Sri Lanka’s external debt stock rises to US$ 31.6bn by end of April

Sri Lanka’s total outstanding external debt stock has increased by 23.3 percent year-on-year (YoY) to US $ 31.6 billion at the end of April this year, compared to US $ 25.61 billion at the end of April 2017, according to 2018 Mid-Year Fiscal Position Report of the Finance and Mass Media Ministry.  The overall outstanding 

CPC introduces low-emission Euro 4 fuel to Sri Lanka

Ceylon Petroleum Corporation (CPC) yesterday unveiled the country’s first Euro-spec fuel dispenser and launched European Emission Standard Euro 4 fuel, at a launch ceremony held at C.F. De Mel & Sons Filling Station, in Colombo 2.

Trouble continues to brew in Ceylon Tea cup

Ceylon tea continues to face major hurdles this year due to ad-hoc policies pursued by the State, government-red-tape, irresponsible actions of certain stakeholders and volatile conditions of key export markets, the umbrella organisation of Ceylon Tea, the Colombo Tea Traders’ Association (CTTA) highlighted.  Addressing the 124th AGM of (CTTA) last week, CT

PM highlights need to transform SL’s foreign finance to investments

Delivering the keynote address at the Saman Kelegama Memorial Conference yesterday, Prime Minister Ranil Wickremesinghe noted that Sri Lanka has to address weaknesses in trade competitiveness, eliminate trade barriers, tackle anti-dumping legislation, and help domestic industries become competitive. 

A bird’s-eye view of the Chinese-funded Colombo Port City

A bird’s-eye view of the Chinese-funded Colombo Port City, which is under construction. An explosive New York Times new report this week shed light on alleged Chinese involvement in Sri Lanka’s domestic politics, and the International Monetary Fund last week cautioned Sri Lanka to handle Chinese-funded mega projects with care

Construction activity shrinks but still beats agri sector in size

Tower cranes and giant caterpillars moving busily at multiple construction sites is the first sign of a fast-moving economy.

Ceylinco Insurance marks index entry

Ceylinco Insurance PLC yesterday marked its inclusion in the S&P Sri Lanka 20 Index as part of the June 2018 mid-year rebalance of the index with a bell ringing ceremony on the trading floor of the Colombo Stock Exchange (CSE). 

SL can’t afford another round of flawed policies: CB Governor

Sri Lanka will no longer be able to finance the repeating cycles of flawed economic policies as the country’s access to concessionary loans has become “very limited”, given its lower middle-income status.

Female entrepreneurs in the limelight

Prime Minister Ranil Wickremesinghe handing over a loan under the ‘Entrepreneurs Paradise Loan Scheme’ to a female entrepreneur in the presence of Public Enterprise Development Minister Lakshman Kiriella at the BMICH, last Friday 

SL becoming competitive economy despite political uncertainties

Sri Lanka is fast becoming a competitive economy regardless of the uncertain political climate that may persist, Megapolis and Western Development Minister Patali Champika Ranawaka said. 

One Galle Face celebrates completion of tower structure

Redefining Colombo’s business workspace, the prestigious internationally developed and managed mixed-use development project by the Shangri-La Group, yesterday celebrated the topping-out of the One Galle Face Tower on schedule. 

CM Port pays final tranche of H’tota port deal

China Merchant Port Holdings Limited (CM Port) yesterday released the final tranche of the Hambantota port lease payment, the Sri Lanka Ports Authority (SLPA) said.

FTA negotiations moving ahead despite setbacks: Malik

Despite setbacks, Sri Lanka is determined to conclude negotiations on the Economic and Technology Co-operation Agreement (ETCA) with India at the end of this year to reach a final agreement, while

Tourism industry moves to promote career prospects at school level

Sri Lanka’s tourism sector that is gathering steam to become the top revenue earner for the country saw its potential and opportunity showcased to state school principals yesterday, which was an effort taken by the key stakeholders to fuel the sector with the much-needed human resources.

