Subdued 4Q19 earnings for JKH

John Keells Holdings PLC (JKH), Sri Lanka’s largest and the most valued conglomerate, reported subdued operating results for the March quarter (4Q19), while heavy borrowing costs weighed on the group bottom line in a quarter that lacked economic vibrancy.

Korea Eximbank to conduct feasibility study for land mgt. system in SL

Recognizing the importance of efficient land management and its contribution to the economy, the Export-Import Bank of Korea (Korea Eximbank), the entrusted government agency of Economic Development Cooperation Fund (EDCF) is financing a comprehensive feasibility study to establish a Land Data Infrastructure (LDI) and Land Information Service System (LISS) in Sri Lanka as a grant under its technical assistance scheme.

Crisis-hit SMEs cry for help

The Colombo Business Association (CBA) representing small and medium-sized enterprises (SMEs) in the country warned that the delayed decision making by the government to support the crisis-hit SME sector in the aftermath of Easter Sunday bombings would drive the banking sector into crisis, leaving many unemployed.

Poultry sector demand halves amid plunge in tourism

The demand for poultry products has plunged as much as by 50 percent in the aftermath of the Easter bombings, which left the country’s HoReCa (hotels, restaurants and café) industry reeling amid fewer tourists and a drop in domestic consumption.

Private sector takes pledge to work towards united Sri Lanka

Colombo yesterday saw a group of private sector business leaders and representatives led by business chambers in the country coming on to one platform to affirm their pledge towards a united Sri Lanka.

Huawei assures support for existing smartphones in market

Huawei yesterday assured the Sri Lankan customers of continued support for the existing Huawei smartphones in the market, amid the US Internet giant Google, whose Android mobile operating system powers the Huawei smartphones, announced plans to sever ties with the Chinese smartphone marker.

EPF marks CSE re-entry buying 55mn Dialog shares

The state-run private sector pension fund, the Employees’ Provident Fund (EPF), marked its re-entry into the Colombo Stock Exchange (CSE) last week, with the purchase of 55 million shares of Dialog Axiata PLC for a consideration of Rs.495 million, Mirror Business learns.

Pharma Chamber welcomes drug price revision linked to rupee devaluation

The Sri Lanka Chamber of Pharmaceutical Industry has welcomed the move by the government, in consultation with the National Medicines Regulatory Authority (NMRA), to gazette a 14.4 percent increase in the Maximum Retail Price (MRP) of 60 price-controlled pharmaceutical drug molecules.

Celebrating Vesak amid tight security

Sri Lankans are preparing to celebrate Vesak festival which falls over the weekend. Even amid security concerns, people are seen purchasing Vesak decorations from stalls set up at roadsides in Colombo. This year Vesak festival in Sri Lanka is being celebrated low-key with additional security provided following the Easter Sunday terror attacks

Mob attacks put tourism further in tatters

The recent mob attacks carried out targeting Muslims in several parts of Sri Lanka, in the aftermath of Easter Sunday attacks, could further hinder tourist arrivals to the island nation, dashing the industry’s hopes for a faster recovery.

IMF completes fifth review; releases US$ 164.1mn to SL

The Executive Board of the International Monetary Fund (IMF) has approved US$ 164.1 million disbursement for Sri Lanka, completing the fifth review of the Extended Fund Facility (EFF) arrangement the island nation has wit

Real estate sector braces for slowdown

Importers of essential goods seek govt. help to repay loans after bomb attacks

The essential food and commodities’ importers have written to the government requesting immediate assistance, as the current security situation in the country in the aftermath of the Easter Su

Sri Lanka’s 2019 growth to hit 18-year low after Easter bombings

Sri Lanka’s economic growth is expected to slump to a near two-decade low this year, a Reuters poll showed, as tourism, foreign investment and overall business activity eased sharply in the wake of the devastating Easter

Former US envoy urges need for unified leadership for economic revival

A strong and unified leadership remains paramount for Sri Lanka in the aftermath of the Easter Sunday bombings to address the security concerns of investors and to revive the island nation’s economy, according to former US Ambassador to Sri Lanka Robert O. Blake.

