Last Updated : 2019-10-21 00:39:00
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Mon, 21 Oct 2019 Today's Paper
19 Oct 2019
Sri Lankan shares closed slightly higher yesterday, buoyed by telecom and diversified stocks. The rupee ended firmer.
The benchmark stock index closed 0.06 percent higher at 5,863.48. The index gained 0.49 percent for the week, but has fallen 3.12 percent so far this year.
18 Oct 2019
The first Alliance Air flight from Chennai, India, landed at the Jaffna International Airport (JIA), which was declared open yesterday. The picture shows the aircraft receiving cannon salute. Alliance Air is expected to operate three flights a week from Chennai to JIA from November.
17 Oct 2019
The upgraded airport in Palali will be declared open as Jaffna International Airport (JIA) today, under the patronage of President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe, Transport and Civil Aviation Minister Arjuna Ranatunga and Indian High Commissioner in Sri Lanka Taranjit Singh Sandhu. The inaugural flight today by Alliance Air, a unit of Air India, will carry 30 passengers and the airline is set to operate three flights a
16 Oct 2019
The Ceylon Chamber of Commerce (CCC) chief this week called the private sector to take the lead in breaking out of the middle income trap with positivity and greater focus on inclusivity, instead of waiting for the economic growth to return.
15 Oct 2019
Sri Lanka’s imports, supported by lower vehicle and gold imports, continued to decline while exports largely recovered from its recent decline to see the island nation’s trade deficit narrowing in August, the trade data released by the Central Bank showed yesterday.
14 Oct 2019
Sri Lanka banking sector’s gross non-performing loans (NPLs) ratio is forecast to reach five percent at the end of this year, the highest level since 2014 amid increased market lending rates and sluggish economy, Central Bank (CB) said.
According to CB statistics, the gross NPLs ratio had risen to 4.9 percent by August from 4.8 percent in the second quarter of this year.
As of second qu
12 Oct 2019
The Monetary Board of the Central Bank (CB) yesterday decided to maintain policy interest rates at their current levels, awaiting for materialisation of various measures aimed at accelerating subpar economic growth in the country, while being cautious on the implications of the public sector salary hike scheduled for next year.
11 Oct 2019
Police officers arrest an activist at London City Airport during the fourth day of demonstrations by the climate change action group Extinction Rebellion, in London yesterday. Demonstrations occurred in 60 cities around the world this week, with thousands taking to the streets of New Delhi, Cape Town, Paris, Vienna, Madrid, and Buenos Aires. Extinction Rebellion is demanding that governments drastically cut carbon emissions. / AFP
10 Oct 2019
With nearly one-third of Sri Lanka’s adult banked population considered to be inactive account holders and many facing significant constraints in accessing finance, the World Bank (WB) urges the country’s banks to position themselves as development enablers by adopting a multifaceted approach to further promote financial inclusiveness in the country.
09 Oct 2019
The Central Bank (CB) expects private sector credit growth to pick up by end of this year amid anticipated low interest rates through lending rate caps slapped on banks and enhanced business confidence.
08 Oct 2019
The lending rate caps on banks may not yield the desired effect of stimulating credit demand in the short term, as the root cause of the problem lies not with the rates but with the borrower sentiments and subdued economic activity,
said Fitch Ratings.
07 Oct 2019
Cinnamon Hotels & Resorts, the leisure arm of John Keells Holdings continues expansion with the opening of its newest hotel, Cinnamon Velifushi Maldives.
The opening of the new r
05 Oct 2019
The maiden launch of the Ceylon Tea Global Promotion Campaign took-off ceremonially with pomp and pageant in the capital city of the Russia Federation last week.
Moscow was the center of attraction where 150 guests from the tea fraternity were mesmerized by the cultural troop of Chandana Wickramasinghe consisting of ten male and female dancers.
04 Oct 2019
First Capital Research (FCR), a Colombo-based equities research house, expects Sri Lanka’s economic growth to pick up to 4.1 percent next year with possible easing of political uncertainty following the Presidential Election scheduled for next month.
03 Oct 2019
The rent-seeking nature of Sri Lanka’s public sector is blamed for the failure to fully implement the key e-government initiatives, including the Electronic Government Procurement (e-GP) System aimed at enhancing the efficiency and cutting wastage in the public sector. “I am still unable to buy a pack of A4 paper via the so-called Electronic Government Procurement (e-GP) System. People have been working on it for years.
