Record trade deficit undermines SL’s recent uptick in exports

Despite export earnings making a brisk upturn in April, extending the gains in March, Sri Lanka’s trade deficit remains at worrying levels as the country’s imports bill continues to rise. 

Celebrating friendship on Eid!

Two Muslim men take a selfie after Eid al-Fitr prayers to mark the end of the holy fasting month of Ramadan in Colombo, yesterday (Reuters)

INCO 2017 Exhibition

INCO, the largest engineering related industrial exhibition and trade fair that offers a platform for small and medium (SME) sector industrialists, manufactures, engineering companies, exporters, importers, 

CB advocates calculated approach towards fintech

Sri Lanka’s Central Bank Governor Dr. Indrajit Coomaraswamy is advocating a more measured approach to financial technology (fintech) in the country, despite the significant industry opportunities highlighted by an official from the Singaporean Central Bank.

Central Bank seen keeping rates steady as growth slows

REUTERS: Sri Lanka’s Central Bank is expected to keep its key interest rates steady at more than three-year highs at a policy meeting tomorrow a Reuters poll showed, to boost faltering growth hit by adverse weather. 

Sri Lanka has lowest occurrences of teen smoking: study

Sri Lanka has the lowest prevalence of teen smoking (1.7 percent) in the world, a recent study by the US Centers for Disease Colombo and Prevention (CDC), revealed. The highest prevalence (35 percent) was in Timor-Leste.

CEB’s long-term generation plan biased against LNG: experts

Unrealistic and outdated statistics used in the Ceylon Electricity Board (CEB) Least Cost Long-Term Generation Expansion Plan 2018-2037 (LCLTGEP) are discouraging the more environmentally friendly liquid natural gas (LNG)-based electricity generation, energy sector experts charge. 

Govt. invites bids for ferry transport system in Colombo

The Sri Lanka Land Reclamation and Development Corporation (SLLRDC), under the Ministry of Megapolis and Western Development, has called for tenders for the first leg of the proposed ferry transport system in Colombo. 

Future Minds 2017

The highly sought after higher education and career exhibition by the Sri Lankan student community, ‘Future Minds 2017’ opened at the BMICH yesterday.

JL Morison lays foundation for US $ 13.5mn research and manufacturing facility

The foundation laying ceremony of pharmaceutical manufacturer JL Morison Son & Jones (Ceylon) PLC’s US $ 13.5 million research and manufacturing facility located within the Sri Lanka Institute of Nano Technology (SLINTEC) in Homagama took place, yesterday. 

Luxury apartments not built on shaky grounds: JLL

Sri Lanka’s luxury apartment segment, which has been drawing negative sentiments from the state and private sectors alike, is not built on shaky fundamentals and there are avenues to mitigate the potential risks, according to the Fortune 500 company, Jones Lang Lasalle (JLL), which specializes in real estate. 

Mayhem in Yala continues

Unrestrained safari jeeps continue to play mayhem in the Yala National Park with authorities failing to take any action against the errant drivers.

The Majestic Princess arrives at Colombo port!

Princess Cruises’ most luxurious ship, The Majestic Princess, called at the Colombo port yesterday on her 49-day maiden voyage from Rome, Italy to Shanghai, China.

Asset sale money only to repay foreign debt: CB

The monies that are expected from the sale of national assets belonging to the Sri Lankan people will be collected in a separate account maintained at the Central Bank and the proceeds will only be utilized to repay the mounting foreign debt, the country’s Central Bank said. 

Currency plunge

People queue in front of the money changer at the financial district in Singapore. The pound plunged almost two percent yesterday as Prime Minister Theresa May looked set to lose her majority in Britain’s general election, fuelling political uncertainty just days before the start of Brexit talks. (AFP)

Marking Poson Poya day

A Buddhist devotee is seen offering prayers at Kelaniya Temple during the Poson Festival in the Colombo suburb of Kelaniya yesterday. Sri Lanka celebrates Poson, the anniversary of the introduction of Buddhism to the island, this year. 

Fiscal stability, FDI key for rating upgrade: Fitch

While remaining positive about Sri Lanka’s growth prospects, Fitch Ratings yesterday said continued progress in fiscal policy and increased foreign direct investment (FDI) would be crucial for Sri Lanka to move up the ratings ladder.

Experts highlight need for regional integration as US remains elusive

South Asia may have to retrace its steps and make fresh attempts at regional economic and security integration to fill the vacuum stemming from the isolationist policy of the US led by President Donald Trump and an increasingly interventionist China, experts opined.

Hilton signs agreement to manage 7th Lankan property this year with KDU Group’s Rs.6bn hotel in Weer

Global hospitality giant Hilton yesterday signed a 20-year management agreement with KDU Group, a local family-owned tea manufacturer, to manage KDU’s first hotel property, worth Rs.6 billion, situated in Weerawila, Hambantota under the upscale ‘DoubleTree by Hilton’ brand.

Parakrama Dissanayake assumes duties as SLPA Chairman

The appointment of Dr.Parakrama Dissanayake was made by Ports and Shipping Minister Mahinda Samarasinghe, fulfilling a long awaited requirement of SLPA to have a professionally qualified personality as the institution’s Chairman. 

Govt. to tighten construction laws

Sri Lankan residents clear debris from damaged homes following flooding in Yatagampitiya village in Bulathsinhala. 

State Minister of Finance assumes duties

The newly appointed State Minister of Finance Eran Wickramaratne assumed duties at the Finance Ministry yesterday.

‘Sri Lanka Investment and Business Conclave 2017’ kicks off

The inauguration of ‘Sri Lanka Investment and Business Conclave 20017’ organized by the Ceylon Chamber of Commerce was held yesterday under the patronage of President Maithripala Sirisena. 

A man holds a bus stop post on a flooded road as he waits for a military vehicle to go to a town

A man holds a bus stop post on a flooded road as he waits for a military vehicle to go to a town, in the Bulathsinhala village, in Kalutara. The death toll due to inclement weather had reached 177 at the time this paper went to print and the number of people affected had topped half a million (Reuters)  

Microfinance practitioners seek policy support for sustainable industry

The industry association of the microfinance practitioners, Lanka Microfinance Practitioner’s Association (LMFPA), last week sought the assistance of policy makers and regulator to create a sustainable microfinance industry in the country. 

China’s credit rating slashed

Students walk along a street during lunch hour in Beijing. Moody’s on May 24 slashed China’s credit rating for the first time in almost three decades citing concerns about the country’s rising debt and slowing growth,

Mangala assumes duties as new FinMin without much fanfare

Newly appointed Finance Minister Mangala Samaraweera assumed duties yesterday at the Finance Ministry sans an official ceremony, something rare in Sri Lankan politics

Govt. to introduce new laws to curtail profit-motivated imports

The government will soon bring in new laws to control profit-motivated imports in a bid to encourage exports, Prime Minister Ranil Wickremesinghe said yesterday.

Unit trust industry sees erosion of funds ahead of new taxes

Sri Lanka’s unit trust industry has seen a massive withdrawal of funds during the first three months of the year with deeper erosion of assets taking place during March, the final month before the new taxes may come into effect. 

Private sector views Mangala’s appointment in positive light

The appointment of Mangala Samaraweera as the country’s Finance Minister yesterday drew positive responses from the private sector, which insisted that he should continue the reform process that has already been set in motion.