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

Asian markets build on trade talks rally, Turkish lira holds up

 HONG KONG (AFP) - Asian markets extended their gains yesterday on hopes for China-US trade talks, while Turkey’s lira held up after a shock hike in the country’s interest rate and a dip 

Prime Minister admits delays in government’s reform agenda

While acknowledging the delays in the government’s reform agenda, Prime Minister Ranil Wickremesinghe urged private sector backing to spur growth with enhanced coordination, and v

‘Sahasak Nimavum’ exhibition opens

‘Sahasak Nimavum’, the national exhibition for inventions and innovations and competition– 2018 organized by Sri Lanka Inventors Commission opened yesterday at the Sri Lanka Exhibition and Convention Centre (SLECC). Three hundred and thirty f

Printing and packaging important when branding Sri Lanka globally: Rishad

Sri Lankan SMEs, a key driver of the country’s GDP are to collect a hefty packaging bonanza, the first such initiative by the State.   “Like in any other countr

BoE chief warns of housing market crash on ‘no deal’ Brexit

LONDON (AFP) - British house prices could crash by 35 percent if the UK leaves the European Union next year without a divorce deal, Bank of England governor Mark Carney has reportedly warned.

Foreign Employment Bureau signs MoU with Verité Research

The Sri Lanka Bureau of Foreign Employment (SLBFE) signed a Memorandum of Understanding (MoU) with Verité Research recently.  Verité Research, a

Pulling back the curtain on privatization of Sri Lanka’s plantation sector

I have read with much interest the recent article where Dr. Romesh Bandaranaike has shared his “unique insights” of Sri Lanka’s plantations. At the outset, I totally disagree with

Janashakthi acquires 31% stake of Dunamis Capital for Rs. 1.4 bn

In one of the largest related party deals in the Colombo Stock Exchange, Janashakthi PLC, the investment arm of Sri Lanka’s Schaffter family controlled businesses yesterday bought 31.14 percent stake in Dunamis Capital PLC, another firm controlled by the same family for Rs.1.4 billion as the group is bringing its different businesses under one umbrella. 

Rupee touches record low

COLOMBO (Reuters) - The Sri Lankan rupee hit a fresh low against the dollar yesterday, but sources said the market expects the currency to recover, tracking gains in other emerging 

Manufacturing activities gain in July

Sri Lanka’s manufacturing activities expanded during July by 1.1 percent over the same month in 2017 showing signs of recovering industrial activities in an economy beset by structural deficiencies. 

Sri Lanka to continue with fiscal consolidation despite slower growth

COLOMBO (Reuters) - Sri Lanka will stay on a path of fiscal consolidation embarked on three years ago, despite slowing economic growth, the island nation’s junior finance minister said yesterday.

Financial City legislation to be presented to parliament this year

The legislation for the Colombo International Financial City (CIFC) is to be presented to the parliament before end of this year, Deputy Minister of Policy Planning and Economic Development, Dr.

Much more remains to be done to avert global economic shift risks : StanChart

Sri Lanka is moving in the right direction to face the risks associated with global economic shifts, while much more remains to be done, Standard Chartered Bank Mumbai, Head of South Asia, Economics Research, Anubhuti Sahay said. Addressing the Sri Lanka Economic Su

SL urged to adopt scrutinised strategy when engaging China to achieve hub aspirations

Sri Lanka is urged to adopt a scrutinised strategy in engaging with China while utilising on balancing and enhancing measures such as FTAs to diversify relations with other economic powerhouses such as Japan and India to leverage on the island’s geostrategic positioning to establish itself as trade and finance hub, as similar to Switzerland 

Rupee hits fresh low; ends steady

(Colombo) REUTERS: The Sri Lankan rupee hit a fresh low yesterday before ending steady as late dollar sales by banks outpaced demand for the greenback from importers early in the day.

Sri Lanka calls RFQs to issue licences for new lubricant players

The Petroleum Resources Development Ministry has called for requests for qualification (RFQ) to issue new licences to import, export, supply, blend and distribute lubricants with certain barriers, under the third round of lubricant industry liberalisation. 

Sri Lanka ups tourist arrival target to three million this year

Sri Lanka Tourism has upped the tourist arrival target to three million arrivals 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.

Shares fall to 2-week low on foreign selling

(Colombo) REUTERS: Sri Lankan shares fell for a third straight session yesterday and marked a two-week closing low as foreign investors sold blue-chips after a research report said the country was facing risk of an exchange rate crisis.

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?