Poultry industry charges import ban only helps maize mafia, not farmers

The government’s decision to ban the importation of maize has met with resistance from the local poultry industry stakeholders as they asserted the move would only help feed the “maize mafia” that over the years has capitalised on the lack of timely availability of the crop, to manipulate the prices.

CNN Business Traveller to air Sri Lanka documentary today

CNN’s foremost international business correspondent and presenter Richard Quest will feature Sri Lanka in the newest edition of CNN Business Traveller from today.

CB to introduce cost-reflective benchmark interest rate for banks

The Central Bank (CB) plans to introduce a task force to introduce a cost-reflective benchmark interest rate for the banking sector, which reflects the actual cost of funds, in order to overcome the deficiencies in the current benchmark interest rates.

Forensic audit- a sham to save bond scammers: Cabraal

In what appears to be the sharpest rebuke levelled against the Central Bank bond scam so far, Senior Economic Advisor to the Prime Minister, Ajith Nivard Cabraal, who is also an ex-Centr

Brent jumps US$ 3 after U.S. kills Iran’s Soleimani

Oil prices jumped more than US$ 3 yesterday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran’s elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies. Brent crude rose a

Govt. says ready to service record Rs.2tn debt due this year

The new government of President Gotabaya Rajapaksa is prepared to meet the record Rs.2 trillion debt service obligations including Rs.1.1 trillion worth of foreign debt service obligation for this year.

Apparel industry eyes 6% export growth in 2020

Sri Lanka’s apparel industry targets a 6 percent year-on-year (YoY) growth in exports for this year, moving ahead with plans to set up a 200-acre fabric park with foreign investments in collaboration with the Board of Investment (BOI) in the Eastern province, eyeing to attract large-scale orders by reducing lead times with locally-sourced fabrics.

CICT ends 2019 with 2.9mn TEUs; 40% of Colombo Port’s volume

The Colombo International Container Terminals (CICT) announced that it handled a total of 2.9 million TEUs in 2019, achieving an 8.6 percent increase in its throughput, accounting for 40 percent of the volume of the Port of Colombo in the 12 months ending 31st December 2019.

Super-luxury Marella Discovery calls on Colombo Port

Boosting the revival of the tourism industry in Sri Lanka, Aitken Spence Maritime-facilitated Marella Cruises sailed its largest super-luxury cruise ship, Marella Discovery of the Marella fleet, to the Port of Colombo.

CB forecasts growth to pick up to 4-4.5% next year

The Central Bank (CB) has forecast 4 to 4.5 percent economic growth and below 4 percent inflation for next year, backed by the new government’s economic revival programme while meeting estimated US$ 4.8 billion external debt servicing for the year.

Central Bank keeps policy rates unchanged

The Monetary Board of the Central Bank (CB) at the last policy review of the year decided to maintain policy interest rates at their current levels, awaiting the President Gotabaya Rajapaksa’s policy statement on 3rd January 2020, which is expected to provide further clarity to the broad economic policy framework as well as the fiscal policy direction for the medium term. Accordin

Stocks gain ahead of CB’s policy rate decision

Indices at the Colombo Stock Exchange (CSE) gained yesterday amid investors expecting further relaxing of the monetary policy by the Central Bank.

New CB Governor Prof. Lakshman assumes duties

The newly-appointed Governor of the Central Bank of Sri Lanka (CBSL), Deshamanya Professor W.D. Lakshman, assumed duties in his new post on December 24, at the Governor’s office in Colombo.

Govt. to allocate Rs.28bn for new rural development programme

The Cabinet of Ministers has given its nod to allocate Rs.28.04 billion for a brand-new rural development programme named ‘Sapiri Gamak’, which is to be implemented from next January, covering all 14,021 Grama Niladhari (GS) divisions in the country.

Cabinet approval sought to develop oil and natural gas discoveries in Mannar Basin’s M2 block

Sri Lanka’s Petroleum Resources Development Secretariat (PRDS) is expected to soon seek Cabinet approval to award bids to commence development of oil and natural gas discoveries in M2 block of Mannar Basin, eyeing first commercial production within 3-4 years.

SriLankan Airlines enters Esports arena

SriLankan Airlines entered the arena of Electronic Sports or Esports recently at the Mercantile Esports Championship organized by Gamer.LK, with its team performing creditably in the face of some stiff competition from other organisations.

