Hempel Holdings launches Tamba Villas eying to capitalise on recently liberalised property laws

Hempel Holdings is set to launch its latest venture, Tamba Villas with an investment of US $ 10-15 million in Talpe next month, encouraged by the government’s recent decision to allow foreigners to purchase condominium units on a freehold basis from the ground level upwards. Located between two major property ho

Odel says bought Cotton Collection for Rs.300mn

The Softlogic group’s Odel PLC yesterday disclosed that it bought 100 percent of Cotton Collection Private Limited for Rs.300 million from Cotton Collection founder Niloufer Esufally Anverally. 

Singer says parent seeking investors to sell down stake

Consumer durables retailer Singer (Sri Lanka) PLC, now a unit of Hayleys group, said the company’s management and its parent are in discussion to sell down a stake in the company to a strategic investor “at a mutually agreed price.”

SL to roll out 3-month digital marketing campaign for IT/BPM industry

Sri Lanka is to roll out a three-month digital marketing campaign (social media, search engine optimization and management) from September to promote the country’s IT/BPM industry  in 15 key markets, followed by

EPF will soon return to stock market: CB Governor

The Employees’ Provident Fund (EPF) has recently begun trading in the secondary government securities market and will soon start trading in stocks in the Colombo Stock Exchange (CSE) as the fund ha

Worker remittances show weakness intensifying external vulnerabilities

Worker remittances to Sri Lanka dropped by 11.4 percent to US $ 524 million in June compared to the same month in 2017, as the earnings from the largest foreign exchange earning source to the country continued to show signs of weakness.     

Rupee hits record low; mild dollar sales ease pressure

(Colombo) REUTERS: The Sri Lankan rupee hit an all-time low of 161.30 per dollar yesterday, dragged down by importer dollar demand amid less inflows of the greenback, dealers said. The 

Cotton collection divests to ODEL

Cotton Collection Private Limited said yesterday that they have divested their shares to ODEL PLC, a subsidiary of Softlogic Holdings PLC for an undisclosed amount. “The much sought-after brand was bought by the Softlogic Group as it was the perfect ?t for their well-established, diversed retail network and accelerated expansion plan,” a press release said.  

Trade gap widens in June as imports continue to outpace exports

Sri Lanka’s imports raced to surpass the growth in merchandise exports during the month of June as the country struggles to bridge an ever-deepening hole in the trade account, intensifying the pressure mounting on the currency and foreign reserves. 

CB intensifies fight against money laundering, terrorist financing

The Central Bank’s Financial Intelligence Unit (FIU) early this month entered into a memorandum of understanding (MoU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) to fight money laundering and terrorist financing in the insurance sector. 

Singapore-Sri Lanka FTA: Myths and reality

The world around us is increasingly moving forward with regional and bilateral free trade agreements (FTAs) as the multilateral trade liberalization process led by the World Trade Organisation has come to a standstill. There are now 419 regional trade agreements in the world. 

Strong loan growth lifts Cargills Bank June profits

The profits at Cargills Bank Limited more than doubled during the quarter ended June 30, 2018 (2Q18), as the lender recorded some robust new loan growth and stretched the margins. But the loan impairments and operating expenses rose significantly.

Rupee hits record low on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee hit an all-time low of 161.10 per dollar yesterday, dragged down by importer dollar demand and less inflows of the greenback, dealers said.

EDB relaunches ‘1000 start-up’ project to support IT/BPM industry to reach US $ 5bn export target

The Export Development Board (EDB) yesterday announced  the relaunch of the ‘1000 start-up’ initiative, an effort taken towards diversifying Sri Lanka’s export basket and market.

Shares end lower as tax proposals hit sentiment

(Colombo) REUTERS: Sri Lankan shares ended weaker yesterday to post their tenth session of declines in 11, as worries over new tax proposals weighed on investor sentiment.

You need to know what customers really want to create ideal customer experience

If you have followed carefully throughout the previous instalments, by now, you would be able to create a good CRM strategy. 

Explore all options! Single Window operational models for Sri Lanka

Sri Lanka is committed to establishing a National Single Window (NSW) for international trade as a policy priority, with the support of the private sector. A NSW allows exporters and importers to submit documents at a single location or entry point, to fulfil all trade-related regulatory requirements, thereby facilitating cross-border trade.

Rising cost of foreign borrowing places Sri Lanka at odds: Moody’s

Moody’s Investors Service (Moody’s) continued to flag Sri Lanka’s weakened foreign debt affordability and increased roll-over risks as the emerging and frontier markets remain highly vulnerable  to the tightening financing conditions globally. 

Power developer highlights need for long-term tariffs to draw investments

A leading mini-hydro power developer in the country says the government should implement a proper long-term tariff mechanism to boost investments into the country’s energy sector. 

All set for CIMA Business Leaders’ Summit 2018

On August 28th and 29th, over 500 delegates encompassing Chief Executives, CFOs, Directors and senior managers in the country will be in attendance for the CIMA Business Leaders’ Summit held under the theme ‘From Insight to Impact – Unlocking opportunities’.

Losses at The Finance widen in 1Q

The Finance Company PLC’s (TFC) losses expanded during the quarter ended June 30, 2018 (1Q19) as the beleaguered finance company saw further erosion in its customer deposits while customer advances declined. 

China eyes major role in Sri Lanka’s plantation sector

Chinese firms are in negotiation with Sri Lanka’s Plantation Industries Ministry to set up joint ventures with local firms to infuse substantial capital into rubber, tea and coconut plantations and production value chains to boost production and to produce higher-value added products.

Driverless car

People looking at a driverless rental car by Pand Auto, during the Smart China Expo at Chongqing International Expo Center in southwest China's Chongqing this week (AFP)

Rupee at record low on importer dollar demand

COLOMBO (Reuters) - The Sri Lankan rupee hit an all-time low of 160.96 per dollar yesterday, dragged down by importer dollar demand and less dollar inflows, dealers said.

United States-Mexico trade talks progressing but no breakthrough with China

 WASHINGTON (AFP) - US officials holding a two-front batt

CPC gives highest revenue to Treasury: Arjuna

Petroleum Resources Development Minister Arjuna Ranatunga said that Ceylon Petroleum Corporation (CPC) is the only institution which gives the highest revenue to the Treasury. 

Chinese casino tycoon 'missing' as stocks plunge

HONG KONG (AFP) - Shares in an Asian casino operator plunged in Hong Kong yesterday as it said its tycoon head had gone missing, the latest setback for the firm after a project in Manila had 

Food delivery app Uber Eats readying for Colombo launch

Uber Eats, the food delivery app by ride-hailing company Uber, is all set to launch its services in Colombo next month. Similar to the Uber rides app, Uber Eats is a food delivery app that helps bring food to consumers in a convenient and reliable manner from all the best and latest restaurants. 

Asian markets mixed after trade talks

Asian markets were mixed yesterday as China-US trade talks wrapped up with little progress being made, while the dollar held up ahead of a key speech by the head of the Federal Reserve.

Germany books record budget surplus in first half

FRANKFURT (AFP) - European powerhouse economy Germany notched up a record government budget surplus in the first half of 2018 as well as rebounding to stronger growth in the second quarter, official data showed yesterday.  Federal, state and municipal coffers added together were 48.1 billion euros (US$