Casino-bound Telugus ditch Goa, fly to Sri Lanka

The Hindu: It’s Goa’s loss and Sri Lanka’s gain as far as Telugu tourist flow to the island nation is concerned. More and more Casino-bound tourists from the Telugu States of Andhra Pradesh and Telangana are flying to Sri Lanka.

Revised National Physical Plan to be approved shortly

Sri Lanka’s revised National Physical Plan for 2018-2050 is expected to be gazetted shortly and the plan proposes to develop Colombo-Trincomalee as the main economic corridor along with three other sub-corridors,

Sri Lanka can create jobs, boost exports, by moving brains: Hausmann

Many advanced nations from Singapore to the US have open policies that allow people to migrate easily, bringing knowledge and skills to transform economies and create new jobs, a top Harvard economist said.

SL–China relations: The Great Silk Road needs to pick up speed

It was good news for the country on Monday when China approved a US $ 1 billion loan to revive a long-delayed expressway in central Sri Lanka. The construction of the first phase of the road linking the capital Colombo with the hill resort of Kandy had been delayed for more than two years due to a lack of foreign funding.

Lanka IOC prepared to set own fuel prices to minimise losses

REUTERS: Sri Lankan fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company said on Friday.

Lion Brewery returns to profit on benign beer tax

The reversal of the government’s lopsided tax policy on beer and the recovery of operations from the production halt caused by floods helped Lion Brewery (Ceylon) PLC (LION) to return to profit as the lower tax on beer pulled more people into mild alcohol from hard liquor and illicit alcoholic beverages.   LION, Sri Lanka’s largest brewery recorded 

Dipped Products top line up on new glove markets, strong plantation results

Hayleys group company, Dipped Products PLC (DIPD) posted higher revenues as the non-medical glove maker ventured into new markets while the group’s plantation segment rebounded strongly. But the profit for the latest quarter came down due to higher direct and indirect costs.  Releasing its interim accounts for the quarter ended in March 31, 2018 (4Q18), DIPD reported consolidated revenue of Rs.7.1 billion, from Rs.6.6 billion revenue i

Two new board appointments to SriLankan

Consultant Physician Prof. Arjuna de Silva and private sector professional Johann Wijesinghe have been appointed to the board of ailing SriLankan Airlines, which is currently undergoing a three-year restructuring programme under a new director board. 

Fairway’s waste-to-energy project likely to get IFC financing

Sri Lanka’s Fairway Waste Management (Pvt) Ltd. is likely to receive a US$ 7 million financing facility from the International Finance Corporation (IFC), the private sector funding arm of the World Bank Group, for a waste-to-energy project.

Payment to ETI Finance deposit holders to begin next month

The Central Bank of Sri Lanka said yesterday the payment for deposit

ADB lends US $ 210mn to end water scarcity in Sri Lanka’s dry zone

The Asian Development Bank (ADB) and the Sri Lankan government signed a US $210 million second tranche loan agreement for the Mahaweli Water Security Investment Programme to assist Sri Lanka complete its on

LB Big Wheels Motor Show 2018 kicks off

The LB Big Wheels Motor Show 2018, organised by the Vehicle Importers 

Malik visits Biyagama EPZ, meets investors and zone workers

The BOI organized an interactive meeting at the Biyagama Export Processing Zone (BEPZ) where the keynote speaker was Development Strategies and International Trade Minister Malik Samarawickrama.  

China denies it offered package to slash U.S. trade gap by US$200 bn

REUTERS: China denied yesterday that it had offered a package to slash the U.S. trade deficit by up to US$200 billion, hours after it dropped 

Shares hit 2-week closing high in thin trade

REUTERS: Sri Lankan shares rose to a two-week closing high yesterday, led by diversified and banking stocks, but trading was thin as investors waited for more clarity on the political and economic front. 

Rupee rises on exporter dollar sales

REUTERS: The Sri Lankan rupee gained further yesterday due to dollar selling by exporters and a state bank, days after the central bank said underlying fundamentals do not warrant the current downward pressure on the currency. 

