Malaysia’s Axiata merger with Bharti Airtel of India raises earnings concern: Analysts

The planned merger of Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, with India’s Bharti Airtel Ltd raises concerns as the latter’s subsidiary Airtel Lanka is currently a loss-making company, analysts said.

IMF urges Asian Central Banks to not follow Fed too closely

The International Monetary Fund (IMF) has urged Asian Central Banks to not follow the Fed too closely.

Port City officials frustrated over delay in duty free mall opening

Port City Colombo officials expressed frustration over delays in opening the downtown duty-free mall in Colombo.

Sri Lanka 1Q24 tea exports dollar earnings at six year high

A review of data published by Sri Lanka Customs analyzed by Siyaka Research confirms that the country shipped 62 Mnkg during the period January – March 2024, up 15% on last year’s figure of 54 Mnkg.

Climate change to cost world economy US$ 38 trillion

The global annual damage caused by climate change is estimated to be 38 trillion dollars until the year 2050, a study by a German research institute has found.

Fits Air launches new direct flights between Colombo and Dhaka from today

Fits Air is expanding its wings, adding Colombo-Dhaka direct flights from today, the Airport and Aviation Services (Sri Lanka) (Pvt) Limited announced.

March PMI indicates faster expansion in economic activities

Further strengthening the health of the economy, the Purchasing Managers’ Index (PMI) showed continuous expansion in activities across manufacturing and services sectors, rekindling hopes that the ongoing recovery is going to be durable and solid.

Tesla laying off more than 10% of staff globally as sales fall

Tesla, opens new tab is laying off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs).

Global expansion of single-origin Sri Lankan chocolate a major struggle: Mendis

Sri Lanka’s celebrity chocolatier, chef and agriculture enthusiast Gerard Mendis faces an uphill battle in his bid to take single-origin Sri Lankan chocolates global. This is primarily due to the shortage of cocoa beans and absence of active cooperation of authorities.

Central Bank’s March dollar purchases hit record high

The Central Bank has purchased the most amount of dollars for a single month in March, a sign that the country is currently in a very comfortable position in its foreign currency liquidity, after two years into the worst currency crisis in the country.

Prioritise building inclusive social protection system: ADB tells Sri Lanka

The Asian Development Bank (ADB) stressed that for Sri Lanka, the near-term priority during economic recovery is to lay institutional and structural frameworks for an inclusive social protection system.

Central Bank further reduces policy interest rates

The Monetary Policy Board of the Central Bank of Sri Lanka has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points (bps) to 8.50 percent and 9.50 percent.

Ceylon Chamber of Commerce celebrates 185 years today

The Ceylon Chamber of Commerce (CCC), the premier representative of Sri Lanka’s private sector, marks its 185th anniversary today (March 25).

IMF reaches staff-level agreement with SL on second review

The IMF team reached staff-level agreement with the Sri Lankan authorities on the second review under the economic reform program supported by a 4-year Extended Fund Facility (EFF) arrangement.

Sri Lanka explores mining opportunities in Central African Republic

High Commissioner of Sri Lanka to Kenya, Kana Kananathan, engaged in a significant meeting with the President Faustin-Archange Touadéra of the Central African Republic at his country residence recently .

Matale district records lowest vulnerability despite persistent economic challenges

Matale District in Sri Lanka ranked the lowest in Sri Lanka’s Multidimensional Vulnerability Index (MVI) compared to national averages, recent data by the United Nations showed.

Sri Lanka’s trade deficit expands in January

Sri Lanka’s merchandise trade deficit in January widened to US$ 514 million from US$ 445 million in the corresponding month the previous year due to a higher increase in imports.

Expolanka to delist from CSE

Expolanka Holdings PLC announced today its decision to delist from the Colombo Stock Exchange (CSE).

Inflation slows down to 5.9% in February

The Colombo Consumer Price Index (CCPI), the official’s preferred inflation gauge deceased to 5.9 percent in February from the 6.4 percent recorded in January.

SLTDA provides extension for licence renewal

Tourism sector stakeholders are given an extension renewing their licenses with the Sri Lanka Tourism Development Authority (SLTDA).

Central Bank asked to provide report within one week

Amidst criticism over the exorbitant salary hike of the Central Bank employees, a top parliamentary committee has called for a report from the Central Bank on the legal provisions for such a salary increment without parliamentary approval.

Banks alarmed over parate execution suspension move

Sri Lanka’s banking sector is on the edge of following the government’s decision to suspend parate execution rights.

SriLankan Airlines confirms safe return of UL 605

National carrier SriLankan Airlines confirmed that flight UL 605 from Melbourne to Colombo made a safe return back to the Melbourne Airport.

Central Bank relaxes restrictions imposed on standing facilities

Monetary Board relaxes restrictions imposed on the Standing Facilities to Licensed Commercial Banks (LCBs) under Open Market Operations (OMOs).

Sri Lanka to launch first-ever apparel roadshow in UK

The Sri Lanka Export Development Board (EDB), along with SLASA, the Sri Lanka High Commission in the UK, and JAAF, will host the ’Sourced Sri Lanka – Textile & Apparel Roadshow’ in London in June 2024.

Mirror Biz Toon

SEC introduces social media misconduct reporting mechanism

The Securities and Exchange Commission (SEC) has introduced a system to report instances of misconduct on social media that could potentially affect the Colombo Stock Exchange (CSE).

Sri Lanka Telecom announces second leadership transition in seven months

Sri Lanka Telecom has seen its leadership change for the second time in about seven months with the entity affirming the appointment of a new Chairman.

Central Bank appoints six new Assistant Governors

The Central Bank of Sri Lanka (CBSL) announced today the appointment of six new Assistant Governors by the Governing Board.

Asia on-track to deliver two-thirds to global growth in 2024: IMF

The year 2024 is expected to be one of prosperity for Asia with the International Monetary Fund (IMF) expecting the region to maintain its momentum in delivering two-thirds to global growth.