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Mahen buys control of KIA Motors for Rs. 714 m

Views - 21795 Tuesday, 6 August 2019 01:17

Mahen Thambiah is to buy the control of KIA Motors (Lanka) Ltd., for Rs. 714 million. The stake amounting to 42 million shares or 70% was sold by CM Holdings PLC. The deal works to a pricing of Rs. 17 per share. The net asset value per share of CM H


UNP-led coalition will be formed before end-August: PM

Views - 251 Tuesday, 6 August 2019 01:17

Prime Minister Ranil Wickremesinghe yesterday said all efforts would be directed at forging a United National Party (UNP)-led coalition before the end of August to contest the upcoming Presidential Election and assured the UNP iswas aware that going


Chemanex exits insurance broking with Rs. 250 m profit

Views - 363 Tuesday, 6 August 2019 01:16

Chemanex PLC has sold its stake in the insurance broking arm to Commercial Bank PLC at a near Rs. 250 million profit. It said it transferred 239,999 shares of Commercial Insurance Brokers Ltd. amounting to 40% stake to Commercial Bank PLC for Rs. 25


No change in 15% interest given to senior citizens

Views - 519 Tuesday, 6 August 2019 01:16

Although the Central Bank has reduced the rates for deposits maintained in commercial banks, the special interest rate of 15% offered by the Government for senior citizens has not been changed, the Finance Ministry said yesterday. “There is no tr


‘Sajith for new Sri Lanka’ movement calls for UNP leadership revival

Views - 2908 Tuesday, 6 August 2019 01:16

By Nuwan Senarathna A group of professionals backing a movement called ‘Sajith for a new Sri Lanka’ yesterday called for a revival of the United National Party (UNP) leadership with UNP Deputy Leader Sajith Premadasa to restore internal democracy


CSE, rupee extend losses

Views - 357 Tuesday, 6 August 2019 01:15

REUTERS: Sri Lankan shares fell for the fifth straight session on Monday and closed at their lowest in more than one week, as investors sold banking and telecom stocks, while the rupee ended weaker due to importer dollar demand. CSE, rupee... The c


Taking businesses to the next level with new tech

Views - 219 Tuesday, 6 August 2019 01:12

Enterprises using modern technologies such as cloud computing, cloud storage, and Artificial Intelligence has become a staple in most countries of the world. International Business Machines (IBM) are pioneering this movement by providing new age solu


Performance of the insurance industry Q1, 2019

Views - 202 Tuesday, 6 August 2019 01:06

Gross Written Premium The insurance industry was able to achieve a growth of 5.70% in terms of overall Gross Written Premium (GWP), during the first quarter of 2019, recording an increase of Rs. 2,504 million when compared to the same period in the y


SriLankan Airlines issues advisory ahead of strike at London Heathrow

Views - 232 Monday, 5 August 2019 01:40

SriLankan Airlines said yesterday it has made preparations to minimise inconvenience to its valued passengers at London’s Heathrow Airport that may occur as a result of the strike action planned by ground staff of Heathrow Airport Ltd., on 5 and 6


Economic sentiment remains muted: Survey

Views - 274 Monday, 5 August 2019 01:25

The latest LMD-Nielsen Business Confidence (BCI) poll reveals that economic sentiment remained largely the same in July with 12% of respondents believing that the economy will improve in the next 12 months compared to 11% in June. However, a majori


Sri Lanka Telecom goes global; launches ‘Xyntac’

Views - 858 Monday, 5 August 2019 01:23

Sri Lanka Telecom (SLT) has launched the Xyntac brand with a flourish at the International Telecoms Week (ITW) 2019 held in Atlanta, USA recently, a premier event for the global wholesale telecom market. SLT has launched Xyntac in order to better pos


Durairatnam new DFCC Bank Chairman

Views - 921 Monday, 5 August 2019 01:20

Veteran banker J. Durairatnam has been appointed as the Chairman of DFCC Bank. He succeeds C.R. Jansz who retired recently having served as Chairman since March 2014 and the Board since July 2010. Durairatnam joined the DFCC Board in August 2018 afte


Hitachi Group acquires local fintech pioneer Interblocks

Views - 1861 Monday, 5 August 2019 01:12

In an encouraging sign for the Sri Lankan economy and its bourgeoning fintech sector, Japan’s Hitachi-Omron Terminal Solutions announced that it had entered into an agreement for the purchase of the entire issued share capital of Interblocks Ltd.,


Sri Lanka on the brink of new social reformation

Views - 348 Monday, 5 August 2019 00:20

The Market Research Society of Sri Lanka will be introducing its new SEC (socio-economic) Measure, which takes into account a third dimension, which is a lifestyle indicator. The new SEC classification will be launched at the event organised on 13 Au


CIMA removes exemption fees

Views - 219 Monday, 5 August 2019 00:10

The Chartered Institute of Management Accountants (CIMA), the world’s largest body of management accountants, has announced that it will end the practice of charging exemption fees for new students, who hold a relevant degree or qualification, to e


Celebrate Colombo with food and music

Views - 1212 Monday, 5 August 2019 00:08

CFW Swim Week Colombo brings together four creative industries namely Art, Fashion, Food and Music to host a week-long creative festival titled ‘Celebrate Colombo’ presented by So Sri Lanka, Sri Lanka Tourism and Promotion Bureau (SLTPB).Celebrat


Excise Dept. steps up raids; boosts revenue

Views - 240 Monday, 5 August 2019 00:00

The Finance Ministry said yesterday that the Excise Department has stepped up raids on illicit trade as well as enhanced its revenue. It said the Department has conducted 24,150 raids throughout the country during the first six months of this year u


