Nuwara Eliya to get US $ 50mn cable car project

The government has approved a proposal by a private company to set up a US $ 50 million cable car project in Nuwara Eliya, targeting both local and foreign tourists.

Lagarde’s ECB nomination thrusts IMF into early succession race

(Washington) REUTERS: The nomination of Christine Lagarde as European Central Bank President on Tuesday has thrust the International Monetary Fund (IMF) into an early, unanticipated search for a new leader amid a raging trade war that has darkened the outlook for global growth.

Ceylon Chamber calls for more transparency on SOFA and MCC

The Ceylon Chamber of Commerce yesterday urged the government to be more transparent on the proposed Forces Agreement (SOFA) and Millennium Challenge Corporation (MCC) agreement with the United States government and to ensure to follow the due process when entering such agreements.

Tides post-terror: Towards stability following Easter Sunday Attacks

Life is nasty, brutish and short. The horror of the Easter Sunday attack in Sri Lanka will prove Thomas Hobbes was correct. The child that lost her parents or the parent that lost their child unaware why this disgraceful act of brutality came to their lives.

South African businesses and their role in creating sustainable peace and stable economy

Following is the full address delivered by South African High Commissioner in Colombo R.P. Marks at the 180th Annual General Meeting of the Ceylon Chamber of Commerce on June 28th on the topic ‘South African Business and their Role in Creating sustainable peace and a stable economy.’

Tourism on path to recovery

Tourist arrivals which plunged to nominal levels following the Easter Sunday attacks on April 21 are now slowly recovering. The picture shows a tourist feeding an elephant in Uda Walawe. Sri Lanka earned US $ 4.4 billion from tourism in 2018, and was targeting US $ 5 billion earnings this year. Pic by Pradeep Pathirana

Egg industry sounds alarm on potential crisis

Sri Lanka’s egg producers warn that the crisis-hit broiler chick producers may supply the fertilised eggs of their excess broiler-breeder parent stocks to the market leading to a collapse of the local

Mangala withdraws plans to allow Chinese cigarette imports

Finance Minister Mangala Samaraweera had reportedly told the Cabinet of Ministers yesterday that he would withdraw the proposal to allow cigarettes imports from China for the Chinese nationals working in

Unemployment in 1Q edges up to 4.7%

Sri Lanka’s unemployment rate in the first quarter of 2019 (1Q19) edged up to 4.7 percent from 4.5 1Q18 even though 221, 612 new jobs were created from 12 months ago, the data released by the government statistics

Police chief, ex-defence secretary arrested over bombings

(Colombo) REUTERS: Sri Lankan police yesterday arrested their own chief and the former defence secretary for failing to prevent attacks on churches and luxury hotels that killed more than 250 people in April, a police spokesman said.

Japan relaxes travel advisory on Sri Lanka travel

Japan has relaxed the travel advisory imposed on Sri Lanka following the deadly Easter Sunday terrorist attacks on April 21. “In light of the stabilization of s

Shares close at 2-week high; rupee weakens

(Colombo) REUTERS: Sri Lankan shares ended firmer for a third straight session yesterday, hitting their highest close in two weeks, while the rupee edged down on importer dollar demand, market sources said. The benchmark stock index ended up

Lower interest rates for bank deposits from this month

Sri Lanka’s bank depositors will receive lower interest rates from this month as the Central Bank has pressed banks to cut rates for the second time since April, as the reference rates upon which banks price their deposits have fallen consistently.

HNB Finance to raise Rs.2bn via listed debt

Fitch Ratings has assigned HNB Finance Limited’s Rs.2 billion subordinated debentures an expected long-term rating of ‘A-(lka) (EXP)’, one notch below the company’s national long-term rating, to reflect the subordination to the senior unsecured obligations.

CB directs banks to relax LTV requirements on mini-taxis

The Central Bank has issued a new directive to all licensed banks asking them to facilitate easy loans and leases for mini-taxis under the government’s concessionary loan programme Enterprise Sri Lanka (ESL).

Shares hit 1-1/2-week closing high; rupee strengthens

(Colombo) REUTERS: Sri Lankan shares ended steady yesterday, hitting their highest close in more than a week, while the rupee edged up on dollar sales as month-end inward remittances surpassed greenback demand from importer, market sources said.

