Kandy violence leads tourists to cancel visits

The religious and communal violence that erupted in Kandy could end up stymying the momentum built up in the tourism industry over the past three months, as signs are emerging that foreign tourists are cancelling their visits to Sri Lanka.

Laugfs bets on group restructuring to return to profitability

Laugfs Gas PLC is planning to return to the black within one financial year, following its corporate restructuring process, which would happen over the next three months, edged along by the new liquefied petroleum gas (LPG) terminal in Hambantota. 

SLI consolidates market leader position in general insurance

State-owned insurance giant Sri Lanka Insurance (SLI) has once again consolidated its position as the market leader in the general insurance sector in the island.  The company has emerged as the No.1 in general insurance with a healthy market share of 21.3 percent as at December 31, 2017. 

Sri Lanka is a big bet for us, says Tundra Fonder

While calling its investments in Lankan stocks a “big bet”, a top Swedish asset management firm said greater liquidity in the Colombo Stock Exchange (CSE) is paramount for Sri Lanka to attract more foreign investor interest to the stock market.

Sri Lanka emerging as top wellness tourism destination among young Japanese professionals

Sri Lanka could emerge as a leading wellness tourism destination for young Japanese professionals, with enthusiasm for Ayurveda and mindfulness tours in Sri Lanka growing among employers in the land of the rising sun.

Stocks edge up from 2-week low in thin trade

Sri Lankan shares inched slightly higher yesterday from a two-week closing low, but foreign selling amid political uncertainty weighed on trade, stockbrokers said. The Colombo stock index ended 0.08 percent firmer at 6,557.02, edging up from its lowest close since February 14 hit on Wednesday. Sri Lankan markets were closed for a holiday on Thursday. The index fell 0.28 percent this week.

Paradigm shift required to attract more women for unconventional jobs: Rosy

There should be a paradigm shift to attract more women for unconventional jobs, but for that proper legislations and policies should be introduced to keep them secure in their respective professions, the first female mayor elect for Colombo, Rosy Senanayake, told at an event in Colombo this week.

Harsha explains govt.’s policy dilemma

The recent election drubbing will not make the government to halt the economic reforms agenda it has already set in motion but the country may experience a slowdown in implementation of such reforms, an economist-turned-legislator in charge of national policy making process said.   

Jazz sensation in town marks US relations

Jazz sensation Wycliffe Gordon and sextet, staged a performance for the residents of Slave Island yesterday as part of the 70th anniversary celebration of US-Sri Lanka partnership.

Ironman 70.3 triathlon kick starts

South Asia’s first ever triathlon got underway at the Galle Face Green yesterday, with the participation of more than 800 local and foreign triathletes.   Foreign participation at Ironman 70.3 Colombo was seen from India (133 triathletes), UK (76), France (47), Australia (34), USA (30) and Singapore (26). Three blind racers and a member of the Veddha community also participated.

Asian markets finish week on a high

Asian markets ended the week on a positive note following the lead from Wall Street, with energy firms lifted by a rally in  oil prices.

Record trade deficit in December despite higher exports

The notable increase Sri Lanka saw in export earnings was offset by racing imports in December 2017 to record the highest trade deficit for the first time in 5 years, the external sector data released by the Central Bank showed.  

CB says processing investment proposal by ETI directors

Neither confirming nor denying the speculations that UK-based Lyca Group is nearing a deal to purchase the ETI Group’s assets, Central Bank Governor Dr. Indrajit Coomaraswamy told Mirror Business that the Central Bank is still processing an investment proposal submitted by the ETI directors.  

NEC chaired by President to present new economic plan

The National Economic Council (NEC), chaired by President Maithripla Sirisena, will present a new economic plan next week to address the key economic issues of the country, the President’s Media Division said in a brief statement yesterday. It said the NEC met for the 8th time yesterday at the Presidential Secretariat and discussed short, medium and long-term programmes required to bring about the urgent changes to the 

Seylan Bank records strong gains for December, full year

Seylan Bank PLC reported group earnings of Rs.4.10 per share or Rs.1.45 billion for the December quarter (4Q17), compared to Rs.3.37 a share or Rs.1.2 billion in the same quarter of the previous year, the interim financial accounts released by the bank showed. 

