Biggest Lankan biz delegation attends C’wealth Business Forum

A record number of Sri Lankan small and medium scale business delegates participated at the Commonwealth Business Forum that was held from 16-18 in London alongside CHOGM 2018.

Govt. to impress diplomats with tourist safety measures

The Tourism Development Ministry will be reaching out to the diplomatic community to show the remedial action taken by the government to ensure that tourists aren’t harassed or harmed in the future after the recent trouble experienced by tourists in Mirissa and the local communal violence which took place in Kandy.

Mattala Airport losses narrow 15% in 2017 on reduced exchange losses

The losses of Sri Lanka’s Mattala Rajapaksa International Airport (MRIA) have decreased by 15 percent to Rs.3.39 billion in 2017 against Rs.3.9 billion recorded in 2016, mainly due to the slowing down of the rupee depreciation against the US dollar, the unaudited accounts of the Airport & Aviation Services (Sri Lanka) Limited showed. 

Rupee ends higher on exporter dollar sales

REUTERS: The Sri Lankan rupee ended higher yesterday, a day after the local currency hit a record low, as greenback sales by exporters outpaced dollar demand from importers, 

Stocks slip as investors sell select blue chips

REUTERS: Sri Lankan share index slipped yesterday from a five-week closing high hit the previous day, snapping a six-session winning streak, as investors offloaded select blue-chip stocks in low volumes.

Local construction industry likely to feel pinch of global aluminium price surge

With aluminium prices in the world market on the surge owing to US sanctions on Russian aluminium giant United Co. Rusal, prices of new residential and commercial projects under construction in Sri Lan

Tourism authorities to set up mobile unit to register service providers

The Sri Lanka Tourism Development Authority this week announced that it will be establishing a mobile unit for registration and advisory services for establishments providing services to tourists.

Petroleum Minister says final decision on fuel prices to be taken by President and PM

Petroleum Resources Development Minister Arjuna Ranatunga said yesterday the final decision on a possible fuel price hike will be taken by President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.

UK keen to expand direct investments in Sri Lanka

The UK Secretary of State for International Trade Liam Fox has said that Britain is ready for direct investments in Sri Lanka while increasing its existing investments in the country. According to President Maithripala Sirisena’s media division, the British government will take necessary measures in this regard in the near future. 

ADB expects Cabinet to approve pricing mechanisms for fuel, electricity this year

The government is likely to put its rubber stamp on cost-reflective pricing formulae for fuel and electricity within this year, as the burden of state-owned enterprise (SOE) debt has been weighing on the economy for too long.

Dialog seeks Rs.7.8bn in damages from SLT for industrial espionage

Dialog Broadband Networks (Pvt.) Ltd (DBN), a subsidiary of Dialog Axiata PLC, is seeking Rs.7.8 billion in damages from the state-owned Sri Lanka Telecom PLC (SLT), on the industrial espionage case being heard at the Commercial High Court.

CB goes extra mile to curb money laundering

The Financial Intelligence Unit (FIU) of the Central Bank has made it obligatory for designated non-finance businesses (DNFBs) to conduct customer due diligence in a bid to curb money laundering and terrorist financing activities.  

Rupee edges up after hitting record low

REUTERS: The Sri Lankan rupee inched up after touching a record low yesterday, with dollar demand from importers offsetting limited selling of the US currency by exporters earlier in the session, 

Govt. to set up six-member secretariat to implement National Export Strategy

Sri Lanka is to form a six-member secretariat for monitoring and implementation of the proposed five-year National Export Strategy (NES), Development Strategies and International Trade Ministry Secretary Chandani Wijewardana told Mirror Business, yesterday.

Weak link between CSE and global market trends hinders earnings growth: analysts

The weak link between the Colombo Stock Exchange (CSE) and global market trends is keeping earnings growth of the CSE indices below growth rates of 

Sri Lanka pools into US $ 5mn Commonwealth small states fund

In order to help the small states get access to global markets, Sri Lanka has pledged financial contribution to setup the Small States Trade Financial Facility, on the margins of the ongoing Commonwealth Heads of Government Meeting (CHOGM) in the United Kingdom.  

