The unfinished Grand Hyatt hotel has already cost Rs.15 billion to the public as its main shareholders are the Employees’ Provident Fund (EPF), Sri Lanka Insurance and Litro Gas—all state-owned organisations accountable to people.  &

The government is in discussion with four foreign parties to build a US $ 2 billion new oil refinery in Sapugaskanda, Petroleum Resources Development Minister Arjuna Ranatunga said, yesterday.  

Sri Lanka’s Tea Smallholder Factories PLC reported a loss for quarter ended September 2018, extending the losses made from the beginning of the financial year as production and auction prices fell from a record high last year.  Tea Smallho

The Finance and Mass Media Ministry has issued a gazette opening up the Less than Container Load (LCL) clearance operations to private sector liberalising the Multi-Country Consolidation (MCC) and entrepot trade to all players effective from October

Sri Lankan banks until recently were going after fresh capital, and the capital market was inundated with a slew of debt and equity issues as the banks were trying to keep abreast with the burst in pr

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, in partnership with Ericsson—the world leader in communications technology and services—along with the Telecommunication, Digital Infrastructure and Foreign Employment Mi

HONG KONG (AFP) - Asian markets were mixed yesterday, with Shanghai bouncing back from early losses to end the week with a rally following a rare joint intervention by some of China’s t

The 18th Asia Pacific ICT Alliance (APITCA) awards 2018, which was held in Guangzhou, China from the 10th to 14th October, named DirectPay as the overall winner in the Consumer - Wealth and Retail Category and Park and Pay with a Merit Award in the

ISLAMABAD (AFP) - Pakistan’s foreign ministry announced yesterday that Prime Minister Imran Khan will attend a Saudi Arabian investment conference, despite a string of cancellations from leading policy-makers and corporate chiefs over the disap

BRUSSELS (AFP) -  German Chancellor Angela Merkel issued a rallying call for free trade yesterday as EU and Asian leaders met to unite in defiance of US President Donald Trump’s “America first” approach.

TOKYO (AFP) - The head of Toyota, who leads a group of Japanese automakers, yesterday urged Britain and the European Union to avoid a no-deal Brexit “at all costs.”

COLOMBO (REUTERS) - Sri Lanka’s September tea output fell to its lowest level for the month since 2001, industry data showed on Thursday and the State-run Tea Board warned of adverse weather conditions for the fall after a prolonged drought.&nb

The famed Northern lands where Sri Lanka’s chemical giant Paranthan Chemicals Company (PCC) stood are now earmarked for a large industry block which will also pack Sri Lanka’s first heavy chem

Finance and Mass Media Minister Mangala Samaraweera yesterday requested the media institutions not to turn a blind eye to the government’s achievements and  development activities.

Daraz, a top e-commerce platform in South Asia, which was acquired recently by China’s Alibaba, said Sri Lanka’s e-commerce industry could expand to US $ 500 million during the next five to seven years, with appropriate investments. 

The Industry and Commerce Ministry yesterday said it rejected a request to increase the prices of LP gas by the state-owned Litro Gas Lanka Limited, Sri Lanka’s largest cooking gas importer, cylinder distributor and supplier.

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday, near its record low, as banks and importers bought the US dollar, while stocks ended largely unchanged near a five-year closing low hit earlier in the week.

Commercial High Court on September 19, 2018 granted an interim order on Ceylon & Foreign Trades PLC (CFT) and its directors Ali Asger Shabbir and Malayandi Jayaprakash restraining them from disposing, alienating and encumbering any of the CFT ass

(Colombo) REUTERS: Sri Lanka has reversed a decision to award a US $ 300-million housing deal to China in favour of a joint venture with an Indian company, the government said, ahead of a visit by the prime minister to its South 

French Agency for Development (AFD) has loaned 30 million euros to Sri Lanka to finance a green power development project.

The state-owned Ceylon Petroleum Corporation (CPC) plans to enter into a joint venture (JV) with Lanka IOC PLC (LIOC) to develop the unused 85 oil tanks in Trincomalee, while retaining their ownership.  

The Central Bank yesterday said Sri Lanka secured a US $ 1 billion foreign currency term financing facility from China Development Bank (CDB), at highly competitive interest rates.  

The Cabinet of Ministers on Tuesday decided to award the US $ 2 million contract to develop a new brand identity and strategy for Sri Lanka tourism to J. Walter Thompson (JWT) within a period of six months, a top minister told Mirror Business. 

The recent curbs on vehicle imports appear to have finally stemmed the flow of motor vehicles to the country, although a dramatic fall in motor car registrations is not expected, at least in the next couple of months, as unsold cars lying in yards an

The two-year credit boom during 2015 and 2016 has failed to bring in desired long-term development outcomes as most of such credit had gone into unproductive segments of the economy, a recent research report by a leading Colombo-based equities broker

(Colombo) REUTERS: The Sri Lankan rupee ended 0.2 percent weaker yesterday as banks and importers bought the dollar while stocks ended a five-session losing streak, pulling away from previous session’s near five-year closing low. The rupee ende

The Cabinet of Ministers yesterday decided to award the US $2 million contract to develop a new brand identity and strategy for Sri Lanka tourism to J. Walter Thompson (JWT) within a period six months, a top Minister told Mirror Business. 

The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) yesterday announced the withdrawal of 11 drugs from the local market due to the price controls slapped by the government. The ph

The banking sector earnings, which once looked almost immune to economic cycles, have indicated some signs of weakness in recent times, as the sector is facing multiple headwinds, which are putting its resilience to test.    

The Hotels’ Association of Sri Lanka (THASL), with a plan to develop more employment opportunities and foreign exchange earnings to the country, will hold its 53rd annual general meeting (AGM) at Shangri-La Hotel, tomorrow.