State intervention sought at tea auction to control prices

As efforts to introduce a productivity-based wage model to the plantation sector have repeatedly proved futile with politicised estate sector trade unions, Sri Lanka’s Regional Plantation Companies (RPCs) now seek State intervention at the Colombo Tea Auction to control tea prices to avert crisis. “During last three years, we have gone through two worker wage negotiations with almost 17 percent increases granted in each wage increase. This has ha

Asian markets enjoy gains as focus turns back to trade talks

HONG KONG (AFP) - Asian markets edged up yesterday as investors turn their attention to the China-US trade talks, while keeping an eye on the Gulf region after last week’s air strikes on Saudi oil facili

Brandix clinches ‘Exporter of the Year’ award

Brandix was bestowed with the accolade ‘Exporter of the Year’ by President Maithripala Sirisena at the Presidential Export Awards 2018/2019 held yesterday. The award was accepted by Brandix Directors Ranga Ranmadugala and Dave Ranasinghe (L to R) on behalf of the company.

Bureaucracy slowing down SL tourism sector: expert

Sri Lanka’s tourism sector is acknowledged as one of the highest revenue earners for the economy but poor planning and slow execution by the relevant authorities are observed to be pulling the sector down, implied a senior industry representative. Deliberating on the ‘key’ to unleashing Sri Lanka’s next growth drivers at Sri Lanka Economic Summit 2019, Jetwing Hotels Chairperson Shiroma

It’s time pvt. sector decides on economy’s future growth trajectory: PM

While insisting that the government has successfully stabilised Sri Lanka’s economy overcoming a debt crisis over last five years, Prime Minister Ranil Wickremesinghe asserted it is now up to the private sector to decide whether the economy has to stagnate in the middle income trap or to have a leapfrog trajectory and become the first advanced economy of South Asia. “We are

Malik requests foreign investors not to get distracted by domestic politics

While assuring the government’s continuous commitment to facilitate foreign investments in the country, the government appeals to the foreign investors not to get distracted by the current domestic

Top academic claims fundamental flaws in Port City’s EIA process

A leading academic claims the Environmental Impact Assessment (EIA) process concerning the Colombo Port City project which was renamed as Colombo International Financial City (CIFC) had fundamental flaws.

SL faces explicit and implicit risks from SOE liabilities: Moody’s

State-owned enterprises (SOE) liabilities are posing both explicit and implicit contingent risks to Sri Lanka and some other Asia Pacific nations such as Vietnam, Bangladesh and Papua New Guinea, Moody’s

Economist fears shift towards State and against markets

With elections nearing, a leading economist painted gloomy economic prospects for Sri Lanka, saying that the country is faced with a choice between the devil and the deep blue sea after the current dispensation missed once in a generation opportunity to drive economic reforms. “As we stand h

SLTPB plans fresh Rs.1.3bn multi-country marketing campaign

The Sri Lanka Tourism Promotion Bureau (SLTPB) plans to call tenders for a fresh Rs.1.3 billion multi-country marketing campaign next week targeting 12 key source markets of Sri Lanka tourism.

Lack of trade finance cited as key constraint to up tea exports

The tea exporters recently complained that the decline in trade finance in the Sri Lankan banking sector restricts tea exports to key traditional markets while hindering the efforts by the exporters to penetrate into new markets. “Due to various reasons, financing or the availability of adequate finance to the trade has declined, which has affected all sectors of the trade. Local banks don’t finance most of our current markets such as Russia, Ir

Enterprise Sri Lanka exhibition

Prime Minister Ranil Wickremesinghe inaugurated the Enterprise Sri Lanka exhibition in Jaffna on Saturday. Finance Minister Mangala Samaraweera, State Minister Wijeyakala Maheshwaran, TNA MPs M. A. Sumanthiran, Mawai Senathirajah and Dharamalingam Sidharthan were present at the exhibition. The picture shows Premier Wickremesinghe inspecting the Media Zone at the exhibition

Buildcon & Wood Int’l Expo 2019 opens

The Sri Lanka Buildcon and Wood International Expo supported by Confederation of Indian Industry (CII) and Ministry of Commerce & Industry of India was inaugurated yesterday by the Minister of Megapolis & Western Development, Patali Champika Ranawaka and the High Commissoner of India, Taranjit Singh Sandhu. More than 70 Indian companies with a focus on varied products and services related to engineering, procurement & construction (EPC), commerci

Corporate leaders call for decisive leadership ahead of elections

Ahead of the upcoming election cycle, Sri Lanka’s corporate sector leaders stressed on decisive leadership, security, national economic policy, rule of law, increased R&D spending and educational reforms to transform the country to an export-oriented economy, in order to become a developed nation.

