April inflation eases to 6.9%; but food prices remain high

Sri Lanka’s inflation in the capital Colombo rose by 6.9 percent during the 12 months to April, slowing down from a multi-year high of 7.3 percent recorded in March despite being a festive month, according to the Census and Statistics Department data. 

Logistics expert highlights need for increased efforts in grasping opportunities

Sri Lanka, due to its strategic location, continues to be an obvious candidate to reap the plethora of benefits that stem from effective trade facilitation but requires a much serious effort in “grasping” opportunities, a top logistics expert said.

Shocking surge in private credit in February

It appears that the Central Bank may need to sharpen its monetary policy tools, as credit to private sector has continued to grow stubbornly, a scenario that could drive the country’s inflation and imports beyond a tolerable level.

Budget deficit slashed to 5.4% amid expenditure cuts, higher revenue

The Central Bank revised Sri Lanka’s budget deficit for 2016 downwards to 5.4 percent of gross domestic product (GDP) recently due to expenditure cuts, bringing the key indicator in line with government expectations again, following lapses in 2014 and 2015.

Sri Lanka now has peaceful environment to do business: FinMin tells forum

Sri Lanka has embarked on a new journey towards sustainable development, thereby intending to pass on its benefits equally to every citizen in the country, said Finance Minister Ravi Karunanayake. 

GlaxoSmithKline top official meets Health Minister

South Asia Head of GlaxoSmithKline Consumer Healthcare, Manoj Kumar called on the Health, 

JKH calls applications for second John Keells X Open Innovation Challenge

Sri Lankan entrepreneurship is geared to hit the fast-track at the second annual John Keells X Open Innovation Challenge 2017,as teams of aspiring innovators and inventors compete for a chance to win entry into a six-month accelerator programme at JKH that offers Rs. 2 million in seed investment, a curated growth oriented curriculum, office space in Colombo, access to legal, finance and secretarial expertise, access to mentors involving senior JK

KPMG to host trade and customs seminar

KPMG will host a seminar on “Customs Valuation, 2017 Amendments to H.S Codes and Foreign Exchange Impact on International Trade” on May 19th at the Movenpick Hotel, Colombo 3, from 9.00 a.m. to 12.15 p.m. 

Flood-hit borrowers get 3-month moratorium on loans; penal interest waived

The Central Bank has instructed all banks to grant a moratorium on loans obtained by the borrowers hit by the floods and adverse weather conditions in a bid to provide some relief until they get back on their feet, Mirror Business learns. 

Central Bank, IFC partner to promote sustainable and inclusive finance

IFC, a member of the World Bank Group, has signed a Memorandum of Understanding (MoU) with the Central Bank of Sri Lanka (CBSL) to enhance and develop environmental and social risk 

Sri Lanka appoints lead managers for up to US$1.5bn sovereign bond

Sri Lanka has appointed seven lead managers for a sovereign bond worth up to US$1.5 billion and could tap the capital market as soon as next month, a source close to the deal said this week.

Asia markets retreat after strong week, eye on US data

AFP: Asian investors yesterday wound down after a strong week, with profit-taking weighing on markets and attention turning to the release of US growth data later in the day.

China’s Didi poised to be most valuable Asian start-up: report

AFP: China’s ride-hailing leader Didi Chuxing is close to finalising a fund-raising deal that would make it the most valuable start-up in Asia with a value of US $50 billion, Bloomberg News  reported yesterday.

PUCSL to resolve environmental concerns of Norochcholei communities

Public Utilities Commission of Sri Lanka (PUCSL), the electricity sector regulator, kicks off the discussions with the communities that raise concerns on the environment impact of the Norochcholei coal power plant in the North  Western Province. 

NCE hails government’s move to regain GSP Plus facility

The NCE commends the unity government on its success in regaining the GSP Plus facility after overcoming the final hurdle in the EU Parliament. 

Lending to eurozone firms pick up again in March: ECB

AFP: Eurozone bank lending to businesses rebounded in March after slowing in February, European Central Bank figures showed yesterday, in an encouraging sign for policymakers.

