SLTDA profiles Colombo street artists

The Sri Lanka Tourism Development Authority launched a booklet profiling the artists who showcase their paintings at Green Path, Colombo 07. Here, Tourism Development Authority Director General Malraj B. Kiriella presenting a copy of the booklet President Maithripala Sirisena on the sidelines of an event organised by the Local Government and Provincial Councils Ministry this week 

Christmas Fest 2017 inaugurated

Prime Minister Ranil Wickremesinghe and Archbishop of Colombo Cardinal Malcolm Ranjith light up the giant Christmas tree at the inauguration of Christmas Fest 2017, organised by the Tourism and Christian Affairs Ministry and Sri Lanka Tourism Promotion Bureau, in the presence of (from left) Tourism Development and Christian 

Dialog Axiata launches Sri Lanka’s first digital venture capital fund

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, announced the launch of the Digital Innovation Fund (DIF), in the presence of Malaysian Prime Minister Dato’ Sri Mohd Najib bin Tun Abdul Razak to signify the Malaysian investment in setting up the country’s first digital venture capital fund to exclusively focus on financially supporting Sri Lankan digital startups. 

Malaysian PM in town!

Malaysian Prime Minister Datuk Seri Najib Tun Razak (L) and President Maithripala Sirisena (C) attend a welcoming ceremony at the Presidential Secretariat in Colombo yesterday (AFP)

Beetle in a teacup or more than that?

Russia placing temporary import restrictions on tea and other agriculture products from Sri Lanka, according to top government sources, appears to be a ‘tit-for-tat’ reaction to the island nation’s move towards banning chrysotile asbestos, a key export product of the largest country in the world. 

Central Bank’s FIU enters into MoU with Sri Lanka Police

In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with Sri Lanka Police on December 13, at the Central Bank of Sri Lanka to share information, intelligence in order to facilitate investigations and prosecutions on money laundering, terrorist financing and other related offences.

Unions launch scathing attack on SriLankan bosses

In a scathing attack on its top brass, the unions of the SriLankan Airlines in a letter dated December 12, 2017 said, if any of the current board members or CEO remains part of the airline post-restructuring, they have no confidence in the whole restructuring process for which SriLankan Chairman Ajith Dias requested the 

Politics flare up at economic forum

Emotions ran high at the seminar on ‘Sri Lankan Economy: Future Policy Direction’ organised by the Sri Lanka Economic Association (SLEA), with those of differing political economic leanings finding it difficult to find common ground.

Politics flare up at economic forum

Emotions ran high at the seminar on ‘Sri Lankan Economy: Future Policy Direction’ organised by the Sri Lanka Economic Association (SLEA), with those of differing political economic leanings finding it difficult to find common ground.

Vehicle service industry lobbying to reverse pro-EV policy?

?The vehicle service industry may be lobbying to reverse the pro-electric vehicle (EV) policy and may continue to engage in predatory business practices to counter the lower revenues they would receive in the future due to new government policies,  a consumer group warned. 

Govt. receives first port payment from China-led company

Prime Minister Ranil Wickremesinghe receiving the US$292 million cheque as the first payment from China Merchants Port Holdings for taking over the commercial operations of the Hambantota Port this Saturday.  The entire deal, worth US$ 1.12 billion, will see the Chinese company having 70 percent of the effective shareholding of the port for 99 years.

Play Expo 2017

Play Expo 2017, the country’s largest video gaming and e-sports championship with the largest gathering of geeks,

SriLankan: Govt.’s litmus test for SOE restructuring?

The fate of the ailing national carrier, Sri Lankan Airlines, will be decided soon as the airline has now become a litmus test for the government to prove its commitment towards restructuring of loss making state-owned enterprises (SOEs)—one of the key conditions of the ongoing three-year programme Sri Lanka has with the International Monetary Fund (IMF). 

Leo Burnett does it again by winning the Gold at Campaign Asia Agency of the Year

Leo Burnett Sri Lanka, the local office of the global advertising network Leo Burnett Worldwide, repeated its success and completed a hat-trick

ComBank wins overall award at CA Sri Lanka Annual Report Awards

Commercial Bank PLC on Tuesday won the ‘Cyril Gardiner Memorial Trophy’ Gold award for Overall Excellence in Annual Financial Reporting at the 53rd Annual Report Awards 2017,

Sri Lanka Insurance puts up strong show for September quarter

Sri Lanka Insurance, the leading insurance company in the island, has put up a strong performance for the period ending September  30, 2017. 