Govt. announces relief package for struggling tourism industry

Finance Ministry yesterday announced the much anticipated financial relief package to the country’s troubled tourism industry, which included a one-year moratorium on loans, subsidized credit and 10 percent reduc

Five-star security!

The Kingsbury, one of the five-star hotels in Colombo that was attacked on Easter Sunday, has installed baggage and personnel scanners at its premises to ensure the safety of the hotel’s patrons. The hotel is also protected by the state security.

Praying for peace

A  Sri  Lankan Catholic prays on the road in front of St. Anthony’s Shrine, where an explosion took place during mass on Easter Sunday, in Colombo. Masses in the churches of Archdiocese of Colombo were not held yesterday due to security concerns (Reuters photo)

Colombo on high alert

Sri Lankan Special Task Force (STF) soldiers patrol along a road in Colombo yesterday, after a series of bomb blasts targeting luxury hotels near Colombo’s main business district and churches on Easter Sunday. Islamist extremists in Sri Lanka are believed to be planning attacks on bridges in Colombo, authorities said, as they warned several conspirators in the Easter Sunday bombings that killed 257 people still at large. (AFP)

Tourism chief fears too many committees could spoil the soup

Sri Lanka’s Tourism chief Kishu Gomes urges the government to appoint a single national-level committee consisting of responsible officials and experts to expedite the revival of the tourism industry. He said t

SA’s largest LPG transhipment terminal by Laugfs officially inaugurates operations

Laugfs Terminals Ltd officially inaugurated the operations of its state-of-the-art LPG transhipment terminal at the Hambantota International Port, the largest of its kind in South Asia, with the first of its LPG cargo brought in by the Sri Lankan-flagged vessel Gas Success, part of Laugfs Maritime’s own LPG vessel fleet.

U.S. envoy says threat real as security forces maintain high alert

(Colombo) REUTERS: The U.S. Ambassador to Sri Lanka said yesterday that some of the Islamist militants involved in the Easter Sunday bombings on the island were likely to be still at large and could be planning fresh attacks.

President assures immediate financial relief to hoteliers

President Maithripala Sirisena assured immediate financial relief to Sri Lanka’s hotel sector amid booking cancellations and slowdown in forward bookings in the aftermath of the Easter Sunday bom

Ceylinco General pays US $ 1mn advance to Shangri-La

Ceylinco General Insurance in collaboration with Chubb Insurance of USA have paid an advance of US $ 1 million to Shangri-La Hotel Colombo to commence repairs on April 25, just four days after the devastating bomb on Easter Sunday.

Sri Lanka risks 30% fall in tourist arrivals; US $ 1.5bn in earnings

The Easter Sunday bombings could cost Sri Lanka’s tourism industry up to US$1.5 billion in foreign exchange losses with 30 percent fall in tourist arrivals this year, according to Finance Ministry estimates.

Expedite reform agenda to avoid middle income trap: CB

The Central Bank (CB) has urged the government to expedite the reform agenda to avoid the middle-income trap amid stagnating economic growth, which has led to a marginal decline in per capita income to US $ 4, 102

Impact on tourism inevitable; short-term hit on FDI and portfolio investments expected: Mangala

Finance Minister Mangala Samaraweera says that the impact on the tourism industry from the Easter Sunday bombing would be inevitable while a dent in foreign direct investment (FDI) and portfolio investment are also anticipated in the short term.

Stocks in worst fall in over 7 years after Easter attacks

REUTERS: The Sri Lankan stock index dived 3.63 percent yesterday, its worst plunge in more than seven years, due to retail panic selling in its first trading day after Easter Sunday attacks killed mo

February trade deficit narrows sharply over lower imports

Sri Lanka’s trade deficit significantly narrowed in February, largely owing to the slowdown in imports due to the measures taken by the Central Bank and government and increase in exports, the data released by the Central Bank showed, yesterday.

Security in hotels in Colombo and major cities beefed up

Sri Lanka yesterday beefed up security in tourist hotels in Colombo and major cities, following the series of explosions carried out targeting hotels and churches in the country on Easter Sunday, which is ex