‘Sahasak Nimavum’ exhibition opens

‘Sahasak Nimavum’, the national exhibition for inventions and innovations and competition– 2018 organized by Sri Lanka Inventors Commission opened yesterday at the Sri Lanka Exhibition and Convention Centre (SLECC). Three hundred and thirty f

Printing and packaging important when branding Sri Lanka globally: Rishad

Sri Lankan SMEs, a key driver of the country’s GDP are to collect a hefty packaging bonanza, the first such initiative by the State.   “Like in any other countr

BoE chief warns of housing market crash on ‘no deal’ Brexit

LONDON (AFP) - British house prices could crash by 35 percent if the UK leaves the European Union next year without a divorce deal, Bank of England governor Mark Carney has reportedly warned.

Foreign Employment Bureau signs MoU with Verité Research

The Sri Lanka Bureau of Foreign Employment (SLBFE) signed a Memorandum of Understanding (MoU) with Verité Research recently.  Verité Research, a

Pulling back the curtain on privatization of Sri Lanka’s plantation sector

I have read with much interest the recent article where Dr. Romesh Bandaranaike has shared his “unique insights” of Sri Lanka’s plantations. At the outset, I totally disagree with

Janashakthi acquires 31% stake of Dunamis Capital for Rs. 1.4 bn

In one of the largest related party deals in the Colombo Stock Exchange, Janashakthi PLC, the investment arm of Sri Lanka’s Schaffter family controlled businesses yesterday bought 31.14 percent stake in Dunamis Capital PLC, another firm controlled by the same family for Rs.1.4 billion as the group is bringing its different businesses under one umbrella. 

Rupee touches record low

COLOMBO (Reuters) - The Sri Lankan rupee hit a fresh low against the dollar yesterday, but sources said the market expects the currency to recover, tracking gains in other emerging 

Manufacturing activities gain in July

Sri Lanka’s manufacturing activities expanded during July by 1.1 percent over the same month in 2017 showing signs of recovering industrial activities in an economy beset by structural deficiencies. 

Sri Lanka to continue with fiscal consolidation despite slower growth

COLOMBO (Reuters) - Sri Lanka will stay on a path of fiscal consolidation embarked on three years ago, despite slowing economic growth, the island nation’s junior finance minister said yesterday.

Financial City legislation to be presented to parliament this year

The legislation for the Colombo International Financial City (CIFC) is to be presented to the parliament before end of this year, Deputy Minister of Policy Planning and Economic Development, Dr.

Much more remains to be done to avert global economic shift risks : StanChart

Sri Lanka is moving in the right direction to face the risks associated with global economic shifts, while much more remains to be done, Standard Chartered Bank Mumbai, Head of South Asia, Economics Research, Anubhuti Sahay said. Addressing the Sri Lanka Economic Su

SL urged to adopt scrutinised strategy when engaging China to achieve hub aspirations

Sri Lanka is urged to adopt a scrutinised strategy in engaging with China while utilising on balancing and enhancing measures such as FTAs to diversify relations with other economic powerhouses such as Japan and India to leverage on the island’s geostrategic positioning to establish itself as trade and finance hub, as similar to Switzerland 

Rupee hits fresh low; ends steady

(Colombo) REUTERS: The Sri Lankan rupee hit a fresh low yesterday before ending steady as late dollar sales by banks outpaced demand for the greenback from importers early in the day.

Sri Lanka calls RFQs to issue licences for new lubricant players

The Petroleum Resources Development Ministry has called for requests for qualification (RFQ) to issue new licences to import, export, supply, blend and distribute lubricants with certain barriers, under the third round of lubricant industry liberalisation. 

Sri Lanka ups tourist arrival target to three million this year

Sri Lanka Tourism has upped the tourist arrival target to three million arrivals from 2.5 million this year, while eyeing four million tourist arrivals next year, as the new tourism promotional campaigns are getting off the ground.

