Germany to set up technical training institute in Matara

The government of Germany has agreed to provide 11 million euros as a grant to build a German Technical Training Centre in Matara, to provide state-of-the-art training opportunities to the youth in the southern part of Sri Lanka.

Mahindra-Ideal Group to commission US $ 50mn vehicle assembly plant in June

India’s leading auto manufacturer Mahindra & Mahindra Ltd and Sri Lanka’s Ideal Group (Pvt.) Ltd will this June commence operations of its US $ 50 million vehicle assembly plant located in Horana, targeting the Sri Lankan market and future exports to the region.

SL to hold ministerial level FTA talks with China next month

The Minister of Development Strategies and International Trade, Malik Samarawickrama will visit China next month to hold ministerial level discussions to resume negotiations in connection to the proposed Sri Lanka-China FTA. Speaking to Mirror Business on the sidelines of the inauguration of the First German Pavilion at Build SL 2019 exhibition at BMICH last Friday, he said that he is planning to hold discussions with top Chinese government offic

Dangerous rail travel by tourists – Is there an opportunity?

Of late, there has been much debate and concern voiced about tourists standing at the doorways of trains and even hanging out, while the train is moving. Some pictures of a young couple hanging out of a train, while clutching on to the side rails, went viral on social media with debates of the ‘pros’ and ‘cons’ reaching fever pitch.

Chengdu delegation meets BOI chief to discuss projects in H’tota

A delegation from Chengdu Association for Foreign Trade and Cooperation (CAFTEC) Chengdu, China visited the BOI and met with the Chairman Hemasiri Fernando. The delegation consisted of Chen Xia, Secretary General (CAFTEC) who was accompanied by two members and by Kosala Wickramanayake, President – International Business Council. The purpose of the delegation was to promote Sri Lanka and particularly projects in Hambantota. In addition, Chen br

Drought, failure to raise power capacity force nationwide power cuts

REUTERS (Colombo): Sri Lanka’s State-run power firm has imposed daily power cuts for the first time in more than two years as a drought has slashed hydro-power output, highlighting the government’s failure to build new power plants, officials said on Monday. The drought has cut the hydro-power generation in half to 15 percent of the nation’s total electricity production as the Ceylon Electricity Board (CEB) seeks to save water for household and i

SLT to facilitate network access to 90% of population

By Nishel Fernando Sri Lanka Telecom (SLT) is to enhance its network access to cover 90 percent of the country’s population within this year by continuing its aggressive investments in expanding extensive fibre optic network and 4G converge, as the telco operator prepares to launch several digital services equipped with fintech payment solutions from next quarter onwards. “We have a very aggressive plan to expand our footprint across the count

NDB debenture snapped up; issue left open until second tranche taken up

The National Development Bank PLC (NDB) yesterday announced the over-subscription of the initial tranche of its subordinated debenture to beef up Tier II capital base which is being rapidly taken up to support its aggressive lending in to the newly ventured areas.

Shares end in red as telcos weigh; rupee firmer

Reuters: Sri Lankan shares closed at their lowest in more than six years yesterday, ending weaker for a seventh straight session, dragged down by telecommunication and banking stocks. The market awaits for some positive news from the third and final vote on the 2019 budget scheduled for April 5, market sources said. The Colombo Stock Exchange index ended down 0.29 percent at 5,513.67, its lowest close since Dec. 19, 2012. The benchmark stock

China, EU ‘advancing together’, says Xi, amid US tensions

PARIS (AFP) - Chinese President Xi Jinping yesterday stressed the growing convergence between Beijing and the European Union on global issues from climate change to trade, urging the two sides to overcome their “suspicions.” At a meeting in Paris between Xi, French President Emmanuel Macron, German Chancellor Angela Merkel and European Commission chief Jean-Claude Juncker, the leaders declared their desire to work together. “Of course there are

Motor insurance sector growth to slow due to hefty taxes: Fitch

Sri Lanka’s motor insurance sector growth will slow as the recent excise duty increase and luxury taxes imposed from the budget presented in March will dent the demand for motor vehicles but the non-motor segment shows prospects for longer-term growth with the government support, said Fitch Ratings.

Shares extend losses; rupee weakens

SL’s banks give Rs.739bn in private sector credit in 2018 defying tight policies

Sri Lanka’s private sector credit or the credit extended to private individuals and business enterprises by the banking sector rose at a healthier pace during 2018, defying the policies broadly tilted towards the tightening side.

SLTDA to issue renewal licences in one day

The Sri Lanka Tourism Development Authority (SLTDA) is now fully geared to issue renewals for accommodation and service providers in one day when the relevant documents for each category are submitted, a statement issued by the SLTDA yesterday stated.

SLT-Huawei to partner for Colombo Port City’s Smart City project

Sri Lanka Telecom (SLT) to partner with Huawei to take up on the Smart City project at Colombo Port City with an aim to position Colombo Port City as Southeast Asia’s premier smart city.

