SLTPB to seek Cabinet nod for global promo campaign in February

The Sri Lanka Tourism Promotion Bureau (SLTPB) is planning to seek Cabinet approval for the 5-year global promotional campaign in mid February, after securing SLTPB board approval last week.

SEC gets new Commission Members

After the appointment of Additional Solicitor General Viraj Dayaratne as Chairman of Securities and Exchange Commission (SEC) last week, Finance, Economy and Policy Development Ministry has had appointed four Members to its Commission.According to highly placed government sources, the appointed Commission Members include Naresh Abeysekera, Sisira Rathnayake, Suhada Gamlath and Sunil Lankathilake.

SLT announces appointment of new directors

Sri Lanka Telecom PLC (SLT) last week announced the appointment of two Independent Non-Executive Directors and two Non-Independent Non-Executive Directors to its board.

Bairaha Farms December performance aptly displays poultry industry woes

Bairaha Farms PLC reported losses for the quarter ended December 31, 2019 as cost of sales rose while revenue slipped from a year earlier, impacting the bottom line of the country’s leading poultry producer.

Lanka IOC returns to black as oil prices ease

Lanka IOC PLC returned to profits during the three months ended December 31, 2019 from a year earlier, but the top line declined reflecting the slowdown in the economy, which took toll on overall economic activities.

ComBank Maldives honoured for Excellence in Finance at biz awards

The Commercial Bank of Maldives (CBM), a subsidiary of the Commercial Bank of Ceylon PLC, has been honoured with the award for ‘Excellence in Finance’in the Banking and Finance category at the 2019 Maldives Business Awards in just its third year of operation.

UN backed SL industry diagnostic initiative rolled-out in Colombo

A high level team from the United Nations Industrial Development Organization (UNIDO), Vienna joined by no less than the UN Resident Coordinator Sri Lanka launched the next phase of Sri Lanka

Jaffna International Trade Fair begins

Jaffna International Trade Fair 2020, the biggest and only one of its kind events in the Northern Province, kicked off yesterday at Muttraweli Grounds in Jaffna. The picture shows Northern Province Governor P.S.M. Charles examining some products at the trade fair

Dubai’s largest Islamic bank acquires smaller lender

DUBAI (AFP) - Dubai Islamic Bank said on Thursday it has completed the aquisition of Noor Bank to consolidate its position as the top Islamic lender in the United Arab Emirates. DIB said in a statement posted on Dubai bourse website the acquisition was carried out through a share swap after securing the necessary approvals from the regulatory authorities. The bank said the move raises its asse

EU chiefs sign Brexit deal ahead of parliamentary vote

BRUSSELS (AFP) - Brussels’ two top officials, the presidents of the European Commission and the European Council, signed off on Britain’s EU divorce agreement yesterday. With Ursula von der Leyen and Charle

SriLankan takes action regarding coronavirus outbreak

SriLankan Airlines has implemented a series of precautionary measures to mitigate the risks from the current coronavirus epidemic in the Far East, with the safety and well-being of its valued passengers and staff being of paramount importance. SriLankan’s cabin crew and other relevant staff have been briefed on action to be taken on board and at airports, especially those in the Far East.

Asian markets stabilise after China virus nerves

HONG KONG (AFP) - Asian markets halted their slide yesterday with investor nerves eased after a week of volatility prompted by the rapid spread of a viral illness in China. The coronavirus infection has killed at least 26 people while the number of confirmed cases has leapt to 830, health officials said. Authorities have shut down public transport in 13 cities - together home to more than 40 million people around the epicentre of the outbreak in

CA Sri Lanka gets new President

Top professional Manil Jayesinghe (center) was yesterday ceremoniously inducted as the 25th President of CA Sri Lanka by Outgoing President Jagath Perera (right) in the presence of the International Federation of Accountants (IFAC) President Dr. In-Ki Joo (left),

Bourse poised for rebound following p’mentary election

The Colombo Stock Exchange (CSE) is among the worst performing frontier markets, but a leading equity research analyst said all indications favour a rebound and the forthcoming general election would stoke further upward momentum. First Capital Head of Research Dimantha Mathew said Sri Lankan stocks offer a once in a decade opportunity for buyers as valuations remain extremely attractive.