Prabhash assumes duties as EDB Chairman

Leading entrepreneur and exporter, Prabhash Subasinghe assumed duties yesterday as the new Chairman of Export Development Board (EDB).

NDBIB raises US $ 12mn for largest private sector fuel distributor in Maldives

NDB Investment Bank (NDBIB) completed another successful transaction in the Maldives by arranging a US $ 12 million loan facility for The Hawks Private Limited (Hawks), the largest private sector company engaged in the import and distribution of high-quality fuel in the Maldives.

Cinnamon Hakuraa Huraa Maldives reopens

Cinnamon Hotels and Resorts has completed its third and final hotel opening for 2019 with the reopening of Cinnamon Hakuraa Huraa Maldives on Monday following refurbishments.

Advantis Bunkering to supply low-sulphur marine fuel

Advantis Bunkering, the bunker supply arm of transportation and logistics giant Hayleys Advantis Limited, has commenced offering IMO2020 grade very low sulphur fuel oil (VLSFO) in Sri Lanka, becoming the first Sri Lankan company to offer this new grade of fuel.

NTB structures US$ 33.5mn syndicated loan for Maldivian resort project

Nations Trust Bank PLC (NTB) has successfully concluded a landmark US$ 33.5 million syndicated term loan facility for Bayswater Maldives (Private) Limited, a joint venture between Sanken Overseas (Private) Limited, Singapore Hospitality Holdings (Pte) Limited and HIMA Holdings (Private) Limited. 

Investors get early Christmas on trade, Brexit optimism

Christmas came early yesterday as equities and the pound surged on reports China and the US had reached a trade agreement, while British Prime Minister Boris Johnson won a landslide victory that will allow him to push through Brexit. Investors flocked back into stocks around the world on news that Donald Trump had signed off on a long-awaited pact between the world’s economic superpowers that will see the cancellation of fresh US tariffs due at t

Saudi Aramco hits crown prince’s US$ 2 trn goal as shares soar

(Riyadh) AFP: Saudi Aramco soared yesterday above the US $2 trillion valuation target sought by the kingdom’s de facto ruler as the energy giant’s share price surged on its second day of trading.

SL’s lax rules breed corruption at all levels, says CA Sri Lanka chief

Sri Lanka’s existing laws dating back over two decades lack teeth to crack down on rampant bribery and corruption, which has gripped every facet of the Sri Lankan society and even to make little progress in curbin

Dr. Mobius meets Cabraal

Legendary investor and former chief of the Franklin Templeton Emerging Markets Fund, Dr. Mark Mobius, met with Prime Minister’s Senior Advisor on Economic Affairs Ajith Nivard Cabraal, at the Office of the Prime Minister, Temple Trees, yesterday. Discussions centred on attracting equity and fixed market investments into Sri Lanka and about Sri Lanka’s plans to realise the growth potential of the country.

Port City declared open for investment

As fireworks lit up the Colombo skies, Prime Minister Mahinda Rajapaksa on Saturday evening officially opened the Chinese-backed Colombo Port City for investors. The event also marked the addition of 269 hectares of reclaimed land from the sea to Sri Lanka’s land mass.

Shares fall for third session; rupee gains

Sri Lankan shares closed weaker for third straight session yesterday, weighed down by foreign sell-offs and profit-taking, while the rupee ended firmer. The Sri Lank

Tax chief confident of meeting revenue target set for this year

Sri Lanka’s Inland Revenue Department (IRD) is confident of meeting the Rs.800 billion revenue target set for this year while eyeing an increase in corporate tax collections next year to compensate the potential revenue loss from the recently introduced sweeping tax cuts. “At the end

Fiscal stimulus presents “incredibly difficult balancing act” to govt.:WB

Sri Lanka’s new government will have to undergo an “incredibly difficult balancing act” to incorporate the recently introduced economic stimulus package to the system without undermining fiscal and debt sustainability in a global environment, where investors and lenders have become extremely sensitive towards uncertainty, a top economist at the World Bank said.

Stocks marginally down on budget deficit concerns

Colombo bourse indices edged down marginally after hitting a 17-month high on Monday on concerns stemming from the likelihood of a significantly widened budget deficit for this year. The benchmark All Share Price Index closed 0.24 points down at 6214. 99 while the more liquid S&P SL20 closed 0.13 percent or 3.86 percent down at 3049.48. The market turnover