US-based LeapFrog invests US $ 12mn in Softlogic Life

LeapFrog Investments, a US-based private investment firm that invests in high-growth financial services and healthcare companies in emerging markets, yesterday bought a 19 percent stake in Sri Lanka’s Softlogic Life Insurance PLC, investing US $ 12 million (Rs.2.2 billion).  

Sri Lanka seeks to strengthen settlement infrastructure with China

Sri Lanka’s Central Depository Systems (Pvt) Ltd (CDS) and China Securities Depository and Clearing Corporation Limited (CSDC) recently committed towards pursuing a cooperative relationship in the areas of securities clearing and depository.  This commitment was formalized with the signing of a MoU between the tw

Philippines’ Catriona Gray wins fourth Miss Universe crown

(Bangkok) REUTERS: Catriona Gray from the Philippines was crowned Miss Universe yesterday, the fourth time the Southeast Asian country has won the international beauty pageant.

Ranil returns as PM; crisis nears end

(Colombo) REUTERS: Ranil Wickremesinghe was sworn in as Sri Lanka’s Prime Minister yesterday, making remarkable comeback weeks after being ousted by President Maithripala Sirisena under controversial circumstances. Wickremesinghe’s reinstateme

EU Summit on Brexit deal

British Prime Minister Theresa May arriving in Brussels yesterday during the second day of a European Summit aimed at discussing the Brexit deal, the long-term budget and the single market. EU leaders were to approve a modest list of euro single currency reforms yesterday that are a far cry from the vast overhaul to the European project sought by France. (AFP)

New IFC report reveals Lankan firms offering childcare support gain significant business benefits 

Businesses in Sri Lanka that offer childcare support to their employees can gain a significant positive impact on recruitment, retention and productivity of workers, especially women, according to a new report released by the International Finance Corporation (IFC) in collaboration with the United Nations Children’s Fund (UNICEF).

Hutch announces plans to invest US $ 200mn following merger with Etisalat

Hutch Telecommunications Lanka (Pvt.) Ltd plans to invest in excess of US $ 200 million over the next five years following its recent merger with Etisalat Lanka (Pvt.) Ltd to roll out a nationwide 4G net

Tea output, export income targets hit by worker strike

The umbrella organisation of the regional plantation companies (RPCs), the Planters’ Association of Ceylon (PA), yesterday cautioned that this year’s tea output would fall below 300 million kilos while the tea export income would fall below US $ 1.5 billion, due to the ongoing estate workers’ strike launched by trade unions, demanding to double the basic daily wage of estate workers.

Tea output, export income targets hit by worker strike

The umbrella organisation of the regional plantation companies (RPCs), the Planters’ Association of Ceylon (PA), yesterday cautioned that this year’s tea output would fall below 300 million kilos while the tea export income would fall below US $ 1.5 billion, due to the ongoing estate workers’ strike launched by trade unions, demanding to double the basic daily wage of estate workers. Sri Lanka was earlier targeting a tea 

President softens stance on banning state events at private hotels

President Maithripala Sirisena appears to have softened his decision to ban state entities holding official ceremonies, meetings and various programmes at private hotels, which was announced by the President’s Media Division (PMD) last week.  

Tourism officials say committed for industry growth despite challenges

Officials at the Tourism and Wildlife Ministry is committed to achieving key objectives of the Sri Lanka Tourism Strategic Plan 2017–2020 despite the present challenges, said Secretary to the Minis

Sarathkumara Premachandra joins Laugfs Terminals as Director/CEO

Further strengthening its leadership team, Laugfs Holdings, the diversified conglomerate announced the appointment of Sarathkumara Premachandra as Director/Chief Executive Officer of Laugfs Terminals Limited.

Current political crisis entails “irreversible serious economic consequences”: economist

The ongoing political turmoil in the country has created “irreversible serious economic consequences” for Sri Lanka for years to come, particularly damaging the foreign investor sentiment, which would ultimately result in limiting foreign capital inflows to the country, a senior economist in the country said. “Even if the country is able to resolve the political crisis within a week or month, the echoes or impact of unfortunate

Political leadership in agreement to get IMF programme back on track

The political leaders representing the major political parties in the country are in agreement to get the International Monetary Fund (IMF) programme back on track as soon as possible to stabilise the economy, amid external financial conditions increasingly becoming unfavourable for the island nation, according to Central Bank Governor Dr. Indrajit Coomaraswamy.  