Address public sector issues before national policy dialogue: Eran

Sri Lanka must address the fundamental issues in the country’s public sector before moving into a national policy dialogue, Finance State Minister Eran Wickramaratne said. “I’m convinced no country will rise above without the support of the public sector. The fundamental issues need to be resolved before moving into the national policy,” he said. He made these re

Land prices in Colombo up 13.6% in first half

Average land prices in Sri Lanka’s commercial capital, Colombo, rose 13.6 percent in the first half of 2019 (1H19) over the same period in the previous year, according to the Land Price Index (LPI) compiled by Central Bank’s Statistics Department. The overall LPI reached an index value of 132.2 during 1H19 from the base period of 2017 first half and industrial LPI recorded the highest increase of 14.9 percent while the commercial LPI and resident

SL wants to source Indonesian fabric to maximise GSP Plus gains

As the GSP Plus concessions are set to expire in 2023, following Sri Lanka’s recent graduation to the higher-middle-income category, the government has requested the European Union (EU) to expedite the approval to source high-quality fabrics from Indonesia, in order to maximise apparel exports to the EU under the concessionary scheme.

ECT to be operational end of next year: Sagala

The much anticipated deep water East Container Terminal (ECT) will come into operation in December next year, under the proposed terminal operating company (TOC) that will be jointly formed by Sri Lanka Ports Authority (SLPA), Japan and India, in which SLPA would have 51 percent stake. “The Cabi

Netherlands envoy meets Malik

The newly appointed Ambassador of Netherlands to Sri Lanka Tanja Gonggrijp paid a courtesy call on Development Strategies and International Trade Minister Malik Samarawickrama at the ministry. The dis

Parliament to take up People’s Bank (Amendment) Bill vote next week

The People’s Bank (Amendment) Bill will be presented to Parliament for a vote next week, seeking lawmakers’ approval to allow the State-run bank to raise capital by issuing debentures similar t

Tourism Minister to meet Russian envoy over travel advisory

Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga plans to meet the Russian ambassador to Sri Lanka in an attempt to lift the travel advisory issued by the Russian Federation on visiting Sri Lanka, in the aftermath of the Easter bombings.

PM declares open Phase 1 of Bogambara Cultural Park

A ceremony was held on August 24 at the site of the Bogambara Prison Complex Redevelopment to announce the opening of Phase I of the Bogambara Cultural Park project.

Oil palm industry yet to see light at end of tunnel

President Maithripala Sirisena is yet to provide an opportunity for the country’s palm oil planters to present their case, despite several attempts been made to have a one-on-one meeting with the president.

CB says will slap lending rate caps on errant banks

While insisting that high market lending rates are choking the economy, the Central Bank last week warned that lending caps would be imposed on banks on individual basis, if they fail to bring down th

Construct Expo 2019

Organised by the National Construction Association of Sri Lanka (NCASL), Construct Expo 2019, the largest and most anticipated exhibition in Sri Lanka, opened at the Bandaranaike Memorial International Conference Hall (BMICH) yesterday. This year, the exhibition will showcase some of the finest real estate properties from countries such as China, Malaysia, Singapore and India.

Colombo gets passenger ferry service

A passenger ferry service from Colombo to Union Place through Beira Lake was launched yesterday by Megapolis and Western Development Ministry under the patronage of Prime Minister Ranil Wickremesinghe. The service commences from Beira Lake near the Lake House and ends in Vauxhall Street, Ibbanwala Junction. The ferry service will shorten the travelling time between Colombo Fort to Union Place to 10 minutes

U.S. warns SL on investment, military ties after army chief promotion

(Washington) REUTERS: A senior U.S. State Department official warned on Tuesday that Sri Lanka’s appointment of a war veteran accused of serious human rights violations as head of its army could affect U.S. military cooperation and investment in the island nation. On Monday, Sri Lanka named Shavendra Silva, 55, as the country’s new army chief despite United Nations accusations that he was involved in human rights abuses during the country’s 26-ye

June trade deficit narrows amid sharp import contraction

Sri Lanka’s trade deficit in June narrowed to the lowest since October 2010 amid a significant decline in imports and a modest increase in exports, Central Bank data showed. The tra

SL has potential to attract US firms exiting China: envoy

Sri Lanka has a high potential to attract U.S. firms, which are trimming down their investments in China, and looking for alterative locations amid growing trade tensions between the world’s number one and number two economies.

Shares hit one-week closing low; rupee steady

Sri Lankan shares hit their lowest close in a week yesterday as investors remained on the sidelines and sought more clarity after the main opposition party, seeking to capitalise on public clamour for a decisive leader,