I’m not ready to retire: President

President Maithripala Sirisena said over the weekend that he was not ready to retire from politics and that he would open a new chapter after December.

Customs nab Brazilian woman with Rs.10 mn worth Cocaine

A female Brazilian tourist who attempted to smuggle in a stock Cocaine worth over Rs.10 million by swallowing it was nabbed by the Customs officials at the Bandaranaike International Airport (BIA) on Saturday morning.

Morison receives shareholder nod for delisting

The shareholders of Morison PLC approved the delisting of its voting and non-voting shares from the Colombo Stock Exchange, by way of a special resolution, having over 75 percent shareholders present and voting at the Extraordinary General Meeting of the company, held on September 27, 2019. The company stated that it w

Dubai developers race to lure buyers as downturn bites

AFP: Dubai, a city defined by its glittering towers and man-made islands, is stuck in a five-year property downturn with no end in sight, drawing warnings of an industry reckoning that will see weaker players fail.

Ensure UNP candidate’s victory to enact new constitution: PM

UNP leader Prime Minister Ranil Wickremesinghe said it was important to ensure the victory of presidential candidate Sajith Premadasa as the next step to enact the new constitution. Addressing a meeting with civil society leaders at Temple Trees yesterday, Mr. Wickremesinghe said victory at the presidential election should be considered as the final battle as there is much more to be done t

UNP meets today for further planning

All organisers of the United National Party had been called for a meeting at the party headquarters Sirikotha today, sources said yesterday.

Formation of DNA deferred till presidential election is over

The registration of the Democratic National Alliance (DNA) under the leadership of the United National Party (UNP) has been postponed until after the Presidential Election to be concluded on November 16, Daily Mirror learns.

Sri Lanka needs to invest in people to unlock productive potential:WB

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

Saudi Arabia to offer tourist visas for first time

RIYADH (AFP) - Saudi Arabia said yesterday it will offer tourist visas for the first time, opening up the ultra-conservative kingdom to holidaymakers as part of a push to diversify its economy away from oil.

UK rate cut ‘plausible’ if Brexit uncertainty persists: BoE’s Saunders

England (Reuters) - The Bank of England may need to cut interest rates in the likely scenario that high levels of uncertainty over Brexit persist, policymaker Michael Saunders said yesterday in the first

Asian markets fall as Trump impeachment saga hits sentiment

HONG KONG (AFP) - Asian markets fell yesterday following declines on Wall Street as the impeachment inquiry into President Donald Trump weighed on sentiment. Political turmoil in Washington following the release of a whistleblower’s complaint overshadowed positive comments from Trump on US-China trade talks and steps towards a new agreement with Japan

Turkey shrugs off Thomas Cook collapse amid booming investment

ISTANBUL (AFP) - Turkey’s tourism minister said yesterday he was unconcerned by the collapse of British tour operator Thomas Cook as he unveiled ambitious plans to make the country one of the world’s top holiday destinations. “Nobody should be concerned b

Shares end down; rupee steady

(Colombo) REUTERS: Sri Lankan shares ended down yesterday, snapping two straight gaining sessions to record their second weekly fall, while the rupee was little changed as inward remittances offset dollar demand from banks. The index rose for the past two s

Oil shipping rates soar as U.S. supertanker sanctions rattle crude trade

SINGAPORE (Reuters) - Key oil freight rates from the Middle East to Asia rocketed as much as 28 percent yesterday in a global oil shipping market spooked by United States sanctions on units of Chinese giant COSCO for alleged involvement in ferrying crude out of Iran. In what the State Department cal

SAES XII renews call for South Asian integration

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

Malik tells biz to focus on creating more Lankan brands for international market

The need to build more Sri Lankan brands and taking them to international market successfully was asserted this week, as challenges continue to mount with the country looking to shift its attention towards being

Jaguar Land Rover to close UK factories for a week over Brexit

(Gaydon, UK) REUTERS: Britain’s biggest carmaker, Jaguar Land Rover, will close its British factories for a week in November to cope with Brexit, its boss said yesterday, a plan automakers are adopting to help prepare for any disruption resulting from a no-deal.

Kristalina Georgieva named IMF Managing Director

(Washington) AFP: The International Monetary Fund on Wednesday formally selected Kristalina Georgieva of Bulgaria to be only the second woman ever to lead the 189-member institution. The selection had been all but guaranteed after the global crisis lender said earlier this month that Georgieva, a former World Bank CEO, was the sole candidate. In acknowledging her sele

UNP nominates Deputy Leader as presidential candidate

(Colombo) REUTERS : Sri Lanka’s ruling party yesterday nominated its Deputy Leader, Sajith Premadasa, to run in a presidential election on Nov. 16, a move that appeared intended to win over Buddhist-majority voters.

Shares close higher, rupee weakens

(Colombo) REUTERS: Sri Lankan shares rose for a second session yesterday as banks and diversified stocks continued their rally after the Central Bank asked lenders to cut interest rates, while the rupee closed weaker.

BoC Thurunudiriya makes milestone serving 1, 000 entrepreneurs

Bank of Ceylon’s (BOC) Thurunudiriya loan scheme has assisted to-date 1, 000 young entrepreneurs across the island disbursing more than Rs.410 million by end of September. This was reporte

Home Lands Group acquires Rs.364mn property in Malabe for apartment project

Home Lands Skyline, the residential development arm of Home Lands Group has invested Rs.364 million in an up-market property of 6.5 acres in Malabe in Chandrika Kumarathunga Mawatha.

Spice exporters perturbed by non-tariff barriers on pepper and areca nut exports to India

Sri Lanka’s spice exporters yesterday lashed out at the multiple non-tariff barriers imposed by Indian authorities on pepper, areca nuts and clove stems despite the existence of Indo-Sri Lanka Free Trade Agreement. The Management

Stakeholder commitment sought to meet national climate change obligations

The European Union delegation to Sri Lanka and the Maldives along with the United National Industrial Development Organisation (UNIDO) recently held a workshop as project consultation and validation for new initiative to support to the implementation of Sri Lanka’s National Determined Contributions (NDC) in the industrial sector.

Treasury fears Rs.300bn revenue loss to govt. coffers

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

Spices sector gets boost with ‘Ceylon Spices’ trademark

Sri Lanka’s spices industry received the much-awaited and required boost yesterday with the Export Development Board (EDB) launching the country-of-origin trade mark, ‘Ceylon Spices’. The trademark is followed

SL misses IMF fiscal targets; but says committed to achieving primary surplus in 2019

Sri Lanka has missed the fiscal target it had agreed with the International Monetary Fund (IMF) during its fifth review of the four-year Extended Fund Facility (EFF) programme, said a staff team from the fund, who were in Colombo from September 10 to 25, for the programme’s sixth review.

Economic activity in most Lankan provinces languishes

The economic activity in most of Sri Lanka’s provinces had remained stagnant in 2018 as their contribution to the country’s GDP remained more or less unchanged, according to the data of the Statistics Department of the Central Bank.

Trade deficit widens in July as exports fall 7%

Sri Lanka’s trade deficit, which has been contracting since November, last year, expanded in the month of July as exports fell more than the decline in imports, after a steady growth for several months, th

CB removes interest rate cap on bank deposits

The Central Bank yesterday said it has decided to withdraw the directive issued to impose maximum interest rates on rupee deposits in April, following the lending rate caps ordered on banks from next month. The bank said the Monetary Board has decided to withdraw the Monetary Law Act Order No.01 of 2019, issued on April 26, 2019, imposing maximum interest rates on Sri Lanka rupee deposits, with effect from September 24, 2019.