Ensuring tourist safety everybody’s responsibility, says Tourism Minister

Sri Lanka yesterday pledged to protect tourists visiting the island nation as much as possible following a spate of attacks on foreigners, but stressed that the responsibility of protecting tourists falls on the tourists themselves, as well as every Sri Lankan citizen.

President to deliver keynote address at Commonwealth Business Forum

President Maithripala Sirisena, who arrived in London on Sunday night to attend Commonwealth Heads of Government Meeting (CHOGM) 2018, is scheduled to address the Commonwealth Business Forum tomorrow.

Port City unveils roadmap to prosperity

CHEC Port City Colombo this week hosted its future utility partners, representatives from allied government agencies and prospective investors to an event themed ‘Roadmap to Prosperity’, held at The Kingsbury, to present the project’s Development Control Regulations (DCR).  

Govt. to introduce online property registration service

Aiming for quick wins to move up the 2019 Ease of Doing Business rankings of the World Bank, the Sri Lankan government will be introducing online property search and registration services for the city of Colombo, while other regions would be left waiting for another two years.

Moody’s gives thumbs up for new Inland Revenue Act

Moody’s Investors Service yesterday said the new Inland Revenue Act (IR Act) developed to build weak state revenues would help to gradually bridge the massive hole in the fiscal account and reduce the external vulnerability marred by heavy public debt in the medium term. 

Dubai investors explore opportunities in tourism sector

A group of high-profile investors based in Dubai met Development Strategies and International Trade Minister Malik Samarawickrama for a special roundtable investment forum organised by the ministry and Board of Investment. 

International donors to plough billions into Lebanon

AFP: International donors are set to pledge billions of dollars in aid and development loans for Lebanon at a conference in Paris yesterday, hoping to stave off an economic and humanitarian crisis.

New board brings new hopes for SriLankan

The national carrier, SriLankan Airlines, which is running at massive losses, is hoping to return to profitability in three years according to the new director board, which was appointed this week following the resignation of the previous directors.

Rate cut signals end to tightening bias: Central Bank

The 25 basis point lending policy rate cut announced yesterday signals the Central Bank moving away from the tightening bias it had maintained for almost two years, Central Bank Governor Dr. Indrajit Coomaraswamy said.

FinMin puts bunching debt figure at US $ 15bn between 2019-2022

Headroom to tackle Sri Lanka’s worsening public debt situation appears to be disappearing as the government estimates a whopping US $ 15 billion in foreign debt service payment during the four years from 2019 to 2022.

e-Roc makes registering a company one-day affair

The Registrar of Companies yesterday launched the e-ROC digital platform, which would allow companies to be registered in Sri Lanka within one day going forward, compared to the previous nine days.

SEC to get tough on insider trading as new Bill widens scope

Those who eavesdrop to the chitchat among listed company directors and top officials at social gatherings and cocktails and trade at the Colombo bourse based on such information, could fall into trouble in future with the enactment of the new Securities and Exchange Commission (SEC) Bill. The new Bill, which is at least a decade or more overdue, has provisions to catch anyone that trades on unpublished,

Dialog Axiata Digital Innovation Fund invests in Roar, InsureMe and MyDoctor.lk

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has selected new media platform, Roar, insurance broker, InsureMe and integrated healthcare platform MyDoctor.lk as its first phase of investments.  

Coca-Cola commits US $ 50mn to Sri Lanka over next 5 years

The Coca-Cola Company President/CEO James Quincey who met Prime Minister Ranil Wickremesinghe during his maiden visit to Sri Lanka recently has made a US $ 50 million commitment to 

Japan’s ORIX divests LOLC stake to Ishara for Rs.12.8bn

Japanese financial services major, ORIX Corporation, yesterday exited the Sri Lankan market with the sale of its 30 percent stake in Lanka ORIX Leasing Company PLC (LOLC) to the leasing company’s local promoter and its Deputy Chairman Ishara Nanayakkara, in a whopping Rs.12.8 billion deal.

