Euro 30mn AFD loan for green power development project

French Agency for Development (AFD) has loaned 30 million euros to Sri Lanka to finance a green power development project.

Budget boost for Enterprise Sri Lanka, Gamperaliya

The government is planning to give a further boost to its Enterprise Sri Lanka (ESL) loan scheme and Gamperaliya rapid rural development programme from the 2019 budget, aiming to stimulate the domestic economy in a sustainable manner.  Finance and Mass Media Minister Mangala Sama

Sri Lanka Retail Forum 2018 kicks off

The inauguration ceremony of Sri Lanka Retail Forum 2018, organised by the Sri Lanka Retailers’ Association (SLRA), took place last evening, with Prime Minister Ranil Wickremesi

CPC-LIOC JV to develop abandoned oil tanks in Trinco

The state-owned Ceylon Petroleum Corporation (CPC) plans to enter into a joint venture (JV) with Lanka IOC PLC (LIOC) to develop the unused 85 oil tanks in Trincomalee, while retaining their ownership.  

SL secures US $ 1bn term loan from China Development Bank

The Central Bank yesterday said Sri Lanka secured a US $ 1 billion foreign currency term financing facility from China Development Bank (CDB), at highly competitive interest rates.  

Cabinet nod to award US $ 2mn tourism brand identity building contract to JWT

The Cabinet of Ministers on Tuesday decided to award the US $ 2 million contract to develop a new brand identity and strategy for Sri Lanka tourism to J. Walter Thompson (JWT) within a period of six months, a top minister told Mirror Business.   

Budget promises lagging; state of FinMin’s ‘Implementation Unit’ unknown

The government has yet again failed to implement the vast majority of the budget promises, even with an ‘Implementation Unit’, which was supposed to have been established under the Finance and Mass Media Ministry, to specifically track the progress of the budget proposals and report on them. 

Liberalization of shipping sector – Fact or fiction?

Sri Lanka’s Finance Minister Mangala Samaraweera wrapped up the 2018 budget debate promising to end the country’s ‘nanny state’ approach and expressed his determination to press ahead with radical liberalization.   

Sept. motor vehicle registrations down

The recent curbs on vehicle imports appear to have finally stemmed the flow of motor vehicles to the country, although a dramatic fall in motor car registrations is not expected, at least in the next couple of months, as unsold cars lying in yards and on water could hit the roads.   

Chinese mercenaries are tightening security on Belt and Road

Chinese private security companies (PSCs) are increasingly going global. Not so long ago they focussed mostly on providing bodyguard services for China’s rich and famous and guarding facilities in China. But now, China’s growing global footprint has driven this sector to start operating beyond China’s borders.  

Recent credit boom has failed to translate into productive private investment: JB Securities

The two-year credit boom during 2015 and 2016 has failed to bring in desired long-term development outcomes as most of such credit had gone into unproductive segments of the economy, a recent research report by a leading Colombo-based equities brokerage, opined. 

Rupee ends weaker; stocks edge up

(Colombo) REUTERS: The Sri Lankan rupee ended 0.2 percent weaker yesterday as banks and importers bought the dollar while stocks ended a five-session losing streak, pulling away from previous session’s near five-year closing low. The rupee ended at 170.90/171.10 per dollar, compared with its previous close of 170.60/75. The rupee had fallen to an all-tim

Cabinet nod to award US $ 2mn tourism brand identity building contract to JWT

The Cabinet of Ministers yesterday decided to award the US $2 million contract to develop a new brand identity and strategy for Sri Lanka tourism to J. Walter Thompson (JWT) within a period six months, a top Minister told Mirror Business. 

Price controls, falling rupee push pharma industry to withdraw 11 drugs from market

The Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) yesterday announced the withdrawal of 11 drugs from the local market due to the price controls slapped by the government. The ph

Budget promises lagging; state of ‘Implementation Unit’ unknown

The government has yet again failed to implement the vast majority of the budget promises, even with an ‘Implementation Unit’ which was supposed to have been established under the Finance and Mass Media Ministry to specifically track the progress of the budget proposals and report on them.  With only 8 percent of

Banking sector profits seen losing steam ahead of 3Q earnings season

The banking sector earnings, which once looked almost immune to economic cycles, have indicated some signs of weakness in recent times, as the sector is facing multiple headwinds, which are putting its resilience to test.    

