Reform agenda key to retain access to int’l capital markets: CB Governor

Sri Lanka must fulfil its commitments to foreign investors by moving ahead with the proposed amendments to Fiscal Management (Responsibility) Act and the new Monterey Law Act to ensure access to international capital markets, which is crucial for the country’s debt refinancing. “Three months

Growth this year likely to stagnate at 2%: economist

A leading economist in the country predicts a gloomy economic outlook for this year with economic growth stagnating at 2 percent, in the aftermath of the Easter Sunday attacks on April 21. “In 2019, we

Minister blames govt.’s unscientific approach for plantation industry woes

Sri Lanka’s top executive’s lack of knowledge in modern agriculture led to ad hoc decision-making in the plantations sector, threatening an entire industry, which brings in significant foreign exchange to the country, a top minister asserted.

A family of tourists enjoying

A family of tourists enjoying a walk along the Kurunegala lake indicating that Sri Lanka’s tourism industry is recovering fast. The arrivals have picked up since May and crossed the 100,000 mark in July—first time since the Easter attacks on April 21. The tourism authorities target 150,000 arrivals this month, backed by the world-famous Esela Perahera in Kandy

Rubexpo 2019

The international trade fair for rubber industry “Rubexpo” opened at the BMICH yesterday. Here Plantation Industries Minister Navin Dissanayake making inquiries at a stall.

Sri Lanka eyes 150, 000 tourists this month with Kandy Esala Perahera

Sri Lanka’s tourism authorities target 150,000 tourists this month, betting on the continual momentum of the sector’s recovery in the aftermath of Easter Sunday attacks. August is consid

SriLankan to post loss of up to US $ 16mn due to Easter attacks

Sri Lanka’s state-run airline is set to report a loss of up to US $ 160 million this year, as tourism in the island nation suffers following the Easter bombings, the carrier’s chief executive said.

Dr. Dushni Weerakoon appointed to Monetary Board

The Executive Director of Institute of Policy Studies (IPS) and head of its Macroeconomic Policy research Dr. Dushni Weerakoon has been appointed to the Monetary Board of the Central Bank with effect from July 29, the Central Bank said yesterday.

A group of tourists seen enjoying a boat ride on Madu Ganga in Balapitiya

Govt. eyes to raise US$ 500mn from Japanese bond markets

The government will work towards raising up to US$ 500 million in order to tap the Japanese bond market by selling yen-denominated Samurai bonds, Prime Minister Ranil Wickremesinghe said over the weekend.

Shares end at 1-week low; rupee weaker

(Colombo) REUTERS: Sri Lankan shares recovered from an intraday fall of over 1 percent to close flat yesterday, while the rupee ended weaker due to importer dollar demand. The country’s benchmark sto

Funds sought to improve border control measures

The Immigration and Emigration Department is seeking funds from the Treasury to set up a deep risk analysis, targeting, tracking and operational centre to enhance measures to counter terrorist entering the country.

MCC grant will assist SL to address constraints to growth: US envoy

The United States plans to become an equal partner to Sri Lanka from a donor by assisting the island nation to address the binding constraints to economic growth through Millennium Challenge Corporation’s (MCC) US $ 480 million grant.

BOC begins 80th anniversary celebrations

Sri Lanka’s largest bank, Bank of Ceylon (BOC), yesterday commenced 80th anniversary celebrations of the bank at the BMICH under the patronage of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. The picture shows BOC Chairman Ronald C. Perera handing over a special publication printed to mark the 80th anniversary of the bank to President Sirisena. Also in the picture are Prime Minister Wickremesinghe and BOC General Manager

Over regulation threatens SL’s trade with region: SLANA

Sri Lanka’s non-vessel owning common carrier (NVOCC) agents warn of potential disruptions to Sri Lanka’s trade with the region unless there’s no revision to current excessive regulations prohibiting shore-based cost recovery.

China’s Hainan Group eyes Lankan plantation sector

The China Hainan Rubber Industry Group Co. Ltd is planning to enter Sri Lanka forming joint ventures with two regional plantation companies (RPCs) by mid 2020 to develop Sri Lanka’s plantation sector with a special focus on rubber value chains. “China Haina

International airport in Hong Kong yesterday

JKH earnings dip on higher finance costs, Easter attacks

Profits at premier blue chip John Keells Holdings PLC (JKH) during the June quarter (1Q20) plunged as revenues decelerated amid the deterioration in consumer and business sentiments and due to the changes to an accounting standard hitting the finance cost.

CRIB to release credit scores from next month

Sri Lanka’s Credit Information Bureau (CRIB) plans to release credit scores of banked citizens from next month onwards, which is to be extended to all citizens by late 2020, with the CRIB switching t

Cement demand set to rebound signalling construction recovery

Sri Lanka’s cement demand is expected to rebound by 3-4 percent this year, indicating a construction sector recovery after demand contracted by five percent last year.

Hayleys assures re-exportation of used mattresses stored at its free zone

While strongly denying that Hayleys had imported environmentally hazardous materials into the country, the firm assured that it is working together with the Board of Investment (BOI) and Central Environmental Authority (CEA) to re-export the used mattresses stored at its free zone.

Biz chambers told not to be selective in their advocacy

An influential minister in the current dispensation last week expressed displeasure over the inconsistent and selective advocacy of chambers led by the Ceylon Chamber of Commerce (CCC), instead of playing a crucial role in pushing forward the much needed economic policy reforms. “You (CCC) have a va

Careers mobile app launched

Careers mobile app, a free mobile app which is a first-of-its-kind in Sri Lanka, was launched by CareerMe at the CA Auditorium this week. The career guidance mobile app aims to make it easier for students across the country to get career guidance at the touch of a fingertip.

SL to strike oil-for-tea barter deal with Iran

Sri Lanka is planning to export tea to Iran under a barter system from this September onwards at least for the next two years, as the U.S. sanctions on Iran disrupt Sri Lankan tea exports to that c

May trade gap narrows; imports continue to fall

The trade deficit in the month of May narrowed significantly on the combined effect of the continued decline in imports and increase in exports, the data released by the Central Bank showed, yesterday.

Investor interest wanes in Chalmers Granaries project

The second attempt in two years to attract investors to develop the nine-acre Chalmers Granaries land opposite the Fort railway station as a mixed development project has proven unsuccessful as investor interest had waned following Easter Sunday bomb attacks, Mirror Business learns.

LOLC Finance share sale boosts bourse

A sale of shares of LOLC Finance PLC (LOFC) to a subsidiary incorporated overseas boosted the Colombo Stock Exchange yesterday, which allowed the bourse to report a turnover of over Rs.9 billion for the first time thi

Export-oriented manufacturing the way forward for Sri Lanka

Diversified and export-oriented manufacturing is the way forward for Sri Lanka to develop as a nation, as no country has ever advanced without export-oriented manufacturing, world renowned Lankan

Shares rise for fourth session; rupee edges lower

COLOMBO (Reuters) - Sri Lankan shares rose for the fourth straight session yesterday to a more than 12-week closing high, a day after the central bank kept its key policy rates steady. The Central Bank left key interest rates unchanged on Thursday as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings

Group of tourists at the Independence Square, Colombo 07

The picture shows a group of tourists at the Independence Square, Colombo 07 yesterday. Tourist arrivals almost doubled in June over May as the industry which generated US $ 4.4 billion for Sri Lanka’s economy last year moves to recovery after the deadly Easter Sunday terrorist attacks on April 21. Sri Lanka welcomed 1.16 million tourists in the first half of this year. Tourism authorities last week said they were expecting to end this year with