IMF slashes SL’s economic growth forecast to 4%

The International Monetary Fund (IMF) has slashed Sri Lanka’s economic growth rate forecast for this year 4 percent from 5.3 percent it forecasted in October, 2020.

Rupee hits new record low against dollar

The Sri Lanka rupee slumped further to a new low today against the US dollar with the selling rate plunging to Rs. 203.50 per dollar. The previous lowest was Rs. 202.88, which was recorded yesterday, April 7.

Sri Lanka’s health financing challenge: Why smarter spending is key

Across the globe, the magnitude of the COVID-19 pandemic has sparked a new urgency around healthcare systems and universal health coverage – the access to high-quality and affordable healthcare services for all, as and when needed.

Sri Lanka’s rejection of UNHRC resolution: A shift towards China

In Geneva, a tough resolution on promoting reconciliation, accountability, and human rights in Sri Lanka was passed with 22 votes out of 47 countries supporting the resolution.

Port City law likely to be enacted before end of this month: PBJ

The government expects the legislation of the Colombo Port City Economic Commission Bill to be completed before end of this month, which will declare Colombo Port City (CPC) as a Special Economic Zone (SEZ), while granting sweeping powers to the proposed commission.

High-speed Internet key to uplift rural economy: President

High-speed Internet for rural areas must be prioritised to ensure the establishment and advancement of industries across the country, President Gotabaya Rajapaksa stressed, yesterday.

20 land plots to come into market to drive up demand

With the Colombo Port City Commission Bill reaching the final stages of the legislation process, the project company of Colombo Port City (CPC) eyes to release 20 land plots located adjacent to Colombo Business District (CBD) as pilot development projects,

Sri Lanka gets localised food price tracker - ‘Bath Curry Indicator’

Sri Lanka yesterday saw the launch of its own localised food tracker ‘Bath Curry Indicator’ (BCI), a spin on the popular ‘Big Mac Index’ conceptualised by The Economist in 1986.

Big Bad Wolf book sale howls online again this May

The fifth Big Bad Wolf book sale and its second virtual return to Sri Lanka is scheduled to go live from May 5 to 12, the organisers said in a media statement.

Shares rise on financial, consumer boost

Sri Lankan shares ended higher yesterday, helped by gains in the financial and consumer staples sectors.

Aitken Spence acquires Waltrim Energy for Rs.900mn

Aitken Spence PLC yesterday said it acquired 100 percent of shares of Waltrim Energy Limited, a sub-subsidiary of Sunshine Holdings PLC, for a total consideration of Rs.900 million.

Hemas’ exit from leisure biz has further reduced biz risk: Fitch

While affirming Hemas Holdings PLC’s National Long-Term rating at ‘AAA(lka)’, with a Stable Outlook, Fitch Ratings yesterday said the company’s recent exit from the leisure sector further reduced its business risk.

CB largely expected to keep policy rates unchanged

The Monetary Board of the Central Bank, which met yesterday for the third time of the year to determine the rate path after assessing the efficacy of its previous policy measures, was largely expected to have decided to stay pat, as the economy is progressing towards the desired trajectory.

Govt. seeks persons with int’l reputation for Port City Commission

Following the enactment of Colombo Port City Economic Commission Bill, which is expected before end of this month, the government expects to advertise internationally to select members for the high-powered seven-member Economic Commission, a top government official said.

Rupee slumps further against the US dollar

The Sri Lanka rupee slumped further to a new low today against the US dollar with the selling rate plunging to Rs.202.88 per dollar. The previous lowest was Rs.202.70, which was recorded yesterday, April 6.

SL gets own localised food price tracker - ’Bath Curry Indicator’

Sri Lanka today saw the launch of its own localised food tracker ‘Bath Curry Indicator’ (BCI), a spin on the popular ‘Big Mac Index’ conceptualised by The Economist in 1986.

High-speed internet key to uplift rural economy: Prez

High-speed internet for rural areas must be prioritized to ensure the establishment and advancement of industries across the country, President Gotabaya Rajapaksa said a short while ago

Govt.’s stance on palm oil could deter investments into agriculture sector

Sri Lanka’s oil palm growers seek clarity on the announced plan to uproot their cultivations, while cautioning such a policy reversal, which drastically undermines investor confidence, could paralyse the progress of the country’s agriculture sector.

Customs, banks instructed not to facilitate palm oil imports

The Imports and Exports Control Department has issued a directive to all commercial banks and Sri Lanka Customs not to facilitate the processes of palm oil importation with immediate effect.

Malaysia irked by SL’s palm oil ban

Malaysia, one of the key sources from where Sri Lanka imports palm oil, appears to have been visibly irked by President Gotabaya Rajapaksa’s move to ban palm oil imports.

Sampath Bank Rs.6bn debenture snapped up

Sampath Bank’s Basel III compliant listed debenture issue to raise up to Rs.6 billion, which opened yesterday, was oversubscribed.

Mobility improves as virus fears ease

Mobility, which took an immense and a prolonged toll from the pandemic, appears to be re-emerging as people are seen venturing out for shopping and other recreational activities after more than a year of shelter-in-place.

Unlimited internet packages to be launched next week: TRCSL

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) yesterday revealed that service providers are gearing up to unveil their unlimited internet packages by next week.

Construction material sector poised for strong growth: Softlogic Research

Softlogic Research, in its most recent publication took a very strong stance on the material sector, predicting a strong growth backed by an economic recovery and the renewable energy drive.

Submissions made on petition against proposed Inland Revenue Bill

The lawyers appearing for senior tax professional Raja Nihal Hettiarachchi who petitioned the proposed Inland Revenue Bill on Monday made submission in court proposing amendments to the bill, so that the clauses concerned would no longer be inconsistent with the Articles of the Constitution.

Malaysia irked by Sri Lanka’s palm oil import ban

Malaysia, one of the two key sources from where Sri Lanka imports palm oil, appears to have been visibly irked by President Gotabaya Rajapaksa’s move to ban palm oil imports.

Import restrictions on ceramic imports to be relaxed soon

The government intends remove the current import restrictions on tile and sanitary ware soon and Sri Lanka will locally produce 80 percent of its tile requirement by 2022, State Minister of Finance, Money, Capital Markets and State Enterprise reforms Ajith Nivard Cabraal told Parliament this week.

Rupee hits fresh low; selling rate at Rs.202.70 per dollar

Sri Lanka rupee hit a new low today against the US dollar as the selling rate plunged to Rs.202.70 per dollar. The previous lowest was Rs.202.10, which was recorded on April 1.

Customs, banks instructed not to facilitate palm oil imports

The Imports and Exports Control Department has issued a directive to all commercial banks and Sri Lanka Customs to not to facilitate the processes of palm oil importation with immediate effect.

Unlimited internet facility to be launched next week: TRCSL

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) today announced that service providers are gearing up to unveil their unlimited internet packages by next week.