Govt. to set up 500-acre BOI zone for foreign higher educational institutions

The government is planning to set up a 500-acre special BOI zone for internationally recognised higher educational institutions this year with the aim of positionng Sri Lanka as a leading international educational hub.

Cinnamon Lakeside owner’s 3Q indicates city hotels’ recovery

Trans Asia Hotels PLC, which operates the five-star Cinnamon Lakeside hotel in Colombo, showed it is recovering from the aftershocks of Easter Sunday attacks, which eroded city hotel occupancies.

Subsidised loans for millers to purchase paddy at minimum price

The government has decided to provide subsidised loans at 8 percent interest to millers to purchase rice from farmers at a minimum price of

Cabinet nod for new coal and LNG power plants

The Cabinet of Ministers has approved two new 300MW coal-fired plants in Norochcholai and two 300MW liquefied natural gas (LNG) plants in Kerawalapitiya amid serious concerns over an impending power crisis.

Sri Lanka to outsource visa services for Chinese tourists

The government has decided to outsource visa services for Chinese tourists to a Shanghai-based sub-agent in a bid to boost Chinese tourist arrivals to Sri Lanka.

Dubai to screen all passengers from China amid virus outbreak

Dubai Airport, one of the world’s biggest aviation hubs, said yesterday it would carry out thermal screening of all passengers arriving from China amid an outbreak of a deadly virus.

Government to expand public sector with 150, 000 new recruitments

The government plans to expand the public sector further with 150,000 persons this year, recruiting 53,000 graduates and 100,000 school leavers or dropouts.

Sunshine Healthcare: Trailblazing with a ray of sunshine

Embarking on a journey towards a brighter tomorrow four decades ago, diversified conglomerate Sunshine Holdings today stands tall and is ahead of the game due to its consistent efforts on creating a healthier Sri Lanka. The entity, starting off as a small retail shop in the city of Gampola in 1967,

New SEC Chair assumes duties

Viraj Dayaratne, PC assumed duties as Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), yesterday.

Income tax bonanza for sin industries

The tax changes included in the Inland Revenue (Amendment) Bill propose to make major revisions to Sri Lanka’s corporate tax structure and interestingly, to substantially reduce the income tax rate on the so-called sin industries.

Rohan Fernando appointed as SLT Chairman

A veteran tea exporter and the founder of the Heladiv Tea brand, Rohan Fernando was appointed as the new Chairman of Sri Lanka Telecom (SLT), on Tuesday.

CB Governor blames liberalisation agenda for current state of economy

The newly-appointed Central Bank (CB) Governor Prof. W.D. Lakshman blames the country’s liberalisation policy package for the current state of the economy. “From late 1970s onwards, we were implementing a socio-economic policy model involving an increase in the liberalisation of markets with globalisation.

UL mulls resuming services to European destinations with subsidies from tourism authorities

SriLankan Airlines is considering a proposal to resume direct fights to Paris, Rome and Frankfurt, within few months, with subsidies from the country’s tourism authorities, to attract more Western European tourists to the island nation.

National inflation spikes to 6.2% in December

Sri Lanka’s countrywide inflation measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) spiked to 6.2 percent in December 2019, from 4.1 percent in November, amid higher food prices and low base effect.

Norwegian envoy to open SL’s first floating solar plant in Kilinochchi

Norwegian Ambassador to Sri Lanka Trine Jøranli Eskedal will open Sri Lanka’s first floating solar plant in Kilinochchi, tomorrow.

Global tourism promo campaign finalised to achieve US$ 10bn

Sri Lanka Tourism Promotion Bureau (SLTPB) has finalised a 5-year global promotional campaign targeting eight tier one (primary) source markets and six tier two (emerging) markets to reach the government’s objective of generating US$ 10 billion revenue from tourism by 2025.