Shares hit 30-month low on weak rupee, foreign selling

(Colombo) EUTERS:  Sri Lankan shares dropped to their lowest close in 30 months yesterday as foreign investors sold market heavyweight John Keells Holdings, while a weak rupee dented sentiment.

Rupee hits record low for 7th session; state banks sell dollar

(Colombo) REUTERS: The Sri Lankan rupee fell 0.9 percent yesterday to hit a record low for a seventh straight session due to dollar demand from importers and banks to facilitate foreign bond outflows, market sources said.

Economy to grow 3.7% this year: HSBC

Sri Lanka’s economic growth this year is expected to inch up to 3.7 percent on strong performances of the agriculture and services sectors from the multi-year low of 3.3 percent growth recorded for 2017, said HSBC Global Research. 

Sri Lanka under threat of becoming climate ‘hotspot’: WB

Rapid changes in climate conditions have put Sri Lanka under direct threat and will make it a ‘hotspot’, where failing to take corrective measures and ensuring their implementation will hind

Navin says tea output will reach this year’s production target

Plantation Industries Minister Navin Dissanayake yesterday expressed confidence on reaching minimum of 320 million kilos in tea output this year, meeting industry forecasts despite adverse weather and volatile external market conditions.  “Generally, this time of the year tea output drops, also the weather conditions have impacted the output” Dissanayake told a press briefing held at the Sri Lanka Tea Board (SLTB), yesterday.&nbs

German firms in Sri Lanka committed for further investments: survey

The majority of German businesses operating in Sri Lanka are either planning or considering making further investments in Sri Lanka over the next two years, a survey conducted by the German Industry and Commerce in Sri Lanka (AHK Sri Lanka) has revealed.  “German companie

SL gearing towards an export-oriented economy: Malik

Sri Lanka is gearing towards an export-oriented economy as the exports increased by 50 percent during last three years, while the government with the private sector would continue to introduce business-friendly economic policies and strategies to enhance the competitiveness aimed at diversifying the country’s export basket, Development Strategies and International Trade Minister Malik Samarawickrama told Sri Lanka’s top exporters, thi

MAS recognised as ‘Exporting Conglomerate of the Year’

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

SL to sign bilateral air transport agreement with Luxemburg

The Sri Lankan government will enter into a bilateral air transport agreement with the government of Luxemburg.

BIA to get e-gates at a cost of Rs.260mn

Sri Lanka’s main airport, Bandaranaike International Airport (BIA), will soon get an e-gate system to speed up the immigration controls and reduce congestion.

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.