Tourism industry hopeful of successful winter season with lifting of emergency

With the lifting of state of emergency, removal of travel advisories, discounted prices and free visas Sri Lanka expects a successful winter season ahead, making a strong recovery following the Easter Sunday terror attacks. While

All set for third Enterprise Sri Lanka exhibition in Jaffna

The third Enterprise Sri Lanka exhibition, which aims to promote enterprise culture in Sri Lanka and takes the government development activities to the doorstep of the people, will be held from September 7 to 10 at the Jaffna Fort. The goal of this exhibition is to attract members of the new generation to various enterprises that are native to the Northern Province and thereby further strengthen such enterprises.

Govt. losing 20% revenue due to Customs leakages: Treasury

The government is estimated to be losing nearly 20 percent revenue from Sri Lanka Customs (SLC) due to various revenue leakages, according to the Treasury. A senior Treasury official revealed that under-invoicing, under-valuation and misclassification have been identified as main reasons for revenue leakages from the SLC. He noted that SLC officials cannot be solely blamed as the private sector too is looking for every possible loophole to evad

Inflation edges up to 3.4% in August

Sri Lanka’s inflation in the month of August edged up to 3.4 percent from 3.3 percent in July, the data released by the Department of Census and Statistics (DCS) showed.

SriLankan Airlines celebrates 40 years of service to nation

Exactly 40 years ago, on September 1, 1979, the first flight of SriLankan Airlines was made, the aircraft rising gracefully from Colombo’s Bandaranaike International Airport (BIA) to wing its way to Bangkok. It was the modest start of the na

Rupee recovers from seven-month closing low; stocks slip

Sri Lanka’s rupee closed slightly firmer yesterday, snapping three straight sessions of losses and recovering from a seven-month closing low hit in the previous session, but risks of foreign fund outflows weighed on the currency. Foreign investors sold net Rs.12.9 billion worth of government securities in the week ended August 21, the worst weekly outflow in eight months and the year-to-date net foreign outflow was Rs.40.9 billion, the Central B

Peter Kuruvita joins as guest chef for Sri Lanka at Expo 2020 Dubai

The world-renowned chef Peter Kuruvita will join as the guest chef representing Sri Lanka to deliver the contemporary version of Sri Lankan cuisine with the richness of Sri Lankan spices, at the Culinary Experience Pod event of Expo 2020 Dubai. The Culinary Experience

India growth slows to 5% in fresh blow to Modi

(Mumbai) AFP: India’s economic growth slowed for the fifth straight quarter in the April-to-June period to 5.0 percent, government figures showed yesterday in a fresh blow to Prime Minister Narendra Modi.

Asian markets boosted by fresh trade hopes after troubled week

(Hong Kong) AFP: Renewed hopes for trade talks boosted most Asian equities yesterday after China said it would not retaliate against the latest US tariffs, setting up a positive end to a volatile week. However, the arrest of activists in Hong Kong fuelled fresh worries about violent protests in the city and wiped out an early rally. With huge levies on goods worth hundreds of billions of dollars due to kick in over the weekend, the long-running

India announces series of mergers of state-run banks

(New Delhi) REUTERS: India announced a series of mergers involving 10 state-owned banks yesterday, as it moves to strengthen a sector struggling under a mountain of debt and ensure stronger balance sheets to

Oil prices fall but set for big weekly gain as trade dispute rhetoric eases

(London) REUTERS: Oil gave back some of its recent gains yesterday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida

Hayleys commissions Rs.225mn polyurethane mattress manufacturing facility

Sri Lanka’s most diversified conglomerate, Hayleys PLC this week announced the commissioning of its first polyurethane (PU) foam mattress manufacturing facility as part of a continuing effort to capture a larger share of domestic and potential export business.

Gamperaliya third stage to begin on September 1

The third stage of Gamperaliya rapid rural development programme is set to begin on September 1 allocating Rs.100 million for each electoral division.

Dressing down with Batik on Fridays!