LVL Energy Fund announces Rs.1.2bn IPO to fund expansions

Leading energy company and a subsidiary of Lanka Ventures, the LVL Energy Fund, Limited officially announced a Rs.1.2 billion Initial Public Offering (IPO) yesterday to fund its strategic expansion and growth in the renewable energy sector.

Tower tax could result in exit of major foreign investors: operators

The implementation of the budget proposal to slap every cellular tower in the country with a levy of Rs.200,000 per month—payable by mobile operators—could result in the possible exit of the major foreign investors from the local telecommunication market, the industry warns. 

Govt. to launch probe on Treasury bond issues between 2008-2014 period: PM

Prime Minister Ranil Wickremesinghe yesterday told Parliament that the government will launch a fresh investigation into the Treasury bond issues between 2008-2014 period, once all the activities of the Presidential Committee of Inquiry, which was appointed to investigate into the alleged bond market malpractices post-2015, is concluded. 

Apparel industry lowers export target over delays in regaining GSP Plus

The apparel industry has set its sights lower for the medium term with a US $ 8 billion annual export target to be reached by 2022 over the delays in regaining the duty free access to the European Union (EU) via GSP Plus and due to the economic and political uncertainties in key Sri Lankan export markets.

President against shipping industry liberalisation: minister

Ports and Shipping Minister Mahinda Samarasinghe yesterday told Parliament that President Maithripala Sirisena and the Sri Lanka Freedom Party (SLFP) strongly oppose the move to liberalise the shipping and freight forwarding industries, which was proposed in the Budget 2018.

Higher oil bill overshadows strong growth in exports

Despite a double-digit growth in exports revenue, surpassing the US $ 1 billion mark, Sri Lanka’s trade deficit in September widened due to higher fuel and rice imports, the data released by the Central Bank showed.

Sri Lanka’s FTA hype likened to treating one’s neck for stiff ankle

At a time when calls for more Free Trade Agreements (FTAs) are echoing from all corners, a recent study by a top academic says that bilateral trade pacts are not the answer for the country’s ailing exports, and attempts towards such is a waste of time and resources for nothing in return. 

Sounds of Christmas by Cotton Collection

The 24th of November saw the grand launch of Cotton Collection Christmas 10 campaign ‘Sounds of Christmas’ at their flagship store at No.143 Dharmapala Mawatha, 

Singer Life Style Fiesta 2017

Singer Life Style Fiesta, the flagship event of Singer Sri Lanka opened yesterday at the BMICH. This year’s theme of the exhibition is ‘Live out Your Dream’, and the event will showcase more than 90 new products of different brand categories.      Pic by Kithsiri de Mel

Trade deficit with India no big deal: economist

Despite the hue and cry made by the public and a certain section of the business community on Sri Lanka’s trade deficit with its neighbouring giant, a top economist asserted such arguments do not show the real picture of the situation at hand and said one should not pay much attention to it. 

Sri Lanka borrows US $ 350mn from ADB for roads, wind power park

The Finance and Mass Media Ministry yesterday entered into two loan agreements with the Asian Development Bank (ADB) to borrow US $ 150 million for the development of 3400 kilometres (km) of rural roadways and US $ 200 million for the implementation of a 100 megawatt (MW) wind power generation project.

PM says outlook revision by S&P testament to govt.’s economic mgt.

Prime Minister Ranil Wickremesinghe on Monday night hailed the upward revision of Sri Lanka’s credit outlook to ‘Stable’ from ‘Negative’ by the international credit rating agency Standard and Poor’s (S&P) and the affirmation of ‘B+/B’ rating.

Govt. may change industry structure if proposed generation plans fail: PUCSL

The Public Utilities Commission of Sri Lanka (PUCSL) recently recommended the government to consider changing the structure of the power industry, if the Ceylon Electricity Board (CEB) cannot bring the procurement process for the planned power plants to normalcy, to avoid a possible power crisis and Rs.50.8 billion in losses. 

H’tota industrial zone will have same ownership structure as of port: Malik

The proposed Chinese industrial zone that will feed in business to the Hambantota port will have a similar ownership structure to that of the port and the discussions on the agreement are expected to finish by the end of this year, according to Development Strategies and International Trade Minister Malik Samarawickrama.