US$ 20 mn WFP grant to tackle food security issues

Sri Lanka will be receiving a US$ 20 million grant from the United Nations World Food Programme (WFP) to address the country’s food security issues.

Govt.’s thrust on upscale Western tourists may be misplaced: JLL

The Sri Lankan government’s decision to place the utmost importance on upscale Western tourists seems to be misplaced, a Fortune 500 company said.

People’s Insurance shares debut; close below offer price

?The shares of debutant People’s Insurance Limited PLC (PIL) yesterday closed at Rs.14.90, below the offer price of Rs.15, despite opening higher at 15.60. 

Analysts say bourse needs to brace for a taxing year

Prospects for Sri Lanka’s stock market this year remain rather bleak though some market analysts say the situation may improve towards the latter part of the year provided the confidence factor in place. 

Sri Lanka could gain from China’s apparel exodus: experts

The supply side of the Sri Lankan apparel sector could find some growth from the exodus of apparel companies from China, an expert said at the Sri Lanka Economic Forum 2016.

Plantation Industries Minister inspects TSHDA

Minister of Plantation Industries Navin Dissanayake inspected the Tea Small Holding Development Authority yesterday, at Pellawatte Battaramulla which is under the purview of his Ministry.

SriLankan Airlines bids goodbye to Airbus A340s after 21 years of service

?SriLankan Airlines, the first Asian airline to operate the four-engine Airbus A340 aircraft, bid goodbye to the last of its A340s after more than two decades in service, with a final commercial flight yesterday.

Qatar Airways chief meets PM, FM

Qatar Airways Group CEO Akbar Al Baker (left) with Prime Minister Ranil Wickremesinghe (middle) and Finance Minister Ravi Karunanayake at Temple Trees, Colombo.

Sri Lanka and Pakistan ink bilateral agreements worth over US $ 700mn

Sri Lanka and Pakistan signed a number of memoranda of understanding valued over US$ 700 million yesterday during the launch of the Pakistan Single Country Exhibition, coinciding with the state visit of Pakistan Prime Minister Nawaz Sharif.

Blair pledges support for investment promotions

?Britain’s former Prime Minister Tony Blair visited the Development Strategies and International Trade Ministry and met Minister Malik Samarawickrama yesterday.

CB cautiously optimistic about Fed rate impact

?A possible rate hike in March by the US Federal Reserve as expected by some analysts will push Sri Lanka to reconsider its current monetary policy stance, Central Bank Governor Arjuna 

Sri Lanka second best place to visit

Sri Lanka is ranked second among the top 16 places recommended by the world famous travel and life style magazine Condé Nast Traveller to visit in 2016.  Endorsing Sri Lanka as the second 

CB Chief says no dire need for emergency funding

?The country has no need to raise emergency funds, though the government may decide to make a formal request to the International Monetary Fund (IMF) for “some sort of arrangement” between Sri Lanka and the multilateral lender, Central Bank Governor Arjuna Mahendran said. 

Admiring national arts and crafts

?President Maithripala Sirisena evaluates an award winning mask of the demon Mahasona, used in traditional healing exorcism rituals, during the National Craft Council’s Shilpa Awards held at Ape Gama in Battaramulla recently. 

End of the road for high speed internet in Sri Lanka?

In a bizarre turn of events, the newly appointed Director General of the Telecommunications Regulatory Commission (TRC), Sunil S. Sirisena has decided to discontinue the National Broadband Initiative (NBI), which ensured high speed broadband internet access to citizens at affordable prices, Mirror Business learns.

Da Bindu Muthu 2015

A trade fair showcasing the entrepreneurship of Samurdhi recipients in the Matara district under the title ‘Da Bindu Muthu 2015’ commenced at Uyanwatte Stadium yesterday.

New investment and export framework to be unveiled in January

Sri Lanka will have its first glance of the country’s new investment and export framework next January, according to a top Cabinet Minister in-charge of international trade. 

Elon Musk’s SpaceX succeeds in historic rocket launch, landing

?AFP: SpaceX successfully landed its powerful Falcon 9 rocket in an upright position on Monday, a historic first in the company’s bid to make rockets as reusable as airplanes.

Large portion of port income used for loan settlement: Minister

Though the Colombo Port has earned an income of Rs.26 billion this year, a significant portion of it will go to settle a loan obtained from the Chinese government for the construction of the Hambantota Port, Ports and Shipping Minister Arjuna Ranatunga yesterday said.

PM kick starts Tourism Fest

Prime Minister Ranil Wickremesinghe officially inaugurated the “Tourism Fest 2015 with a Spirit of Christmas” campaign organized by Sri Lanka Tourism at the Arcade-Independence Square on Saturday evening. 

PM kick starts Tourism Fest (2)

Prime Minister Ranil Wickremesinghe officially inaugurated the “Tourism Fest 2015 with a Spirit of Christmas” campaign organized by Sri Lanka Tourism at the Arcade-Independence Square on Saturday evening. 

Trying their luck

Tourist arrivals to Sri Lanka rose 20.4 percent to 144,147 in November 2015 from a year earlier, driven by China, India, United Kingdom and Germany, according to state tourism promotion office data. Picture shows a group of tourists in Colombo purchasing local lotteries to try their luck. Pic by Kithsiri de Mel

ADB provides US$ 200 mn loan for integrated road development programme

Asian Development Bank (ADB) and the Government of Sri Lanka singed two loan agreements for the implementation of the Integrated Road Investment Program which was designed to ensure rural road connectivity between selected rural hubs and the adjacent economic centers of Sri Lanka.

Brandix wins 8 Presidential Export Awards

The Brandix group’s contribution to the country’s export economy was recognised at the highest level this week when Sri Lanka’s single largest apparel exporter was presented with eight Presidential Export Awards at a ceremony presided over by the country’s head of state.

National Productivity Awards 2014

?Wijeya Newspapers Ltd clinched the National Productivity Award under the Manufacturing Sector (Medium Scale) at the National Productivity Awards 2014 ceremony held at the BMICH yesterday.

Govt. calls for CB report on cash withdrawal tax

?Announcing a number of amendments to the revenue proposals presented in Budget 2016, Prime Minister Ranil Wickremesinghe yesterday said a report has been called from the Central Bank on the Budget proposal to tax the cash withdrawals from banks.

PM proposes to set up Political Council for consensus hours after fistfight in parliament

?An innovative Political Council should be established to promote policy consensus and Parliamentary harmony, Prime Minister Ranil Wickremesinghe said, delivering the Annual Sujata Jayawardena Memorial Oration 2015 last Friday.

New appointments for Rubber Development Officers

For the first time in the history of Rubber Development Department, 83 Rubber Development Officers received new appointments recently. The ceremony was held at the National Institute of Plantation Management, Athurugiriya (NIPM). Minister of Plantation Industries 

Sri Lanka mulls meeting country’s fabric need

?In a step towards import substitution, Sri Lanka is now looking at the possibility of producing the country’s total fabric requirement domestically doing away with the imports which drains much needed foreign currency from the country. 

Consumer demand may remain tepid next two years: FMCG executive

The consumer demand in Sri Lanka is likely to be disappointing in 2016 and 2017, with the sources which boosted spending drying up, a consumer industry executive said.