FinMin calls banks to support local companies going international

Sri Lankan banks should extend financial assistance to local companies setting up operations in foreign countries, Finance Minister Ravi Karunanayake said during the launch of Sri Lanka’s Sanken group’s Amari Havodda resort in the Maldives.

Master plan, proposed Secretariat will rescue crisis-hit rubber industry: Minister

The Rubber Master Plan to be initiated in March and the proposed Rubber Secretariat would not only salvage the industry which is currently facing many obstacles but would also make it prosperous, Plantation Industries Minister Navin Dissanayake noted.

Exim bank cannot be rushed : Eran

?Despite the Budget 2016 proposing to set up an Export-import bank (Exim) as early as April 01, 2016, the Deputy Minister for State Enterprise Development, Eran Wickramaratne said Sri Lanka could not afford to rush in establishing such an institution, which demanded massive capital requirement. 

SL–Pak eye US $ 1bn annual trade turnover by 2019

?In a bid to further strengthen economic ties, Sri Lanka and Pakistan are in the midst of paving the way to boost the annual trade turnover and aim to reach an ambitious target of US $ 1 billion by 2019.

Sampur coal power plant on track; prolonged land issues cleared

The second coal-power plant in Sampur, which will add 500 megawatts to the national grid is on track as India’s National Thermal Power Corporation (NTPC) is currently working with Sri Lanka’s Ceylon Electricity Board (CEB) on the project, an Indian envoy in Sri Lanka said.  

What happens if China’s economy has a hard landing?

The sudden, sharp fall of Chinese stock prices twice in 2015 and again this month does not necessarily herald a further slowdown of gross domestic product (GDP) growth.

CCC to host ‘International Investor Forum’ in Colombo in March

?The Ceylon Chamber of Commerce, the country’s premier business Chamber is planning to hold an International Investor Forum during March 2016, in order to help the country attract much needed Foreign Direct Investments to drive growth.

US$ 20 mn WFP grant to tackle food security issues

Sri Lanka will be receiving a US$ 20 million grant from the United Nations World Food Programme (WFP) to address the country’s food security issues.

Reconciliation is the bedrock of Sri Lanka’s future economic success: UK minister

?Following is the speech made by the UK Foreign Office Minister for Asia Hugo Swire at the event organised by the Council of British Businesses in Colombo  last week. 

Will the world economy tank in 2016?

?In the first two weeks of the year, unlike in the past few years, we saw foreign-exchange volatility jump to the most in a month as Chinese stock markets plunged and tensions escalated in the Middle East.

Prima Kottumee launches crowd sourced e-calendar 2016

Prima Kottumee took their annual Model Hunt event to a new level this year with the entire search being conducted through social media for the brand’s crowd sourced, e-calendar

DSI introduces ANTA in Sri Lanka

?China’s leading sportswear brand is now in Sri Lanka courtesy of DSI. ANTA Sports Products Limited is a professional sportswear company headquartered in China since 1994 and is involved in the innovation

DSI introduces Inc.5 to Sri Lanka

?DSI starts the New Year with a bang by introducing yet another new brand to the footwear market of Sri Lanka. 

Fashion Bug sponsors Dammika Kithulgoda scholarship foundation

Fashion Bug, one of Sri Lanka’s leading retail clothing chain with over 16 outlets island-widesponsored an event organized by the ‘Parliament 

Wings of Oman receives ‘Best In-flight Magazine’ award at World Marketing Congress

Wings of Oman magazine, the in-flight magazine of the Sultanate of Oman’s national carrier, Oman Air, was recently awarded the ‘Best In-House Magazine – In-Flight’ at the

BOC marks President’s first year anniversary

?Bank of Ceylon conducted a tree planting campaign with the patronage of BOC Chairman, President’s Counsel Ronald C Perera and General Manager D. M. Gunasekara to commemorate President Maithripala Sirisena’s 1st year in office. 

