U.S. envoy says threat real as security forces maintain high alert

(Colombo) REUTERS: The U.S. Ambassador to Sri Lanka said yesterday that some of the Islamist militants involved in the Easter Sunday bombings on the island were likely to be still at large and could be planning fresh attacks.

President assures immediate financial relief to hoteliers

President Maithripala Sirisena assured immediate financial relief to Sri Lanka’s hotel sector amid booking cancellations and slowdown in forward bookings in the aftermath of the Easter Sunday bom

Ceylinco General pays US $ 1mn advance to Shangri-La

Ceylinco General Insurance in collaboration with Chubb Insurance of USA have paid an advance of US $ 1 million to Shangri-La Hotel Colombo to commence repairs on April 25, just four days after the devastating bomb on Easter Sunday.

Sri Lanka risks 30% fall in tourist arrivals; US $ 1.5bn in earnings

The Easter Sunday bombings could cost Sri Lanka’s tourism industry up to US$1.5 billion in foreign exchange losses with 30 percent fall in tourist arrivals this year, according to Finance Ministry estimates.

Expedite reform agenda to avoid middle income trap: CB

The Central Bank (CB) has urged the government to expedite the reform agenda to avoid the middle-income trap amid stagnating economic growth, which has led to a marginal decline in per capita income to US $ 4, 102

Impact on tourism inevitable; short-term hit on FDI and portfolio investments expected: Mangala

Finance Minister Mangala Samaraweera says that the impact on the tourism industry from the Easter Sunday bombing would be inevitable while a dent in foreign direct investment (FDI) and portfolio investment are also anticipated in the short term.

Stocks in worst fall in over 7 years after Easter attacks

REUTERS: The Sri Lankan stock index dived 3.63 percent yesterday, its worst plunge in more than seven years, due to retail panic selling in its first trading day after Easter Sunday attacks killed mo

February trade deficit narrows sharply over lower imports

Sri Lanka’s trade deficit significantly narrowed in February, largely owing to the slowdown in imports due to the measures taken by the Central Bank and government and increase in exports, the data released by the Central Bank showed, yesterday.

Security in hotels in Colombo and major cities beefed up

Sri Lanka yesterday beefed up security in tourist hotels in Colombo and major cities, following the series of explosions carried out targeting hotels and churches in the country on Easter Sunday, which is ex

FinMin shares SL’s experience at UN ECOSOC forum in New York

Finance Minister Mangala Samaraweera shared Sri Lanka’s experience in inclusive growth, at the Ministerial Financial Dialogue at the UN Economic and Social Council (ECOSOC) Financing for Development (FfD) Forum, in New York.

IMF gives thumbs up to budget 2019

The International Monetary Fund (IMF) this week gave thumbs up to Sri Lanka’s 2019 budget, which was passed by Parliament last week, saying it strikes a fine balance between revenue-base

IMF says materialising of key global risks could upset growth of emerging Asia

Although the growth in emerging markets and developing economies is expected to stabilise around 5 percent, the International Monetary Fund (IMF) this week warned that the materialising of any of the key global risks could derail the growth of these economies.

IMF cuts global growth estimate to 3.3% as world economy loses steam

The global economy is facing a “delicate moment,” beset with risks as the recovery loses steam amid trade tensions, Brexit and other factors, the International Monetary Fund warned yesterday. The IMF’s World Economic Outlook once again

Govt. plans to bring down high market interest rates by 200bps

As Sri Lanka’s bank credit extended to the private sector decelerated significantly in the first two months of the year, the government plans to bring down the high market interest rates by 200 basis points, to maintain private sector credit growth at 13.5 percent this year, to reach the anticipated 4 percent GDP growth. Central Bank Governor Dr. Indrajit Coomaraswamy yesterday told reporters in Colombo that Prime Minister Ranil Wickremesinghe re

Capital TRUST acquires Taxiyak and launches Taxiya

Capital TRUST Mobility Solutions (Pvt) Ltd, a subsidiary of Capital TRUST Holdings Limited is launching Taxiya, a mobile taxi hailing service. Focusing on safety, reliability, customer convenience and enhanced benefits to the drivers, Taxiya is set to zoom into the future of Sri Lanka’s organized Taxi service industry. Taxiyak was already a player in the taxi service industry in Sri Lanka and has experienced the market for a couple of years. The

World’s first 5G phone released in South Korea

SEOUL (AFP) - Telecom giant Samsung Electronics yesterday released the Galaxy S10 5G, the world’s first available smartphone with built-in fifth-generation communications, as South Korea seeks to build a lead in the transformative technology.

