India's Maruti to set up manufacturing plant here

Maruti Suzuki India Limited, (Maruti Suzuki), India’s largest car manufacturer yesterday announced their plans to set up a car manufacturing plant in Sri Lanka and are confident of starting operations as early as next year if all goes well.

IFS gets service standards certification from KPMG

A unit of IFS Sri Lanka was appraised at Level 3 Capability Maturity Mode Integration (CMMI) certification by KPMG recently.

Ministry of Education together with Mobitel implements the student iCard project

The National Mobile Service Provider, Sri Lanka Telecom Mobitel, along with the Ministry of Education today inaugurated the implementation of the student iCard project amongst schools in Sri Lanka. Royal College, Colombo is the first school to start using the iCard for attendance monitoring.

Rupee under appreciation pressure at the moment: CB

The Sri Lankan rupee, which hit a record low at the end August, is under appreciation pressure and the Central Bank has been intervening to curb a sharp rise, the Central Bank Governor said yesterday.

Proposed Crown Resort staff to be trained by William Angliss Institute in Sri Lanka

The William Angliss Institute entered into an agreement with Crown Sri Lanka Resort to provide hospitality training through the Colombo Academy of Hospitality Management (CAHM) recently.

Sri Lanka targets US $ 2bn FDIs from CHOGM

Sri Lanka’s investment promotion bureau, the Board of Investment (BoI), said it would expect at least US $ 2.0 billion worth of foreign direct investments (FDIs) in 2014 from the Commonwealth Heads of Gover nment Meeting (CHOGM) alone.

Bhutan looks to become world’s first 100% organic country

Bhutan is renowned for espousing Gross National Happiness but now the isolated Himalayan nation is also looking to become known as a world leader in organic farming.  “We are nearly all Buddhists.

Graphite and mineral sands exploration by foreign companies– Legal implications

Two recent news items in the local print and electronic media on exploration activities by foreign companies prompted me to write this article to highlight the legal implications involved under the Mines and.....

Behind the scenes of hotel housekeeping

Have you ever arrived at your hotel early and huffed and puffed because your room wasn’t ready? There’s a good reason for that:....

How to select a condominium and to protect one’s investment

Buying a condominium can be a confusing process. Many people do not know what a condominium is or the legal structure and responsibilities that are involved in owning one.

Petroleum Science studies enter university curriculum

The University Grants Commission of Sri Lanka (UGC) with the support of the country’s state-run petroleum exploration unit, Petroleum Resource Development Secretariat (PRDS) announced the commencement of Petroleum Sciences degrees at the Peradeniya, Moratuwa and Sri Jayawardenapura Universities yesterday.

Mihin to commence direct flights to Seychelles

Mihin Lanka is to operate direct flights twice a week from Colombo to Mahe, the largest island of Seychelles, beginning November.

Cairn in discussion with govt. to commercialise Dorado well

Cairn India is currently in discussions with the Sri Lankan government to commercialize the Dorado well in the Mannar Basin, probably including a pipeline from the well to Norochcholai.

Indian expert urges to use satellite technology for development

Satellite imaging technology has several potential public sector applications that could help the development process of any country, according to India’s National Remote Sensing Centre Deputy Director Dr. P.G. Diwakar.

Indian pharma giant in licencing agreement with local firm

Local pharmaceutical manufacturer, Lina Manufacturing Private Limited, a subsidiary of Akbar Brothers, has offered to manufacture respiratory care products for the Indian multinational pharmaceutical giant, Ranbaxy Laboratories Limited, under a licencing agreement, according to a top official.

August exports up; trade deficit narrows

Sri Lanka’s trade deficit in August contracted 24.2 percent amid earnings from exports rising 10.7 percent year-on-year (YoY) to US $ 917.8 million. The import expenditure during the month fell 7.7 percent to US $ 1.61 billion.

TGI Fridays opens first outlet in Colombo

US-based restaurant franchise TGI Fridays opened its first outlet in Colombo adjacent to the Dutch Hospital shopping precinct.

CDB secures US $ 6mn Belgian funding

Citizens Development Business Finance PLC (CDB) announced the securing of a US$ 6 million (approximately Rs780 million) funding line from Brussels-based Belgian Investment Company for Developing Countries (BIO).

Mobitel bags the prestigious ‘Service Brand of the Year’ award at SLIM Brand Excellence 2013

National Mobile Service Provider Sri Lanka Telecom Mobitel in its vision to lead Sri Lanka towards an info-com and knowledge rich society, through its service offerings has yet again confirmed its commitment to its customers by winning the prestigious ‘Service Brand of the Year’ Award at the 12th  SLIM Brand Excellence 2013 held on Wednesday.

IFC invests US $ 136mn FY13; doubles investment portfolio

International Finance Corporation (IFC), a member of t he World Bank Group, has invested US $ 136 million in Sri Lanka in the fiscal year 2013 to promote inclusive growth and job creation, the organisation said in a statement yesterday .

Marketing cess on tea finally to be utilized

The Sri Lanka Tea Board will be releasing part of its Rs.3.5 billion marketing cess fund in order to launch an aggressive promotional campaign for Ceylon tea in key markets, according to Plantations Minister Mahinda Samarasinghe.

Can Singapore Chinthanaya work for Sri Lanka?

On April 13, 2013, the Central Bank launched its Annual Report for 2012. The governor’s speech exploded in the news over the attention he drew to avoiding the ‘middle income trap’.

Sri Lanka should reduce thermal energy reliance: Report

Sri Lanka must look at reducing its reliance on thermal energy while increasing the role of renewable energy in the country’s total power generation mix, according to a report from the Asian Development Bank (ADB).

Dialog launches K-series smartphone range

Sri Lanka’s mobile services operator Dialog Axiata PLC added two Android-based Dialog smartphones to its existing portfolio, increasing the options available for those seeking affordable smartphones, while widening the portals of accessibility to mobile Internet usage to a wider representation of Sri Lankans.

Resolute Central Bank cuts policy rates by 50bps

Amidst calls by various quarters to hold on to the current monetary policy stance due to possible inflationary fears, the Central Bank (CB) surprisingly cut its key policy rates by 50 basis points (bps) yesterday.

IPS LAUNCHES ‘STATE OF THE ECONOMY 2013’ TODAY Sri Lanka braces for new challenges amid economic tra

The Institute of Policy Studies of Sri Lanka (IPS), apex think tank on socio-economic policy issues has been publishing the State of the Economy report since 1992 with a complementary theme selected each year. 

Beating climate change impact with preparedness

Extreme floods and storms are becoming more frequent: Their incidence rose five fold globally in the last decade compared with the 1970s. Asia is at the sharp end of this trend, which has alarming consequences for human welfare and enormous implications for policy makers.

Apparel exporters insist on flexible labour laws, revisions to energy tariffs

Amendments to Sri Lanka’s electricity tariff structure and labour laws are being sought by Sri Lankan apparel exporters in order to facilitate apparel manufacture by lowering cost of production.

Touchwood to pay all matured contracts in 8 months

Touchwood Investments PLC yesterday undertook in courts to repay all matured contracts within a period not exceeding eight months in three instalments, according to the lawyers appeared for the company.

Separate board to list BoI firms

Both the Securities and Exchange Commission (SEC) and Colombo Stock Exchange (CSE) are currently working on a project to lure the Board of Investment (BoI) companies into the stock market in a bid to increase the number of listings and market liquidity, according to a top capital market official.