Biz tycoon Harry J visits Colombo Port City

Leading businessman, Harry Jayawardena of Melstacorp, was recently hosted at the Port City Colombo project development site by Executive Project Management Director Raja Edirisuriya.

Education sector reforms aimed at securing opportunities at CPC

The decision to bring about changes in the education sector, specifically trimming of the timeframe to complete A-levels from 45 months to 32 months, is to ensure Sri Lanka has the necessary talent ready to take up opportunities at the upcoming financial center at the Colombo Port City (CPC), Justice Minister Ali Sabry said.

Commercial agriculture sector fears worst from proposed fertilizer ban

While calling for wide stakeholder consultations in implementing the announced ban on chemical fertilizers and agrochemicals in Sri Lanka, the country’s tea, rubber, coconut and fruit & vegetable growers in commercial agriculture warned of far reaching implications from such a ban.

Import of certain agrochemicals allowed under licence

The Finance Ministry has issued a gazette notification allowing the importation of certain agrochemicals including a range of herbicides under special import license regulations after 6th of this month.

Few powerful millers keep rice prices high mocking govt.’s incompetency

The stubbornly high rice prices notwithstanding maximum retail prices set by the government and the record paddy harvest reflect the higher market power exerted by a few rice millers, said the Central Bank.

Virtusa’s Kris Canekeratne to step down after 25-year stint

Global business consulting and IT outsourcing company, Virtusa Corporation, which was founded in Sri Lanka, will see its chief Kris Canekeratne pass on the leadership baton, ending a 25-year run with the company.

SDB bank almost triples 1Q profits

Sanasa Development Bank PLC (SDB bank) nearly tripled its profits in the three months ended in March 2021 (1Q21) on robust growth in loans,

World Bank strengthens engagement in Sri Lanka

The World Bank has launched public consultations to update its Systematic Country Diagnostic (SCD) in Sri Lanka.

March credit card spend increases for fourth straight month

Sri Lanka’s credit card spend continued to advance through March, according to data released by the Central Bank.

Port City success will be determined by how investor-friendly it is: Cabraal

The success of the highly debated Colombo Port City is all about implementation, for which relevant agencies must step up their efforts to ensure the development project does not lose investors to regional competition, a top minister said.

Foreign reserves up in April on China Development Bank loan

Sri Lanka’s foreign currency buffer rose in April after the country took receipt of the second tranche of the China Development Bank (CDB) loan soon after the New Year holidays, propping up its foreign reserves.

Additional compensation for SFSP depositors from tomorrow

The Central Bank of Sri Lanka said the eligible depositors/relevant legal beneficiaries of eligible deposits of Swarnamahal Financial Services PLC (SFSP) that the payment of additional compensation under the Sri Lanka Deposit Insurance and Liquidity Support Scheme will commence from tomorrow (10th) onwards.

Virtusa Chairman and CEO Kris Canekeratne to exit after 25-year stint

Global business consulting and IT outsourcing company, Virtusa Corporation will see its chief Kris Canekeratne pass on the leadership baton to two new heads this summer, ending a 25 year run with the company.

CB hints at when it could apply brakes on record stimulus

For the first time since the current dovish policy run began in January 2020, the Central Bank recently insinuated that at which point it could either end or reduce providing more gas by way of monetary stimulus, which was unleashed to power the current expansion seen in the economy.

BOI’s failure to address wastewater issue in Horana EPZ threatens closure of 24 firms

The Free Trade Zone Manufacturers’ Association (FTZMA) yesterday alleged that the Board of Investment (BOI) has turned a deaf ear to its repeated complaints regarding the discharge of wastewater at the Horana export processing zone (EPZ) and the companies in that arena are now faced with the risk of having all operations shutdown under a court order.

ADB makes highest ever allocation in history

The Asian Development Bank (ADB) adopted this week a resolution to allocate US $ 1.13 billion in net allocable income from 2020 ordinary capital resources, making it the highest ever in ADB’s history.

Latest COVID-19 wave less damaging for emerging market stocks

Huge COVID-19 outbreaks in India, Brazil and Turkey have put developing economies at the epicentre of the pandemic but their reluctance to fully lock down combined with hopes of vaccine progress globally appear to be desensitising markets.

Landing and parking fees waived off at Mattala airport

The government has decided to waive off landing and parking fees for international flights to Mattala International Airport for two years, Tourism Minister Prasanna Ranatunga said.

Airport staff to get second dose from Monday: Chanaka

The staff of aviation and airports, being among the most vulnerable in the current pandemic, will be given the second dose of the COVID-19 vaccine from next Monday onwards, said Aviation and Investment Zone Development State Minister D.V. Chanaka.

Laugfs Lubricants Laboratory becomes first petroleum testing laboratory to be accredited with ISO/IEC 17025:2017

The Laugfs Lubricants state-of-the-art laboratory located in the Malwatta BOI Zone has recently been accredited with the ISO/IEC 17025:2017 certification, a recognition of compliance with international standards for laboratory testing, from the Sri Lanka Accreditation Board (SLAB), a full member of the International Laboratory Accreditation Cooperation (ILAC).

UK to unveil ‘green list’ of countries holidaymakers can visit

Holidaymakers in England are to find out which “green list” countries they can visit without quarantining on their return later this afternoon.

Five-year consolidation plan for NBFI sector

The Central Bank says it would put in place a five-year consolidation plan for the non-bank financial institution (NBFI) sector, embarking on a time-bound execution framework to reduce the number of finance companies to 25 from the current 40.

Local startups to gain from new partnership connecting SL and Europe 

A new initiative to connect innovation and start-up ecosystems has partnered with over 20 incubators and accelerators in Sri Lanka and Europe, the EU said.

ADB confident Asia Pacific would emerge from the pandemic “stronger than before”

The Asian Development Bank (ADB) expressed strong confidence this week in the Asia Pacific region emerging from the pandemic stronger than before provided that required emphasis is given to five key areas.

SEC to showcase Sri Lanka as an attractive destination for foreign portfolio investment

The Colombo Stock Exchange (CSE) has performed exceptionally well in the past 12 months with the All Share Price Index (ASPI) appreciating more than 55 percent and the S&P SL 20 Index appreciating more than 44 percent. In 2021,

SIASL accuses CEB of trying to cripple solar power industry

The Solar Industries Association of Sri Lanka (SIASL) is charging that the Ceylon Electricity Board (CEB) is attempting to cut solar power generation of new rooftop solar power projects on commercial establishments by as much as 50 percent while the country’s solar industry is struggling to survive through a crisis period due to the sharp depreciation of the rupee against the US dollar.

Shares end higher as financial, consumer stocks rise

Sri Lankan shares closed higher yesterday, helped by gains in financial and consumer staples stocks. The CSE All-Share Index climbed 0.59 percent to end at 7,188.09, its second straight day of gains.

SL falls to new low in EIU’s latest Inclusive Internet Index

Sri Lanka’s ranking in the Economist Intelligence Unit’s (EIU) latest Inclusive Internet Index has fallen to new all- time-low driven by continuous deteriorations in key indicators such as ‘support for digital literacy’ and steep decline in trust in information from non-government and social media websites and apps.

EDB extends financial assistance scheme for SMEs to obtain BRC certification

The Export Development Board (EDB) announced it would implement a financial assistance scheme to help SMEs engaged in the food sector get their products on the shelves of international markets, especially to the UK.

How should Sri Lanka Finance COVID-19 vaccination rollout?

An effective vaccination strategy is a necessity for countries to move beyond COVID-19. However, it also requires careful policymaking to balance the financial cost of purchasing and delivering vaccines while stimulating economic growth.