IMF says will continue to work with government on economic reforms

Despite speculation in local spheres being high over the government’s future economic decisions in the aftermath of the shocking Local Government polls drubbing, the International Monetary Fund (IMF) this week said that it is continuing to work with the government on the reforms 

Rupee ends marginally weaker in dull trade

REUTERS: The Sri Lankan rupee ended slightly weaker yesterday in dull trade as importer dollar demand outweighed selling of the greenback by exporters. The rupee ended at 155.25/30 per dollar, compared with Wednesday’s close of 155.10/25. The rupee hit a record low of 155.90 last  

Stocks slip from over 3-month high on profit-taking

REUTERS:  Sri Lankan shares yesterday snapped a five-session winning streak and eased from a more than three-month high on profit-booking, while foreign buying in Commercial Bank Plc boosted the daily traded turnover.

Sri Lanka has adequate local economic policy expertise: economist

The Sri Lankan government ignores local economic policy expertise in favour of foreigners who make the same arguments, a leading economist said recently.

Record trade deficit in December despite higher exports

The notable increase Sri Lanka saw in export earnings was offset by racing imports in December 2017 to record the highest trade deficit for the first time in 5 years, the external sector data released by the Central Bank showed.  

Nippon Paint hosts Asia Young Designer Awards for second consecutive year

Nippon Paint celebrated the successful conclusion of the Asia Young Designer Award (AYDA) themed ‘You for tomorrow’ future living as envisioned today, in Sri Lanka for the second consecutive year with a glamorous awards ceremony held at the Hilton Hotel Colombo recently. Held in collaboration with the Sri Lanka Institute of Architects (SLIA), the country’s apex body on Architecture, AYDA 2017 marked yet another 

Access Engineering progressing Deduru Oya water supply project construction work

Access Engineering PLC, one of the foremost civil engineering companies in Sri Lanka, is making a swift progress in the construction of the Deduru Oya water supply project, Ridi Bendi Ela, Maho.

Quick Tea joins ranks of ‘Green Businesses’

Quick Tea (Pvt.) Ltd, a subsidiary of Sri Lanka’s largest Tea Exporter for over two decades- Akbar Brothers Ltd, became the recipient of yet another accolade for the diversified group of companies by being certified as a ‘CarbonConscious Company’.

CIM Sri Lanka partners First Capital Holdings

Renewing a successful working partnership of three consecutive years, a Memorandum of Understanding (MoU) was signed between The Chartered Institute of Marketing (CIM) Sri Lanka and First Capital Holdings PLC, committing to goals mutually benefiting both organizations and strengthening the respective brand identities in the market.

India International Textile Expo underway in Colombo

IITExpo-Colombo 2018, a 3-day event, showcasing the textiles of India, is being held from February 21-23 at Galadari Hotel, Colombo.  More than 40 Indian fabric manufacturers and exporters are displaying varieties of apparel fabrics (woven, knitted and non-woven), made-ups, home textiles, traditional items etc in various blends, textures, colours and designs from various clusters of India. Namely; Tamil Nadu (Erode, Salem, Karur, Coimbatore)

Hayleys Advantis handles cargo for Ironman 70.3 Colombo

Lending its expertise in end-to-end logistics management to ‘Sri Lanka Wonder of Asia Ironman 70.3 Colombo’, Hayleys Advantis announced that it is handling the movement of all cargo being brought to Colombo from the Ironman regional hub in Malaysia.

JWT duo selected to represent Sri Lanka at AdFest 2018

Reinforcing the J. Walter Thompson pioneering spirit, Akila Abdul Azeez and Minendra Sarathchandra collaborated to deliver a compelling, relevant and innovative campaign that led them to winning the 2018 AdFest Young Lotus competition.

Munchee Super Cream Cracker amongst country’s most favourite biscuits

Statistical data from market research shows that Munchee Super Cream Cracker has become the country’s most popular biscuit surpassing other biscuit varieties.

CIM Sri Lanka to host first networking event of silver screen legends

The Chartered Institute of Marketing Sri Lanka will be hosting its first networking event for this year titled ‘Legends of the Silver Screen’ on 27th February, at the CIM office, Colombo 03 at 

Wijeya Digital’s Umair Wolid listed among the 100 Smartest Digital Marketing Leaders

Umair Wolid, Head of Marketing – Content and Digital Media at Wijeya Digital Media was listed among 100 Smartest Digital Marketing Leaders at

Credit moderates; possibility of rate cut hangs in balance

Sri Lanka’s private sector credit growth has continued its moderation path towards end-2017, reflecting the effects of the delayed monetary policy transition gradually taking hold of the country’s money in circulation. 