Shares fall to 2-week low on foreign selling

(Colombo) REUTERS: Sri Lankan shares fell for a third straight session yesterday and marked a two-week closing low as foreign investors sold blue-chips after a research report said the country was facing risk of an exchange rate crisis.

Technological innovation is game-changer for agricultural statistics

Improving the welfare of Asian farmers depends on strategically investing in collecting “good data”. Most of Asia’s poor live in rural areas and rely on agriculture as their main source of income.

Uber Eats will soon become integral part of Colombo’s vibrant food culture : rathod

Following is a brief interview with Bhavik Rathod - Head of Uber Eats India & South Asia on the launch of Uber Eats in Sri Lanka recently.  What is Uber Eats and why are you launching it in Colombo?

Shilpa Abhimani 2018 launched

Shilpa Abhimani 2018 Presidential Handicraft Award Ceremony organised by the Industry and Commerce Ministry and National Crafts Council was launched yesterday at the BMICH under the patronage of Industry and Commerce Minister Rishad Bathiudeen.

Sri Lanka Economic Summit 2018 kicks off today

Sri Lanka Economic Summit 2018 will be inaugurated this morning at Cinnamon Grand Colombo.

New loan growth picks up in July

Growth in new loans by Sri Lankan banks accelerated pace during July from a month ago as the lenders try to beat to odds of the tight economy to meet their internal growth targets during the second half of the year.

Smart cities can serve citizens better after significant rise in urbanization in Asia

With May’s major flooding in Ratnapura, a city in Sri Lanka, and its disastrous consequences still fresh in our minds, it reminds me of a similar occurrence, this time in the city of Buenos Aires.  

Sri Lanka’s banking sector asset quality further deteriorates

There appears to be no end in sight to the rising sour loans in the Sri Lanka’s banking sector as the non-performing loans continue to head north while the Central Bank expects further gloom in the picture ahead. 

Insurance industry regulator operating sans actuary since last year

Sri Lanka’s insurance industry regulator, the Insurance Regulatory Commission of Sri Lanka (IRCSL) has been operating without a permanent actuary or an actuarial consultant since last year, posing risks to policyholders, an Industry professional alleged. 

Sri Lanka calls RFQs to issue licences for new lubricant players

The Ministry of Petroleum Resources Development has called for Requests for Qualification (RFQ) to issue new licences to import, export, supply, blend and distribute lubricants with cert

NDB’s Rs.6.2bn rights issue gets shareholder nod

The shareholders of NDB approved a capital raising of over Rs. 6.2 billion via a rights issue at an Extraordinary General Meeting (EGM) held at the NDB-EDB Tower yesterday. The funds to be raised are primarily to supplement growth and to improve the bank’s Tier I capital adequacy levels. NDB shareholders and the bank’s Board of Directors were present at 

UN expert urges govt. to establish rate cap on microcredit business

Sri Lanka should establish an interest rate cap for all financial institutions and individual lenders operating in the microcredit business to assess the credit risk of their loans and regulate and restrict the actions they can take to collect the loans in line with international human rights standards, a UN expert said yesterday. Juan Pablo Bo

Kapila Jayawardena appointed Seylan Bank Deputy Chairman

The Board of Directors of Seylan Bank PLC has appointed its non executive Director and LOLC Group Managing Director/CEO Kapila Jayawardena as Deputy Chairman of the Board with effect from September 10, 2018, according to a CSE filing.

Sri Lanka ups tourist arrival target to three million this year

Sri Lanka Tourism has upped its tourist arrivals target to three million from 2.5 million this year, while eyeing four million tourist arrivals next year as the new tourism promotional campaigns are getting off the ground.

Ceylon Tea global promotional campaign to kick-start in 4 key markets

The Sri Lanka Tea Board (SLTB) is to launch the global promotional campaign initially in four markets: Russia, Ukraine, China and Saudi Arabia, on social media and digital print media, with possible delays.