November exports up, but trade deficit hits record high

Sri Lanka continued to do well in merchandise exports as the country recorded gains in exports for the fifth consecutive month in November but the trade gap widened to a record high due to higher oil imports. 

Capacity limitations at FinMin key reason for lack of budget transparency: think tank

The Finance Ministry does not have the capacity to analyse and plan a budget, which has led to the lack of budget transparency, proposals, which may not be in the public interest and poor discretionary spending through a possible slush fund, according to Verité Research.

John Keells December net profit down 13%

John Keells Holdings PLC (JKH) saw another quarter of declining profits in December with the diversified corporate giant’s consumer-related businesses struggling amid a weaker economy and the below par performance of the group’s leisure sector operations.   

CB seen keeping policy rates steady; rate cut not ruled out

REUTERS: Sri Lanka’s Central Bank is expected to keep key interest rates unchanged today, a Reuters poll showed, but a surprise rate cut is not ruled out to quash uncertainty after coalition partners in the country’s government suffered a loss in local polls.

Need to modernize Sri Lanka’s archaic education law highlighted

The need to modernise Sri Lanka’s existing education law, which is required to carry out educational reforms, was underscored recently at a forum held in Colombo.

Cabinet nod for CSE demutualization

The cabinet approval has been received for a draft law to demutualize the Colombo Stock Exchange (CSE) into a for-profit company. The draft will be published by gazette in a few weeks.

BOC Ran Kekulu launches special gift scheme for Grade 1, preschool entrants

Bank of Ceylon (BOC) shares the joy of a new beginning with a special gift scheme for BOC Ran Kekulu Grade 1 and preschool entrants to boost enthusiasm as they step into school. 

ICCSL head office moves to new location

The International Chamber of Commerce Sri Lanka (ICCSL), the domestic chapter of the Paris-based international world business organization moved its head office to Aitken Spence Tower 1 recently. Dinesh Weerakkody Chairman ICCSL, Past Chairmen Tissa Jayaweera and Kerrthi Gunawardana and ICCSL Secretary Shanil Fernando at the ribbon-cutting ceremony

Trevor Rajaratnam elected as TAASL President

Travel7 (Pvt.) Ltd Chief Executive Officer Trevor Rajaratnam was elected as President of the Travel Agents’ Association of Sri Lanka (TAASL) at the 42nd annual general meeting (AGM) held in Batam Island, Indonesia for the year 2017/2018 period.

Newly refurbished Amagi Aria unveiled in Negombo

Amagi Hotels unveiled its newly refurbished hotel in Negombo, Amagi Aria, at a glittering inauguration ceremony held at the hotel’s expansive lagoon-front lawn recently.

Omani envoy invites Lankan entrepreneurs to invest in Sohar Free Port Zone

Oman Ambassador to Sri Lanka, Al-Sheikh Jumah Hamdan Al-Shehhi called on Sri Lankan entrepreneurs to invest in Oman who would be bestowed with incomparable incentives of entry especially in the Sohar Free Port Zone. 

‘Taxiyak’ to make trip scheduling more flexible

‘Taxiyak’, the latest taxi booking and trip-scheduling app, which offers the most flexible trip planning and scheduling options, has entered the market.

Garton’s Cape clinches prestigious global accolade

Garton’s Hotel Chain’s jewel in Sri Lanka’s south – Garton’s Cape, Ahangama, recently brought global recognition to the Pearl of the Indian Ocean by bagging the esteemed ‘Best Luxury Beach Hotel in Sri Lanka’ at the recentlyconcluded 11th edition of World Luxury Hotel Awards 2017.

Colombo hosts trilateral dialogue on maritime domain awareness

The Pathfinder Foundation, together with an Australian delegation led by the National Security College at the Australian National University and Carnegie India held a one-day Track II trilateral conference titled ‘Colombo Dialogue: Emerging Dialogue in the Indian Ocean - Regional Cooperation on Maritime Domain Awareness’  at the Cinnamon Grand, Colombo recently. 

IASL says Life Insurance Sales Awards will raise industry standards

The Insurance Association of Sri Lanka (IASL) declared the lunch of Life Insurance Sales Awards 2018 at a press briefing held this week.