BOI approves over US $ 5bn investments in 1Q

The Board of Investment (BOI) has approved an estimated US $ 5.1 billion worth of new investment projects in the first quarter of this year, including a steel plant project to be set up in Trincomalee, with an investment of US $ 1 billion, the latest BOI statistics showed.

CCC marks 180 years by ringing trading bell

Sri Lanka’s premier business association, the Ceylon Chamber of Commerce (CCC), yesterday reached its 180-year mark, a milestone that was commemorated with a bell ringing ceremony at the Colombo Stock Exchange (CSE).

Govt. to introduce special law to govern Hambantota trade zone

The government is to introduce the Ruhuna Economic Development Corporation Law soon, which it claims would be applicable to the trade zone in Hambantota.

High tax regime adversely impacting banking sector: HNB CEO

Hatton National Bank (HNB), Sri Lanka’s second largest private lender by assets recently called on the government to re-evaluate the “unsustainable” high tax regime on the banking sector as it limits the sector’s ability to support other industries, which in turn adversely impacts the economic growth of the country.

SL banks managed IFRS 9 capital impact, but macro stability could stymie progress - Fitch

Sri Lanka’s banks managed to overcome in what could become a thorny issue on their capital coming from the first time impact of the new accounting standard on loan loss expenses as the companies built up buffers in the run up to the full implementation of BASEL III rules, satisfactory profitability buffers and four-year phasing in period, Fitch Rating said. In a note issued after analysing the final results of the banks for fin

Omani oil minister says excited to be part of Sri Lankan oil refinery project

REUTERS (Hambantota): Oman’s oil minister said yesterday he was excited to be part of a Sri Lanka oil refinery project, an indication plans for the sultanate’s involvement may be back on track. The comments by Mohammed bin Hamad al-Rumhy came after an Omani official last week had denied the Middle Eastern country had agreed to invest in the project.Rumhy joined Sri Lankan Prime Minister RanilWickremesinghe at the la

Trade and Productivity Commission soon

The Development Strategies and International Trade Ministry and the Finance Ministry together will set up a Trade and Productivity Commission (TPC) within next three months to continue with the trade liberalisation process on a structured basis, while supporting local firms to get adjusted to increasing competition arising from foreign firms. The Cabinet of Ministers recently approved the necessary Cabinet proposal to set-up a TPC in principal.

TRCSL blocked Google Loon project in Sri Lanka – Harin

Sri Lanka missed the opportunity to place the country as a destination for digital innovation with Google Loon project in Sri Lanka, as the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) failed to provide the required spectrum for the project, a top Minister lamented. “We wanted to do a pilot for Google Loon project, and th

Build SL 2019 exhibition

The Chamber of Construction Industry Sri Lanka opened the international housing and construction exhibition - ‘Build SL 2019’ for the 15th consecutive year at the BMICH yesterday. The German Chamber of Industry and Commerce has collaborated with the Chamber of Construction Industry Sri Lanka to host a special German pavilion through their agencies in Sri Lanka that will display a wide array of German

Pulmoddai mineral sand deposits will not be transferred: Rishad

Minister of Industry & Commerce Rishad Bathiudeen said recently that neither the government nor this Ministry has approved the transfer of the profitable Pulmoddai mineral sand deposits. “As we celebrate the 61 year anniversary of Lanka

China’s EXIM Bank approves US $ 1bn loan for highway project

China’s Export-Import Bank (EXIM Bank) has approved US $ 989 million concessional loan for the Central Expressway Section 1 from Kadawatha to Meerigama. The Finance Ministry said t

Tesla chief Musk calls on workers to help deliver cars

SAN FRANCISCO (AFP) - Tesla chief Elon Musk on Thursday urged workers to make helping with the “biggest wave” of deliveries in the electric car maker’s history their top priority, Business Insider reported. The news website posted a copy of an internal email from Musk rallying Tesla troops to pitch in with “a massive wave of deliveries” throughout Europe, China and North America. “This is the biggest wave in Tesla’s history

DMK leader Jagathrakshakan’s family linked to record FDI in Sri Lanka

The Hindu:A Singapore-based company in which stakes are held by the family members of former Union Minister of State S. Jagathrakshakan of the DMK has been linked to a record foreign direct investment of US$3.85 billion in an oil refin

Shares fall for 5th session; rupee slightly weaker

COLOMBO (Reuters) - Sri Lankan shares fell for the fifth straight session yesterday and posted their lowest close in more than six years, dragged by telecom stocks, but foreign investors’ buying capped the decline. The market now awaits cues from the third and f

Indonesia’s Garuda says to cancel 49-jet Boeing 737 deal after crashes

JAKARTA (AFP) - Indonesia’s national carrier Garuda has told Boeing it will cancel a multi-billion-dollar order for 49 Boeing 737 Max 8 jets after the model was involved in two fatal crashes. The move could spark more cancellations from other major carriers, an aviation analyst said, as Boeing and US federal regulators get set to face their first public grilling by Congress since the deadly incidents.