Global consultancy expects continued private equity interest in Sri Lanka through 2017

Stax, a global strategy consulting firm that advises leading private equity (PE) funds worldwide, noted that investment and merger and acquisition (M&A) activity in Sri Lanka has increased over the past two years. 

Changing landscapes…

An artist’s reminiscence of Colombo seafront, on display at the recently held Kala Pola 2017, before the ongoing Port City project and the Colombo International Container Terminal (CICT) altered the Sri Lankan capital’s landscape

Finance ministers meet

UK Finance Minister Philip Hammond (L), Luxembourg’s Finance Minister Pierre Gramegna (C) and French Finance Minister Michel Sapin attended the Economic and Financial (ECOFIN) Affairs Council meeting at the European Council, in Brussels yesterday. AFP

Economists say govt. policy reforms ad-hoc, unsystematic

The government’s current reform agenda is both ad-hoc and unlikely to be completed, according to a panel of economists who said this could exacerbate the current low growth climate, adding to the woes of a volatile coalition administration.  

Three-wheeler registrations slump as new leasing levels come into effect

The registration of three-wheelers has nosedived to a quarter of the previous levels since the new loan-to-value (LTV) ratios for automobile financing came into effect this month, according to an industry expert.

StanChart recommends SL to continue with IMF reform programme

A team of economists from the Standard Chartered Bank yesterday ‘strongly recommended’ Sri Lanka continuing with the International Monetary Fund (IMF) programme and strengthening the country’s foreign reserve base to face turbulent times forecasted globally.  

Sri Lanka returns to Spanish market after a decade

Sri Lanka made a significant impact at the 37th International Tourism Trade Fair (FITUR)  in Madrid, Spain from January 18 to 22.  

SRILANKAN AIRLINES MGT CONTRACT: Govt. may go for fresh round of bidding: Minister

The government would go for a fresh round of bidding for the management contract of SriLankan Airlines if the Prime Ministerial Committee tasked with choosing a finalist is not...

Finance Ministry says China’s Alibaba eyeing investments in SL

Sri Lanka’s Finance Ministry yesterday said world famous Chinese e-commerce giant Alibaba has shown keen interest in investing in Sri Lanka and to build an e-commerce platform to promote online business ventures.

Lankan delegation holds discussion with WEF Exec. Chairman

The Sri Lankan delegation in Davos, Switzerland, led by Prime Minister Ranil Wickremesinghe, met with World Economic Forum (WEF) Founder and Executive Chairman Klaus Schwab yesterday. The picture shows Wickremesinghe,

Lankan delegation in Davos says several trade pacts will be finalized by June

Sri Lanka will finalize trade agreements with India, China and Singapore by June this year, the Sri Lankan delegation attending the World Economic Forum said yesterday. 

Eight men own half the world’s wealth: Oxfam

AFP: Eight men own the same wealth as half the world’s population, a level of inequality which “threatens to pull our societies apart”, Oxfam said yesterday ahead of the World Economic Forum opening in Davos.

Hayleys unveils largest capacity solar power plant in Welikande

Hayleys Group PLC, jointly with Windforce Pvt Ltd recently announced the commissioning of their solar power plant located in Welikande in the Polonnaruwa district.

New laws to give resident visas for foreigners bringing big bucks

The Sri Lankan government will be legislating new laws to allow foreign investors to obtain residency in Sri Lanka easily, Finance Minister Ravi Karunanayake told a media briefing yesterday.

SL further strengthens anti-money laundering drive

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 the Registration of Persons Department yesterday, 

Central Bank to publish new indices on property, wages

The Central Bank is to publish new indices on property prices going forward while modifying the existing wage indices in a bid to enhance the statistical inputs used in policy making at the Central Bank and also to better track the various developments in the private sector. 

Construction of Carlson Rezidor’s first Lankan hotel begins

The groundbreaking ceremony of the newest entrant to the Colombo hospitality scene, the US-based Carlson Rezidor group’s ‘Park Inn Colombo’, took place yesterday morning.

President declares open Movenpick Hotel Colombo

Movenpick Hotel Colombo, the capital city’s first new international five-star property in 25 years, was inaugurated by President Maithripala Sirisena on Saturday amid many distinguished guests attending the event. 

Sri Lanka to attract 2.5mn tourists in 2017 despite snags

Sri Lanka is hoping to achieve 2.5 million tourist arrivals this year on the back of the much delayed and amended Rs. 800 million tourism promotions campaign which will be launched this June, Sri Lanka Tourism officials said this week.

Rigid Tyre breaks ground

The foundation laying for Rigid Tyre Corporation (Pvt.) Ltd., tipped to become Sri Lanka’s largest fully integrated tyre manufacturing facility with an investment of Rs.11.25 billion, took place in Horana yesterday.

Bloomberg lists Sri Lanka among 20 hottest luxury travel destinations

Sri Lanka has been listed as one of the 20 hottest luxury tourism destinations in 2017 by business media conglomerate, Bloomberg.

MAS Holdings announces US $ 28mn fabric park in Giriulla

Sri Lanka’s leading export entity, MAS Holdings (MAS), yesterday unveiled the plaque for its US$ 28 million MAS Fabric Park in Giriulla which will be manufacturing products for one of its key customers, the sports and lifestyle brand Nike.

Finance Ministry says implementing 325 budget proposals in 365 days

Sri Lanka’s Finance Ministry Secretary Dr. R.H.S. Samaratunga yesterday said 2017 would be a year of many challenges and the 365 days of the year should be managed properly to implement more than 325 budget proposals in 2017.

Work on Rs.11bn tyre manufacturing plant to commence this week

The foundation laying of Rigid Tyre Corporation (Pvt.) Ltd., which is tipped to become Sri Lanka’s largest fully integrated tyre manufacturing facility with an investment of Rs.11.25 billion, is set to take place this Thursday (January 5), a company statement said.

Rice prices sky rocket

Sri Lanka’s rice prices have sky rocketed with Maha seasonal harvest being hit by drought and a alleged foul play by a government minister in releasing the paddy stocks held by the government. Officials say the harvest of the next Yala season in 2017 could also be damaged even if rains return Pic by Pradeep Pathirana

Sri Lanka warned to expect worst drought disaster in four decades

ECONOMYNEXT:  Sri Lankans have been warned to conserve water and electricity as the country braces for perhaps the worst drought since the early 1970s, with crop output down and possible shortages of drinking water, officials said.

Havelock City breaks ground for US $ 166mn commercial development

Havelock City, the premier mixed-use development project in Sri Lanka, ceremoniously conducted the ground-breaking and inauguration of its commercial development project under the auspices of Overseas Realty Chairman and visionary businessman S.P. Tao.

Hayleys reveals plans to build ‘World Export Centre’ twin towers

Sri Lanka’s diversified Hayleys group yesterday revealed its latest venture, the ‘World Export Centre,’ a state-of-the-art ‘A’ grade office twin towers, with 55 floors each, having 3.8 million square feet of commercial 

Tallest artificial Christmas tree

Sri  Lankans walk past a Christmas tree displayed in Colombo on December 25. Sri  Lanka  surpassed the world record for the tallest artificial Christmas tree despite building delays forcing organizers to prune the structure by almost half, an official said. Cricket legend Arjuna Ranatunga initiated plans to build the record-breaking tree in  Sri  Lanka’s capital Colombo, but ran into opposition from the Catholic chu

Last minute Christmas shopping

A roadside vendor is seen selling Christmas decorations ahead of Christmas Day in Colombo yesterday. Christians account for around six percent of Sri Lanka’s 21 million population  Pic by Damith Wickramasinghe