Things visible to foreigners but not to natives

There are economically sensitive things the investors are actually interested in, when their investment decisions are made, the big part of which is how the economy performs. However, investor sentiments are manipulated by common as well as specific factors, which make investors either optimistic or pessimistic on the economy.

New Foreign Exchange Management Act makes cross-border transactions easier: PABC official

Sri Lankans living both locally and abroad should use the relaxation of foreign transactions through the new Foreign Exchange Management Act for investment and financing requirements, a banker said recently.

LOLC Insurance promotes healthy lifestyles

The insurance arm of the LOLC group is actively promoting health and wellness amongst its staff as well as amongst the public. Both LOLC Life Assurance and LOLC General Insurance joined hands to organise ‘Walk for health 2018’, which commenced from the LOLC Insurance head office premises located at No. 481, T.B. Jaya Mawatha (Darley Road), Colombo 10. 

First suburban apartment complex registered under Bim Saviya

Suncity Property Developers, a Colombo-based boutique real estate developer, recently announced that its 13th residential development project - Suncity Tower Moratuwa, designed by Bandusena Associates - had been the first apartment complex to be registered under the national land title registration programme, Bim Saviya.

SL’s first ever independent living community project announced

Granite Capital (Pvt) revealed their plans for Sri Lanka’s first ever independent living community, Catalina Koggala, which is about 5-star luxury living experience for those over the age of 55.   Formed by a small group of high net worth investors—while Granite Capital retains majority ownership—the birth of Catalina will address a void in the market for deluxe independent living lifestyle. 

MRH certified as Carbon, Water and WasteConscious Hotel

Mahaweli Reach Hotel (MRH), reputed as the first hotel to achieve the five-star status in Kandy, recently marked another milestone in the hospitality and tourism industry of Sri Lanka by becoming the first hotel to be certified as a CarbonConscious, WaterConscious and WasteConscious Hotel.

How to expand international climate finance investments

Rightly or wrongly, the developing countries may see themselves in competition for financing from the US $ 10 billion Green Climate Fund (GCF)—the flagship fund for adaptation and mitigation investment under the UN Framework Convention on Climate Change.

‘Sectoral mismatch’ between labour demand and supply in Sri Lanka

The first Labour Demand Survey (LDS) in Sri Lanka, conducted by the Census and Statistics Department, recorded nearly half a million vacancies in the private sector. A large portion of these vacancies are found to be in routine and non-routine manual jobs. 

NDB Salary Max provides salary advance in 15 minutes

Urgent monetary requirements come unplanned and often, we find ourselves in need of quick cash. National Development Bank PLC (NDB) now provides you with the opportunity of receiving a salary advance in just 15 minutes via a simple phone call.

Second law of CEO communication

The second law of CEO communication is for the leader to connect emotionally with her audience. This is generally done by telling stories or anecdotes.

Homework for jobs of the future

Despite having large working-age populations, many countries in Asia Pacific will struggle to find talent with the necessary skills to thrive in tomorrow’s workplace. 

Fonterra’s Vidya to lead Malaysia and Singapore business

Currently Fonterra Sri Lanka’s General Manager of Marketing, Vidya Sivaraja was recently appointed Managing Director of the Malaysia and Singapore business, effective 1stFebruary 2018. 

CB releases Rs.1000 note to mark 70th Independence

The Central Bank of Sri Lanka has issued a circulation standard commemorative currency note in the denomination 

Tourist arrivals to Maldives up 20% in December

The Maldives welcomed 143,041 tourists in December 2017, which was a 19.7 percent increase compared to the corresponding month in 2016, with increasing numbers of tourists visiting from all major source markets in Europe and Asia.

First FDI tourism project in SL’s east coast launched

Pura Resorts Canada with Ideal Developments Canada this week announced the very first foreign direct investment (FDI) tourism project in Sri Lanka’s east coast, Pura Luxury Villas Resorts. It will feature incredibly luxurious chalets and villas on the east coast of the island along the pristine shores of Nilaveli beach, Trincomalee.