Sri Lankan farmers’ traditional knowledge and climate change predictions

“If eagles and grey hornbills are flying above their normal height in the sky, it signals that rain is expected soon; if seagulls are flying close to the ground, it suggests that there will be heavy rainfall. However, these patterns have now changed because of the development activities in the Lunugamwehera Tank, Bundala Salt Corporation, etc.,” said Bandara, a 60-year-old paddy farmer from Bundala, in the Hambantota District. 

Giving leadership to a digital economy

The new economy has greatly changed our economic environment in relation to how the government and businesses operate and provide goods and services. 

Local cable manufacturer feels liberalisation jitters

The domestic cable manufacturing industry appears to be disturbed by the present government’s penchant for liberalisation, displayed through recent attempts towards liberalising the country’s shipping and lubricant sectors.

NDB secures US$ 75mn loan from Germany’s Commerzbank

The National Development Bank PLC (NDB) has successfully negotiated a loan up to US $ 75 million, from Commerzbank Aktiengsellschaft, Germany recently.  Dubai-based Alpen Capital Limited was the lead arranger to this loan facility. 

BOI says projects worth over US$16bn under discussion with S’pore

Sri Lanka’s Board of Investment (BOI) yesterday said it is discussing  four projects worth over US $ 16 billion with Singapore, as the country gears up to reap benefits of the recent Free Trade Agreement with the city state.

Exporters call for ‘strong political will and vision’ to achieve full potential

Exporters blamed the absence of a “strong and positive political will and vision,” as the reason behind Sri Lanka’s failure to achieve full export potential, and urged the government to focus on providing gre

Ranil tells State banks to look at business plans, not assets

State banks should change its stance specially when it comes to lending, and thereby should stop focusing on the assets which an entrepreneur possesses but instead should look at the viability of the project presented by him/her,” Prime Minister Ranil Wickremesinghe said yesterday.  Wickremesinghe expressed this sentiment

International legal protection for Sri Lankan folk medicines

In a major boost to Sri Lankan folk medicine tradition, Sri Lanka yesterday announced that it is moving the centuries old system for protection under Geneva’s well-known “Traditional Knowledge” reg

Sri Lanka to revise fuel prices every month

Sri Lanka is to adjust fuel prices every month to reflect the world market prices of fuel through the announced “fuel pricing formula”.  Addressing a m

Rupee ends weaker on importer dollar demand

COLOMBO (REUTERS): The Sri Lankan rupee closed weaker yesterday as importer dollar demand surpassed mild selling of the U.S. currency by exporters, traders said. The rupee closed at 159.55/70 per dollar, compared with Thursday’s close of 159.40/50. It has declined 3.9 percent so far this year. 

Trump hails ties with UK despite Brexit criticism

UNITED KINGDOM (AFP): US President Donald Trump said yesterday that ties between Britain and the US were “very very strong” after launching an extraordinary attack on Prime Minister Theresa May’s Brexit strategy during a visit already marked by protests. Sitting alongside his host at the start of talks at Ma

Asia markets enjoy positive end to volatile week

NEW YORK(AFP): Most Asian markets rose again yesterday following a record close on Wall Street as trade war fears are tempered by hopes China and the US will eventually reach a compromise, while attention turns to the start of earnings season. Equities have had a rollercoaste

China pledges more BRICS cooperation as US trade tensions rise

BEIJING (AFP):  China pledged yesterday to boost cooperation with fellow BRICS countries in response to soaring frictions with the US, as it seeks to cultivate alliances to help it weather a bruising trade war. 

US hedge fund demands US$770m from S. Korea over Samsung merger

SEOUL (AFP): A US hedge fund is demanding almost US$800 million from South Korea at an international tribunal over the controversial merger of two units of the giant Samsung conglomerate, officials said yesterday.

