ICTA to launch much-anticipated spatial data portal

The Information and Communication Technology Agency (ICTA) is set to launch the National Spatial Data Infrastructure (NSDI) system shortly as part of a national initiative for effective decision-making. 

UNP says proposed US $ 750mn term financing facility by NSB illegal

The United National Party (UNP) yesterday charged that the attempts to raise up to US $ 750 million by the state-run National Savings Bank (NSB) through a term financing facility (TFF), were illegal. 

Early election positive for Lankan stock market: Swedish fund manager

The Sweden-based global asset management company, Tundra Fonder’s Tundra Sustainable Frontier Fund in its latest update has said that an early election would be clearly positive for Sri Lanka’s stock market. The fund’s November u

Worker remittances down; tourism earnings slightly up in September

The earnings sent back home by Sri Lankans working abroad, mainly in the Middle East, fell in September, weighing on the cumulative earnings for the first nine months of this year, the data released by the Central Bank showed. Sri Lanka depends on remittance income to buttress its current account a

Uber files paperwork for IPO

Washington (AFP): Ride-share company Uber quietly has filed paperwork this week for its initial public offering, the Wall Street Journal reported late Friday. The move comes one day after rival Lyft launched the process to take the company public with a stock offering. The Journal, citing unnamed 

TKS Finance completes rights issue and appoints new Chairman

The board of directors of TKS Finance Limited in a statement said the company has successfully completed its rights issue announced in August, raising a total sum of Rs.109 million on October 6, 2018. 

All eyes on Macron after fresh ‘yellow vest’ protests hit France

(Paris) AFP: Calls mounted yesterday for President Emmanuel Macron to bring an end to the ‘yellow vest’ crisis gripping France as authorities in Paris and elsewhere counted the cost of another day of violent protests and looting. Authorities said the anti-Macron riots in Paris had been less violent than a w

Asian markets edge higher at end of painful week

HONG KONG (AFP) - Asian investors battled to finish a volatile week with some stability yesterday as they weigh the outlook for China-US trade talks and uncertainty in oil markets, while looking ahead to the release of key US jobs data. After the furious selling of the past two days, there was some optimism after a report said the Federal Reserve could slow down its pace of interest rate hikes next year, providing some much-needed relief t

Cinnamon sweeps National Tourism Awards

Cinnamon Hotels and Resorts swept away six awards at the Sri Lanka Tourism Awards 2018 held recently where they were recognized for the unique initiatives that contributed to the hospitality industry. 

More than half of global population now online: UN

GENEVA (AFP) - Some 3.9 billion people are now using the Internet, meaning that for the first time more than half of the global population is online, the United Nations said yesterday. The UN agency for information and communication technologies, ITU, said that by the end of 2018 a full 51.2 percent of people around the world will be using the Internet.

Rupee, stocks gain; weekly net foreign outflows hit near 2-year high

REUTERS  - The Sri Lankan rupee ended firmer yesterday, helped by inward dollar remittances, but foreign investors continued to exit from bonds and stocks as a lingering political crisis weighed on market sentiment. Foreign investors sold a net R

Iflix and Next 10 Ventures launch Southeast Asian Creators Hub

 (Los Angeles) VARIETY.COM:  Iflix, a streaming service for emerging markets, and Next 10 Ventures have launched a Creators Hub to fund the development of new online video creation in Southeast Asia. Announced at the ongoing Asian TV Mar

Nissan to recall 150,000 cars due to improper checks

TOKYO (AFP) - Nissan yesterday announced plans to recall approximately 150,000 vehicles owing to improper tests on new units, dealing a fresh blow to the Japanese car giant following the shock arrest of former chairman Carlos Ghosn.

Under fire Huawei agrees to UK security demands: report

(London) AFP: Embattled Chinese telecoms giant Huawei has agreed to British intelligence demands over its equipment and software as it seeks to be part of the country’s 5G network plans, the FT reported yesterday. Huawei executives met senior officials from Britain’s National Cyber Security Centre (NCSC), where they accepted a range of technical requirements to ease security fears, according to the FT’s source

Plantation companies stand firm in face of demand for 100% basic daily wage increase

In the wake of indefinite strike action declared by trade union (TU) leaders from December 4 onwards, the Planters’ Association of Ceylon (PA) yesterday firmly reiterated the position of its membership—that a 100 percent increase in daily basic wages as demanded by the TUs simply cannot be sustained by the industry.  “All Regional Plantation Companies pa

Political crisis spurs tourists to cancel in peak season

(Colombo) REUTERS: Sri Lanka’s travel industry is starting to suffer the fallout of a political crisis in the middle of its peak tourist season, as uncertainty prompts cancellations by both business and leisure visitors.

