Sri Lanka not ready to scrap Scholarship Exam yet: IPS

While the ultimate long-term objective should be to abolish the Grade Five Scholarship Examination, at the moment, Sri Lanka is not ready for such drastic action, an education policy researcher at the Institute of Policy Studies (IPS) recently said.

Sri Lanka destroys more than US $ 100mn worth of cocaine

(Colombo) REUTERS: Sri Lankan authorities destroyed more than 767 kilogrammes of cocaine with an estimated value of more than US $ 100 million yesterday, at a special facility near the capital Colombo.

SEC files action against Dr. Sena Yaddehige for alleged insider dealing

The Securities and Exchange Commission of Sri Lanka (SEC) on March 07, 2019 filed action before the Fort Magistrate’s Court against Dr. Sena Yaddehige, for dealing in the shares of Kegalle Plantations PLC (KGAL) listed on the Colombo Stock Exchange, being the Chairman of the company, just before a Rs.45 dividend was declared by Kegalle Plantations PLC (KGAL) on 10th July 2015, which is in

Political leadership and CEB told to accept responsibility for power crisis

The political leadership and Ceylon Electricity Board (CEB) are to be blamed for Sri Lanka’s current power crisis where no major power plant has been commissioned or commenced constructions since Norochch

Lakmini Wijesundera crowned ‘SAARC Woman Entrepreneur of the Year’ for 2018

Lakmini Wijesundera, Co-founder and CEO of IronOne Technologies and BoardPAC in Sri Lanka was chosen as the ‘SAARC Woman Entrepreneur of the Year 2018’ from a pool of exemplary women entrepreneurs in the South Asian region recently. Aspiring to create strong role models in South Asia with the belief that every woman has the ability to lead and create a positive change, the SAARC Chamber Women Entrepreneur Council (SCWEC) held its inaugural SAARC

Enterprise Sri Lanka loans hit Rs.79bn mark

The Finance Ministry yesterday revealed that over Rs.78.6 billion worth of loans have been disbursed under the Enterprise Sri Lanka concessionary loan programme through 46, 673 loan facilities. The programme, which is conceptualized by Finance Minister Mangala Samaraweera, is aimed at creating 100, 000 entrepreneurs. A Finance Ministry statement said 20, 286 loan facilities were given under the ‘Sonduru Piyasa’ scheme while 2, 258 loans given und

Dialog powers up South Asia’s first pilot mobile 5G service

For the first time in South Asia, Dialog Axiata PLC has successfully demonstrated a fully standard based 5G mobile service, integrating 5G network infrastructure with a mobile 5G device. Dialog leveraged its Huawei RAN and core network with the most current Non-Standalone Architecture (Rel. 15, NSA) to power up world’s fastest 5G mobile phone on its trial 5G transmission.

March inflation rises 4.3 % on higher non-food prices

Basic food prices eased and non-food prices rose in March, nudging the Colombo Consumer Price Index (CCPI) up 4.3 percent during March from a year ago, from 4.0 percent in February. The CCPI is the closely watched gauge for pric

Kottawa-Makumbura Multimodal Transport Centre to open tomorrow

The Kottawa-Makumbura Multimodal Transport Centre – the first of its kind in Sri Lanka providing seamless access for passengers to connect among transport modes, is to be declared open tomorrow (March 31) by President Maithripala Sirisena, with the participation of Prime Minister Ranil Wickremesinghe, Ambassador of Japan to Sri Lanka Akira Sugiyama, Minister of Megapolis & Western Development Patali Champika Ranawaka and officials of Japan Intern

Vyawasaya – 2019 exhibition opens

‘Vyawasaya – 2019’ marketing and educational exhibition organized by the Small Enterprises Development (SED) division of Ministry of National Policies, Economic Affairs, Resettlement & Rehabilitation, Northern Province Development, Vocational Training & Skills Development and Youth Affairs opened at the Bandaranaike Memorial International Conference Hall (BMICH) yesterday.

HNB marks 50th AGM opening market trading at CSE

Hatton National Bank (HNB), which has been in existence for 130 years, marked its 50th AGM yesterday at the Colombo Stock Exchange (CSE) by opening trading with the ringing of the ceremonial bell.

Sri Lanka seeks divine help to end power crisis

(Colombo) AFP: Sri Lanka’s State energy provider sought divine intervention Thursday to break a crippling power shortage, dispatching envoys to the country’s North to offer holy water to a tree sacred to Buddhists.

Rupee gains 1.5 pct on week; stocks steady

REUTERS - The Sri Lankan rupee closed 0.4 percent stronger yesterday as dollar inflows from inward remittances ahead of the traditional new year celebrations helped bolster the local currency, market sources said, while stocks ended firmer. The currency extended gains into a fourth session to end firmer at 175.35/50 to the dollar, up from Thursday’s close of 176.10/25. The island nation’s currency gained 1.5 percent for the week

TUI shares plunge with Boeing 737 MAX fleet grounded

BERLIN (AFP) - Shares in tourism operator TUI plunged yesterday after it lowered its annual targets with all 15 of its Boeing 737 MAX aircraft grounded following two crashes involving the same model.

