Govt. to allow foreign carriers to operate internal flights

The government has decided to issue licence to allow foreign carriers to operate commercial flights between internal airports.

Stocks hit 10-week low on political woes; rupee firms

(Colombo) REUTERS: Sri Lanka’s stocks fell for the fourth straight session yesterday to a 10-week closing low, while the rupee closed higher.

NCE’s Export Vision 2030 Forum focuses on forthcoming presidential election

The National Chamber of Exporters (NCC) conducted the Export Vision 2030 Forum, at Marino Beach Hotel, Colombo 3, recently.

Sri Lanka’s crippling external debt

The performance of the Sri Lankan economy has been highly erratic during the period 2006-2018. A plot of GDP growth versus time for this period yields an inverse relationship despite strong growth in some years. As reported in the Daily Mirror (July 12, 2019), the Central Bank (CB) expects GDP to grow by around 3.0 percent in 2019, compared with 3.2 percent in 2018 and 3.4 percent in 2017.

SAES XII discusses key opportunities and challenges facing South Asia in 4IR

The 12th South Asia Economic Summit (SAES XII), organised by the Institute of Policy Studies of Sri Lanka (IPS) on September 26 and 27, 2019, in Colombo, brought to light several key opportunities and challenges facing the South Asian region in the new digital era.

Need for overarching digital policy framework urged to avoid confusion

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

Independent expert committee to probe mysterious deaths of seven elephants

The government will appoint an independent expert committee to probe the mysterious deaths of seven elephants in Habarana effective from October 1 in addition to the investigations carried out by the Department of

Inflation registers sharp increase in Sept. as food prices rise

Sri Lanka’s inflation as measured by the Colombo Consumer Price Index (CCPI) recorded a sharp increase in September from a year ago, as the prices of food items rose notably while the base effects too contributed adversely.

EIB starts sale of first major bond linked to new euro zone rate ESTR

(London) REUTERS: The European Investment Bank on Tuesday kicked off the first major bond sale linked to the euro zone’s new market interest rate ESTR, investment banks managing the deal said. The deal from the EIB, the Euro

Rupee closes weaker; shares end low

(Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday, following continued demand from importers and banks, while equities ended lower for the third straight session. The rupee ended 0.11 percent weaker at 182.20/40 per dollar compared to Monday’s close of 182.00/10. The rupee fell 0.41 percent last week. However, the currency is up 0.22 percent this year.

Janashakthi to amalgamate with Dunamis Capital

Janashakthi PLC, the investment arm of Schaffter family, yesterday said its director board gave approval to amalgamate with its subsidiary, Dunamis Capital PLC, subject to shareholder approval.

Gota faces court test over nationality

(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.

Contrary to Moody’s stance, Central Bank says lending caps credit positive for banks

The Central Bank yesterday disputed Moody’s Investors Service’s claim that the recently announced lending rate cut was credit negative for banks and said the rating agency had not taken into account the complete information set to arrive at its conclusion.

Delays in WTO reform agenda hinder developing nations’ GVC participation

Although global value chains (GVCs) have offered developing countries with opportunities to integrate into the global economy, the delays in the World Trade Organisation’s (WTO) reform agenda have hindered the wider participation of small and developing nations in GVCs.

Fitch affirms Sri Lanka at ‘B’; outlook Stable

While affirming Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a Stable outlook, Fitch Ratings warned of policy slippage risks and resurfacing of political tensions closer to the elections, amid an expanded budget deficit forecast and substantial debt obligations. Sri Lanka is entering an election cycle, with presidential elections in November this year, followed by parliamentary elections in 2020.

Roadmap to face disruption from 4IR top priority of next president: academic

As the Fourth Industrial Revolution (4IR) is set to disrupt Sri Lanka’s major business sectors, including the apparel industry over the next five-year period, a leading academic asserted that formulation of a roadmap to face the disruptions from the 4IR must be the top priority of the next president.

Master Divers to venture into logistics services

Sri Lanka’s oldest and leading underwater services and salvage company, Master Divers (Pvt.) Ltd, plans to venture into bonded warehousing and other logistics services during the next five years, aiming to offer more turnkey and value-added services to Sri Lanka’s growing maritime and logistics industry.

Case for radically restructuring SriLankan Airlines

Disruption and innovation are closely interlinked phenomena, which are coalescing at this critical juncture in time when the established world order is becoming increasingly under strain and unpredictable. It is therefore essential that Sri Lankan leaders start thinking out of the box, applying creative disruption as a means to radically reform and modernise the country’s economy.

Tourism industry in Sri Lanka: Brain drain or brain gain?

Much has been talked about and discussed about Sri Lanka’s tourism boom and the impending human resource shortfall that the industry will have to face.

NPM Presidential Candidate Mahesh Senanayake

Former Army Commander General Mahesh Senanayake was yesterday named as the Presidential Candidate of the National People’s Movement and People’s Forum Organization.

“Plan to fail” perfectly sums up Sri Lanka’s power sector crisis

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

Hayleys invests Rs.2.3bn post Easter Sunday

Hayleys PLC showed exemplary corporate leadership by investing over Rs.2.3 billion across the group, following the tragic events of Easter Sunday, reiterating the confidence in the country’s potential.

Deshal de Mel rejoins Sampath Bank board

Economist Deshal de Mel has rejoined the Sampath Bank PLC board as an Independent Non-Executive Director, with effect from September 26, 2019. Deshal served Sampath Bank as a Director from 2012 to 2017, before joining the Finance Ministry as an Economic Advisor. After leaving his p

Central Bank’s cap on lending rates credit negative for banks: Moody’s

The Central Bank’s move to slap the lending rate caps on the licensed commercial banks (LCBs) will further strain the profitability of Sri Lanka’s banking sector, which is already hit by the rising credit costs and higher effective tax rate, Moody’s Investors Service said in a brief note.

Lorry topples killing 200 broilers

More than 200 poultry fowls had been killed when a lorry transporting them along the Minneriya - Hingurakgoda Main Road veered off the road and toppled near the Kothalawala Junction last morning (29).

Govt. to take responsibility for Habarana elephant deaths : Minister

The Government will take responsibility for the deaths of seven female elephants found dead in the Hiriwadunna Thumbaikulam Reserve in Habarana, State Minister of Wildlife Ranjith Aluvihare said.

We have plans to resuscitate economy now in tatters- Gota

Presidential candidate of Sri Lanka Podujana Peramuna (SLPP) Gotabaya Rajapaksa said he had a vision and mission to uplift people engulfed in poverty and resuscitate the economy which is now in tatters. Addressing the special convention of Lanka Sama Samaja Party (LSSP), he said there were huge market opportunities opening up in the countries such as Malaysia, Singapore, and Japan, and S

I will support Gota no matter what SLFP decides : Nimal Siripala

Senior Vice President of Sri Lanka Freedom Party (SLFP) MP Nimal Siripala de Silva said whatever his party decides, his support will be for Sri Lanka Podujana Peramuna(SLPP)’s presidential candidate Gotabaya Rajapaksa. He made this remark the day before yesterday in a discussion held with Badulla district SLPP political activists. The discussion was he

Will support SLPP at presidential polls if it agrees to a common symbol- President

President Maithripala Sirisena asserted yesterday that his Sri Lanka Freedom Party (SLFP) would team up with Sri Lanka Podujana Peramuna (SLPP) in view of the presidential election only if it agreed to contest under a common symbol. However, SLPP

Invest in human capital for secure future, World Bank advises Sri Lanka

The World Bank (WB) has advised Sri Lanka to prioritise investing in human capital, as the country’s progression to higher-income status would require a more developed human resource pool,