THASL AGM tomorrow

The Hotels’ Association of Sri Lanka (THASL), with a plan to develop more employment opportunities and foreign exchange earnings to the country, will hold its 53rd annual general meeting (AGM) at Shangri-La Hotel, tomorrow.  

Rupee ends weaker; stocks hit near 5-yr low on foreign selling

(Colombo) REUTERS: The Sri Lankan rupee ended 0.7 percent weaker yesterday as banks and importers bought the dollar and as stocks declined for a fifth straight session, hitting a near five-year closing low on continued foreign fund outflow.  

Central Bank begins forensic audits on EPF’s share, bond investments

The Central Bank yesterday said the procurement process for several forensic audits is underway on the Employees’ Provident Fund’s (EPF) investment in stocks and treasury bonds and operations of selected entities regulated and supervised by the bank.  

Lankan entrepreneurs lack crucial business skills to commercialise innovations: academic

The Sri Lankan entrepreneurs lack crucial business skills to take new innovations to the market despite coming up with a large number of innovations and excelling in international competitions, a top academic pointed out. Moratuwa University’s Enterprise Centre for Innovation, Incubation and Entrepreneurship Director Dr. Thusitha Sugathapala said that Sri Lankans have been good at innovating products but however have so far failed in commer

EPF needs governance overhaul to invest in Sri Lanka stock market

Sri Lanka’s Employees’ Provident Fund (EPF), a retirement fund of the private sector workers managed by the state, is about to re-enter the stock market, ending several years of inactivity, after it came under fire for being a dumping ground for both stocks and bonds.  

World Bank forecasts 3.9% economic growth for Sri Lanka this year

The World Bank expects Sri Lanka economy to grow 3.9 percent this year and 4 percent in next two years, recovering from the weather disruptions, which negatively affected agriculture, last year.  

At IMF meetings, China’s globalisation agenda left behind in trade debate

Three days before U.S. President Donald Trump took office in January 2017, Chinese President Xi Jinping portrayed Beijing as the champion and defender of globalisation at the Davos World Economic Forum amid rising fears of trade protectionism.  

What value would CB think to stop depreciation – At Rs.200, Rs.250 or Rs.300?

In response to my article regarding the government and Central Bank abdicating their duty to support the rupee, the Central Bank, by its statement of October 10, 2018, has gone to embarrassing lengths to downplay its current inability to defend the rupee.  The bank has also indirectly suggest

Lankan stock market needs serious state intervention

The All Share Price Index (ASPI) decreased eight points or 0.14 percent to 5872 on Wednesday, October 10, from 5880 in the previous trading session and on Thursday, down to 5840. 

CB takes further action to cut non-essential consumer imports

In their latest action to ease the pressure on the sliding rupee, the Central Bank has directed authorized dealers not to release foreign exchange, which involves conversion of rupees into foreign c

Philippines mulls sponsoring catastrophe bond issue

(Manila) REUTERS: The Philippines’ Finance Ministry said yesterday it was exploring a plan to sponsor a catastrophe bond issue, similar to the one launched by the World Bank early this year covering Latin American earthquakes.

Sri Lanka to count number of coconut trees using drone technology

The Plantation Industries Ministry together with the Coconut Cultivation Board (CCB) plan to employ the application of drone technology and an online coconut land registration to boost productivity and yield of the coconut plantation in the country.  Plantation Indust

August apparel export earnings up 7.7%

Sri Lanka’s apparel export earnings for the month of August rose 7.7 percent from a year ago to US $ 444 million amid a significant rise in export earnings from the United States.

Netherland’s FMO arranges US $ 50mn syndicated loan for Nations Trust Bank

Dutch development bank, FMO, recently arranged a US $ 50 million syndicated loan for Nations Trust Bank (NTB) to support the bank’s business banking activities, which have been geared more towards Small and Medium Enterprises (SMEs).