PwC highlights nexus between property and road development in Sri Lanka

Post-war Sri Lanka has seen a dramatic revival to its infrastructure growth. Over the past decade, high-rises, new cities and modern road networks have become an increasingly common sight, not just in the commercial capital of Colombo but throughout the country.

SLASSCOM to develop national AI policy in six months

The Sri Lanka Association of Software and Service Companies (SLASSCOM) plans to develop a national Artificial Intelligence (AI) policy for Sri Lanka, in six months, partnering with the public and private sector stakeholders.

Korea provides US $ 6mn grant to help vulnerable communities

The Korea International Cooperation Agency (KOICA) will provide a US $ 6 million grant to assist the vulnerable communities in five districts in Sri Lanka.

Finance Ministry says no attempt made to privatise People’s Bank

The Finance Ministry yesterday denied the recent media reports quoting the Opposition parliamentarians to the effect that state-owned People’s Bank would be privatised, saying such reports were completely “false and misleading”.

Sri Lanka gets US $ 310mn WB loan to mitigate flood risks in Colombo

The World Bank has approved a US $ 310 million loan to reduce and mitigate the flood risks in the lower Kelani basin in Colombo and improve the weather forecasting and early warning systems across Sri Lanka.

Shares recover from 2-week low on block trade; rupee slips

(Colombo) REUTERS: Sri Lankan shares snapped a four-session losing streak to end tad firmer yesterday on block trading of select shares, bouncing back from a two-week low hit on the previous day, while the rupee fell on importers’ dollar demand, market sources said. The benchmark stock index ended 0.11 percent higher at 5,348.57, recovering from its lowest closing level since June 11 hit on Tuesday. It fell 0.38 percent last week and is down 11.6

SEC sues two over manipulating e-Channelling shares

The Securities and Exchange Commission (SEC) of Sri Lanka has filed action in the Magistrate’s Court Colombo Fort against two investors, on charges of having committed the offence of market/price manipulation with regard to the shares of E-Channelling PLC.

Malaysia awaits green light from Sri Lanka to commence FTA talks

Malaysia is awaiting the green light from Sri Lankan counterparts to officially commence negotiations on the proposed Free Trade Agreement (FTA) between the two countries. “We have already completed a feasibility study on th

Amnesty raises fresh fears of executions in Sri Lanka

(Colombo) AFP: Amnesty International raised yesterday fresh concerns that Sri Lanka may soon end a 42-year moratorium on capital punishment and hang 13 men convicted of drug offences.

SL updates HRC on measures taken to advance human rights and security

The Sri Lanka delegation to the Human Rights Council briefed the Council yesterday on the progress made in addressing human rights concerns, national security imperatives, as well as reconciliation priorities.

Stocks fall; rupee ends steady as bond sale attracts dollars

(Colombo) REUTERS: Sri Lanka shares fell for the fourth straight session yesterday to hit a two-week low on foreign outflows, while rupee ended steady buoyed by dollar inflows into two new sovereign bonds launched a day ago, market sources said.

Sri Lanka raises US $ 2bn from bond markets

Sri Lanka raised US $ 2 billion from U.S. dollar bond markets on Monday, which the country’s Central Bank said is a testament to the international investor community’s continued support for Sri Lanka and their confidence in the country’s economic fundamentals and long-term growth prospects. Sri Lanka

Sri Lanka launches own national card scheme

The Central Bank of Sri Lanka together with LankaClear (Pvt.) Ltd (LCPL) achieved a significant milestone in the country’s payment landscape by launching the National Card Scheme (NCS). The NCS will be operated by LCPL in partnership with the international payment card operator, JCB International of Ja

Tourism industry urges govt. to re-evaluate costly airfare structure

Sri Lanka’s tourism industry last week urged the government to re-evaluate the airfare structure, to draw more European tourists to the country as a measure to support the industry during its recovery, in the aft

Sri Lanka Insurance rating upgraded to AAA(lka)

Fitch Rating has upgraded state-owned insurance giant Sri Lanka Insurance’s (SLI) national Insurer Financial Strength rating to ‘AAA(lka)’, from ‘AA+ (lka)’, with a Stable Outlook.

