Sustainable Energy Expo 2018

The “Sustainable Energy Expo 2018”, organized jointly by the Electricity and Renewable Energy Ministry, Sri Lanka Sustainable Energy Authority and the Chamber of Construction Industry opened at the BMICH (Nugasewana Hall) yesterday. Picture show Power and Renewable Energy Deputy Minister Ajith P.  Perera making inquiries about some products on display. 

SL urged to adopt scrutinised strategy when engaging China to achieve hub aspirations

Sri Lanka is urged to adopt a scrutinised strategy in engaging with China while utilising on balancing and enhancing measures such as FTAs to diversify relations with other economic powerhouses such as Japan and India to leverage on the island’s geostrategic positioning to establish itself as trade and finance hub, as similar to Switzerland 

Shilpa Abhimani 2018 launched

Shilpa Abhimani 2018 Presidential Handicraft Award Ceremony organised by the Industry and Commerce Ministry and National Crafts Council was launched yesterday at the BMICH under the patronage of Industry and Commerce Minister Rishad Bathiudeen.

Sri Lanka ups tourist arrival target to three million this year

Sri Lanka Tourism has upped its tourist arrivals target to three million from 2.5 million this year, while eyeing four million tourist arrivals next year as the new tourism promotional campaigns are getting off the ground.

PM mulls on amending taxes to support private sector

The government is in discussion with the private sector to amend some of the taxes recently imposed on it, which have been identified as hindering the growth of the private sector, Prime Minister Ranil Wickremesinghe revealed. 

Former ComBank CEO on two listed firm boards

Former Commercial Bank CEO Jegan Durairatnam, who recently retired, has been appointed to the director boards of two listed firms—a bank and a hotel owning company.

Raising awareness for greater good

Ceylinco VIP yesterday held a series of protest demonstrations to raise awareness among motorists and the general public alike on mainstream issues Sri Lanka is facing—from drunk driving to drug menace to violence against women. Kicking off the protests at the Galle Face from 7:00 a.m. to 9:00 a.m., Ceylinco held its sec

SL eyes country pavilion at world’s largest consumer goods show

Sri Lanka plans to have its own country pavilion at the world’s largest consumer goods show, Ambiente in 2020 organised by Messe Frankfurt.  Addressing a media briefing in Colombo yesterday, Messe Frankfurt SP Sri Lanka CEO Omer Salahuddin revealed that Messe Frankfurt has been working with Export Development Board

Finance Ministry special hotline to complain about ESL loan process

The Ministry of Finance will launch a special hotline next week to receive public complaints on the Enterprise Sri Lanka (ESL) loan scheme as several reports have emerged that some banks have turned away the ESL loan applicants.

Tea industry told to look outside in setting up hub

Nathan Sivagananathan who drives strategy, growth and innovation at local apparel major  MAS Holdings, proposes Sri Lankan tea industry to set up a tea trade zone or a bonded hub

Coordinated effort urged for Sri Lanka’s future water security

A leading academic recently proposed to set up a coordination body and to launch a comprehensive watershed management plan to manage Sri Lanka’s water resources effectively as the current uncoordinated intuitional framework poses risks to the country’s water security, despite having sufficient water resources.

Seismic study for petroleum resources begins

The seismic vessel BGP Pioneer has arrived at the Colombo port to conduct a modern broadband 2D seismic survey for hydrocarbon exploration in selected offshore locations around the country. The study is carried out by Eastern Echo DMCC, a fully owned subsidiary of world’s largest oilfield player Schlumberger, at a cost of US$ 9 million. Picture shows Petrol

Coca-Cola buys coffee chain Costa for US $5.1 bn

LONDON (AFP) - Coca-Cola said yesterday it had agreed to buy international coffee chain Costa from its UK owner Whitbread, in a deal that gives the beverages behemoth its first global coffee brand.

FACETS 2018 opens at BMICH

The 28th edition of the FACETS International Gem & Jewelry Exhibition opened with a grand inauguration ceremony at the BMICH yesterday. 