S. Korean concern over Trump free trade threat

AFP : South Korean business leaders voiced alarm yesterday after US President Donald Trump said he might tear up a free trade agreement with Seoul, warning the deal was a ‘major pillar’ of the allies’ ties.

Coca-Cola refreshes Fox Hill Supercross on its 25th anniversary

Coca-Cola Beverages Sri Lanka Ltd (CCBSL) once again partnered with Fox Hill Supercross 2017 as the official beverage partner to the longest-running motor racing event in Sri Lanka as it celebrated its silver jubilee of 25 years. 

Lotus Grove heralds New Year with traditional Avurudu sports day

April 2 was a special day at Lotus Grove in Dehiwela when its residents, their families and friends heralded in the New Year celebrations with the annual LG Aluth Avurudu Sports Day.

Ceylon Agro Industries celebrates Sinhala and Tamil New Year

Ceylon Agro Industries Ltd together with the Friendly Hands Club, Ethimale, celebrated the Sinhala and Tamil New Year with a ‘Harvest Festival’ as a gesture of giving thanks to an excellent harvest given by Prima Pacific Maize seeds and in celebration of a fruitful month. 

Atlas No 1 in Most Loved Brands in Sri Lanka

The name Atlas, conjures much nostalgia, many memories and so much love amongst young and not so young homes, schools, offices and communities across Sri Lanka. Many a successful professional and entrepreneurs looks back in life to acknowledge that Atlas played a critical and inspirational role in their journey of success. 

Prof. Munasinghe delivers Nobel keynote speech at Global Conference

Prof. Mohan Munasinghe, Sri Lanka’s only Nobel Peace Prize winner delivered the inaugural Nobel keynote speech at the Global Water and Sustainability conference in Barcelona, Spain recently. He made his speech and also launched the latest edition of his path breaking book on Sustainomics. 

SriLankan Airlines operating loss tops Rs.14bn in 2016

National carrier, SriLankan Airlines, made an operating loss of Rs.14.1 billion in 2016 compared to a loss of Rs.4.9 billion in 2015, the 2016 Central Bank annual report released this week showed.

IMF loan third tranche likely in June

The International Monetary Fund (IMF) is likely to release the US$ 168 million third tranche for Sri Lanka’s US$ 1.5 billion 3-year Extended Fund Facility (EFF) by mid-June, Finance Minister Ravi Karunanayake said.

GATF forum condemns absence of senior state officials

The absence of senior government officials at the Global Alliance for Trade Facilitation (GATF) forum here this week despite being invited, was frowned upon by the visiting heads of the international agency and the private sector, as their presence was paramount to shed clarity over the ongoing issues.

Rupee little changed; yields fall on hike in bond borrowing limit

REUTERS - The Sri Lankan rupee closed steady yestreday in dull trade, but local bond yields fell after the government approved a proposal to double the borrowing limit on Sri Lanka Development Bonds to US$3 billion this year, dealers said.

Shares hit near 7-mth closing high on foreign buying

REUTERS:  Sri Lankan shares closed at a near seven-month high in heavy trading yesterday as foreign buying for 25 sessions in a row took net inflows into equities to Rs.13.1 billion ($86.1 million) and  boosted sentiment.

HNB to raise Rs.15bn via rights issue

Sri Lanka’s second largest private lender, Hatton National Bank PLC (HNB), announced its plans yesterday to raise Rs.15 billion through a rights issue, subject to shareholder approval.

Per capita income falls marginally on dollar effect

Sri Lanka experienced a marginal year-on-year decline in its per capita gross domestic product (GDP) in US dollar terms at current market prices in 2016 in a year highlighted by continuous natural disasters and a weakening rupee.

Chicago-based ‘Englander’ mattress brand debuts in SL

Englander, the world-renowned mattress brand based in Chicago, USA, made its debut at the new flagship store at Arcade Independence Square in Colombo on April 26, 2017.