02 Oct 2019
Sri Lanka’s IT industry experts recently emphasised on the adoption of an overarching digital policy framework to avert confusion and potential policy contradictions as a number of digital related draft polici
01 Oct 2019
(Colombo) REUTERS: A court in Sri Lanka set up a three-judge panel yesterday to hear a petition challenging the citizenship of presidential nominee Gotabaya Rajapaksa, which could disqualify the hardline former defence chief from the November 16 vote if it succeeds.
30 Sep 2019
As the authorities continue to practice the “plan to fail” approach based on outdated planning models incentivised by emergency power purchases, experts and academics warn another power crisis could materialise in 2023, unless Sri Lanka’s energy sector shifts to modern-day implementable planning models.
“Planning to fa
28 Sep 2019
The World Bank unveiled yesterday a new report to guide policymakers and development practitioners across Sri Lanka in better investing in the health and education of all Sri Lankans.
The report titled ‘Sri Lanka Human Capital Development : Realizing the Promise and Potential Of Human Capital’ is part of the Human Capital Project, a global effort led by the World Bank since 2018 that recognizes the vital importance of human capital for a country
27 Sep 2019
South Asian academics and think tanks yesterday expressed hope for a shift in political structure and thinking to move forward with regional integration, which has come to a grinding halt due to region
26 Sep 2019
The Treasury fears revenue loss in excess of Rs.300 billion by the end of this year as the economy struggles to recover from the adverse impacts of the Easter Sunday attacks.
“So far, we have seen a Rs.215 billion loss in state revenue. If the revenue doesn’t improve during the next three months and the current trend continues, it will be in excess of Rs.300 billion,” T
25 Sep 2019
Business tycoon and Vallibel One PLC Chairman Dhammika Perera yesterday laid out a brand-new tax structure with tax cuts and incentives to guide Sri Lanka to the developed nation territory by 2030, as the current tax regime has failed to attract the required investments during the past five years for the economy to take off and avoid the so-called middle-income trap.
24 Sep 2019
The present regime’s absence of effective communication skills to engage all relevant stakeholders was pointed out as the main impediment for state-owned enterprise (SOE) reforms in Sri Lanka, by an opposition lawmaker, at a recent forum, although a government minister rejected the claim and stressed that the support extended by the Opposition is key to successful SOE reforms.
23 Sep 2019
As efforts to introduce a productivity-based wage model to the plantation sector have repeatedly proved futile with politicised estate sector trade unions, Sri Lanka’s Regional Plantation Companies (RPCs) now seek State intervention at the Colombo Tea Auction to control tea prices to avert crisis.
“During last three years, we have gone through two worker wage negotiations with almost 17 percent increases granted in each wage increase. This has ha
21 Sep 2019
HONG KONG (AFP) - Asian markets edged up yesterday as investors turn their attention to the China-US trade talks, while keeping an eye on the Gulf region after last week’s air strikes on Saudi oil facili
20 Sep 2019
Brandix was bestowed with the accolade ‘Exporter of the Year’ by President Maithripala Sirisena at the Presidential Export Awards 2018/2019 held yesterday. The award was accepted by Brandix Directors Ranga Ranmadugala and Dave Ranasinghe (L to R) on behalf of the company.
19 Sep 2019
Sri Lanka’s tourism sector is acknowledged as one of the highest revenue earners for the economy but poor planning and slow execution by the relevant authorities are observed to be pulling the sector down, implied a senior industry representative. Deliberating on the ‘key’ to unleashing Sri Lanka’s next growth drivers at Sri Lanka Economic Summit 2019, Jetwing Hotels Chairperson Shiroma
18 Sep 2019
While insisting that the government has successfully stabilised Sri Lanka’s economy overcoming a debt crisis over last five years, Prime Minister Ranil Wickremesinghe asserted it is now up to the private sector to decide whether the economy has to stagnate in the middle income trap or to have a leapfrog trajectory and become the first advanced economy of South Asia.
17 Sep 2019
While assuring the government’s continuous commitment to facilitate foreign investments in the country, the government appeals to the foreign investors not to get distracted by the current domestic
16 Sep 2019
A leading academic claims the Environmental Impact Assessment (EIA) process concerning the Colombo Port City project which was renamed as Colombo International Financial City (CIFC) had fundamental flaws.
19 Oct 2019