Central Bank hopeful of inflation targeting by first quarter, next year

The Central Bank remains hopeful that it can migrate to flexible inflation targeting in the first quarter of next year— one year before it was originally planned.  Flexible inflation targeting is where the interest rates are determined aiming a set inflation target instead of targeting reserve money or broad money in the economy.  For instance, the U

EPF will soon return to stock market: CB Governor

The Employees’ Provident Fund (EPF) has recently begun trading in the secondary government securities market and will soon start trading in stocks in the Colombo Stock Exchange (CSE) as the fund ha

EDB relaunches ‘1000 start-up’ project to support IT/BPM industry to reach US $ 5bn export target

The Export Development Board (EDB) yesterday announced  the relaunch of the ‘1000 start-up’ initiative, an effort taken towards diversifying Sri Lanka’s export basket and market.

China eyes major role in Sri Lanka’s plantation sector

Chinese firms are in negotiation with Sri Lanka’s Plantation Industries Ministry to set up joint ventures with local firms to infuse substantial capital into rubber, tea and coconut plantations and production value chains to boost production and to produce higher-value added products.

Driverless car

People looking at a driverless rental car by Pand Auto, during the Smart China Expo at Chongqing International Expo Center in southwest China's Chongqing this week (AFP)

A Sri Lankan man carries clothes racks for sale in Colombo

A  Sri  Lankan man carries clothes racks for sale in Colombo. Sri Lanka’s countrywide consumer prices in July rose to 3.4 percent on year-on-year basis from 2.5 percent in June.  The increase was driven by low base in the previous year and acceleration of prices in non-food items.  (AFP Photo)

Non-adoption of delisting resolution has no impact on business, commitment: AIA

The failure to adopt a resolution to take AIA Insurance Lanka PLC (AIA Sri Lanka) private at an Extraordinary General Meeting (EGM) this week will neither affect the insurer’s business in Sri Lanka nor its parent company’s commitment towards the market, a top company official said. 

First cut of H’tota port master plan by November

The first cut of the master plan drafted by the British consulting firm Atkins on Hambantota port is likely to be received by November this year, a top official of the Hambantota International Port Group (HIPG) said.

Banks urged to relax lending, look at possibility of increasing pawning

In what could be only termed as a ‘desperate’ move, the government is said to have enquired from the country’s banking sector of the possibility of increasing the pawning loans by at least half a trillion rupees, Mirror Business reliably learns.

SL to face tighter external refinancing conditions next 5 years: Moody’s

Significantly tighter external borrowing conditions are likely to further squeeze Sri Lanka’s debt affordability as the country grapples to rollover its mammoth US $ 17 billion foreign currency debt in the next five years amid tightening international capital market yields and capital outflows from frontier and emerging markets with rising yields in the United States.     

SLITA will soon expand services to South Asian region: Rishad

Having successfully wrapped a three decades’ run, Sri Lanka’s foremost apparel training body is to expand to the South Asian region next.  Meanwhile, for Sri Lanka to sustain its apparel advantage over the longer term, it needs to think beyond its low cost of labour. “I am pleased to inform that Sri Lanka Institut

SLTDA partners UDA to expedite tourism projects

The Sri Lanka Tourism Development Authority (SLTDA) this week partnered with the Urban Development Authority (UDA) to expedite the investment approval process by streaming it to cut down the project approval time period by half and reduce costs.  SLTDA Chairman Kavan Ratnayaka and UDA Ch

Alumex announces aggressive plans for future with new manufacturing plant

Sri Lanka’s largest aluminium extrusion manufacturer, Alumex PLC, a subsidiary of the Hayleys group, on Tuesday announced aggressive plans to sharply increase its aluminium extrusion exports to 10 percent from the current 2 percent and to tap into the local residential housing market with a marketing strategy to capture 50 percent share in the window and door market.

Poor policy coordination blamed for agri sector poverty

The poor coordination of agricultural policies among government agencies, disharmony between agricultural and trade policies and the lack of congruence between agricultural and other national policies and goals, have become major roadblocks to uplift the general living standards of Sri Lanka’s farming community. Addressing a joint se

Sri Lanka Tourism Awards relaunched

The Sri Lanka Tourism Development Authority yesterday announced the relaunch of the annual Sri Lanka Tourism Awards, which is scheduled to be held on December 6, following a six-year hiatus.

Over-leveraged but not worried, says Hayleys

Sri Lankan multinational Hayleys PLC, which accounts for 3.3 percent of the country’s export earnings and has business interests spanning over 16 sectors, says it is “not worried” about the debt pile it