Technological innovation is game-changer for agricultural statistics

Improving the welfare of Asian farmers depends on strategically investing in collecting “good data”. Most of Asia’s poor live in rural areas and rely on agriculture as their main source of income.

Uber Eats will soon become integral part of Colombo’s vibrant food culture : rathod

Following is a brief interview with Bhavik Rathod - Head of Uber Eats India & South Asia on the launch of Uber Eats in Sri Lanka recently.  What is Uber Eats and why are you launching it in Colombo?

Shilpa Abhimani 2018 launched

Shilpa Abhimani 2018 Presidential Handicraft Award Ceremony organised by the Industry and Commerce Ministry and National Crafts Council was launched yesterday at the BMICH under the patronage of Industry and Commerce Minister Rishad Bathiudeen.

Sri Lanka Economic Summit 2018 kicks off today

Sri Lanka Economic Summit 2018 will be inaugurated this morning at Cinnamon Grand Colombo.

New loan growth picks up in July

Growth in new loans by Sri Lankan banks accelerated pace during July from a month ago as the lenders try to beat to odds of the tight economy to meet their internal growth targets during the second half of the year.

Smart cities can serve citizens better after significant rise in urbanization in Asia

With May’s major flooding in Ratnapura, a city in Sri Lanka, and its disastrous consequences still fresh in our minds, it reminds me of a similar occurrence, this time in the city of Buenos Aires.  

Sri Lanka’s banking sector asset quality further deteriorates

There appears to be no end in sight to the rising sour loans in the Sri Lanka’s banking sector as the non-performing loans continue to head north while the Central Bank expects further gloom in the picture ahead. 

Insurance industry regulator operating sans actuary since last year

Sri Lanka’s insurance industry regulator, the Insurance Regulatory Commission of Sri Lanka (IRCSL) has been operating without a permanent actuary or an actuarial consultant since last year, posing risks to policyholders, an Industry professional alleged. 

Sri Lanka calls RFQs to issue licences for new lubricant players

The Ministry of Petroleum Resources Development has called for Requests for Qualification (RFQ) to issue new licences to import, export, supply, blend and distribute lubricants with cert

NDB’s Rs.6.2bn rights issue gets shareholder nod

The shareholders of NDB approved a capital raising of over Rs. 6.2 billion via a rights issue at an Extraordinary General Meeting (EGM) held at the NDB-EDB Tower yesterday. The funds to be raised are primarily to supplement growth and to improve the bank’s Tier I capital adequacy levels. NDB shareholders and the bank’s Board of Directors were present at 

UN expert urges govt. to establish rate cap on microcredit business

Sri Lanka should establish an interest rate cap for all financial institutions and individual lenders operating in the microcredit business to assess the credit risk of their loans and regulate and restrict the actions they can take to collect the loans in line with international human rights standards, a UN expert said yesterday. Juan Pablo Bo

Kapila Jayawardena appointed Seylan Bank Deputy Chairman

The Board of Directors of Seylan Bank PLC has appointed its non executive Director and LOLC Group Managing Director/CEO Kapila Jayawardena as Deputy Chairman of the Board with effect from September 10, 2018, according to a CSE filing.

Sri Lanka ups tourist arrival target to three million this year

Sri Lanka Tourism has upped its tourist arrivals target to three million from 2.5 million this year, while eyeing four million tourist arrivals next year as the new tourism promotional campaigns are getting off the ground.

Ceylon Tea global promotional campaign to kick-start in 4 key markets

The Sri Lanka Tea Board (SLTB) is to launch the global promotional campaign initially in four markets: Russia, Ukraine, China and Saudi Arabia, on social media and digital print media, with possible delays. 

Special counter for VAT refund to tourists at BIA from today

In a bid to attract more tourists to Sri Lanka, the government is launching a new system for tourists to reclaim 15 percent VAT for the goods they have purchased in Sri Lanka, with effect from today, the Finance and Mass Media Ministry announced yesterday. 

Shares slip to 1-week closing low on foreign selling

(Colombo) Reuters: Sri Lankan shares fell to one-week closing low yesterday as foreign investors sold blue chips such as conglomerate John Keells Holdings PLC.

Rupee falls on importer dollar demand, dollar strength

(Colombo) REUTERS: The Sri Lankan rupee ended weaker on Monday as importer dollar demand surpassed greenback sales by banks and the U.S. currency strengthened globally, dealers said.

Sierra Cables transferred to watch list

Sierra Cables PLC said it was transferred to the watch list by the Colombo Stock Exchange after the company auditor raised doubts over the going concern of two of its subsidiaries. 

PM mulls on amending taxes to support private sector

The government is in discussion with the private sector to amend some of the taxes recently imposed on it, which have been identified as hindering the growth of the private sector, Prime Minister Ranil Wickremesinghe revealed. 

Attempts to backtrack on SLSFTA will hurt Sri Lanka

A leading academic warned that attempts and the discourse to backtrack on the already enacted Sri Lanka-Singapore Free Trade Agreement (SLSFTA) would hurt the country’s chances of entering into future foreign treaties.

Tea exporters look at ME, India to set up blending houses as industry remains divided

Sri Lankan tea exporters are looking at destinations outside the country to set up blending houses to regain competitiveness and cater to emerging markets’ needs, a leading tea exporter said.  

Trump tells Apple to make products in U.S. to avoid China tariffs

REUTERS: U.S. President Trump tweeted on Saturday that Apple Inc should make products inside the United States if it wants to avoid tariffs on Chinese imports. The company told tra

Central Bank says will intervene if rupee moves on speculation

(Colombo) REUTERS: Sri Lanka’s Central Bank will intervene in the foreign exchange markets if its rupee currency moves for any reasons other than global trends, Nandalal Weerasing

Jack Ma to unveil succession plans, not imminent retirement

(Beijing) AFP: Alibaba co-founder and Chairman Jack Ma will unveil a succession plan today, the South China Morning Post (SCMP) reported Sunday, with a company spokesman de

Former ComBank CEO on two listed firm boards

Former Commercial Bank CEO Jegan Durairatnam, who recently retired, has been appointed to the director boards of two listed firms—a bank and a hotel owning company.

USAID partners with private banks to provide MSMEs access to finance

The U.S. Agency for International Development (USAID), with the USAID Development Credit Authority (DCA), Hatton National Bank PLC and Sampath Bank PLC have announced a new

Raising awareness for greater good

Ceylinco VIP yesterday held a series of protest demonstrations to raise awareness among motorists and the general public alike on mainstream issues Sri Lanka is facing—from drunk driving to drug menace to violence against women. Kicking off the protests at the Galle Face from 7:00 a.m. to 9:00 a.m., Ceylinco held its sec

CIMA President Steven Swientozielskyj in town

The 85th President of The Chartered Institute of Management Accountants (CIMA), Steven Swientozielskyj FCMA, CGMA, will be in Sri Lanka from September 8 to 14.  During his visit he i

Sri Lanka Buildcon and Sri Lanka Wood 2018 open

Sri Lanka Buildcon 2018 and Sri Lanka Wood 2018, two trade shows organised by Futurex Trade Fair and Events (Pvt.) Ltd, a leading SAARC countries’ organiser in collaboration with Sri L

MAS Holdings announces new JV with Best Pacific

MAS Holdings entered into a joint venture agreement with Best Pacific International Holdings Limited earlier this year, which was formalized on August 1st with the official signing ceremony.