Exporters express grave concern over power crisis

The National Chamber of Exporters (NCE), which is the only private sector chamber that exclusively serves Sri Lankan exporters, has expressed grave concern over the adverse effects the current power crisis has on the ex

Deal for new Sri Lanka oil refinery will take at least a year to finalise: investor

(New Delhi/Colombo) REUTERS: An agreement to build a proposed US$3.85 billion oil refinery in Sri Lanka will take at least a year to be finalized as its main investor, India’s Accord Group, says it is yet to recruit partners and conduct an assessment of the plan’s viability. The comments add to confusion about the project, which was announced last week by the Sri Lankan government as the nation’s largest single foreign direct investment ever, but

FDI coming through proper banking channels: BOI

Meanwhile, Sri Lanka’s Board of Investment (BOI) yesterday said all Foreign Direct Investment (FDI) brought into Sri Lanka is channeled through a proper banking system as per the foreign exchange regulations in Sri Lanka.

SL plans major licensing round for oil and gas blocks

Sri Lanka’s Petroleum Resources Development Secretariat (PRDS) is planning to call bids for the first major licensing round early next year since 2013, for exploration and development work in the remaining blocks in Mannar and Cauvery basins after legislating the National Policy on Natural Gas (NPNG) this year with an aim to drill natural gas before 2025. “Sri Lanka will become a country which produces natural gas during 2024- 2025, and it will t

Attracts investor interest for blocks in Mannar and Cauvery basins

Sri Lanka has attracted investor interest for the exploration and development work in M2 block of Mannar Basin and several blocks in the Cauvery basin. The Petroleum Resources Development Secretariat (PRDS) earlier this year called for international tenders to develop the M2 block of Mannar Basin which includes Dorado and Barracuda discoveries.

H’tota oil refinery project a barrier to unshackle from FATF ‘Grey List’: TISL

Transparency International Sri Lanka (TISL) this week said the controversy surrounding the proposed US $ 3.85 billion oil refinery in Mirijjawila, Hambantota, could have a negative impact on Sri Lanka’s efforts to remove itself from

Rupee extends gains; stocks rebound from 6-year low

REUTERS - The Sri Lankan rupee closed stronger yesterday due to dollar inflows from inward remittances ahead of the traditional New Year celebrations, market sources said, while stocks snapped an eight-session losing streak to end higher. The currency extended gains into a third

Monsanto ordered to pay US$80 mn in Roundup cancer trial

(San Francisco) AFP: Monsanto has been ordered to pay some US $80 million to an American retiree who blames his cancer on the agribusiness giant’s weedkiller Roundup, in a case that could influence the outcome of thousands more like it. A San Francisco jury yesterday found the firm, which is owned by Bayer, had been “negligent by not using reasonable care” to warn of the risks of its product, ordering it to

Research says 370mn people should change present skills by 2030 to stay relevant

The findings of a recent research carried out by a global professional body anticipate that 65 percent of today’s primary school children will engage in jobs that do not exist today and, 370 million people will need to change their present skills by 2030. Over th

Lankan and B’deshi listed firms urged to increase sustainability reporting

More than 500 businesses in Sri Lanka and Bangladesh are being supported to report on their sustainability impacts following the launch of new guidance. ​Global Reporting Initiative (GRI) has provided technical input to guides produced by the Dhaka Stock Exchange (DSE) and the Colombo Stock Exchange (CSE), which they will share with all their listed companies, pro

SL welcomes 11, 200 cruise tourists

Sri Lanka has welcomed 11, 200 cruise tourists so far this year, who arrived in the island nation on six cruise ships, Sri Lanka Tourism Promotions Bureau (SLTPB) said in a statement. According to SLTPB, over the last two weeks alone, over 3000 tourists from Europe, Australia and Thailand arrived in Sri Lanka on board two luxury cruise liners. Luxury cruise liner Sapphire Princess whic

First-ever electric tuk-tuk launched in Sri Lanka

Development Strategies and International Trade Minister Malik Samarawickrama, MP Kumara Welgama and former Eastern Province Chief Minister and current National Apprentice and Industrial Training Authority Chairman Nazir Ahamed seen yesterday at the launch of Mahindra Treo electric tuk-tuk, the first-ever electric three-wheeler in Sri Lanka. The electric tuk-tuk is priced at just below a million rupees and can travel up to 130-kilometres in one ch

Rs.48bn revenue target from vehicle imports in jeopardy: VIAL

The Vehicle Importers Association of Lanka (VIAL) claims that several officials at Sri Lanka Customs (SLC) are attempting to jeopardise the government’s revenue target to collect Rs.48 billion as revenue from vehicle duties by arbitrarily classifying hybrid vehicles as petrol or diesel vehicles, which would drastically lower hybrid vehicle imports into the country.

Kasturi of Hemas honoured as a Change Maker in Sri Lanka

Hemas Pharmaceuticals and Hemas Logistics and Maritime Cluster Managing Director Kasturi Chellaraja Wilson has been recognised by Sri Lanka Parliament as a Women Change Maker in Sri Lanka in the Business Category.

SriLankan Airlines to increase frequencies to Tokyo

SriLankan Airlines, one of the first carriers to fly to Tokyo’s Narita International Airport, is celebrating 35 years of flying to Narita by increasing its number of frequencies up to five per week, with Sri Lanka growing rapidly in popularity as a destination for Japanese travellers.

Banking sector’s capital dilemma puts investors at bay

Banks may like to raise more capital from their stock holders citing constantly updated regulatory requirements and to fund their ambitious growth plans but at a return as little as 10 or 11 percent, not many will be willing to risk their money.