Rupee recovers from all-time closing low

REUTERS: The Sri Lankan rupee gained for the first time in seven sessions yesterday, edging up from a record closing low hit in the previous session, dealers said. The currency hit a record l

SBI to close down Jaffna branch: reports

The State Bank of India (SBI) has decided to shut down six non-viable overseas branches, which includes the Sri Lanka’s Jaffna branch, according to Indian news reports. 

Lankan firm partners big Chinese travel agency to bring additional tourists

Green Leaves Leisure (Pvt) Ltd., a subsidiary of Green Leaves Group, yesterday guaranteed to bring 16,000 additional Chinese tourists to Sri Lanka monthly for the next 10 years commencing this May, with the aim of making China the largest source market for the Sri Lankan tourism industry by year end. Addressing a press conference

Dinesh next HNB Chairman

Dinesh Weerakkody, the former Chairman of Commercial Bank of (Ceylon) PLC, will take over as the Chairman of Hatton National Bank PLC (HNB) with effect from May 26, 2018.

Korea Eximbank provides consultation to set up automated taxation system

The Export-Import Bank of Korea (Korea Eximbank) has agreed to provide KSP (Knowledge Sharing Program) policy consultation to establish an automated taxation system in the Colombo Municipality. 

Round Table International World Meeting (RTIWM) 2018 to be held in Negombo

Sri Lanka has won the bid to host the Round Table International World Meeting (RTIWM) 2018 connecting four leading hotels in Negombo from 5th to 9th September, the organizers of the event announced at a recent press briefing. 

Pakistani envoy urges both countries to boost bilateral trade to US$ 1bn

Pakistani High Commissioner in Sri Lanka Major General (retd) Shahid Ahmed Hashmat said that both Sri Lanka and Pakistan should work towards achieving an annual bilateral trade value of US$ 1 billion to strengthen the economic potential of the two countries.

Japan’s Honda, Mazda issue profit warnings as yen rise clouds outlook

REUTERS: Two Japanese automakers, including Honda Motor, issued profit warnings for the current financial year on worries a stronger yen would erode their operating earnings, wiping out the impact of record high global vehicle sales.

U.S. considers tightening grip on China ties to corporate America

REUTERS: The U.S. government may start scrutinizing informal partnerships between American and Chinese companies in the field of artificial intelligence, threatening practices that have long been considered garden variety development work for technology companies, sources familiar with the discussions said. So far, U.S. government reviews for

World Bank approves US $100mn loan to help Sri Lanka modernize education system

The World Bank Board of Executive Directors has approved a US $100 million credit to support Sri Lanka’s efforts to strengthen and modernize its education system.   The General Education Modernization Project (GEM) will modernize and

Ranel Wijesingha tipped to be next SEC Chairman

 Top professional Ranel T. Wijesinha is tipped to be appointed as the new Securities and Exchange Commission (SEC) Chairman, Mirror Business learns. Wijesinha served as a Commissioner in the previous Commission headed by Thilak Karunaratne.

Authorities become tourists in Mirissa !

Government authorities have become the tourists in the previously thriving tourism hotspot of Mirissa, as overenthusiastic inter-agency cooperation has led to a crackdown in the region following two consecutive cases of sexual assault and assault on tourists by locals.

Long-delayed tourism promotional campaign to kick-off in two weeks

Sri Lanka is to finally kick off the long-delayed tourism promotion campaign with a US$3.5 million worth six-month digital marketing campaign and a CNN advertising campaign in two weeks, Tourism and Christian Affairs Minister John Amaratunga said.

Fitch voices concerns over political uncertainty; says could affect investor confidence

Ratings agency Fitch yesterday voiced concerns over the political uncertainty prevailing in Sri Lanka, saying that investor confidence may be affected unless political issues are swiftly resolved followed by the implementation of reforms and continued fiscal consolidation in order to maintain stability in the debt-ridden economy. “Recent political developments in Sri Lanka have created some uncertainty over the reform momentum and fiscal co

Exporters want proposed development bank with EXIM window fast-tracked

Exporters urge the Development Strategies and International Trade Minister Malik Samrawickrama to fast-track the implementation of the budget proposal to set up a development bank with an EXIM (export-import) window, which is crucial to address the current hardships faced by exporters with regard to financing.  Speaking to Mirror Business, National Chamber of Exporters (NCE) C

Hutch, Etisalat enter agreement to merge operations

The parent companies of Hutchison Telecommunications Lanka (Pvt) Ltd. and Etisalat Lanka (Pvt) Ltd. have entered to into a definitive agreement to merge the operations of the two companies. 

