State help sought to set up local textile industry to fully harness GSP Plus

Sri Lanka’s apparel exporters seek government support to develop a dedicated textile industry in the country to source the required fabric base for apparel exports in order to enhance the utilisation of European Union’s (EU) GSP Plus facility. In an interview with Mi

Easter attacks pose no major threat to Sri Lanka’s debt repayment ability: IMF

The recent Easter Sunday bombings and the resultant economic slowdown don’t pose a major threat to Sri Lanka’s debt refinancing capacity, according to the International Monetary Fund (IMF).

Stocks edge up from near 7-year low

REUTERS: Sri Lankan shares rose yesterday, snapping their 10-session losing streak to recover from its lowest close in nearly seven years as investors bought beaten down shares. The rupee edged higher for the second session after four straight days of losses, but traders said sectarian violence was still denting investor sentiment. Most investors have shied away from the market since the April 21 bombings that killed more than 250 people in coor

Colombo Dockyard losses widen in March

Sri Lanka’s largest ship builder, the Colombo Dockyard PLC (DOCK), saw its losses widening during the March quarter (1Q19) despite a significant increase in the company’s top line performance, the interim financial accounts released to the Colombo bourse showed.

Mahaweli Coconut Plantation to list shares on CSE

The Colombo Stock Exchange (CSE) has approved in principle an application submitted by the Mahaweli Coconut Plantation Limited for the listing of its shares on CSE’s secondary Diri Savi Board. The company plans to list 33.8 million ordinary voting shares of by way of an Introduction. CSE said the copies of the introductory document will be made available by the company to all member firms and trading members shortly. The shares will be granted a

Central Bank extends regulatory measures on The Finance

The Central Bank yesterday extended the suspension on the troubled non-banking financial institution, The Finance Company PLC (TFC), to consider the business restructuring proposal submitted by the company.

Ceylon Tobacco says cigarette sales down in first quarter

The sales slowed at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), during the March quarter (1Q19), as CTC had to jack up the prices of some of its products, as a result of the government hiking the taxes in two instances within a span of nine months.

DFCC Bank finds growth in a dull market, but profits halved on fair value losses on ComBank shares

Despite the setbacks suffered by the rest of the licensed banks, DFCC Bank PLC managed to survive some of the economic vagaries to keep its performance ticking during the quarter ended March 31, 2019, the lender’s interim financial accounts showed.

Slower loan growth, higher provision and taxes dent ComBank 1Q19

The decline in the loan book, higher impairment charges and taxes dented the March quarter (1Q19) performance of Commercial Bank (Ceylon) PLC, Sri Lanka’s largest private lender with over Rs.1.3 trillion in assets, the interim financial accounts released to the Colombo bourse showed.

Mob attacks put tourism further in tatters

The recent mob attacks carried out targeting Muslims in several parts of Sri Lanka, in the aftermath of Easter Sunday attacks, could further hinder tourist arrivals to the island nation, dashing the industry’s hopes for a faster recovery.

Swiss Ceylon brings Lankan and Swiss values to new dimension

Swiss Ceylon Associates (Pvt.) Ltd. was founded by citizens of Sri Lanka and Switzerland who have the bond of friendship for many decades and is aiming to create a sustainable organization for the next generation of their families whom they have included in the development and expansion of the organization to the next century.

Stafford International School rejects baseless accusations circulating on social media

Stafford International School, Colombo 7 yesterday categorically rejected any claim or responsibility towards the image circulating on WhatsApp and on social media platforms, claiming its teachers are posting islamophobic comments on social media.

SLT seeks drivers for newest venture

SLT muve is a naval smart transport service introduced by Sri Lanka’s pioneering and leading telecommunication services provider – Sri Lanka Telecom group.

COYLE condemns acts of violence

The Chamber of Young Lankan Entrepreneurs (COYLE) condemns all acts of violence that result in further unnecessary attacks on innocent people and damages to property.

Sri Lanka lifts travel ban on grieving British groom

A Briton whose bride died on their honeymoon two days after arriving in Sri Lanka was allowed to return home after a court lifted a travel ban yesterday.