President discusses steps needed to develop gem and jewellery industry

A meeting between President Maithripala Sirisena and the representatives of the country’s gem and jewellery industry has discussed the difficulties faced by the industry due to new taxes imposed by the government.

As ‘foreign’ economic advisers leave, a protectionist India returns

NEW DELHI: When Indian Prime Minister Narendra Modi took power in 2014, he leaned on three Indian academics who had predominantly worked in the United States to drive a liberal, globalized economic policy.

Sri Lanka would need to sign a suite of FTAs for different purposes: Malik

Following is the speech delivered by Development Strategies and International Trade Minister Malik Samarawickrama at the Singapore-Sri Lanka FTA Outreach Seminar on July 10, 2018.

Banks face daunting task of capital raising ahead of regulatory reforms: Fitch

Some of Sri Lanka’s large banks still face an uphill task beefing up their capital levels in sync with the global regulatory norms as the country’s Rs.11 trillion banking sector braces for stringent se

ComBank’s debenture issue opens on Monday

The Commercial Bank of Ceylon PLC has announced its plans to raise Rs.5 billion, with an option to raise up to a further Rs.5 billion in the event of an oversubscription, for its capital through a Basel III compliant debenture issue that opens on Monday (July 16), offering qualified investors an opportunity to invest in the growth of Sri Lanka’s benchmark private bank.

Young inventor files legal action to protect design concept

In one of the first cases to be filed in Sri Lanka in respect of an infringement of the layout design of an integrated circuit, on or around the 6th of July 2018, A.M.T Nirmala, a young inventor from an eng

Current exporter registration process discourages SMEs entering international markets: think tank

The lengthy, inefficient and burdensome exporter registration process is discouraging Small and Medium Enterprises (SMEs) entering international markets, which has also become abusive, a study conducted by Colombo-based think-tank showed. 

BOI, EDB, Business France enter into tripartite agreement to promote trade and investment

A Memorandum of Understanding (MoU) was signed between the Board of Investment (BOI), Export Development Board (EDB) and Business France yesterday to enhance cooperation, trade 

Inconsistent tax policies seen as major constraint in attracting FDIs

Inconsistencies in Sri Lanka’s taxation policy during the last 4-6 years have created a significant impact on attracting new investments to the country, Sri Lanka’s largest foreign direct 

US firms here concerned by policy instability, report says

Sri Lanka scores low on providing a conducive business environment for US companies operating in the country owing to policy instability while conditions for attracting For

Tea Board to test all teas at tea auction for sugar

The country’s tea industry regulator, the Sri Lanka Tea Board (SLTB), has decided to conduct tests on all teas coming into the Colombo Tea Auction, to ensure the quality of Ceylon Tea and 

Sri Lanka climbs two places in latest innovation rankings

Sri Lanka has made two-position improvement in the 2018 innovation rankings as the country made some limited progress in general infrastructure, ecological sustainability and knowledge and technology outputs, supporting such innovation. 

Worker remittances rebound; tourism earnings remain strong during 5 months

The worker remittances to Sri Lanka rebounded during the first five months, while the earnings from tourism continued to grow, as the two current account flows gave some respite to the country’s worsening external account track record in recent months. 

Shares end firmer as investors buy select blue chips

(Colombo) REUTERS: Sri Lankan shares closed firmer yesterday as investors bought beaten-down blue chips, while many market participants remained on the sidelines due to a lack of bullish news amid concerns over political uncertainty, stockbrokers said.

CB warns against dollar hoarding as rupee falls

(Colombo) REUTERS: Sri Lanka’s Central Bank is concerned about the dollar hoarding and market manipulation that’s exacerbating the rupee’s weakness and has the tools to correct any misalignment in the exchange rate, its governor told Reuters.

HSBC says multilateral trading system would survive US-China trade war

HSBC, the market leader in global trade finance, expressed confidence that the World Trade Organisation’s (WTO) rule-based multilateral trading system is likely to survive the current trade war between the US and China with some changes.