Banking sector loans pick up pace

Sri Lanka’s banking sector loans accelerated during the last three months as people continued to borrow more for consumption defying higher interest rates, SMEs for their working capital and some corporates to complete their mega expansion projects. 

Over 100, 000 new job openings in hospitality sector, says Tourism Minister

New investments in the hotel sector amounting to US $ 2.8 billion will require thousands of newly trained workers in the next couple of years. This was revealed by Minister of Tourism Development and Christian Religious Affairs, John Amaratunga at the 39th Graduation Ceremony of the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) which was held at the BMICH this week.

Sri Lanka-Finland economic ties get big boost

Enhancing economic corporation, the Government of Sri Lanka yesterday signed three memorandums of understanding (MoUs) with the Government of Finland, on digitalization, health and education sectors in addition to two private sector agreements on higher education and fertiliser.

Sri Lanka and Finland economic ties get big boost

Enhancing economic corporation, the Government of Sri Lanka yesterday signed three memorandums of understanding (MoUs) with the Government of Finland, on digitalization, health and education sectors i

A passenger drone Volocopter 2x is on display

A passenger drone Volocopter 2x is on display

Unit rate-based duty failed to achieve government revenue targets: CMTA

The unit rate-based duty scheme on vehicle imports has failed to realise the government revenue targets while causing additional foreign exchange outflows from the country.

Asian markets stagger into weekend as G7 approaches

Asian markets retreated yesterday at the end of a broadly positive week, with traders turning their attention to a Group of Seven summit that could see world leaders clash with Donald Trump over his latest tariff provocations.

Doha Bank to play key role in attracting Qatari investments to Sri Lanka

Doha Bank, the third largest conventional bank in Qatar yesterday inaugurated its representative office at World Trade Centre (WTC) in Colombo, becoming the first Gulf bank to be launched in the country. The bank is said to be aiming to promote bi-lateral trade and investments between the two countries while mulling over a potential FTA between Sri Lanka and Qatar. 

PM identifies ICT industry as savior to help realise national export targets

The country’s budding ICT sector was yesterday looked up to by the government to help reach national export targets in the medium term and was urged to boost its efforts to ensure not only its progression, but also the industries it supports.

‘The One’ project ready to showcase tallest skyscraper in South Asia

One Transworks Square (Pvt) Ltd together with Zhong Tian Ding Hui (ZTDH) Company yesterday announced that it is ready to transform Colombo’s skyscape with South Asia’s tallest building, rising to a height of 376 meters in 92 floors by 2021. 

HNB arranges Rs.5.4bn syndicated loan to fund ODEL Mall

Hatton National Bank PLC (HNB), Sri Lanka’s second largest private sector lender by assets, yesterday announced a breakthrough partnership with popular retail department store, ODEL to lead the syndication of a Rs.5.4 billion loan to fuel the expansion of its flagship store at Alexandra Place, Colombo 7.  

CB targets to end 2018 with US $ 9.5bn in foreign reserves

Sri Lanka will end 2018 with gross official reserves of US $9.5 billion while further cutting its exposure to short-term swaps by another US $700-800 million, Central Bank Governor Dr. Indrajit 

Culinary Art Food Expo 2018 opens

The Chefs’ Guild of Lanka unveiled the 18th edition of Culinary Art Food Expo (CAFE) 2018 yesterday at the BMICH Colombo with Tourism Development Minister John Amaratunga as Chief Gust.

Sri Lanka-China free trade talks hit major hurdles

Talks between China and Sri Lanka for a free trade agreement have hit major hurdles, mainly because Beijing doesn’t agree to Colombo’s demand for a review of the deal after 10 years, Sri Lanka’s top negotiator said.

Lankan banks sit on Rs.19bn capital hole as sector braces for BASEL III

The Sri Lankan banks satisfy many of the key matrices such as growth, profits, efficiency and asset quality against most regional peers but the sector is in deep thirst for fresh capital as the banks brace for full implementation of BASEL III as early as in few months. 

Nordic interest on Lankan stocks growing, says CSE

The Colombo Stock Exchange (CSE) yesterday said investment flows from the Scandinavian region to Sri L