Economic Summit to discuss impact of China’s ‘Belt and Road’ initiative for Sri Lanka

Sri Lanka Economic Summit 2017 will deliberate how Sri Lanka can harness opportunities out of China’s ambitious plans to set up a network of railways, roads, pipelines, and utility grids that would link China with the Asian region.

ComBank wins 4 CSR and Sustainability Awards from CMO Asia Council

The Commercial Bank of Ceylon won four awards at the Sri Lanka Marketing, HR and CSR Leadership Awards presented in Colombo last week by the CMO Asia Council.

Siddhalepa launches dengue management initiative

In an island wide initiative to protect and educate young victims of the deadly dengue disease now prevalent in epidemic levels across the country, the Siddhalepa Group has launched a dengue educational drive in schools, religious institutes and public places all around  the country.

Ratmalana Audiology Centre celebrates 10 years of excellence

The Ratmalana Audiology Centre, which was gifted to the nation by Dialog Axiata Plc in May 2007, celebrated its tenth year anniversary as a centre of excellence in hearing and speech.  

CB sees economy rebounding in second half on flood reconstruction

REUTERS:  Sri Lanka’s economy will rebound in coming months as the island nation begins to rebuild after devastating floods, and it could still expand by 4.5 to 5.0 percent for the full-year, the Central Bank Governor Indrajith Coomaraswamy said this week.

Dumindra Ratnayaka appointed new BOI Chairman

Former Etisalat CEO Dumindra Ratnayaka, who was recently re-appointed as a director of Sri Lanka’s apex state-run investment promotion body, Board of Investment (BOI), has been appointed as its Chairman, Development Strategies and International Trade Ministry said in a brief note yesterday. 

SL Customs’ new online payment platform goes live tomorrow

The local trade and business landscape will see greater transparency with the implementation of a fully-fledged online payment platform for Sri Lanka Customs that will be launched tomorrow.

Cabinet approved US $ 72mn fisheries project in limbo

A proposed 4,000 acre aquaculture park in Mannar, which has received Cabinet approval and attracted plans for US$ 72 million in initial private sector investments as a part of reaching a US$ 1.5 billion target in seafood exports, is facing roadblocks, an industry stakeholder told Mirror Business. 

Chevron Lanka second quarter profits down 34%; top line declines 19%

Chevron Lubricants Lanka PLC, the local unit of US-based multinational, posted a net profit of Rs.525.90 million for its second quarter ended June 30, 2017 (2Q17), recording a 34 percent decline compared to the corresponding period last year, due to lower sales.

IMF says another round of interest rate hike ‘‘desirable’’

The International Monetary Fund (IMF) yesterday said another round of interest rate hike would be “desirable” to rein in inflation and private credit as its Executive Board completed the second review of Sri Lanka’s economic performance under a US $ 1.5 billion three-year  extended arrangement.

A pilgrim’s plastic footprint and a pilgrimage to clean it up

Every year over 2 million people make the 2,200-meter climb to the holy peak of Sri Pada and leave behind a mountain of trash. 

Unemployment hits 3-year low in 1Q

Sri Lanka’s unemployment rate fell to 4.1 percent in the first quarter of 2017 (1Q17) recording a three-year low, with most jobs being created in the country’s industrial sector, according to the Department of  Census and Statistics (DCS).

SoE debt accounts for 14% of economy; 4% SriLankan Airlines

Moody’s Investors Service put Sri Lanka’s public enterprise debt at a whopping 14 percent of gross domestic product (GDP) and warned the government of additional risks to its finances should such debt requires any state support, which is likely to become the case. 

‘Hotel Show Lanka’ concludes with business gathering and awards ceremony

Hotel Show Lanka 2017, the leading specialized trade show for the hotel, restaurant and food service sectors concluded its twelfth edition with a spectacular awards ceremony, highlighting significant advancement in the industry. 

Path to skill development: Helping Lankan youth navigate O-Level hurdle

The G.C.E. Ordinary Level (O-Level) exam is a watershed in education for the youth in Sri Lanka. Success at the O-Levels opens avenues for further education and better skills but this is a full stop in education for many due to poor performance. Education and skills are essential ingredients to any strategy that aims to empower the youth, a key goal embodied in the World Youth Skills Day commemorated on July 15.