CB may go easy on capital if banks hit severely by IFRS 9

The Central Bank this week said they could be lenient on higher capital ratios under the new BASEL III rules but the banks need to convey by how much their profits and capital bases may get eroded from the new accounting standard on loan loss provisions. 

German Industry and Commerce delegation in town

A visiting delegation of German Industry and Commerce had a preliminary meeting with Development Strategies and International Trade Minister Malik Samarawickrama at the ministry yesterday, prior to the opening of the delegation office in Sri Lanka. German Ambassador Jorn Rohde also participated in the meeting.  

SriLankan Airlines scores hat-trick at Golden City Gate Awards

SriLankan Airlines, the national carrier of Sri Lanka and a member of the oneworld alliance, reaffirming the global appeal and innovativeness of its marketing communication endeavors yet again, has won three awards at the recently held Golden City Gate Awards 2018 at ITB Berlin, the world’s largest tourism trade fair.  The 18th edition of the awards saw a jury of 40 members judging 157 submissions sent by over 30 countries.  &nbs

BOI forum conveys positive message to potential investors

The Board of Investment held the “Investor Facilitation and Networking Event” at the Cinnamon Lakeside Hotel recently, to engage in a dialogue with investors who have re-invested in Sri Lanka.  

Government likely to drag feet on cost-reflective fuel pricing formula

The Sri Lankan government has not yet fully committed to the implementation of a cost-reflective fuel pricing formula and is leaning towards maintaining current subsidised prices, Petroleum Resource Development Minister Arjuna Ranatunga told a press conference yesterday. 

CB Governor makes clarion call for political stability

Sri Lanka cannot afford to deviate from the path it has embarked upon and ensuring political stability is of paramount importance to attain sustained economic growth for the country, according to Central Bank Governor Dr. Indrajit Coomaraswamy. 

CB Governor makes clarion call for political stability

Sri Lanka cannot afford to deviate from the path it has embarked upon and ensuring political stability is of paramount importance to attain sustained economic growth for the country, according to Central Bank Governor Dr.Indrajit Coomraswamy.

Government mum on energy price reforms

The Sri Lankan government yesterday kept mum on the possible outcome of its failure to implement a cost-reflective energy pricing reform in the coming months as part of the US $ 1.5 billion balance of payments support programme with the International Monetary Fund (IMF).

Dialog employs robots to up game in customer service

Dialog Axiata PLC in collaboration with Arimac Lanka (Pvt) Ltd, announced the introduction of an intelligent humanoidrobot, as a customer assistant at the Dialog Iconic flagship store.

Symposium on improving biz climate

Ministry of Development Strategies and International Trade organized a symposium on ‘Initiatives to improve the business climate in Sri Lanka’ at Hotel Taj Samudra yesterday. Minister of Development Strategies and International Trade Malik Samarawickrama and State Minister for National Policies and Economic Affairs Harsha de Silva also addressed the gathering. This was followed by the presentations on ‘Current reform activities

Asian markets mixed after week of fluctuations

Asian investors remained on edge yesterday as the curtain came down on another volatile week for markets with fears of a global trade war playing off against a positive economic outlook.

Govt. invites Japan to develop own industrial zone in Sri Lanka

The Sri Lankan government this week invited Japanese investors to set up export-oriented industries in the upcoming industrial zones and offered Japan the opportunity to develop its own industrial zone in Sri Lanka.

Finlays enters JV with JKH to develop Vauxhall Street land

Finlays Colombo Limited has entered into a joint venture agreement with two wholly-owned subsidiaries of the John Keells group for the development of its land at 186, Vauxhall Street. 

Taint threatens to stain Ceylon Tea

Fifty three tea factories are facing the prospects of having their licences revoked in the near future, after getting caught adulterating tea during a regulatory survey, the Sri Lanka Tea Board said yesterday.

Fitch local boss calls for financial services sector consolidation

Fitch Ratings Lanka Chief Executive and Country Head Maninda Wickramasinghe last week said Sri Lanka has too many banks, insurance and finance companies, much more than the country needs and the proliferation of such companies has left scant scope for efficient use of the limited capital in the country.