Rupee hits record low for sixth session

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a sixth straight session yesterday due to dollar demand from importers and banks to facilitate foreign bond outflows, market sources said.

Shares snap losing streak to end slightly firmer

(Colombo) REUTERS: Sri Lankan shares ended marginally higher yesterday, edging up from their 30-month closing low hit in the previous session, as investors picked up battered shares, while sentiment was weighed down by weak rupee and continued foreign selling.

Sri Lanka may cut 2018 tea production target after weak August

(Colombo) REUTERS: Sri Lanka may have to downgrade its full-year forecast for tea production after output tumbled 14 percent in August from a year earlier due to a prolonged drought, the state-run Tea Board said on Tuesday. 

Sri Lanka should inject sustainability into innovative strategies: experts

Sri Lanka, as a country and the business organisations in it should embed sustainability when drafting innovative strategies in order to become part of the solution to global warming, France’s INSEAD Business School Executive in Residence Dr. Ravi Fernando said. 

Sri Lanka may cut 2018 tea production target after weak August

(Colombo) REUTERS: Sri Lanka may have to downgrade its full-year forecast for tea production after output tumbled 14 percent in August from a year earlier due to a prolonged drought, the State-run Tea Board said yesterday. 

Rupee hits record low for 5th straight session

(Colombo) REUTERS: The Sri Lankan rupee hit an all-time low of 166.10 per dollar yesterday due to dollar demand from importers and banks to facilitate foreign bond outflows, but selling of the U.S. currency by a state bank limited the fall, market sources said.

Economy grows at 3.7% in 2Q

Sri Lanka’s economy grew at an estimated 3.7 percent during the second quarter of this year (2Q18) compared to  4 percent growth reported for the same quarter, last year, and the revis

MAS recognised as ‘Exporting Conglomerate of the Year’

MAS Holdings made history by being recognized as the ‘Exporting Conglomerate of the Year’ at the Presidential Export Awards 2018 held at the BMICH under the patronage of President Maithripala Sirisena yesterday.  At the same event

SL to hold ministerial level FTA talks with China

Sri Lanka plans to hold ministerial level talks with the Chinese government this November to resume negotiations on the proposed China-Sri Lanka Free Trade Agreement (FTA).

Colombo City Centre’s int’l fashion mall opens today

The fashion mall at Colombo City Centre will open to the public at 4.30 p.m. today amid an ambience of colourful celebrations. 

Sri Lanka secures US $ 50mn ADB loan for roof top solar

Sri Lanka has secured a US $ 50 million loan from the Asian Development Bank (ADB) for rooftop solar power generation project under the much hyped ‘Soorya bala sangramaya’ or battle for solar power programme.

Colombo Affairs, new player in local event management industry

The event management industry has flourished with innovative concepts. While it has dominated the trends in organising events it has provided an opportunity for creative minds to work at ease. Adding into this industry is Colombo Affairs (Pvt.) Ltd, a new player that is ready to take over the challenge to deliver highest credibility with events

Central Bank rubbishes Nomura report

The Central Bank yesterday slammed a report by Nomura Holdings Inc., which placed Sri Lanka among the countries most vulnerable to an exchange rate crisis, largely based on erroneous data and seemingly flawed research methodology. 

Policies promoting e-commerce and digital transactions key for Sri Lanka to enter Fourth Industrial

The government should embrace policies and regulations to promote e-commerce and digital financial services for the country to enter into the Fourth Industrial Revolution, which would be the enabler of inclusive growth, Axiata Group Berhad CEO South Asia Region and Ceylon Chamber of Commerce Vice Chairman Dr. Hans Wijayasuriya said.

Allianz’s Australian unit misled travelling clients with “unlimited” insurance -inquiry

(Sydney) REUTERS: An Australian unit of German insurer Allianz SE sold travel insurance that misleadingly promised unlimited emergency medical cover wherever people were even though the policies had limits on both cost and location, a misconduct inquiry heard yesterday.