Rocky path ahead for Sri Lanka’s small and mid-sized lenders, says Fitch

Sri Lanka’s small and medium-sized banks (SMBs) will have to brace for a turbulent period ahead, stemming from the weaker asset quality and pressure on profits among a host of other problems in a hobbling economy, Fitch Ratings said in a brief note on the club of seven banks. Fitch Ratings, which analysed the profil

Rupee edges higher on sovereign bond launch; stocks fall

(Colombo) REUTERS: Sri Lanka rupee rose yesterday buoyed by hopes of dollar inflows into two sovereign bonds launched earlier in the day, while shares fell for the third straight session to hit a near two-week low on foreign outflows, market sources said. The island nation launched the sale o

Sri Lanka launches second sovereign bond sale in 3 months

Sri Lanka yesterday launched the second sovereign bond sale as the island nation looks to tap the global capital markets for the second time in three months, to meet the government expenditure and settle the

Colombo Dockyard delivers first cable-laying vessel

Colombo Dockyard PLC delivered its first ever cable-laying vessel ‘KDDI Cable Infinity’ last Friday, built for Kokusai Cable Ship Co. Ltd. (KCS) of Japan. The picture shows KDDI Cable Infinity at Colombo Port before setting sail for Japan on Saturday (22nd). Read the full story on Page 5.

Southern Economic Corporation to develop Galle, Matara, H’tota and Moneragala

Laws concerning the proposed Southern Economic Corporation are being drafted currently and will be introduced soon, Prime Minister Ranil Wickremesinghe said over the weekend. He said Moneragala, Hambantota, Matara and Galle will be developed under this proposed corporation. “We developed Colombo and Gampaha districts by setting up the Greater Colombo E

Hans to take helm of Ceylon Chamber

The Ceylon Chamber of Commerce will celebrate the commencement of its 181st year on June 28 at the Cinnamon Grand Hotel, to coincide with its Annual General Meeting and the induction of Dr. Hans Wijayasuriya as the Chairperson for the year 2019/20.

CMTA to formulate future mobility plan for Sri Lanka

The Ceylon Motor Traders Association (CMTA) is to formulate a future mobility plan for Sri Lanka with the assistance of Ceylon Chamber of Commerce, World Bank, Asian Development Bank (ADB) and a few internationally-renowned research agencies to develop a sustainable automotive industry in Sri Lanka. “If

National prices rise in May on higher food prices

Sri Lanka’s food and commodities prices rose 3.5 percent during the 12 months to May as higher food prices mostly pushed up the index that measures the national level prices. However, it eased from 3.6 percent in April.

Sampath Bank in discussion with investor to place undersubscribed rights

Private lender, Sampath Bank PLC last week said its directors were in discussion with a potential investor to place the undersubscribed shares of its Rs.12.1 billion rights issue. Sampath Bank offered 89 million shares at Rs.136 e

Sri Lanka’s premier travel and tourism fair opens

The ninth edition of Sancharaka Udawa, Sri Lanka’s premier travel and tourism fair was inaugurated yesterday at the BMICH, Colombo. This two-day fair will be open to the

ASEAN seeks conclusion of China-led trade deal this year: Thai PM

BANGKOK (AFP) - Southeast Asian leaders are eager to sign a sweeping China-led trade pact by the end of this year, Thailand’s Prime Minister said yesterday, with further talks expected at a Bangkok summit on the world’s biggest commercial deal. Beijing is seeking to shape the

Malik backs repealing of ‘Expropriation Act’

The Minister of Development Strategies and International Trade Malik Samarawickrama has welcomed the Parliamentary approval received on Thursday to repeal the ‘Revival of Underperforming Enterprises or Underutilized Assets Act No. 43 of 2011’.

SLTPB says its digital strategy rewarding

The Sri Lanka Tourism Promotion Bureau (SLTPB) is said to be currently evaluating the impact of its digital campaign launched in the UK and France recently. The evaluation data will be used in fine tuning the digital campaign before its scheduled launch in Germany, India and China in the next few weeks. This digital campaign is aimed at attracting targ

Oil flat after rallying on US-Iran tensions, Asia markets retreat

HONG KONG (AFP) - Oil prices stabilised yesterday following the previous day’s surge fuelled by tensions between the United States and Iran, while Asian equities turned negative as investors took their foot off the pedal following a recent rally.

Gold glistens as US-Iran worries fuel flight to safety

LONDON (AFP) - Gold prices struck near six-year highs yesterday as a weaker dollar and escalating US-Iran tensions fuelled a flight to haven assets, while oil futures built on strong gains.