CB says processing investment proposal by ETI directors

Neither confirming nor denying the speculations that UK-based Lyca Group is nearing a deal to purchase the ETI Group’s assets, Central Bank Governor Dr. Indrajit Coomaraswamy told Mirror Business that the Central Bank is still processing an investment proposal submitted by the ETI directors.  

Pepper growers want Sri Lankan free trade pact quota scrapped

THE HINDU: The Consortium of Pepper Growers’ Organisation, Karnataka, Kerala and Tamil Nadu, has urged the Centre to levy 54 percent duty on imports from Sri Lanka under the South Asian Free Trade Area (SAFTA) and scrap the Indo-Sri Lankan Free Trade Agreement quantity of 2,500 tonnes.

Further tax concessions for state land leased for agriculture

The cabinet has taken a decision to award further tax concessions for state lands provided on a long-term lease basis for commercial agriculture. Land and Parliamentary Reforms Minister Gayantha Karunathilaka said such lands will be exempt from charge of three times as the annual tax and will be charged only 20 percent of the previous year’s tax amount, instead of the 50 percent tax increase in every five years.  

January tea output up 12%

REUTERS: Sri Lanka’s tea output in January rose 11.9 percent from a year earlier, due to favourable agro-climatic conditions and a lower base, the state-run Tea Board said on Tuesday. 

How do deepening global, regional value chains affect national export performance?

We tend to discuss the benefits of regional trading blocs such as the Association of Southeast Asian Nations (ASEAN), North American Free Trade Agreement (NAFTA) and European Union (EU) simply from the perspective of low trade barriers and ensuing greater volume of trade among the members. However, trade dynamics in the world’s most vibrant trading blocs do not stay at the expansion of trade volume but rather dive deep down into the multila

How to be in power and keep Rajapaksas at bay, top economist tells young UNP professionals

The Sri Lankan government is ready to implement a short-term reform process, which will generate short-term gains and help the government increase its acceptance among the voters in the run up to the 2020 elections, according to a senior government economic advisor.  

Apparel Industry Suppliers’ Exhibition in May

Bringing together suppliers and service organisations in the apparel industry in Sri Lanka, the Apparel Industry Suppliers’ Exhibition (AISEX) will be held from May 10-12, at the Sirimavo Bandaranaike Memorial Exhibition Centre (SBMEC). 

Five ways to make Asian cities more inclusive

The World Bank estimates that 54.3 percent of global population now lives in cities and this proportion will continue to rise.

EDB holds seminar for electronics and electrical sector exporters

The Export Development Board (EDB) organised a seminar for the electronics and electrical sector exporters and potential exporters in Sri Lanka to make them aware on the recent developments of the industry and the market linkages and trade and tariff concessions in identified regional markets. About 35 participants from the electronics and electrical sector attended this seminar held at the EDB.

ExIm & Logistics Challenge Trophy launched

The Shippers’ Academy Colombo (SAC) in association with the Sri Lanka Export Development Board (EDB) has launched a new corporate quiz for the ExIm & Logistics Trophy for the first time.

Investing with a social conscience

Investors worldwide are increasingly becoming aware about the environmental, social and governance (ESG) footprint of companies. Think about energy efficiency and positive community contribution or, at the other extreme, oil spills and corporate scandals. As these issues impact 

SL to negotiate with China-backed AIIB for US $ 115mn loan

Sri Lanka plans to borrow US $ 115 million from the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region backed by China, to implement an accelerated solid waste management project. A cabinet spokesperson yesterday said the proposed solid waste project, to be located in Aruwakkalu in Puttalam, would cost US $ 274 million.

Sarvodaya Finance joins LankaPay Common ATM Network

Sarvodaya Development Finance joined LankaPay Common ATM Network via LankaPay hosted solution recently, which consists of LankaPay Shared ATM Switch (SAS) and LankaPay Card Management System (CMS) with state-of-the-art technology. 

HSBC annual profit disappoints, plans up to US$ 7 bn capital raising

HONG KONG/LONDON (REUTERS): HSBC Holdings reported a jump in annual pre-tax profit that missed expectations and unveiled a plan to raise up to US$7 billion over the next four months to bolster its capital base, as the bank prepares for growth under a