Weak link between CSE and global market trends hinders earnings growth: analysts

The weak link between Colombo Stock Exchange (CSE) and global market trends is keeping earnings growth of CSE indices below growth rates of competing markets. 

Sri Lankan apparel stands to gain from US-China trade spat

The apparel industry, which is Sri Lanka’s leading export revenue earner, is set to gain fresh impetus from the U.S. market in the coming months, as American garment importers look for produce

Motor car registrations surge in March

Sri Lanka’s motor car registrations in March rose sharply with pre-owned or reconditioned cars hitting a record since September 2015 when the vehicle imports reached an all-time high after the Central Bank printed money to keep bank credit cheaper, so that everyone could have a vehicle of their own. 

Prof. Samarajiva to head ICTA

Professor Rohan Samarajiva has been appointed the new Chairman of the Information and Communication Technology Agency of Sri Lanka (ICTA) along with a new director board.

Ensuring tourist safety everybody’s responsibility, says Tourism Minister

Sri Lanka yesterday pledged to protect tourists visiting the island nation as much as possible following a spate of attacks on foreigners, but stressed that the responsibility of protecting tourists falls on the tourists themselves, as well as every Sri Lankan citizen.

Power crisis looms as CEB engineers set to launch trade union action this Friday

Amidst the growing fears of an impending power crisis, the Ceylon Electricity Board Engineers’ Union (CEBEU) has informed the government that the country could experience intermittent power failures and prolonged recovery of such outages, as it will be launching a work-to-rule action this Friday, until its demands are met.

Govt. amends Companies Act to counter money laundering

Sri Lanka has tightened its screws on money laundering and terrorist financing by amending the Companies Act, a Finance and Mass Media Ministry communiqué said. The European Parliament recently confirmed that Sri Lanka, Tunisia and Trinidad and Tobago were on the European Commission’s blacklist of countries at risk for acts of money laundering. 

SLT’s Rs.7bn debenture snapped up on opening day

Sri Lanka Telecom PLC’s (SLT) unsecured Rs.7 billion debenture issue, inclusive of two greenshoe options, was subscribed on the opening day (April 11), despite two other large debenture issues opening on the same day.

Lankan banking sector resilience weak, asset quality to deteriorate further: S&P

Sri Lanka’s banking sector’s strength to withstand cyclical economic shocks remains weak and is affected by the country’s low income levels, said Standard & Poor’s, while revising the country’s economic risk trend to ‘stable’ from ‘negative’.  

SriLankan says achieved record revenue for FY2017/18

National carrier SriLankan Airlines yesterday said it achieved a record unaudited annual passenger revenue of Rs.126.9 billion (US $ 830.7 million) for the FY2017/18 ended this March.

President to deliver keynote address at Commonwealth Business Forum

President Maithripala Sirisena, who arrived in London on Sunday night to attend Commonwealth Heads of Government Meeting (CHOGM) 2018, is scheduled to address the Commonwealth Business Forum tomorrow.

Central Bank cautions on cryptocurrencies for first time

Amid the growing interest towards virtual currencies globally and locally, Sri Lanka’s Central Bank yesterday said it has not given the licence or authorization to any entity or company to operate schemes involving virtual currencies, including cryptocurrencies and has not authorized any Initial Coin Offerings (ICOs).   

Karu says lack of good governance killing public enterprises

As the economy continues to fall victim to nepotism, which taxes the nation in terms of income and productivity, Speaker of Parliament Karu Jayasuriya this week stressed the need to do away with the corrupt practice, so that the public enterprises can be revived from their inefficient status.

Rupee ends weaker on importer demand

REUTERS: The Sri Lankan rupee closed marginally down yesterday on importer dollar demand in light trading ahead of the traditional festival this week, dealers said. The rupee closed at 155.65/75 per dollar, compared with Tuesday’s close of 155.55/65.