Tea, rubber smallholders cry foul over subsidy effectiveness

Recent information has brought to question the effectiveness of the subsidies announced...

BoC upholds top position with Rs.20bn PBT

?Bank of Ceylon (BoC) closed its 75th year on a high note by recording the highest ever profit before tax (PBT) in the bank’s history as well as in the Sri Lankan banking industry of Rs.20.3 billion, achieving a growth of 29 percent compared to the previous year. 

Businesses need not fear anymore

?Writing to the world’s leading op-ed page Project Syndicate, Prime Minister Ranil Wickramasinghe says Sri Lankan business leaders no longer need to fear takeovers or shakedowns by the president’s greedy family members and cronies.

In holiday mood

?Tourists wait at Colombo Fort Railway station to catch a train to the upcountry. Sri Lanka Railways said they have deployed additional trains to carry people back and forth between Colombo and other key cities in the country

Public tribunal unanimously opposes Port City project

A public tribunal hosted by anti-corruption watchdog Transparency International Sri Lanka yesterday decided that the Port City project should be cancelled, as all benefits it may provide are outweighed by economic, social, environmental and political harm.

Sri Lanka in Disney’s spotlight with ‘Monkey Kingdom’

?Apart from the aggressive marketing that Sri Lanka Tourism has engaged in the focused markets of China and Germany, the country is set to receive a massive boost from in its seventh key market - the USA - with a top billed Disney movie ‘Monkey Kingdom’...

Air Taxi operations launched without govt.’s written consent, feasibility study

The Weliamuna Report has revealed that the Air Taxi operation of SriLankan Airlines—re-launched in 2010 but discontinued later—was carried out without written government consent and a feasibility study establishing its viability. 

Sri Lanka likely to get Iranian crude again

Sri Lanka is hoping to restore its crude oil purchasing links with Iran, banking on the success of the nuclear accord currently being negotiated between the US and the Middle Eastern nation.

Contents will not bring a smile

?Anti-corruption activist and lawyer J. C. Weliamuna (R) hands over a report on alleged corruption at the country’s national carrier SriLankan Airlines to Prime Minister Ranil Wickremesinghe (L) in Colombo on April 1. Minister for Ports,....

Chamber urges authorities to rectify Indo-Lanka FTA failures before CEPA

The National Chamber of Commerce of Sri Lanka (NCCSL), one of the pioneering chambers in the country,...

Sri Lanka consumer confidence surges

The confidence of Sri Lankan consumer is at an all-time high amid the expectations on the state of their personal finances...

Tourism and Arts

Tourists checking out paintings by art vendors at Green Path in Colombo.  Tourist arrivals to Sri Lanka increased 16.7 percent to 165,541 in the month of February 2015, from 141,878 in February last year, according to Sri Lanka Tourism Development Authority statistics.

Sri Lanka gets free Wi-Fi

Sri Lankan citizens are now able to enjoy the free Wi-Fi service at key public locations, which was one of the election promises of President Maithripala Sirisena.

HNB to raise US$ 100 mn through 7-year ADB loan

HNB entered into a landmark agreement with the Asian Development Bank (ADB) to raise US$ 100 million by way of a 7-year senior debt.  This is the largest transaction by ..

China offers Sri Lanka olive branch and warnings

AFP: President Xi Jinping worked to mend relations with Sri Lanka yesterday as Chinese state-run media warned the island nation’s new government against shutting off billions in investments from Beijing.

ADB cuts 2015 growth forecast

Sri Lanka’s economic growth is projected to drop to 7 percent in 2015, but is set to pick up in the following year, according to Asian Development Bank (ADB).

Children play on the Galle Face beach.

Children play on the Galle Face beach. In the background are two excavators carrying out the protective work on the breakwater of the Colombo Port City Project. 

Ravi K tells Customs Dept. not to bow down to political pressure

The Customs Department should maintain its independence and any infraction would be its total responsibility going forward, unlike during the past regime, according to top figures from the government.

NDB-DFCC : Evaluation report to decide merger fate

NDB Bank PLC and DFCC Bank PLC which were supposed to merge under the Central Bank’s financial sector consolidation plan are now awaiting the results of an evaluation conducted by a committee appointed by Prime Minister Ranil Wickramasinghe.

Japanese firm to invest over US $ 100mn in Lankan hospitality projects

Diversified Japanese conglomerate Belluna Co. Ltd has partnered with Asia Capital PLC to bring one of the largest private sector foreign direct investments (FDIs) from Japan worth over US $ 100 million into the leisure industry of Sri Lanka.

Dialog scores at Mobile World Congress with two global awards

Sri Lanka’s premier connectivity provider, Dialog Axiata PLC, clinched two Global awards at the Mobile World Congress (MWC) held in Barcelona Spain.  The lineup of Global Award winners and nominees featured the world’s leading mobile operators, innovators and solutions providers. 

New Risk Management Dept. to oversee EPF fund management

A new risk management unit has been set up by the Central Bank to outline proper rules and regulations that would ensure risks are minimized in the process of managing the Employees’Provident Fund (EPF).The unit has been established on the instructions of Central Bank Governor, Arjuna Mahendran in a bid to avoid explicit conflict of interest, when the EPF invests in banks’ shares, which are regulated by the Central Bank.

Sri Lanka waiting for right time to raise up to US $1.5bn bond

REUTERS: Sri Lanka is waiting for the right time to launch a sovereign bond of up to US $1.5 billion, possibly with a longer tenure to roll over its debts in 2015, Central Bank Governor Arjuna Mahendran said.

Banks, businesses should reorganise, restructure

Sri Lankan banks and businesses should be dynamic and adapt to the existing environment which is here to stay despite any political changes, according to a head of a leading Sri Lankan bank.

Inflation drops to record low of 0.6% in February

The headline inflation measured by the Colombo Consumer Price Index (CCPI) for the month of February 2015 dropped to a 11-year low of 0.6 percent from a year ago, declining from 3.2 percent recorded in January.

‘Chap running the policy shop’ wants villagers to trade in John Keells stocks

By Indika Sakalasooriya alling himself the “chap who is running the policy shop,” Policy Planning and Economic Affairs Deputy Minister Dr. Harsha de Silva said his government’s objective was to create a capital market where people from rural areas could trade in John Keells shares.

Culture tourism

The picture shows a group of tourists enjoying the ruins of Anuradhapura. Tourist arrivals to Sri Lanka during January rose 6.6 percent year-on-year (YoY) to 156,246 visitors, helped by increased arrivals from the countries in the Western European and South Asian regions.

December trade gap widens 40%

Sri Lanka’s December trade deficit widened 39.8 percent year-on-year (YoY) to US $ 787.6 million amid a surge in consumer and investment goods imports, the data released by the Central Bank showed.

Certifying safe eateries

The Colombo Municipal Council (CMC) has begun placing boards in front of eateries which have been certified by them, to indicate to the public that eating at such eateries is safe. CMC Chief Medical officer Dr. Ruwan Wijayamuni is seen placing the first board at an eatery in Grand Pass

Restructuring move

A fruit vendor waits to sell pineapple in Galle Face. The new government will seek loans exceeding US $ 4 billion from international lenders, including the International Monetary Fund (IMF), as it “restructures” expensive debt owed to China, Finance Minister Ravi Karunanayake said (AFP)