Canadian volunteer exchange programme to assist tea, apparel and tourism sectors

The Canadian volunteer co-operation programme UNITERRA which supports development of inclusive market opportunities for tea, apparel and tourism sectors through the exchange of skilled volunteers is set to recommence in Sri Lanka after a lapse of 5 years. 

Plantations want govt. help to wade through present crisis

The Regional Plantation Companies (RPCs) are requesting the government to provide them with some breathing space to get through the current crisis in the tea sector, as the RPCs are set to post collective retained losses of Rs.11 billion by the end of this year.

Recent political progress in Lanka has made strong pitch to attract FDIs: Cherie Blair

Cherie Blair, leading international barrister and wife of former British Prime Minister Tony Blair yesterday said the current political landscape in Sri Lanka will have a positive effect in attracting more foreign direct investments (FDIs) to the country.

EAP breaks ground for Galaxy Impala cinema multiplex

Galaxy Landmarks, part of the EAP group, recently conducted a groundbreaking ceremony to commence the construction of the Galaxy Impala Complex in Rajagiriya. 

June trade deficit widens over 50%

?Sri Lanka’s June trade deficit widened as much as 51.9 percent to US $ 689 million amid higher vehicle imports and sliding exports, the data released by the Central Bank showed.

Oil heads for eighth straight week of falls

AFP - Oil headed for its eighth straight weekly decline in Asia yesterday, as sharp falls in equities added to worries lacklustre global economic growth will hurt energy demand in an oversupplied market.

Tea broker suggests 5-point strategy to regain dominance

In the backdrop of a failing tea industry with both Colombo Tea Auction prices and unsubsidized prices of tea leaves falling below 2011 levels and plantation companies running at losses, 

Post-poll interest

?People in a line to buy newspapers at a newsstand in Colombo yesterday. Sri Lanka’s ruling United National Party (UNP) has won decisive gains in a general election, final results showed on Tuesday, putting it in a position to form a stable government after eight months of minority rule (REUTERS)

Poll outcome fails to ignite bourse

Yesterday’s general election results failed to excite the Colombo bourse—except a short-lived spike in the morning hours—

New life, new Parliament!

A Sri Lankan groom in Sigiriya cast his vote with his Japanese bride dressed in their wedding outfits at yesterday’s general elections held to elect a new Parliament

Bountiful harvest

?The government is expecting this year’s Yala paddy output to increase by about 16 percent from last year. Picture shows paddy farmers in Ampara waiting to transport their stocks to nearby purchasing centres 

Tokyo Cement adds fourth vessel to transportation fleet

?Tokyo Cement, the company that continues to lead the field in redefining the market, consumer expectations and technological possibilities, announced the addition of a fifth vessel, ‘MV Mohar’ to its fleet of cement transport ships on August 11th.

Auto giant VW signs deal to set up assembly plant

German auto giant Volkswagen and its local agent Senok Group yesterday signed a Board of Investment (BoI) agreement to set up a US$ 31 million car assembly plant in Kuliyapitiya.

UNP says lessons learnt!

The United National Party (UNP) has recognized its mistakes in managing the economy in 2001, and the lessons learnt will be implemented in a future UNP government, said Finance Minister Ravi Karunanayake at a discussion organized by the Industry and Commerce Forum.

Economy to grow at 7% this year: Ravi K

?Sri Lanka’s economy should grow by 7 percent this year, up from 4.5 percent last year, while inflation will end the year far below market expectations, Finance Minister Ravi Karunanayake said yesterday. 

CFW unveils hottest swimwear trends

Colombo Fashion Week (CFW) ‘Swim,’ featuring swimwear designs by both Sri Lankan and foreign designers took place at Colombo Hilton last Friday and Saturday for the first time.

Profood/Propack and Ag-Biz 2015

International Processed Food, Beverage, Packaging & Agricultural Exhibition ‘Profood/pack and Ag-Biz 2015” kicked off at the Sirimavo Bandaranaike Memorial Exhibition Center yesterday. 

With government’s liberal policies, CEPA debate likely to take centre stage

The Chamber of Young Lankan Entrepreneurs (COYLE) called on the government to bring the Comprehensive Economic Partnership Agreement (CEPA) document into the open if it is beneficial to the country as claimed.

Policy stability more important than political stability: President

President Maithripala Sirisena in an impressive policy-centred address to Sri Lanka Economic Summit 2015 yesterday stressed that policy stability was more important than political stability.

PM tells private sector to get rid of protectionist mindset

Prime Minister Ranil Wickremesinghe asserted that the private sector and pseudo nationalists must move away from crony capitalism and the resultant protectionist mindset in order to take the country down the road of development.

BoI negotiating US $ 4.5bn worth of investments: official

Sri Lanka’s state-run apex investment promotion agency the Board of Investment (BoI) is currently negotiating four foreign...

Major foreign debt restructuring move after elections

Interest rates on foreign borrowings will be brought down significantly via debt restructuring following the upcoming election, Finance Minister Ravi Karunanayake said.

Harsha urges Sri Lanka should focus on export-driven economy

The country’s economy must be driven on exports instead of roads, and Sri Lanka should aim at achieving exports equivalent to 100 percent of the Gross Domestic Product in the long term, Policy Planning and Economic Affairs Deputy Minister Dr. Harsha de Silva said.

Indian firm to build Sri Lanka’s tallest building

Shreepati Edifice (Pvt.) Ltd, a unit of leading Indian real estate developer Shreepati group, has signed an agreement with Sri Lanka’s Board of Investment (BoI) to invest US $ 330 million to construct a mixed development project named ‘1996 Iconic Tower’.  

Govt. ties up with Google to boost internet access

The Sri Lankan government yesterday signed a memorandum of understanding (MoU) with tech giant Google Inc. to make Sri Lanka the first country in the world to have universal Wi-Fi Internet access through solar powered balloons of the Google Loon project...

President takes on corrupt accounting and audit practices

President Maithripala Sirisena criticized the existing corrupt practices in the accounting and auditing professions...

IFAC President in town

?President of the International Federation of Accountants (IFAC), the world’s apex body of the accounting profession, Olivia Kirtley (second from the left) was accorded a warm welcome to Sri Lanka by CA Sri Lanka...

Beauty advisors

?Japan’s telecom giant Softbank’s humanoid robot Pepper poses with cosmetic sales clerks of the Loft department store in Tokyo. Loft is hiring Pepper robots as beauty advisors at the cosmetic counter in its Shibuya and Yokohama shops from July 25 to August 23.

UNP-led front unveils election manifesto based on 5 pillars

?The United National Party, which is heading the United National Front for Good Governance coalition in the upcoming polls, outlined its 5-year manifesto based on 5 pillars, which included economic, educational, social and infrastructure development as well as eliminating corruption.

New economic policy for progress: Harsha

The United National Front for Good Governance (UNFGG), if elected, will introduce sweeping changes to the county’s economy for the betterment of the ordinary people, Policy Planning Deputy Minister Dr. Harsha De Silva said yesterday.