise more capital from their stock holders citing constantly updated regulatory requirements and to fund their ambitious growth plans but at a return as little as 10 or 11 percent, not many will be willing to risk their money.

Germany to set up technical training institute in Matara

The government of Germany has agreed to provide 11 million euros as a grant to build a German Technical Training Centre in Matara, to provide state-of-the-art training opportunities to the youth in the southern part of Sri Lanka.

Mahindra-Ideal Group to commission US $ 50mn vehicle assembly plant in June

India’s leading auto manufacturer Mahindra & Mahindra Ltd and Sri Lanka’s Ideal Group (Pvt.) Ltd will this June commence operations of its US $ 50 million vehicle assembly plant located in Horana, targeting the Sri Lankan market and future exports to the region.

SL to hold ministerial level FTA talks with China next month

The Minister of Development Strategies and International Trade, Malik Samarawickrama will visit China next month to hold ministerial level discussions to resume negotiations in connection to the proposed Sri Lanka-China FTA. Speaking to Mirror Business on the sidelines of the inauguration of the First German Pavilion at Build SL 2019 exhibition at BMICH last Friday, he said that he is planning to hold discussions with top Chinese government offic

Dangerous rail travel by tourists – Is there an opportunity?

Of late, there has been much debate and concern voiced about tourists standing at the doorways of trains and even hanging out, while the train is moving. Some pictures of a young couple hanging out of a train, while clutching on to the side rails, went viral on social media with debates of the ‘pros’ and ‘cons’ reaching fever pitch.

Chengdu delegation meets BOI chief to discuss projects in H’tota

A delegation from Chengdu Association for Foreign Trade and Cooperation (CAFTEC) Chengdu, China visited the BOI and met with the Chairman Hemasiri Fernando. The delegation consisted of Chen Xia, Secretary General (CAFTEC) who was accompanied by two members and by Kosala Wickramanayake, President – International Business Council. The purpose of the delegation was to promote Sri Lanka and particularly projects in Hambantota. In addition, Chen br

Drought, failure to raise power capacity force nationwide power cuts

REUTERS (Colombo): Sri Lanka’s State-run power firm has imposed daily power cuts for the first time in more than two years as a drought has slashed hydro-power output, highlighting the government’s failure to build new power plants, officials said on Monday. The drought has cut the hydro-power generation in half to 15 percent of the nation’s total electricity production as the Ceylon Electricity Board (CEB) seeks to save water for household and i

SLT to facilitate network access to 90% of population

By Nishel Fernando Sri Lanka Telecom (SLT) is to enhance its network access to cover 90 percent of the country’s population within this year by continuing its aggressive investments in expanding extensive fibre optic network and 4G converge, as the telco operator prepares to launch several digital services equipped with fintech payment solutions from next quarter onwards. “We have a very aggressive plan to expand our footprint across the count

NDB debenture snapped up; issue left open until second tranche taken up

The National Development Bank PLC (NDB) yesterday announced the over-subscription of the initial tranche of its subordinated debenture to beef up Tier II capital base which is being rapidly taken up to support its aggressive lending in to the newly ventured areas.

Shares end in red as telcos weigh; rupee firmer

Reuters: Sri Lankan shares closed at their lowest in more than six years yesterday, ending weaker for a seventh straight session, dragged down by telecommunication and banking stocks. The market awaits for some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. The Colombo Stock Exchange index ended down 0.29 percent at 5,513.67, its lowest close since Dec. 19, 2012. The benchmark stock

China, EU ‘advancing together’, says Xi, amid US tensions

PARIS (AFP) - Chinese President Xi Jinping yesterday stressed the growing convergence between Beijing and the European Union on global issues from climate change to trade, urging the two sides to overcome their “suspicions.” At a meeting in Paris between Xi, French President Emmanuel Macron, German Chancellor Angela Merkel and European Commission chief Jean-Claude Juncker, the leaders declared their desire to work together. “Of course there are

Motor insurance sector growth to slow due to hefty taxes: Fitch

Sri Lanka’s motor insurance sector growth will slow as the recent excise duty increase and luxury taxes imposed from the budget presented in March will dent the demand for motor vehicles but the non-motor segment shows prospects for longer-term growth with the government support, said Fitch Ratings.

Shares extend losses; rupee weakens

SL’s banks give Rs.739bn in private sector credit in 2018 defying tight policies

Sri Lanka’s private sector credit or the credit extended to private individuals and business enterprises by the banking sector rose at a healthier pace during 2018, defying the policies broadly tilted towards the tightening side.

SLTDA to issue renewal licences in one day

The Sri Lanka Tourism Development Authority (SLTDA) is now fully geared to issue renewals for accommodation and service providers in one day when the relevant documents for each category are submitted, a statement issued by the SLTDA yesterday stated.

SLT-Huawei to partner for Colombo Port City’s Smart City project

Sri Lanka Telecom (SLT) to partner with Huawei to take up on the Smart City project at Colombo Port City with an aim to position Colombo Port City as Southeast Asia’s premier smart city.

BOI approves over US $ 5bn investments in 1Q

The Board of Investment (BOI) has approved an estimated US $ 5.1 billion worth of new investment projects in the first quarter of this year, including a steel plant project to be set up in Trincomalee, with an investment of US $ 1 billion, the latest BOI statistics showed.

CCC marks 180 years by ringing trading bell

Sri Lanka’s premier business association, the Ceylon Chamber of Commerce (CCC), yesterday reached its 180-year mark, a milestone that was commemorated with a bell ringing ceremony at the Colombo Stock Exchange (CSE).

High tax regime adversely impacting banking sector: HNB CEO

Hatton National Bank (HNB), Sri Lanka’s second largest private lender by assets recently called on the government to re-evaluate the “unsustainable” high tax regime on the banking sector as it limits the sector’s ability to support other industries, which in turn adversely impacts the economic growth of the country.

SL banks managed IFRS 9 capital impact, but macro stability could stymie progress - Fitch

Sri Lanka’s banks managed to overcome in what could become a thorny issue on their capital coming from the first time impact of the new accounting standard on loan loss expenses as the companies built up buffers in the run up to the full implementation of BASEL III rules, satisfactory profitability buffers and four-year phasing in period, Fitch Rating said. In a note issued after analysing the final results of the banks for fin

Omani oil minister says excited to be part of Sri Lankan oil refinery project

REUTERS (Hambantota): Oman’s oil minister said yesterday he was excited to be part of a Sri Lanka oil refinery project, an indication plans for the sultanate’s involvement may be back on track. The comments by Mohammed bin Hamad al-Rumhy came after an Omani official last week had denied the Middle Eastern country had agreed to invest in the project.Rumhy joined Sri Lankan Prime Minister RanilWickremesinghe at the la

Trade and Productivity Commission soon

The Development Strategies and International Trade Ministry and the Finance Ministry together will set up a Trade and Productivity Commission (TPC) within next three months to continue with the trade liberalisation process on a structured basis, while supporting local firms to get adjusted to increasing competition arising from foreign firms. The Cabinet of Ministers recently approved the necessary Cabinet proposal to set-up a TPC in principal.

TRCSL blocked Google Loon project in Sri Lanka – Harin

Sri Lanka missed the opportunity to place the country as a destination for digital innovation with Google Loon project in Sri Lanka, as the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) failed to provide the required spectrum for the project, a top Minister lamented. “We wanted to do a pilot for Google Loon project, and th