Sri Lanka to review feasibility studies of all proposed FTAs

The Development Strategies and International Trade Ministry has decided to review all feasibility studies carried out for proposed Free Trade Agreements (FTAs) with the assistance of experts in international trade at the Department of Commerce (DoC), following heavy criticism levelled at the Sri Lanka-Singapore Free Trade Agreement signed last year.

Colombo port handles record-breaking 7mn TEUs in 2018

The Port of Colombo yesterday handled the seven millionth twenty-foot equivalent container unit (TEU) for 2018, which is a first in the port’s history.  

Fascinating way to welcome 2019!

A man applies colour to a haircut with the number ‘2019’, depicted to welcome the New Year at a salon  in Ahmedabad, India (REUTERS)

Central Bank holds policy rates steady

The Monetary Board of the Central Bank of Sri Lanka (CBSL) at the last policy review of the year decided to maintain policy interest rates at their current levels, as the private sector credit growth keeps accelerating and pressure on external reserves continues despite the economy performing below its potential.   

Tea production, exports dip in November

Tea exports fell by 8.6 percent in November while tea production recorded a marginal decline overshadowed by unfavourable weather conditions and production disruptions due to trade union actions in the estates managed by Regional Plantation Companies (RPCs).  According to the Sri Lanka Tea Board (SLTB), tea export volumes dropped by two million kilogrammes (M/kg) to 21 M/kg in November, while tea production fell by a marginal 0.2 M/Kg or 0.

SL’s merchandise exports to pick up in 2019: UNESCAP

Sri Lanka’s merchandise export earnings are likely to accelerate to 6.3 percent year-on-year (YoY) next year, while the growth of cost of merchandise imports is set to decelerate to 6.6 percent YoY, easing off the pressure on balance of payment, according to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).   

Trade deficit soars on higher vehicle, fuel imports

Sri Lanka’s trade deficit hit US $ 903 million in October expanding from US $ 752 million recorded in the same month in 2017, as the country’s import bill rose significantly compared to languishing exports. 

Seasonal shopping

With Christmas round the corner, shopping hype has gained momentum with an array of goods for the festive season. Here some shoppers selecting Christmas decors in one of the streets in Colombo. 

Colombo on the way to become Tuk capital of Uber universe: official

Colombo has become the fastest growing market for UberTuk product and is on the way to become the Tuk capital of Uber universe, a top Uber official said. “Today, the growth of UberTuk p

US-based LeapFrog invests US $ 12mn in Softlogic Life

LeapFrog Investments, a US-based private investment firm that invests in high-growth financial services and healthcare companies in emerging markets, yesterday bought a 19 percent stake in Sri Lanka’s Softlogic Life Insurance PLC, investing US $ 12 million (Rs.2.2 billion).  

Sri Lanka seeks to strengthen settlement infrastructure with China

Sri Lanka’s Central Depository Systems (Pvt) Ltd (CDS) and China Securities Depository and Clearing Corporation Limited (CSDC) recently committed towards pursuing a cooperative relationship in the areas of securities clearing and depository.  This commitment was formalized with the signing of a MoU between the tw

Philippines’ Catriona Gray wins fourth Miss Universe crown

(Bangkok) REUTERS: Catriona Gray from the Philippines was crowned Miss Universe yesterday, the fourth time the Southeast Asian country has won the international beauty pageant.

Ranil returns as PM; crisis nears end

(Colombo) REUTERS: Ranil Wickremesinghe was sworn in as Sri Lanka’s Prime Minister yesterday, making remarkable comeback weeks after being ousted by President Maithripala Sirisena under controversial circumstances. Wickremesinghe’s reinstateme

EU Summit on Brexit deal

British Prime Minister Theresa May arriving in Brussels yesterday during the second day of a European Summit aimed at discussing the Brexit deal, the long-term budget and the single market. EU leaders were to approve a modest list of euro single currency reforms yesterday that are a far cry from the vast overhaul to the European project sought by France. (AFP)

New IFC report reveals Lankan firms offering childcare support gain significant business benefits 

Businesses in Sri Lanka that offer childcare support to their employees can gain a significant positive impact on recruitment, retention and productivity of workers, especially women, according to a new report released by the International Finance Corporation (IFC) in collaboration with the United Nations Children’s Fund (UNICEF).

