Coconut growers charged that unrestricted palm oil imports into the country combined with lack of government support are eroding Sri Lanka’s coconut industry, with already 80 percent of the coconut mills shut down. “The unconstrained import of p

SEOUL (AFP) - Telecom giant Samsung Electronics yesterday released the Galaxy S10 5G, the world’s first available smartphone with built-in fifth-generation communications, as South Korea seeks to build a lead in the transformative technology.

HONG KONG (AFP) - Asian markets mostly rose in holiday-thinned trade yesterday on hopes that China and the United States will hammer out a trade deal after both sides sounded notes of optimism.

NEW YORK (AFP) - A federal judge on Thursday gave Tesla chief executive Elon Musk and US securities regulators two weeks to resolve their differences over Musk’s prolific social media use. The Securities and Exchange Commission had argued Musk shou

WASHINGTON (AFP) - The economy in crisis-hit Venezuela is expected to contract a further 25 percent in 2019, the World Bank said this week. “Real GDP contracted by 17.7 percent in 2018 and is likely to fall by 25.0 percent in 2019, which would imp

TOKYO (AFP) - Former Nissan boss Carlos Ghosn will remain in custody until at least April 14, a Japanese court ruled yesterday, as prosecutors quiz him over fresh allegations of financial misconduct. The Tokyo District Court said in a statement it ha

BUCHAREST (AFP) - France will stick to plans for a tax on digital giants such as Facebook and Apple, Finance Minister Bruno Le Maire said yesterday, despite angry opposition from Washington. Last month, France unveile

LONDON (AFP) - Prime Minister Theresa May asked the European Union yesterday to delay Britain’s departure from the bloc until June 30, with the extension ending earlier if parliament approves her

REUTERS: The Sri Lankan rupee ended weaker yesterday due to dollar demand as importers purchased the greenback after the local currency’s recent gains, sources said; while stocks slipped from a 3-1/2-week high hit in the previous session. The curr

The Asian Development Bank yesterday made a rather optimistic forecast on Sri Lanka’s economic growth for this year and the next, although the development lender admitted the ongoing scheduled power cuts and freak weather haven’t been factored in

The Cabinet of Ministers has approved a proposal by the Tourism Minister to issue visa on arrival to tourists visiting Sri Lanka from 39 countries. Cabinet has also decided to issue these visas on gratis basis as an incentive to attract tourists. Th

National carrier, SriLankan Airlines plans to expand its route network in Europe, Africa, the Middle East, South Asia, the Far East and Australia and make Sri Lanka a strategic hub for air travel and air cargo in the Asia-Africa-Middle East region un

The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) yesterday called on the Asia Pacific region to prioritize ambitions beyond economic growth so that the Sustainable Development Goals (SDGs), in its entirety, are ful

(Colombo) REUTERS: The Sri Lankan rupee ended 0.5 percent weaker yesterday due to importer dollar demand, but greenback inflows from inward remittances ahead of the traditional New Year capped further decline, while stocks jumped 1 percent,

(Colombo) REUTERS: Sri Lanka’s Central Bank is expected to leave its key interest rates steady on Monday, a Reuters poll showed, but analysts aren’t ruling out an easing as the rupee steadies and policymakers aim to boost economic growth ahead of

‘Mirror Business S&P SL20 Insights’ is conducted in collaboration with the Colombo Stock Exchange (CSE) as an investor relations initiative. The column encourages S&P SL20 companies to bring attention to the developments in the industry, company

Sri Lanka is widely recognised for its rapid development progress—as shown by various development indicators—but underperformance on growth. The country’s growth slowed to 3.2 percent in 2018.

The Board of Investment (BOI), within this week, is expected to sign the 50-year lease agreement with Silver Park International (Pte) Ltd, a Singaporean investment vehicle owned by India’s Accord Group, to formally handover the 200 acres of land al

The government and Central Bank in lockstep are pushing the banks to cut rates and deploy more funds as loans to the micro, small and medium enterprise (MSME) sector as the authorities attempt to reinvigorate the economy, which has lost its momentum.

Sri Lanka’s largest tyre plant, Rigid Tyre factory in Horana, is scheduled to begin its operations this November with over 65 percent construction of the plant already being completed, Development Strategies and International Trade Deputy Ministry

(Colombo) REUTERS: The Sri Lankan rupee snapped a six-session winning streak to end lower yesterday due to importer dollar demand, but greenback inflows from inward remittances ahead of the traditional new year capped further decline, sources said.

The National Chamber of Commerce of Sri Lanka (NCCSL) yesterday said the ongoing power cuts are causing massive inconvenience to the country’s businesses, specially to the small and medium industries.

It was a solemn occasion. The dons at the Colombo University and its alumni association members were gathered for the 15th Annual Sujata Jayawardena Memorial Oration, at the BMICH in Colombo. The orator was none other than MillenniumIT-fame Tony Weer

The United Kingdom is one of the major trading partners of Sri Lanka, amounting to over 10 percent of the total annual trade. The trade between the two countries has been on the upsurge for the last 18 years. In this context, the GSP Plus scheme und

Close to five years in business, Cargills Bank has formally begun work towards a listing on the Colombo Stock Exchange (CSE) next year. “Work towards listing the bank on the Colombo Stock Exchange has commenced and is scheduled to reach completion

Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga is to seek Cabinet approval for the Terms of Reference (TOR) of the three-year global tourism promotional campaign next week, to begin the tendering process to sel

First Capital Research predicts a 50 percent chance for a policy rate cut at the next monetary policy review of Central Bank to be held next week amidst overly sluggish economic growth. “First Capital Research allocates a 50 percent probability for

(Colombo) REUTERS: The Sri Lankan rupee closed firmer yesterday as more foreign investors purchased government securities, while inward remittances remained high ahead of the traditional New Year celebrations, market sources said. The currency exten

While affirming Dialog Axiata’s ‘AAA(lka)/Stable’ rating, Fitch Ratings yesterday said the market leading telco has sufficient headroom to undertake a debt-funded acquisition of a smaller operator.