More vacancies in accounting and finance fields; IT closely follows: report

According to the quarterly career report published by everjobs.lk, the accounting and finance job category has the highest number of vacancies available, along with the highest number of applications submitted for, throughout the past three months.

Can international litigation solve India-Sri Lanka fishing dispute?

This week, Sri Lanka adopted an amendment to its Fisheries and Aquatic Resources Act banning bottom trawling fishing in its waters. Those in violation of the new law will face a significant fine and the possibility of two years in prison. It is an important move for Sri Lanka in addressing Indian fishing in the Palk Strait.

Getting more women into labour force

An economic advisor to the Finance Ministry recently suggested that subsidized maternity leave and investments in day care centres could increase female labour force participation and persuade companies to hire more women.  

SriLankan Global Contact Centre improves services for Chinese travelers

SriLankan Airlines enhanced its services for customers in China with the launch of a local direct-dial number for the airline’s customers throughout China recently, which will connect them directly with Mandarin-speaking customer service staff at its Global Contact Centre.

Shares fall on profit-taking in blue chips

Sri Lankan shares fell yesterday, after posting their highest close in more than 18 months in the previous session, as investors booked profits in blue chips. However, foreign players bought stocks on expectations of strong corporate earnings, limiting the downside.

Pathfinder Foundation’s Dr. Jayanath Colombage delivers special lecture in Japan

The Director of Indo-Lanka Initiatives at the Pathfinder Foundation, Admiral Dr.Jayanath Colombage delivered a special lecture titled ‘Geo-Strategic Competition and Dynamics in the India Ocean: A south Asian Perspective’ at a conference titled ‘Security Challenges in Asia and Europe in 2017’, jointly organized by Konrad Adenauer Stiftung’s Japan office and the Japan Campus of the Temple University, held in Tokyo, Jap

Coimbatore becomes SriLankan’s 14th destination in India

SriLankan Airlines announced the launch of new services from July 16th to Coimbatore, the second largest city in India’s southern state of Tamil Nadu. 

NSBM signs up with MTI Consulting for Industry Partnership Programme

NSBM Green University Town (NSBM) announced its formal MoU sign up with MTI Consulting for its Industry Partnership Programme. 

Sri Lankan SMEs in major global funding breakthrough

Sri Lanka’s one million strong Small and Medium Enterprises (SMEs) have clinched the largest international support wave in their business history thereby finally enabling them to directly link with global markets. Lankan SMEs in spices, food preparations and ICT/BPO are to receive support in the first round. 

Money laundering and terrorist financing: SL not completely out of woods, says FinMin

While Sri Lanka has made considerable progress in thwarting money laundering and terrorist financing over the past two years, more needs to be done to improve the situation, Finance and Mass Media Minister Mangala Samaraweera said yesterday.

Munchee launches Potato Cracker

Munchee recently launched ‘Potato Cracker’ to the market as its latest innovation with a view to offer total new sensation to cracker consumers in Sri Lanka.

B’desh central bank lauds Pan Asia Bank for preventing world’s largest bank heist

Pan Asia Banking Corporation PLC, Sri Lanka’s fastest growing commercial bank, last week received praise from the topmost official of the Bangladesh central bank for the foremost role the bank played in preventing in what could have been the world’s biggest bank robbery in history. 

Korean business delegation visits Sri Lanka

A 13-member Korean business delegation visited Sri Lanka at the invitation of Ideal Group to explore business and investment opportunities in diverse areas. 

Mexican restaurant chain Taco Bell opens first outlet in Sri Lanka

Taco Bell, the world’s largest Mexican inspired quick service restaurant (QSR) chain opened its first restaurant in Horton Place, Colombo – 7 yesterday. 

Ceylon Chamber prefers new revenue bill implemented from April, next year

Sri Lanka’s premier business chamber, the Ceylon Chamber of Commerce (CCC), yesterday said the new Inland Revenue Bill should ideally be implemented from April 1, next year, giving a longer transitional period for both the taxpayer and Inland Revenue Department to become fully conversant with the provisions of the law.