Govt. mulls altering tea subsidy model

The government has stopped the subsidies provided to tea smallholders, and is evaluating a changed subsidy scheme for the final 3 months of the year, the Plantation Industries Minister said.

No survival for Sri Lanka tourism without professional branding: int’l experts

Sri Lanka cannot survive as a tourism destination without a professional marketing campaign, according to international experts who were speaking at the recently held Cinnamon Future of Tourism Summit.

Top ADB official meets Finance Minister

Asian Development Bank (ADB) Vice President Wencai Zhang who arrived in the island on Monday met with Finance Minister Ravi Karunanayke at the Finance Ministry.

CSE joins United Nations sustainability initiative

?The Colombo Stock Exchange (CSE) joined the United Nations (UN) Sustainable Stock Exchanges (SSE) initiative, a partnership among the UN, UN-supported organisations, stock exchanges, investors, companies, regulators and governments around the world. 

Metro train project developer AEARC opens Colombo office

Revolutionizing the country’s transport sector, Sri Lanka’s first ever metro high speed electric train system, initially running between the Bandaranaike International Airport (BIA), By Lahiru Pothmulla Revolutionizing the country’s transport sector, Sri Lanka’s first ever metro high speed electric train system, initially running between the Bandaranaike International Airport (BIA), Katunayake and Colombo Fort, w

Temasek model to make public enterprises viable

A Temasek model government holding company will be created to improve all public enterprises, Prime Minister Ranil Wickremesinghe said. “We will be making public enterprises viable. Like Temasek in Singapore which has thousands

CIC signs deal with SLINTEC for pioneering research project

?CIC Holdings PLC recently signed a research agreement with the Sri Lanka Institute of Nanotechnology (SLINTEC) to develop a novel herbicide formulation for CIC’s Crop Solutions Division. 

Belgium Ambassador calls on FinMin

Belgium Ambassador for Sri Lanka, India and other SAARC nations Jan Luykx, who is stationed in New Delhi, paid a courtesy call on Finance Minister Ravi Karunanayake yesterday.

Seeking greater economic ties

?Germany’s Federal Minister for Foreign Affairs Dr. Frank-Walter Steinmeier who arrived in Sri Lanka yesterday on an official visit with Sri Lanka’s foreign Minister Mangala Samraweera. Deputy Foreign Minister Harsha de Silva is also in the picture

Off-peak tariffs to charge electric cars

Sri Lanka’s state-owned electricity service providers are now offering domestic time of use (TOU) electricity tariff for cheaper charging of electric vehicles.

Sri Lanka’s ageing population at risk of managing retirement

Sri Lanka’s ageing population is at risk as they will not have enough savings to manage their retirements, cautioned a senior analyst and an economist of a leading stock broking house in the country.  

ADB provides US$ 150 mn loan for Mahaweli Water Security Investment Program

The government is planning to transfer Mahaweli water to North Western, North Central and Northern Provinces under the Mahaweli Water Security Investment Program with the aim of maximizing the productivity of Mahaweli River Basin water resources. 

Prestige Automobile appointed sole authorised importer for ‘BMW i’ in Sri Lanka

?BMW Asia recently announced Prestige Automobile as the sole authorised importer in Sri Lanka for BMW i – the BMW sub-brand for its electric cars comprising the all-electric BMW i3 and BMW i8 plug-in hybrid sportscar.

Second stage of OCH opens to public today

The Japan International Cooperation Agency (JICA)-funded Kaduwela to Kadawatha section (OCH 2) of Colombo Outer Circular Expressway (EO2) is to be declared open today by Highways and University Education Minister Lakshman Kiriella.

Sri Lanka hopes to set terms of economic pact with India by year end

?REUTERS: Sri Lanka hopes to hammer out an economic partnership deal with India this year, its Prime Minister said yesterday, seeking to strengthen the Indian Ocean island’s ties with its big neighbour and reduce its dependency on Chinese investment.

Access to credit linchpin for govt.’s export target

Improving access to export credit facilities for small and medium enterprises (SMEs) remains the crux of accelerating Sri Lanka’s exports and the government must intervene to maintain set targets, experts said.

Economist wants major shift in policy to avoid Greece-like crisis

The Sri Lankan public and politicians must move away from populist, entitlement mindsets if the country wants to avoid a similar fate as Greece, a leading economist said.

BOI outlines country’s investment prospects

At a panel discussion held during the Sri Lanka Pakistan Trade and Investment Forum organized by the Federation of Chamber of Commerce of Sri Lanka (FCCSL), BOI Chairman Upul Jayasuriya briefed Pakistani entrepreneurs on the new attractive investment climate of Sri Lanka.

Sri Lanka’s national budget process ranked among the worst

The national budget process of Sri Lanka is one of the worst in the world, and is only above Nepal in South Asia, Verite Research Executive Director Dr. Nishan De Mel said at the global launch of The Open Budget Survey 2015.

New govt., new economic team!

?The new national unity government yesterday dumped some of the key members of the interim government’s economic team and appointed a new set of ministers to run the country’s economy.

EAP Films and Village Cinemas join to set up JV in Sri Lanka

?Village Roadshow of Australia and EAP Group of Sri Lanka signed up an MOU through which Village Cinemas and EAP Films and Theatres Ltd will jointly look at opportunities to develop modern cinema multiplexes in Sri Lanka. 

Colombo Port container handling volumes up

?Container handling progressing at Colombo International Container Terminal (CICT) on a gloomy evening in the backdrop of temporarily halted Colombo Port City project.  

Sri Lanka wins bid to host PATA Annual Summit

?Sri Lanka has been selected to host the Pacific Asia Travel Association (PATA) Annual Summit in 2017 in response to the bid submitted by Sri Lanka Conventions Bureau (SLCB).

Eastern Economic Forum

Russian President Vladimir Putin addresses the Russia’s first ever Eastern Economic Forum (EEF) in Vladivostok yesterday. AFP

Private sector wants key stakeholders to be part of free trade deals

Private sector representatives and economists yesterday urged the new government to involve views of relevant stakeholders when entering into preferential trade agreements as poor negotiation of already signed free trade agreements (FTAs) is observed to have done more harm than good to local industries,

Ex-president’s vanity airport is used to store rice

AFP: Part of a vanity airport built by toppled Sri Lankan strongman Mahinda Rajapakse will be used as a rice storage warehouse to reduce losses after failing to take off, officials said yesterday.

Ringing ceremonial bell

Nestle Lanka PLC Managing Director Shivani Hedge ringing the ceremonial bell at the Colombo Stock Exchange (CSE) to open trading at the start of the month. 

Govt. will reset investment climate without delay: Mangala

?In a move to further push Sri Lanka’s economic progress, Foreign Affairs Minister Mangala Samaraweera gave assurance that the new government will immediately take the necessary measures to create an investment-friendly environment that would boost investor confidence.

Motor traders renew call for national industry policy

The Colombo Motor Traders Association (CMTA) renewed its call for a national motor industry policy, and is in the process of setting up a long-term policy paper for the use by the government in the midst of a balance of payment crisis and highly congested urban environment.

Harry J cries foul over state inaction related to illegal alcohol trade

Illegal alcohol manufacture is continuing to thrive with the aid of public officials as the state refuses to take action against provided information, said Distilleries Company of Sri Lanka PLC (DCSL) Chairman Harry Jayawardene.