Sri Lanka’s ousted PM likens President to Hitler

(Colombo) AFP: Sri Lanka’s toppled premier likened the president to Hitler yesterday as he demanded to be reinstated, almost six weeks into a paralysing political crisis in the Indian Ocean nation.

Court restrains Rajapaksa from acting as PM amid weeks-long crisis

(Colombo) REUTERS: A Sri Lankan court yesterday issued an order preventing Mahinda Rajapaksa from acting as prime minister and holding Cabinet meetings, the latest twist to a political drama gripping the South Asian country.  

NDB declared ‘Bank of the Year’ by The Banker, UK

The National Development Bank (NDB) for the first time has won the coveted ‘Bank of the Year’ award presented by The Banker of the UK, ending the year 2018 on a high note. 

Urban sector computer literacy rate tops 40%

Sri Lanka’s overall computer literacy reported for 2017 was 28.6 percent, while the urban sector showed the highest computer literacy rate of 40.5 percent among residential sectors. 

Higher oil bill, vehicle imports fire up imports expanding Sept. trade gap

Vehicle imports by Sri Lankans shot up while the fuel bill rose sharply in the month of September, expanding Sri Lanka’s trade deficit, and pushing the island nation currently embroil

New coin series presented to MR

Central Bank Governor Dr. Indrajit Coomaraswamy officially presented a new series of circulation coins with face value of Rs.10, Rs.5, Rs.2 and Rs.1 to Prime Minister and Finance and Economic Affairs Minister Mahinda Rajapaksa, this week. 

CB says won’t stand in way of financial innovation

The Central Bank yesterday assured the country’s financial services sector that it would not stand in the way of progress with its controls, but asserted it will closely monitor the proces

Call for political stability and sanity gets louder

More industry bodies are joining the chorus to urge the country’s political leadership to ensure stability and a swift solution to the current political stalemate situation to avert dire consequences to the country’s economy and its people.  

Tea industry wage negotiations deadlocked amid political crisis

The Regional Plantation Companies (RPCs) have asserted that the Rs.1000 daily wage increase for tea estate workers demanded by trade unions is impossible amidst declining tea prices and rising cost of production, which has been further heightened by the loss considerable market share in the Japanese tea market. Spea

State banks to borrow up to US$1 bn abroad before end of 2018

Sri Lanka’s three State banks will borrow up to US$1 billion from foreign sources before the end of 2018 and use the money to pay off maturing foreign loans, Finance Ministry Secretary S.R. Attygalle said on Thursday. The move comes as Sri Lanka faces a worsening political crisis with a newly appointed government refusing to resign despite losing two confidence votes in parliament.

October national inflation decelerates on base effect; core inflation up

Sri Lanka’s nationwide inflation measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) in October decelerated to 0.1 percent— the lowest point since Jan

CB hits back at Moody’s; calls rating downgrade unwarranted and unjustifiable

The Central Bank yesterday hit back at Moody’s Investors Service over the recent credit rating downgrade, stating that the rating agency’s decision is unwarranted and unjustifiable as it is purely based on heightened political uncertainty, with no evidence of slippages in macroeconomic policies.

Lubricant market expands in 2Q on base effect

Sri Lanka’s lubricant market leader, Chevron Lubricants Lanka PLC was seen gaining market share lost to its competitors during the second quarter of 2018 (2Q18), the quarterly lubricant mar

New PM may lose budget even as he clings to power

(Colombo) REUTERS: Sri Lanka’s newly appointed Prime Minister Mahinda Rajapaksa, who lost two motions of no confidence last week, may lose his government’s budget even as he clings to power.

Tourism industry sees slowdown in bookings during key winter season

Sri Lanka’s tourism industry stakeholders yesterday expressed concerns over the possibility of prospective tourists who would have visited Sri Lanka turning to other alternative destinations due to  the prolonged political crisis, as tourist bookings for the crucial winter season are already showing a slowdown.  Speaking to Mirror Business, key tourism

Softlogic opens first supermarket

Softlogic Supermarkets Pvt Ltd CEO Andrew Dalby (left) handing over the first purchase made at the newly launched Softlogic GLOMARK in Delkanda to Softlogic Holdings PLC Chairman/MD Ashok Pathirage