Rupee, stocks close marginally higher in dull trade

(Colombo) REUTERS: The Sri Lankan rupee closed slightly firmer in dull trade yesterday, helped by dollar inward remittances.

ComBank provides Internet Payment Gateway to online retail giant Daraz

The Commercial Bank of Ceylon has been appointed the Internet Payment Gateway (IPG) service provider to ‘Daraz,’ South Asia’s premier online shopping market, to enable seamless online transactions for its large base of shoppers.

Correction

In our Page 6 story of yesterday’s (6th) paper on rating downgrades, the headline should be corrected as “NSB, People’s Leasing and Finance ratings lowered as they face accelerated risks following political crisis.” We regret the error. 

CB to pay compensation to Standard Credit and Finance depositors

The Central Bank yesterday said it is taking steps to pay compensation to the depositors of The Standard Credit and Finance Ltd under the Deposit Insurance and Liquidity Support Scheme.  

Politicians thrive on lack of financial literacy of Lankan voters: expert

Sri Lanka’s politicians thrive on their largely finically illiterate electorates as the majority of voters are incapable of understanding the economic realities and the consequences of financial mismanagement of governments, according to an expert in the country’s financial sector.   

Corporate earnings hit hard by poor consumer sentiment

Sri Lanka’s corporate earnings sank during the second quarter as business and consumer sentiments turned sore on higher taxes and interest rates, amid inflation hitting almost all sections of society, undermining the economic growth, according to a quarterly earnings update by First Capital Research.

Rupee, stocks end lower as foreign sell-off continues

(Colombo) REUTERS: The Sri Lankan rupee closed weaker yesterday, hit by concerns over a lingering political crisis, as banks bought dollars to facilitate foreign capital outflows from rupee-denominated assets.  

Credit rating agencies downgrade Sri Lanka on political crisis

The big three credit rating agencies had downgraded Sri Lanka’s rating as of yesterday owing to the current political crisis that triggered on October 26 with the sacking of the then Prime Minister Ranil Wickremesinghe by President Maithripala Sirisena.  Both Fitch Ratings and

Rupee ends weaker after rating downgrades

(Colombo) REUTERS: The Sri Lankan rupee closed weaker yesterday with banks buying dollars as investors continued to sell rupee-denominated assets on credit rating downgrades by rating agencies and a delayed IMF loan discussion in the wake of a political crisis. Credit rating agencies Fitch and Standard & Poor’s downgraded Sri Lanka yesterday, citing refinancing risks and an uncertain policy outlook, after President Maithripala Sirisena&

AMCHAM Sri Lanka says political crisis sending worrying signals to biz

The American Chamber of Commerce (AMCHAM) yesterday said the current political impasses in the country sends worrying signals to the business community locally as well 

Hutch-Etisalat merger completed; merged entity becomes third biggest celco

The merger of local operations of Etisalat and Hutch announced in April this year has been completed. A brief statement from CK Hutchison Holdings Limited said Emirates Telecommunications Group Company has completed the sale of 100 percent shareholding in Etisalat Lanka (Private) L

Sri Lanka set to launch global tea promotional campaign in Russia in February

Sri Lanka will launch the much-awaited Rs.4.5 billion global tea promotion in Russia next February, followed by Japan, China and Ukraine, the Sri Lanka Tea Board (SLTB) said.  

Banks grant record loans in October despite rising interest rates

The new credit granted by Sri Lanka’s banks marked a record growth for the year during the month of October, accelerating from the previous high in September, as the borrowings appear to be continuing defying the rising market interest rates.    

Unilever swallows GSK’s Indian Horlicks business for US $ 3.8bn

(London) REUTERS: Unilever is to buy GlaxoSmithKline’s Horlicks nutrition business for US $ 3.8 billion, boosting the Anglo-Dutch group’s position in India with the addition of the malted drink.