ADB forecasts 3.6% growth for Sri Lanka

The Asian Development Bank yesterday made a rather optimistic forecast on Sri Lanka’s economic growth for this year and the next, although the development lender admitted the ongoing scheduled power cuts and freak weather haven’t been factored into the growth numbers. Releasing its flag

BOI to sign lease agreement to allocate 200 acres for oil refinery this week

The Board of Investment (BOI), within this week, is expected to sign the 50-year lease agreement with Silver Park International (Pte) Ltd, a Singaporean investment vehicle owned by India’s Accord Group, to formally handover the 200 acres of land allocated for the US $ 3.85 billion oil refinery project in the Mirijjawila Export Processing Zone (EPZ), Hambantota.

Cargills Bank dressed up to go public next year

Close to five years in business, Cargills Bank has formally begun work towards a listing on the Colombo Stock Exchange (CSE) next year. “Work towards listing the bank on the Colombo Stock Exchange has commenced and is scheduled to reach completion in 2020. “In preparation for this major milestone, Cargill

Sri Lanka destroys more than US $ 100mn worth of cocaine

(Colombo) REUTERS: Sri Lankan authorities destroyed more than 767 kilogrammes of cocaine with an estimated value of more than US $ 100 million yesterday, at a special facility near the capital Colombo.

Enterprise Sri Lanka loans hit Rs.79bn mark

The Finance Ministry yesterday revealed that over Rs.78.6 billion worth of loans have been disbursed under the Enterprise Sri Lanka concessionary loan programme through 46, 673 loan facilities. The programme, which is conceptualized by Finance Minister Mangala Samaraweera, is aimed at creating 100, 000 entrepreneurs. A Finance Ministry statement said 20, 286 loan facilities were given under the ‘Sonduru Piyasa’ scheme while 2, 258 loans given und

HNB marks 50th AGM opening market trading at CSE

Hatton National Bank (HNB), which has been in existence for 130 years, marked its 50th AGM yesterday at the Colombo Stock Exchange (CSE) by opening trading with the ringing of the ceremonial bell.

SL welcomes 11, 200 cruise tourists

Sri Lanka has welcomed 11, 200 cruise tourists so far this year, who arrived in the island nation on six cruise ships, Sri Lanka Tourism Promotions Bureau (SLTPB) said in a statement. According to SLTPB, over the last two weeks alone, over 3000 tourists from Europe, Australia and Thailand arrived in Sri Lanka on board two luxury cruise liners. Luxury cruise liner Sapphire Princess whic

First-ever electric tuk-tuk launched in Sri Lanka

Development Strategies and International Trade Minister Malik Samarawickrama, MP Kumara Welgama and former Eastern Province Chief Minister and current National Apprentice and Industrial Training Authority Chairman Nazir Ahamed seen yesterday at the launch of Mahindra Treo electric tuk-tuk, the first-ever electric three-wheeler in Sri Lanka. The electric tuk-tuk is priced at just below a million rupees and can travel up to 130-kilometres in one ch

SL to hold ministerial level FTA talks with China next month

The Minister of Development Strategies and International Trade, Malik Samarawickrama will visit China next month to hold ministerial level discussions to resume negotiations in connection to the proposed Sri Lanka-China FTA. Speaking to Mirror Business on the sidelines of the inauguration of the First German Pavilion at Build SL 2019 exhibition at BMICH last Friday, he said that he is planning to hold discussions with top Chinese government offic

CCC marks 180 years by ringing trading bell

Sri Lanka’s premier business association, the Ceylon Chamber of Commerce (CCC), yesterday reached its 180-year mark, a milestone that was commemorated with a bell ringing ceremony at the Colombo Stock Exchange (CSE).

Govt. to introduce special law to govern Hambantota trade zone

The government is to introduce the Ruhuna Economic Development Corporation Law soon, which it claims would be applicable to the trade zone in Hambantota.

Build SL 2019 exhibition

The Chamber of Construction Industry Sri Lanka opened the international housing and construction exhibition - ‘Build SL 2019’ for the 15th consecutive year at the BMICH yesterday. The German Chamber of Industry and Commerce has collaborated with the Chamber of Construction Industry Sri Lanka to host a special German pavilion through their agencies in Sri Lanka that will display a wide array of German

Conflicting views on economy’s way forward

Billionaire businessman and corporate leader Dhammika Perera told a recent forum in Colombo that the government must prioritise economic growth focussing on employment generation, contradicting the Prime Minister Ranil Wickremesinghe and his government’s viewpoint that the government must prioritise fiscal consolidation to stabilise the economy in order to escape middle-inco

Prime Minister says govt. will talk to banks to bring down high interest rates

The government will collaboratively work with the banking sector to bring down the high market interest rates in the country, to boost private investment in order to support economic growth, Prime M