Ceylon Chamber’s new chief calls for progressive govt. policies

By Shabiya Ali Ahlam As Sri Lanka stands at a critical juncture, the newly appointed Chairman of the Ceylon Chamber of Commerce said that the expectation of the private sector from the government is the implementation of progressive policies and eradication of corruption, a much-needed requirement to achieve the sought-after inclusive growth. “We call for the installation of a meritocracy and eradication of corruption at a fundamental and structu

Malik attends WEF’s IGWEL programme in China

Development Strategies and International Trade Minister Malik Samarawickrama attended the World Economic Forum’s (WEF) Informal Gathering of World Economic Leaders (IGWEL) programme, which provides a unique and safe setting for political and economic leaders to address the issues of concern. Organised by the WEF, participation to this meeting held in Dalian, China, at the Annual Meeting of New Champions, is by invitation only and at the highest l

SriLankan Airlines losses hit Rs.13bn in first 4 months

The overall loss of SriLankan Airlines (SLA) has risen to Rs.12.96 billion in the first four months of 2019 with the total debt of the airline topping US $ 750 million, the Finance Ministry data showed.

Jan-April fiscal deficit widens amid sharp revenue decline

Sri Lanka’s budget deficit during the first four months of the year has widened by Rs.112.8 billion year-on-year (YoY) to Rs.363.4 billion, driven by a significant decline in revenue from import-based taxes and excise duties, the Finance Ministry data showed.

TUI pledges support for SL’s tourism industry revival

Sebastian Ebel, a member of the Executive Board of TUI AG, responsible for destination experiences, hotels and resorts, cruises and group purchasing, met with Tourism Minister John Amaratunga recently, to pledge support to get the industry back on track and also to do joint destination promotions with the Sri Lanka Tourism Promotion Bureau. The minister thanked the giant travel and tourism operator for the long-standing support for Sri Lanka.

Hans tells private sector to lead economic resurgence

As Sri Lanka strives to progress to the next level while grappling with the current turmoil that has caused a major setback, urgent is the need to catalyze a wave of economic resurgence that will place the country on par with its regional peers in terms of competitiveness, according to the newly elected Ceylon Chamber of Commerce Chairman Dr. Hans Wijayasuriya. Dr.Wijay

Sri Lanka will continue to work with Chinese technology: Harin

Sri Lanka will continue to work with Chinese firms to develop the country’s telecommunications infrastructure, according to Telecommunications, Foreign Employment and Sports Minister Harin Fernando.

Final decision on cutting airfares to boost tourism likely today

The government is likely to reach a final decision today on measures to bring down the costly airfare structure at Bandaranaike International Airport (BIA), at a high level meeting between Prime Minister

World’s central banks tackle technology with innovation hub

(Zurich) REUTERS: Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved yesterday by the Bank for International Settlements.

Sampath Bank finds buyers to allot unsubscribed rights

Sampath Bank PLC last Friday said it found buyers for the unsubscribed rights. “We wish to inform you that the board of directors was successful in allotting all of the shares that remained unsubscribed at the close of the rights issue of the company. “The allotments amounting to 25

Insurance sector near-term growth to moderate; long-term prospects intact: Fitch

Sri Lanka’s insurance industry is set to grow modestly in the near term amid slower motor insurance premium growth due to higher taxes on vehicle imports, intense price competition in the general insurance market and sl

June headline inflation decelerates to 3.8%

Sri Lanka’s inflation decelerated during the 12 months to June 2019, mostly due to the base effects but the prices continued to rise during the month as food and non-food prices rose from a month earlier.

Shares post first monthly gain in 2019; rupee gains

REUTERS - Sri Lankan shares ended firmer at a more than one-week high yesterday buoyed by gains in beverage stocks, posting their first monthly gain this year, while the rupee edged up on dollar sales as month-end i

Trump prepares for ‘productive’ talks with Xi on trade war

OSAKA (REUTERS) - U.S. President Donald Trump yesterday said he hoped for productive talks with Chinese President Xi Jinping on a trade war that is casting a shadow on global growth, but said he had no