CB says has enough “firepower” to deal with depreciating rupee

The Central Bank yesterday described the recent sharp depreciation of the rupee against the U.S. dollar as a “normal demand and supply phenomenon,” and assured there’s no need for panic as the Central Bank has enough “firepower” to intervene if the situation warrants.

Union Bank 1Q18 net up on higher margins

Despite the higher sour loans and stalled credit growth due to higher interest rates, Union Bank of Colombo PLC (UBC) managed to improve its margins and report higher profits for the January-March quarter (1Q18) compared to the corresponding period of the previous year.

Rupee hits all-time closing low on importer dollar demand

REUTERS: The Sri Lankan rupee hit a record closing low yesterday, as importers bought dollars while exporters stayed away expecting a further fall in the currency, dealers said.

Construction of 32-storey Renuka Towers begins

Renuka Holdings PLC said one of its sub-subsidiaries, Galle Face Properties Ltd, commenced the construction of the group’s ambitious property development plan, ‘Renuka Towers’, which was in the pipe line for several years, on a company-owned land in Colombo 3.

CB says has “substantial liquidity” to service debt

The Central Bank of Sri Lanka (CBSL) yesterday hit back at the erroneous media reports, which had said that the CBSL lacks funds to pay off the treasury bonds before their  date of maturity.

IFC approves US $ 24m loan for Melwa hotel project with Hilton

The International Finance Corporation (IFC) of the World Bank Group has approved a loan up to US $ 24 million for a mega luxury leisure project in Sri Lanka, handled by the real estate developer Melwa Hotels & Resorts (Pvt) Ltd.

Stocks gain on foreign investor buying

REUTERS: Sri Lankan shares edged higher yesterday from their lowest close in more than one week as foreign buying provided some support to the market amid continued political uncertainty, stockbrokers said.

Govt. decides to buy crude oil under long-term contract

The Cabinet has decided to purchase crude oil under a long-term contract to ensure the regular crude supplies to the Sapugaskanda oil refinery.

Bogala Graphite back in black after temporary mine closure

Bogala Graphite PLC, one of the world’s leading exporters of vein graphite, rebounded in the 1st quarter of 2018 with Rs. 44.3 million in net profits compared to Rs. 4.3 million in net losses in the corresponding quarter last year, with its mining operations returning to normalcy following a temporary suspension caused by an accident.

Kerawalapitiya LNG tender awarding faces further delays

The construction of Kerawalapitiya 300MW Liquefied Natural Gas (LNG) power plant is likely to experience further delays as two bidders have filed objections over the awarding of the tender to Lakdanavi Ltd, a subsidiary of LTL Holdings (Pvt) Ltd.  

Rupee hits record low on importer dollar demand

REUTERS: The Sri Lankan rupee hit an all-time low yesterday, as dollar demand from importers outpaced selling of the U.S. currency by exporters, dealers said. The rupee hit a record low of 157.35 against the dollar intraday, weakening further from its previous low of 156.90 hit on Monday.

CB to release 2017 annual report tomorrow

The Central Bank said yesterday that its annual report for 2017 would be released tomorrow.  The first copy will be presented to Finance and Mass Media Minister Mangala Samaraweera, since the Central Bank falls under his portfolio under prevailing legislation. 

IFC to invest US $ 3-4mn in PickMe

International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, is set to invest US $ 3 to 4 million in Digital Mobility Solutions Lanka (Private) Limited, the operators of PickMe, Sri Lanka’s largest ride hailing app.

Fuel pricing formula to reach Cabinet next week

The cost-reflective pricing formula for petroleum has not been finalised yet and presenting it to the Cabinet will be delayed until next week since the key personnel in the Finance Ministry are attending the International Monetary Fund (IMF) Spring Sessions in Washington DC.