Hutch announces plans to invest US $ 200mn following merger with Etisalat

Hutch Telecommunications Lanka (Pvt.) Ltd plans to invest in excess of US $ 200 million over the next five years following its recent merger with Etisalat Lanka (Pvt.) Ltd to roll out a nationwide 4G net

Tea output, export income targets hit by worker strike

The umbrella organisation of the regional plantation companies (RPCs), the Planters’ Association of Ceylon (PA), yesterday cautioned that this year’s tea output would fall below 300 million kilos while the tea export income would fall below US $ 1.5 billion, due to the ongoing estate workers’ strike launched by trade unions, demanding to double the basic daily wage of estate workers.

Tea output, export income targets hit by worker strike

The umbrella organisation of the regional plantation companies (RPCs), the Planters’ Association of Ceylon (PA), yesterday cautioned that this year’s tea output would fall below 300 million kilos while the tea export income would fall below US $ 1.5 billion, due to the ongoing estate workers’ strike launched by trade unions, demanding to double the basic daily wage of estate workers. Sri Lanka was earlier targeting a tea 

President softens stance on banning state events at private hotels

President Maithripala Sirisena appears to have softened his decision to ban state entities holding official ceremonies, meetings and various programmes at private hotels, which was announced by the President’s Media Division (PMD) last week.  

Tourism officials say committed for industry growth despite challenges

Officials at the Tourism and Wildlife Ministry is committed to achieving key objectives of the Sri Lanka Tourism Strategic Plan 2017–2020 despite the present challenges, said Secretary to the Minis

Sarathkumara Premachandra joins Laugfs Terminals as Director/CEO

Further strengthening its leadership team, Laugfs Holdings, the diversified conglomerate announced the appointment of Sarathkumara Premachandra as Director/Chief Executive Officer of Laugfs Terminals Limited.

Current political crisis entails “irreversible serious economic consequences”: economist

The ongoing political turmoil in the country has created “irreversible serious economic consequences” for Sri Lanka for years to come, particularly damaging the foreign investor sentiment, which would ultimately result in limiting foreign capital inflows to the country, a senior economist in the country said. “Even if the country is able to resolve the political crisis within a week or month, the echoes or impact of unfortunate

Political leadership in agreement to get IMF programme back on track

The political leaders representing the major political parties in the country are in agreement to get the International Monetary Fund (IMF) programme back on track as soon as possible to stabilise the economy, amid external financial conditions increasingly becoming unfavourable for the island nation, according to Central Bank Governor Dr. Indrajit Coomaraswamy.  

Sri Lanka’s ousted PM likens President to Hitler

(Colombo) AFP: Sri Lanka’s toppled premier likened the president to Hitler yesterday as he demanded to be reinstated, almost six weeks into a paralysing political crisis in the Indian Ocean nation.

Court restrains Rajapaksa from acting as PM amid weeks-long crisis

(Colombo) REUTERS: A Sri Lankan court yesterday issued an order preventing Mahinda Rajapaksa from acting as prime minister and holding Cabinet meetings, the latest twist to a political drama gripping the South Asian country.  

NDB declared ‘Bank of the Year’ by The Banker, UK

The National Development Bank (NDB) for the first time has won the coveted ‘Bank of the Year’ award presented by The Banker of the UK, ending the year 2018 on a high note. 

Urban sector computer literacy rate tops 40%

Sri Lanka’s overall computer literacy reported for 2017 was 28.6 percent, while the urban sector showed the highest computer literacy rate of 40.5 percent among residential sectors. 

Higher oil bill, vehicle imports fire up imports expanding Sept. trade gap

Vehicle imports by Sri Lankans shot up while the fuel bill rose sharply in the month of September, expanding Sri Lanka’s trade deficit, and pushing the island nation currently embroil

New coin series presented to MR

Central Bank Governor Dr. Indrajit Coomaraswamy officially presented a new series of circulation coins with face value of Rs.10, Rs.5, Rs.2 and Rs.1 to Prime Minister and Finance and Economic Affairs Minister Mahinda Rajapaksa, this week. 

CB says won’t stand in way of financial innovation

The Central Bank yesterday assured the country’s financial services sector that it would not stand in the way of progress with its controls, but asserted it will closely monitor the proces