Primary Industries and Social Empowerment Minister Daya Gamage is to submit a proposal to the Cabinet of Ministers to make people legally bound to be dressed in batik clothing every Friday. Gamage who

NSB records robust performance in first half

The National Savings Bank (NSB) demonstrated a robust performance during the first half of 2019 (1H19) amidst subdued macroeconomic and market conditions and witnessed a profit before tax (PBT) of

Malaysia’s Axiata says merger plan with Norway’s Telenor on track

(Kula Lumpur) REUTERS: Malaysia’s Axiata Group Bhd yesterday said its planned merger with Norwegian telecoms peer Telenor ASA is on track, after local media reported the deal may have hit a snag.

Rupee ends steady at 7-month low; stocks slip

(Colombo) REUTERS: Sri Lanka’s rupee closed almost steady yesterday at a fresh seven-month low, but risks of foreign fund outflows weighed on the currency after the Central Bank cut key monetary policy rates.

Tourism Minister to meet Russian envoy over travel advisory

Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga plans to meet the Russian ambassador to Sri Lanka in an attempt to lift the travel advisory issued by the Russian Federation on visiting Sri Lanka, in the aftermath of the Easter bombings.

Head of the international Dawoodi Bohra community

CPC says can’t cut jet fuel prices to levels at Chennai airport

Ceylon Petroleum Corporation (CPC) is opposing the Cabinet decision to sell aviation fuel at prices equal to the Chennai airport—a measure taken to help the tourism industry recovery after the April 21 Easter bombings— citing financial non-viability.

Malaysia’s AirAsia reports smallest net profit since 2014

(Kuala Lumpur) REUTERS: Budget airline AirAsia Group Bhd yesterday reported its smallest quarterly net profit since 2014 as the airline recognised losses in its Indian associate company. The group said the second-quarter results recognised the share of prior year losses at AirAsia India (AAI) as a result of an increase in its investment in that airline.

Govt. introduces minimum standards for LED bulbs

The government has decided to introduce minimum energy performance stands for light emitting diode (LED) bulbs. The Cabinet of Ministers has approved a proposal in this regard by Power, Energy and Business Development Minister Ravi Karunanayake.

Singapore’s Surbana Jurong, SMEC win govt. contract to develop 4 key towns

Singapore’s Surbana Jurong Infrastructure Pte. Ltd (SJIPL) and its engineering subsidiary SMEC International (Pvt.) Ltd Australia have won a Sri Lankan government contract to modernise four key towns in the country.

Rupee ends at 7-month low; foreign fund outflow weighs

(Colombo) REUTERS: Sri Lanka’s rupee fell yesterday to its seven-month closing low as foreign fund outflows after the Central Bank cut key monetary policy rates weighed on the currency. Shares closed steady.

Kenya anti-graft body halts Telkom, Airtel merger to conduct probe

(Nairobi) REUTERS: Kenya’s anti-corruption commission said yesterday it had suspended a planned merger of Airtel Kenya with partly state-owned Telkom Kenya pending a probe into allegations about the misappropriation of public funds at Telkom.

NIPO renamed as Intellectual Property Department

The approval of the Cabinet of Ministers has been granted to change the name of the National Intellectual Property Office (NIPO) of Sri Lanka to Intellectual Property Department. The Cabinet office said the name change was aimed at resolving the issues faced when dealing with local and international organisations. The department has full powers to administer the national intellectual property system of Sri Lanka.

Will next president fulfil the aspirations of the nation?

The common belief among the public is that there has to be a radical change in the current economic policies and work programmes undertaken during the last four and half years, as the overall economic growth has drastically reduced. Consequently, the living conditions of the people have badly affected.

Tea industry overview: January to June 2019

The second quarter of the Sri Lanka’s tea industry in 2019 saw a sharp decline in elevation averages in comparison to the first quarter.

Spice sector’s current crisis and the way forward

Director General of Department of Export Agriculture, Dr. A.P. Heenkende delivered the keynote speech at 35th Annual General Meeting of the Spice and Allied Products Producers and Trades Association held in Colombo recently.

PM declares open Phase 1 of Bogambara Cultural Park

A ceremony was held on August 24 at the site of the Bogambara Prison Complex Redevelopment to announce the opening of Phase I of the Bogambara Cultural Park project.