Stocks fall for 10th day on sectarian violence concerns

(Colombo) REUTERS: Sri Lankan shares fell for the 10th straight session yesterday and closed at their lowest in nearly seven years, as sectarian violence dented investor sentiment, while the rupee edged higher after four straight sessions of losses.

CIPM hosts ceremony to honour past presidents and fellow members

CIPM Sri Lanka hosted a ceremony with the objective of honouring and appreciating the yeomen service rendered by the past presidents during their respective tenures and to recognize the Chartered Fellow Members who bring honour and recognition to CIPM and for their contribution for the upliftment of the HR profession in Sri Lanka and the region.

Taking Sri Lankan SMEs global is not just possible, it is inevitable

Sri Lanka’s economy is not growing as fast as its potential would suggest. The final data on the country’s economic performance has not yet been collated, all forecasts point to a GDP growth rate of approximately 3.6 percent in 2018. While this is a definite improvement over the 3.1 percent growth rate witnessed in 2017 – the lowest since 2003 – it is clear that the nation has many obstacles to clear before economic growth can truly take off.

US-China trade impasse: A quick take

With Chinese Vice Premier Liu He scheduled to arrive in Washington late last week, hopes and expectations were rising that the US and China were on the verge of successfully concluding a trade agreement that would cool trade tensions and restore some semblance of stability to the largest bilateral trading relationship in the world.

Emirates Chief Commercial Officer resigns after airline’s profit dives

(Dubai) REUTERS: Emirates Chief Commercial Officer Thierry Antinori has resigned, a spokeswoman said on Sunday, days after the Gulf airline announced its weakest profit in a decade.

SilkAir launches first non-stop flights between Singapore and Busan

SilkAir, the regional wing of Singapore Airlines has launched the first non-stop flights between Singapore and Busan in South Korea.

John calls on British High Commissioner

Minister of Tourism, Wildlife and Christian Affairs John Amaratunga met with British High Commissioner to Sri Lanka James Dauris this week to discuss the  improvements in the security situation post-Easter Sunday terror attacks, and informed the High Commissioner about the future steps to be taken by the government. SLTPB Chairman Kishu Gomes and Dinesh Weerakkody participated in the discussions.

Russian tour operators visit Sri Lanka with Aitken Spence Travels

A group of 12 tour operators from St. Petersburg, Russia is currently in Sri Lanka for a familiarization tour with Aitken Spence Travels.

Sri Lanka Tourism begins new promotion in Thailand

Consequent to the recent downturn in arrivals following the Easter Sunday attacks, Sri Lanka Tourism has planned a series of short-term promotional programmes to attract tourists from short haul markets.

Pan Asia Bank’s 1Q19 growth moderates amid slower loans, higher taxes

Pan Asia Banking Corporation PLC reported lower profits for the quarter ended March 31, 2019 (1Q19) amid higher taxes and negative growth in the lender’s loan books, the interim financial accounts released to the Colombo Stock Exchange showed.

NTB’s Foreign Currency Investment Plan ensures stable returns: Senior VP

For the first time in Sri Lanka it is now possible to plan your financial future in a stable foreign currency with Nations Trust Bank’s newly introduced Foreign Currency Investment Plan.

NDB Ran Naya waives off one month interest

NDB’s Ran Naya Pawning service now offers customers one month interest free for all pawning transactions held for more than six months.

HNB launches ‘Solo’ eWallet digital payment system

Laying the foundation for a comprehensive digital payment ecosystem in Sri Lanka, the country’s most innovative bank, Hatton National Bank PLC, announced the launch of its own digital wallet and payment app, HNB Solo.

ComBank wins ACEF ‘Social Media Brand of the Year’ award for second year

The Commercial Bank of Ceylon has been adjudged the ‘Social Media Brand of the Year 2019’ for the second consecutive year at the 8th Global Customer Engagement Forum & Awards in Mumbai, sharing the honour with joint Gold winner Switzerland Tourism.

IMF completes fifth review; releases US$ 164.1mn to SL

The Executive Board of the International Monetary Fund (IMF) has approved US$ 164.1 million disbursement for Sri Lanka, completing the fifth review of the Extended Fund Facility (EFF) arrangement the island nation has wit