Sri Lanka ends year 2022 with 4.7% unemployment rate amid worst economic conditions

Sri Lankans see real wages eroding by around 20% last year amid red-hot inflation

Japan, UNDP to help improve women’s economic well-being with US$ 3.8 mn grant

The government of Japan and the UNDP have joined hands to improve the women’s economic well-being for smallholder farmer families in Sri Lanka.

Fitch downgrades Co-operative Insurance Company on governance shortcomings

Fitch Ratings has downgraded Co-operative Insurance Company PLC’s (CICPLC) National Insurer Financial Strength (IFS) Rating to...

EU and FAO launch 4mn euro initiative to improve efficiency and sustainability of paddy farming

The Food and Agriculture Organization of the United Nations (FAO) together with the European Union (EU) have officially launched...

Government to introduce e-procurement from May

State Minister of Finance Ranjith Siyambalapitiya yesterday said from May 1 procurement activities with a value of more than Rs.200 million....

Ceylon Tea confident of retaining market share with recovery in output

Sri Lanka, the world’s largest orthodox black tea producer remains confident in retaining the market share and its brand value reflected....

Government invites private sector to take part in US$ 2bn North Port development

The government is eyeing US$ 2 billion worth of investments to build the proposed North Port of Colombo consisting of three....

Tea exports down 22% in March, 15% in first quarter

Sri Lanka’s tea exports dipped 22 percent year-on-year (YoY) to 17.97 MnKgs in March continuing the declining trend seen in both tea production and exports in recent times, the data released by Forbes & Walker Tea Brokers showed.

World could face record temperatures in 2023 as El Nino returns

REUTERS: The world could breach a new average temperature record in 2023 or 2024, fuelled by climate change and the anticipated return of the El Nino weather phenomenon, climate scientists say.

SLT to save Rs.300-400mn per year with relocation of Mobitel offices to new HQ

Mobitel operational offices are scheduled to move into a new state-of the art operational headquarters located in Welikada in May by bringing an estimated savings of Rs.300-400 million per annum on rent for Sri Lanka Telecom PLC (SLT).

Rs.5mn cash bundle goes missing at Central Bank

Seylan Bank raises Rs.5bn via debenture issue

Treasury bill yields rise for second week

For the second week Treasury bill yields rose across all three tenors at Wednesday’s auction, the data released by the Central Bank showed.

Hambantota Port breaks new ground in RO-RO transshipment

​The Hambantota International Port (HIP) last week handled over 900 units of the latest BMWs transshipped from the Port of Koper - Slovenia to the Port of Pyeongtaek in South Korea.

Asian markets swing as inflation, rates worry investors

Wall Street closed relatively flat following mixed corporate results, and as a Federal Reserve report said that the US economy was “little changed” in recent weeks.

Monthly producer prices decline breaking months-long streak of increases 

People’s Bank self-banking units facilitate over Rs.7.5tn worth transactions during Avurudu season

People’s Bank recently announced that it had facilitated over 8 million transactions worth over Rs.7.6 trillion during this year’s Sinhala and Tamil New Year festivity period from April 1 to 15, through its island-wide network of self-service automated machines.

March workers’ remittances record sharp increase to US$ 568mn

Workers’ remittances to Sri Lanka crossed the US$ 500 million mark for the first time since April 2021, data released by the Central Bank last evening showed.

SLAITO partners with Travelife to help members embrace sustainable tourism practices

In an effort to promote sustainable tourism in Sri Lanka, the Sri Lanka Association of Inbound Tour Operators (SLAITO) and Travelife, an internationally recognised sustainability certification programme for the tourism industry, entered into a partnership to bring best practices into the local sector.

Visa applications from Sri Lanka on course to reach pre-pandemic levels this year 

Indicating a full recovery of outbound travel, visa applications from Sri Lanka is on course to reach pre-pandemic levels this year after reaching 68 percent of pre-pandemic levels in 2022 driven by pent-up demand, opening of international borders, and eased COVID protocols.

Visa tells Sri Lanka to improve acceptance of digital payments to boost tourism 

Visa, a leader in digital payment technology, expressed confidence in the local tourism sector playing an active role in helping Sri Lanka’s economy revive, provided the proper digital payment infrastructure is in place.

Apple set to open first retail store in Mumbai as it bets big on India

The company teased the opening of its retail outlet in a brief statement Wednesday, saying it was preparing to greet customers in the financial and commercial hub of Mumbai. Its previous plan to open a store in the country in 2021 was derailed by the coronavirus pandemic.

Sunshine Holdings appoints Reyaz Mihular to Director Board

With the new appointment, the Board of Sunshine Holdings will comprise of 12 directors, eight of whom are non-executive, independent directors.

Argentina facing US$1.46 bn bill after losing case over GDP-linked bonds

Four hedge funds, holding around 48 percent of the GDP-linked securities issued between 2005 and 2010, sued the South American republic in 2019, seeking damages of up to 643 million euros.

Bond markets price in rate cuts expected as early as next monetary policy meeting

Bond markets have already priced in rate cuts as early as the next policy meeting in June as yields fell sharply across government securities even before this week’s monetary policy meeting.

ADB urges government to revisit proposal to set up credit guarantee institution for SMEs

Private sector commits Rs.525mn to maintain operations of Suwa Seriya

As the 1990 Suwa Seriya ambulance service has run into a Rs.1.5 billion shortfall in funds this year, a number of leading corporates have stepped up to fill the void by committing Rs.525 million up to now, to maintain the operations of the critical service uninterpreted.

CB confident of sealing debt deal before IMF first review

The Central Bank officials expressed confidence in wrapping up the negotiations with both its bilateral and commercial creditors well prior to the first review of the International Monetary Fund (IMF)-assisted programme, which would come up in six months.

Timely and credible structural reforms key to resetting Sri Lanka’s economy: WB

Sri Lanka’s heightened fiscal, external and financial sector imbalances and its fluid political situation pose significant uncertainty for the country’s economic outlook, said the World Bank in its twice-a-year update, underscoring the need to address the root causes of the country’s economic crisis and build a strong and resilient economy to prevent future crises.

Softlogic Life decked up to catch eyes of potential investors

Softlogic Life, Sri Lanka’s second largest life insurer in terms of market share, was decked up this week to catch the eyes of potential investors that will help improve the future prospects of the entity.