Swiss vote to become first European nation to ban synthetic pesticides

Switzerland could become the first European country to ban artificial pesticides in a June 13 referendum, which backers of the initiative hope will trigger similar prohibitions elsewhere.

Child labour on the rise, Int’l Labour Organisation warns

An increasing number of children are at risk with global child labour figures expanding by 8.4 million within the last four years, the International Labour Organisation (ILO) warned.

Child labour on the rise, ILO warns

Increasing number of children are at risk with global child labour figures expanding by 8.4 million within the last four years, the International Labour Organisation (ILO) warned.

Fiscal deficit blowout likely as restrictions erase tax revenues

The government is likely to end up with a blowout in the fiscal gap this year with the deficit potentially reaching double digits amid slowing tax income due to COVID-19 related restrictions and heightened expenditure on virus control and welfare spending on those affected by the pandemic.

Harry J. calls for wage subsidy from govt. to safeguard livelihood of tourism sector workforce

Chairman of tourism-heavy Aitken Spence PLC, Harry Jayawardena called for a wage subsidy model from the government to safeguard the livelihoods of nearly half a million people employed in the leisure industry, which has been dealt a double whammy—first with the Easter attacks in 2019, and then the COVID-19 pandemic since last year.

New NPL classification could reduce NBFI lending to MSMEs: AFC Chairperson

Sri Lanka’s oldest non-bank financial institution (NBFI), Alliance Finance Company (AFC) PLC warns that the recent amendment with regard to the classification of non-performing loans (NPLs) in the NBFI sector would lead to a significant contraction in lending to the micro and emerging SME sector and push vulnerable borrowers to the informal lending sector including loan sharks.

Virtusa appoints Santosh Thomas as CEO

Virtusa Corporation, this week announced the appointment of Santosh Thomas as its new Chief Executive Officer (CEO).

Chinese envoy wants better policy framework for investments to take root in SL

Chinese Ambassador to Sri Lanka Qi Zhenhong, in his remarks to Sri Lanka Investment Forum has suggested Sri Lanka to create a better policy framework in order to attract foreign investments to the country.

Support Port City to solve macroeconomic fundamentals issues: Minister Cabraal

The government called for greater support for the ongoing Port City development since it is acknowledged to be the key to Sri Lanka getting its macroeconomic fundamentals right.

SL forced to contend with oil above US$ 70, which could worsen country’s external sector woes

The global crude oil prices have gradually passed the US$ 70 a barrel and are advancing further, worsening the external and economic crisis brewing in Sri Lanka.

Virtusa appoints Santosh Thomas as new CEO

Virtusa Corporation today announced the appointment of Santosh Thomas as its new Chief Executive Officer (CEO).

Govt. urges biz to operate without violating health protocols

The government called on businesses to carry out operations in a manner in which they do not violate the health protocols since the economy cannot handle a complete lockdown in the current circumstances.

CB directs NBFI sector to extend relief to borrowers

The Central Bank this week extended relief to the borrowers of finance and leasing companies, nearly two weeks after it decided to give relief to the borrowers of the banking sector, as the economic fallout of the extended lockdowns are reaching disproportionate levels.

At least two DFIs expected to take part in SDB bank’s Rs.4.5bn SPO

At least two development finance institutions (DFI) have expressed interest in participating in Sanasa Development Bank’s (SDB bank) upcoming Rs.4.53 billion secondary public offering (SPO), which is likely to be the last capital raising endeavour of the bank for the next several years.

Cabinet approves programme to beautify 100 cities

The Cabinet of Ministers this week approved a programme to beautify hundred cities, with the assistance of all state institutions and all other parties entrusted with the supply of infrastructure facilities.

Government to start organic fertiliser production pilot project in North Central Province

The Cabinet of Ministers this week cleared a proposal to launch the organic fertiliser production pilot project across all Divisional Secretariat divisions in the North Central Province (NCP), drawing capital from the Land Reform Commission Fund, as the government races to secure organic fertiliser for the upcoming Maha season amid an import ban on chemical fertilisers and agrochemicals.

Tourism sector lobbies for waiver on interest on loans as industry struggles to stay afloat

The country’s tourism sector is lobbying the government to get the interest component of their loans waived off during the period of moratorium, as the industry sees no light at the end of the tunnel with the latest round of restrictions imposed since end-April to control the spread of COVID-19.

New Credit Evaluation Framework to enable banks to boost lending to tech firms

The Information and Communication Technology Agency (ICTA) expects the banking sector to boost lending to worthy tech companies by adopting the recently introduced Credit Evaluation Framework in their credit evaluation and approval process, when lending to tech companies and moving away from the outdated collateral-based lending practices.

Investing in Sri Lanka a win-win situation for all: BOI chief

A win-win situation it would be for investors who take the leap to set foot into Sri Lanka in its current juncture, the Board of Investment (BOI) said, since much emphasis has been given to create a compelling investment environment.

Components makers stand to benefit from SL’s inexpensive skilled workforce: EDB

The Export Development Board (EDB) called on international component manufacturers to relocate their operations in Sri Lanka as they will be able to reap the benefits of the country’s skilled and inexpensive workforce.

PM stresses need for non-loan foreign exchange

The government yesterday asserted it would explore all possible opportunities to reach its ambitious development targets, while taking a cautionary approach with regard to foreign borrowings when realising its growth agenda.

Govt. reverses decision to acquire 40% stake in Laugfs Terminal

The government has reached a decision to withdraw from a joint memo presented to the Cabinet of Ministers to acquire 40 percent stake in Laugfs Terminal Limited, a fully owned subsidiary of Laugfs Gas PLC.

Listed firms deliver highest ever earnings in March quarter on resurgent economy

Listed corporates delivered their best ever earnings for the quarter ended March 2021 as the companies benefitted from the resurgent economy due to easing of restrictions, and exports grew at a robust pace, lifting multiple sectors barring a few such as leisure.

Cabinet nod for 42 amendments to National Environmental Act

The Cabinet of Ministers this week approved 42 amendments to the National Environmental Act (NEA) in order to give more teeth to the Central Environmental Authority (CEA) to effectively prevent widespread environmental damage in keeping up with recent developments.

SL welcomes 1,500 tourists in May bringing total arrivals to 15K

Sri Lanka welcomed nearly 1,500 tourists in the month of May, bringing the total number of arrivals for the first five months of the year to 15,294.

SL to set up Export Agro Value Chain Development Industrial Zone

The Cabinet nod has been received to setup the country’s first dedicated Export Agro Value Chain Development Industrial Zone in a 64-acre land in Elpitiya.

Vaccination drive request for tourism front line staff

Keeping health and wellbeing of industry stakeholders as its foremost priority, Sri Lanka Tourism has once again requested for a vaccination programme to be organized for tourism industry frontline personnel.

Prime Lands share makes impressive CSE debut

Prime Lands Residencies Limited PLC’s share, which began trading yesterday on the Colombo Stock Exchange closed Rs.1.50 or 12.42 percent higher than the issue price, amid much investor interest.

New SEC bill to be presented to Parliament for approval

The Cabinet of Ministers has approved the long-awaited new Securities and Exchange Commission (SEC) bill to be published in the government gazette and is to be presented to the Parliament for approval.

Prez Gotabaya promises investor-friendly Sri Lanka

The Government of Sri Lanka yesterday went all out to lure investors by showcasing a series of unique selling propositions while making a number of pledges, which included the affirmation of attractive and sustainable returns to those who are willing to take the plunge by investing in the country, in its current position.