India reiterates strong support to Sri Lanka in fight against terrorism

Views - 134 Saturday, 3 August 2019 00:10

India’s External Affairs Minister Dr. Subrahmanyam Jaishankar yesterday reiterated his country’s strong support to Sri Lanka in the fight against terrorism. Dr. Jaishankar, who is in Bangkok to atte


Trump hits China with more tariffs, jolting markets

Views - 200 Saturday, 3 August 2019 00:10

WASHINGTON (Reuters): US President Donald Trump vowed to impose a 10% tariff on $300 billion of Chinese imports from 1 September, sharply escalating a bruising trade war between the world’s largest economies and jolting financial markets. The annou


SLFP union says lower ground handling fee will cost UL Rs. 175 m in revenue loss

Views - 382 Saturday, 3 August 2019 00:10

The SLFP-linked trade union yesterday claimed that the national carrier will incur a loss of Rs. 175 million per month, as a result of the Government’s decision to reduce ground handling charges by 25%


Biz confidence falls in July amid uncertainty

Views - 209 Saturday, 3 August 2019 00:10

The LMD-Nielsen Business Confidence Index (BCI) fell by seven basis points to 74 in July, following an increase of 19 points in the preceding month. According to LMD, this places the barometer of business sentiment below its 12-month average of 89 an


Pro Food, Pro Pack & Ag-biz 2019 opens

Views - 529 Saturday, 3 August 2019 00:10

Pro Food, Pro Pack & Ag-biz 2019, Sri Lanka’s only comprehensive food, agriculture and packaging exhibition, spanning three days, kicked off yesterday at the Sirimavo Bandaranaike Memorial Exhibition Hall. It was inaugurated by Industry and Commer


Amendments to Electricity Act face stiff opposition 

Views - 59 Saturday, 3 August 2019 00:01

Proposed amendments to the Electricity Act 2009 are being pushed back by the stakeholders with the Sectoral Oversight Committee on Energy objecting to the changes set to be presented in Parliament on Tuesday (6 August). The amen


CSE ends at 1-week low; rupee weaker

Views - 112 Saturday, 3 August 2019 00:01

Reuters: Sri Lankan shares recovered from an intraday fall of over 1% to close flat on Friday, while the rupee ended weaker due to importer dollar demand. The country’s benchmark stock index ended 0.04% down at 5,894.70, a one-week low. However, t


Imported milk powder to cost more

Views - 79 Saturday, 3 August 2019 00:01

The Consumer Affairs Authority said yesterday that the price of imported milk powder had been increased by Rs. 15 per kilo and Rs. 5 per 400 gram packet with immediate effect.


Police Commission does U-turn on controversial Kurunegala DIG’s transfer to Trinco

Views - 967 Saturday, 3 August 2019 00:01

Despite approval from Police Acting Inspector General C. D. Wickramaratne to transfer Deputy Inspector General (DIG) of Kurunegala Kithsiri Jayalath, who was allegedly involved in Dr. Mohamed S


UNP Working Committee split on proposed new alliance’s Constitution

Views - 607 Friday, 2 August 2019 00:20

Conflicting reports emerged following a crucial Working Committee meeting of the United National Party (UNP), held yesterday to deliberate on the proposed alliance, with members being split on the content of the proposed Constitution. The Working Com


Vigilance on e-payments essential: Central Bank

Views - 598 Friday, 2 August 2019 00:18

In order to prevent unauthorised electronic transactions, the Central Bank yesterday notified customers to register for real-time e-payment notification facilities, as well as obtain EMV chip-based payment cards from their respective companies withou


Cabinet nod to allocate Rs. 600 m to develop plantations

Views - 350 Friday, 2 August 2019 00:16

Cabinet this week gave approval to provide Rs. 600 million to develop the plantation sector. The Cabinet paper presented by Prime Minister Ranil Wickremesinghe received approval on Tuesday. As per the Cabinet paper, Rs. 600 million will be released


Sri Lanka’s first-ever prosecution via video conferencing in sexual harassment case

Views - 1595 Friday, 2 August 2019 00:14

Last week, the Attorney General’s Department of Sri Lanka permitted the Kandy High Court to proceed with a prosecution on sexual harassment of two female travellers via video conferencing which can be considered as a milestone in the legislation fi


Today's Columnists

Religion is a problem in Sri Lanka; can it be a solution?

Saturday, 17 August 2019

Generally, it is expected that religion should be a solution to a problem. Ironically in Sri Lanka religion is the problem. Therefore, what would be the solution? When religion becomes a problem of a country....


Orthodoxy and change: A perennial Muslim issue

Saturday, 17 August 2019

Whether Muslims live as minorities in non-Muslim countries or as majorities in a total of fifty seven countries, the clash of orthodoxy with modern challenges is a perennial issue that bedevils progress on several fronts in these communities.


Making the MCC Compact work for Sri Lanka

Friday, 16 August 2019

It is a sign of these political times that even an apolitical issue like a foreign aid program becomes a hot topic in Sri Lanka. In April 2019, the Board of Directors of the Millennium Challenge Corporation (MCC) approved a compact program for Sri La


Sri Lanka needs a president hungry for success, not power

Friday, 16 August 2019

The late John F. Kennedy described politics as a “noble adventure, an adventure in which one joins hands with the masses for the service of man”. Not that the Kennedys didn’t play “politricks” in their heyday. But playing “politricks” w


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