SLAITO stresses need for automated immigration processes at BIA

Stressing the need for better management of systems and processes at the Katunayake Bandaranaike International Airport, the Sri Lanka Association of Inbound Tour Operators (SLAITO) President Harith Perera said Sri Lanka should move faster on adopting automated immigration systems. 

China claims Sri Lanka hub in Silk Road strategy

China hinted Sri Lanka’s growing importance in its ambitious US$500 billion One Belt One Road (OBOR) initiative claiming Sri Lanka is a ‘hub’ in its OBOR strategy.  Sri Lanka meanwhile stressed of its own role in OBOR, and revealed that the Colombo Port City project despite the 25-year long timeline, is ‘progressing at great speed’.

Oil prices set for sixth week of gains, India sounds alarm

REUTERS: Brent oil prices rose yesterday and were set for a sixth straight week of gains, boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions, as Saudi Arabia moved to assuage supply concerns.

Asia stocks steady as markets eye US-China trade talks, dollar elevated

REUTERS: Asian stocks were steady yesterday amid caution over developments in U.S.-China trade negotiations, while the dollar perched near a five-month peak after the benchmark U.S. Treasury yield hit its highest in seven years.

SL aims to double local dairy output with U.S. assistance

Sri Lanka aims to double its dairy production by enhancing the small and medium dairy farmers’ productivity and competitiveness through a US $14.1 million project funded by the United States Department of Agriculture (USDA). 

Rupee ends firmer in dull trade

REUTERS: The Sri Lankan rupee ended firmer yesterday in dull trade due to dollar selling by a state bank, a day after the central bank said underlying fundamentals do not warrant the current downward pressure on the currency.

Innovation in 3 key sectors enough to boost growth by 3%: McKinsey

Sri Lanka’s economic growth will witness a leap in the near future, if efforts are taken to iron out issues and integrate innovation across all levels in three of its key sectors, assured leading global management consulting firm, McKinsey.

Hayleys Fabric losses expand in March over higher costs, tax charge

Hayleys Fabric PLC’s problems persisted in controlling direct costs and overheads as the knit fabric maker expanded losses during the quarter ended in March 2018 while the top line grew. 

Sunshine Holdings in private placement deal with SBI to cut debt

Sunshine Holdings PLC said yesterday its board of directors resolved to raise Rs.775 million through a private placement deal with SBI Ven Holdings (Pte) Limited, which already holds a 10.99 percent stake in Sunshine as the third largest shareholder.

Sri Lanka open for investors from all Asian countries: Malik

Balancing diplomatic relations and being open to all countries for investment has been a key achievement of the current government, remarked Development Strategies and International Trade Minister Malik Samarawickrama at a forum in Colombo yesterday.

Singer Sri Lanka emerges out of temporary slump in demand

Singer Sri Lanka PLC emerged out of a temporary slump in demand as the country’s leading consumer durables retailer reported financial performance with higher revenues and profits for the quarter ended in March 2018. 

Chandana Aluthugama new CEO at Sri Lanka Insurance

Insurance industry professional Chandana L. Aluthgama has been appointed as CEO of Sri Lanka Insurance Corporation Ltd with effect from May 3, 2018.  

SLT 1Q performance reflects shifting subscriber habits

The rapid shift towards data from voice services and intense competition inflicted pain on Sri Lanka Telecom PLC (SLT) as the March quarter profits and revenues showed some challenging operating conditions faced by the state-controlled telecommunication behemoth.  

Colombo Dockyard ends 1Q in red as income from shipbuilding slows

Sri Lanka’s largest shipbuilder, Colombo Dockyard PLC (DOCK), which operates in collaboration with Japan’s Onomichi Dockyard, which owns 51 percent of the company, reported a net loss of Rs.120.3 million for the March quarter (1Q18), as the income from both shipbuilding and repairing slowed.