Central Bank sees higher default risk with possible fiscal side slippage

Sri Lanka could run the risk of defaulting on its loan payments during the next four-year period, if fiscal policy is loosened drastically, according to Central Bank Governor Dr. Indrajit Coomaraswamy.

Development Strategies Ministry holds trade discussion

A lecture and discussion on “Trade theory and Global Experience on Trade Protection; its Benefits and Limitations” was held at the Sri Lanka Export Development Board recently with the participation of Professor Robert Lawrence, Professor of International Trade and Investment, Harvard Kennedy School of Harward University. 

CB to call proposals for forensic audit on past bond, EPF dealings

The Central Bank will be calling for proposals from major audit firms to conduct an internationally-led forensic audit into treasury bonds issuances and the Employees’ Provident Fund (EPF) investment decisions during former Central Bank Governor Ajith Nivard Cabraal’s tenure, as recommended in the recent Presidential Commission of Inquiry (PCoI) report.

Tariffs, wrong way to raise revenue: Harvard academic

Making a strong case for free cross-border trade, Harvard Kennedy School’s Professor Robert Lawrence, delivering a lecture in Colombo last week, highlighted that tariffs are the wrong way to raise revenue for a government.   

Election outcome weighs on investor sentiment

The Colombo bourse’s indices ended yesterday’s trading in the red territory with the outcome of Saturday’s local government election weighing on the investor sentiment.

Will lotus bud derail Sri Lanka’s economic reform agenda ?

The local government election upset for the incumbent coalition could spell doom for the country’s economic reform agenda if Former President Mahinda Rajapaksa loyalist faction’s Sri Lanka Podujana Peramuna (SLPP) pushes its advantage in parliament, and the government may have to sacrifice some of its long-delayed reforms to maintain power.

China’s factory inflation eases

People select vegetables at a supermarket in Fuyang, in eastern China’s Anhui province. China’s factory inflation eased to a 14-month low in January while consumer prices grew at their slowest rate in six months, official data showed yesterday (AFP)

Web-based single window for biz registration from this April

A Memorandum of Understanding (MOU) has been signed between the Department of the Registrar of Companies and the Department of Labour to share information between the two departments for the establishment of a web-based single window for business registration.

Sri Lanka, Czech Republic sign pact for mutual cooperation

The Development Strategies and International Trade Ministry of Sri Lanka and Industry and Trade Ministry of the Czech Republic entered into an agreement of mutual cooperation yesterday.

Online license issuing system goes live to accelerate import/export procedures

The Information and Communication Technology Agency of Sri Lanka (ICTA) in collaboration with the Import and Export Control Department (IECD) has developed an online license issuing and debiting system to further simplify and accelerate import/export procedures. 

South Korea appeals court frees Samsung heir

AFP: A South Korean appeals court yesterday upheld Samsung heir Lee Jae-Yong’s bribery conviction but cut his prison sentence to a suspended term, ordering his immediate release.

Bribery, corruption, fraud biggest barriers to economic independence: President

President Maithripala Sirisena said yesterday the fight against corruption is the self-defence of the nation and stressed that it has become one of the main impediments to the progress towards prosperity, which is the aspiration of all citizens.

Germany’s Allianz acquires Janashakthi’s general insurance business for Rs.16.4bn

Germany’s Allianz S.E., the world’s leading insurance firm, this week fully acquired the Janashakthi Insurance PLC’s general insurance business for Rs.16.4 billion, eyeing a top spot in Sri Lanka non-life insurance landscape.

The Central Bank of Sri Lanka issued a circulation standard commemorative currency note

The Central Bank of Sri Lanka issued a circulation standard commemorative currency note in the denomination of Rs. 1000 to mark the 70th Independence celebration in the country. The currency note was officially presented to the Finance and Mass Media Minister Mangala Samaraweera by the Central Bank Governor Dr. Indrajit Coomaraswamy on Tuesday.

X30 Asia Cup 2018 takes local motorsports to a new level

ThisJanuary the local karting scene was taken to an international level as the first ever X30 Asia Cup was held at the Sri Lanka Karting Circuit in Bandaragama. The event was organized by the David Pieris Racing & Leisure (Private) Limited and kicked off an enthralling start to Asia’s Karting season.