Neminda Karunaratne appointed Singer (Sri Lanka) HR Director

?Singer (Sri Lanka) PLC has announced the appointment of Neminda Karunaratne as Director, Human Resources, effective January 1, 2016 following the retirement of Chitral Perera. 

World’s largest container carrier Maersk mulls Lankan entry

The world’s largest container carrier Maersk Line is looking to invest in a container facility in Sri Lanka, Danish Ambassador for Sri Lanka Taksøe-Jensen said during a meeting with Industry and Commerce Minister Rishad Bathiudeen. 

Customs aims to reach Rs.1tn revenue with ‘Single Window’ system

Sri Lanka Customs yesterday said it aimed to reach an ambitious revenue target of Rs.1 trillion for this year having launched the Single Window system earlier this month.

Fitch rates ComBank’s subordinated debentures final ‘AA-(lka)’

?Fitch Ratings Lanka has assigned Commercial Bank of Ceylon PLC’s (AA(lka)/Stable) proposed Basel II-compliant subordinated debentures of up to Rs.7 billion a final national long-term rating of ‘AA-(lka)’.

Shares recover from 18-month low on bargain hunting

?REUTERS: Sri Lankan share index recovered yesterday after hitting over 18-month lows in the previous session, as investors picked up battered banking and telecommunications shares, brokers said.

Govt. backtracks on VAT, NBT revisions in Budget 2016

The amendments proposed to the Value-Added Tax (VAT) and Nation Building Tax (NBT) proposed in Budget 2016 would not be implemented until the relevant legislative enactments are passed by Parliament, Finance Ministry yesterday said in a statement.  

Govt.’s thrust on upscale Western tourists may be misplaced: JLL

The Sri Lankan government’s decision to place the utmost importance on upscale Western tourists seems to be misplaced, a Fortune 500 company said.

SLID, EU, IFC help Mannar, Vavuniya small businesses

International Finance Corporation (IFC), a member of the World Bank Group, in partnership with the Sri Lanka Institute of Directors (SLID) recently rolled out a programme to promote improved corporate and ethical business practices for small businesses in the Mannar and Vavuniya Districts.

Indian Foreign Secretary meets Malik

Indian Foreign Secretary Subramaniam Jaishankar was on a visit to Sri Lanka. The main purpose of his visit was to pave the way for the India-Sri Lanka Joint Commission meeting, which would be held in Colombo next month. Jaishankar met Development Strategies and International Trade Minister Malik 

‘K’ Line’s newest car carrier makes maiden visit to H’tota Port

‘K’ Line’s newest car carrier M/V Hyperion Highway called at the Magampura Mahinda Rajapaksa Port (MRMRP) in Hambantota on January 12, 2016. The vessel discharged 523 motor vehicles imported from Japan.

Sri Lanka Tourism begins 2016 with promo in South Korea

Together with Korean Broadcasting Systems (KBS) & Sri Lanka mission for Republic of Korea, Sri Lanka Tourism Promotion Bureau (SLTPB) has taken the initiatives of promoting Destination Sri Lanka in Republic of Korea by inviting a media team of their one of the top rated travel programs called ‘Everywhere 

Litro Gas sponsors Miss Tourism Sri Lanka Int’l 2016

Litro Gas, the largest importer and market leader of Liquefied Petroleum Gas (LPG) in Sri Lanka, stepped up as a sponsor for the upcoming Miss Tourism Sri Lanka International, a first ever pageant contest show which will witness  20 glamorous ambassadors from many nations.

Three Asia Leisure resorts in TripAdvisor Travellers’ Choice Awards

Starting of the New Year for Asia Leisure is news that three of their resorts, namely Shinagawa Beach, Balapitiya; The River House, Balapitiya and Tamarind Hill, Galle have made their way into TripAdvisor Travellers’

Odel donates kids’ play area to Lady Ridgeway Hospital

The Lady Ridgeway Children’s Hospital has become a brighter and happier place for its little patients and young visitors thanks to the generosity of Odel. Sri Lanka’s favourite department store has