Shares slip to near 3-week closing low in dull trade

(Colombo) REUTERS: Sri Lankan shares fell slightly to a near three-week closing low yesterday as investors sold manufacturing and banking stocks in dull trade and the rupee hit a fresh low in its record-setting spree.

CEB agrees to pay liabilities amounting to Rs.162mn to PUCSL

At the District Court of Colombo, the Ceylon Electricity Board (CEB) has agreed to pay the liabilities amounting to Rs.162 million to the Public Utilities Commission of Sri Lanka (PUCSL), within a period of two months.

Rupee hits record low for fourth straight day

(Colombo) REUTERS: The Sri Lankan rupee touched a fresh low of 165.10 per dollar yesterday, due to higher dollar demand from importers and banks to facilitate foreign bond outflows amid exporters who were reluctant to sell the U.S. currency, market sources said.

VAT on fabric imports reduced to 5%

The Finance and Mass Media Ministry yesterday announced the reduction of aValue Added Tax (VAT) on imported fabrics to 5 percent from 15 percent. 

Firm-level analysis of manufacturing sector investments in Sri Lanka

Although foreign direct investment (FDI) inflows to Sri Lanka have ‘recovered’ in 2017, hitting the much-touted US $ 1 billion landmark, the underlying bottlenecks of poor ease of doing business, attracting the wrong ‘types’ of investments and policy uncertainty have prevented Sri Lanka from ushering in optimal FDI gains throughout the post-war period. 

Role of neoliberalism in UNP economic policies

The United National Party (UNP), the oldest political party in the country, recently celebrated its 72nd anniversary.   

Bank loans to construction sector slightly up in 2Q

Lending by Sri Lanka’s banking sector to the broader construction sector has edged up during the second quarter of this year, but substantially down from the 2017 highs when the Central 

Singhe Hospitals in fresh capital call after continuous losses

Singhe Hospitals PLC last week said it received the shareholders’ approval to raise fresh capital by way of a private placement amid continued losses, and the management saying the company is facing a serious loss of capital.

UK Opposition says big London banks must never again be ‘masters of the economy’

(London) REUTERS: London’s vast financial sector must never again be the ‘masters of the economy’, the finance spokesman of Britain’s opposition Labour Party said, accusing bankers of profiting from speculation at the expense of ordinary people.

Small lubricant players continue to eat into market leader’s share

New entrants and relatively established players are seen gaining traction in Sri Lanka’s lubricant landscape and eating into the share of the market leader, the data released by the Public Utilities Commission of Sri Lanka (PUCSL), the shadow regulator of the lubricants industry, showed. 

Unilever and UNDP deliver PPP Policy Paper to President’s Secretary

Unilever Sri Lanka Chairman Carl Cruz and United Nations Development Programme (UNDP) Country Director Jorn Sorensen recently handed over a policy action paper for the promotion of Pub

Public sector salaries, pensions to gobble 44% of govt. revenue this year

Sri Lanka’s recurrent expenditure on public sector salaries and pensions will account for 44 percent of the government’s revenue this year across  1,251 entities due to 

“We are heavily promoting Colombo as a destination” Shangri La Colombo Director

In an interview with Dailymirror Online Shangri La Colombo’s Director Sales and Marketing Chris McFall states that the hotel has been performing well as per the set benchmarks since the opening.

Sustainable Energy Expo 2018

The “Sustainable Energy Expo 2018”, organized jointly by the Electricity and Renewable Energy Ministry, Sri Lanka Sustainable Energy Authority and the Chamber of Construction Industry opened at the BMICH (Nugasewana Hall) yesterday. Picture show Power and Renewable Energy Deputy Minister Ajith P.  Perera making inquiries about some products on display. 

Economists should have predicted Lehman collapse: OECD chief

PARIS (AFP) - The head of the OECD said yesterday that he regretted the rich nations club’s failure to predict the crisis triggered by the collapse of Lehman Brothers a decade ago