Free-visa scheme aimed at tourism recovery goes live

The proposed free-visa scheme for 48 countries comes into effect from today for the next six months, aiming to speed up the recovery of the Sri Lanka tourism industry in the aftermath of the Easter Sunday attacks.

Sri Lanka’s anti-corruption agency to introduce sweeping legislation to curb graft

Sri Lanka’s anti-corruption authority is to introduce sweeping legislations to expand its scope to curb corruption stemming from the private sector, while holding public officials, including politicians, more accountable.

Sri Lanka’s first automobile manufacturing plant to begin operations this month

Come August, Sri Lanka will finally see the establishment of an automobile manufacturing plant as Indian multinational car manufacturing corporation Mahindra & Mahindra Ltd is set to inaugurate the complex, which will up the island nation’s scope for value addition.

Cabinet ministers with biz interests key obstacle for clean govt.: Eran

The Cabinet ministers with vested business interests should relinquish their interests or step down in order to create a clean government, asserted Finance State Minister Eran Wickramaratne, at a recent anti-graft forum in Colombo.

Inflation declines to 3.3% in July

Inflation measured by the Colombo Consumer Price Index (CCPI) fell to 3.3 percent in July on a year-on-year (YoY) basis, decelerating from 3.8 percent recorded for the month of June, the Census and Statistics Department said.

Exporters blame political leadership for failing to unlock SL’s growth potential

Exporters this week blamed the country’s political leadership for failing to unlock the growth potential in the post-war Sri Lanka while driving the country on path to increased corruption. “The political leadership has failed to lead this country to where we should be, but instead further marred the reputation of our beautiful island by being corrupt, none transparent and none-accountable, either through means of a dictatorial leadership or a

Seylan Bank earnings down in 2Q; records modest loan growth

Seylan Bank PLC saw its June quarter (2Q19) earnings hit by flat net interest income and impact stemming from Debt Repayment Levy, the interim accounts released by the bank to the Colombo Stock Exchange showed. The banking group record

Jinadasa Group exits logistics industry with sale of Califolink

Califolink Logistics (CLL), the logistics arm of the Jinadasa Group was recently acquired for an undisclosed sum by Ceyline Holdings, a Jinadasa Group statement said. The integrated logistics company, which has a strong presence in Sri Lanka, has been a reliable partner to many prominent local export businesses in the apparel, FMCG and automobile space over the past 10 years.

Shares decline on profit-taking

(Colombo) REUTERS: Sri Lankan shares snapped their five-session gaining streak yesterday as investors booked profits, while the rupee ended weaker due to importer dollar demand. The country’s benc

Ceylinco General files action against Agriculture and Agrarian Insurance Board

As per the directive given by the Insurance Regulatory Commission of Sri Lanka (IRCSL) has not been heeded by the Agriculture and Agrarian Insurance Board (AAIB), Ceylinco General Insurance Ltd. has taken the

Hayleys reiterates position on waste containers

The writ petition seeking a court order directing legal action to be taken against the parties liable for the waste containers was heard at the Court of Appeal yesterday During today’s hearing, Romesh De Silva PC addressing the court clarified the position of Hayleys Free Zone Limited (HFZL) and stated that in view of the fact that HFZL has never transported any cargo within S

TEA rattled by move to use exporters’ funds for replanting

The Tea Exporters Association (TEA) issuing a statement yesterday expressed concern over the government’s plan to use part of the funds collected from tea exporters to give a boost to replanting activities by amending the Tea Promotion Levy Gazette. TEA said they w

Hayleys Fabric earnings, revenue surge in 1Q

The Hayleys group knit fabric maker Hayleys Fabric PLC saw a surge in earnings for the June quarter (1Q20), well supported by the firm’s top line, the interim financial accounts released to the Colombo Stock Exchange yesterday, showed.

LSE surges on US $ 27bn Refinitiv takeover talks

(London) AFP: London Stock Exchange shares soared yesterday after confirming talks over a vast US $ 27-billion takeover of US financial data provider Refinitiv, potentially placing it in direct competition with Bloomberg.

Shares close at six-month high; rupee weaker

(Colombo) REUTERS: Sri Lankan shares hit their highest close in six months yesterday, led by a rally in banks and diversified stocks along with healthy purchases by domestic investors.

Gem and jewellery industry seeks govt. help to approach new markets

Sri Lanka’s gem and jewellery industry is seeking government assistance in finding new markets for its products, following the April 21 Easter Sunday bombings, which dealt a severe blow to the industry with the slowing down of tourist arrivals.

BPPL says factory fire “should not” affect earnings; posts strong 1Q

While releasing its interim accounts for the quarter ended June 30, 2019 (1Q20), listed brush maker BPPL Holdings PLC yesterday said a fire that broke out at its factory premises on July 28 “should not” impact its future earnings significantly.

Japan’s SBI group buys 30% stake in Sunshine’s energy subsidiary for US $ 2mn

Diversified conglomerate Sunshine Holdings PLC announced that SBI Ven Holdings (Pte) Limited, the overseas private equity firm of SBI Holdings Inc., has invested US $ 2 million in Sunshine Energy (Pvt.) Ltd (SEL) to propel Sunshine Holdings’ renewable energy production projects further.

Over regulation threatens SL’s trade with region: SLANA

Sri Lanka’s non-vessel owning common carrier (NVOCC) agents warn of potential disruptions to Sri Lanka’s trade with the region unless there’s no revision to current excessive regulations prohibiting shore-based cost recovery.

Can Sri Lanka stay ahead of the game?

We live in an era marked by unprecedented technological change and innovations, which are transforming economic activities, including trade. While developments such as advanced robotics, artificial intelligence (AI), the Internet of Things (IoT), and three-dimensional (3D) printing could open up many opportunities for both developed and developing countries alike, these gains are not guaranteed.

SLSBC holds 22nd Annual General Meeting

The 22nd Annual General Meeting of the Sri Lanka–Singapore Business Council (SLSBC) of the Ceylon Chamber of Commerce was held recently at the Chamber.

Sri Lanka urged to aggressively tap Australian outbound tourist market

Provided the right connectivity, Sri Lanka has the potential to become Australians’ favourite holiday destination in Asia surpassing Bali in Indonesia, according to Australia’s most popular online travel company, TripADeal.

Singapore-based Comcraft acquires majority stake in Lankan MDF board maker

Singapore-based international investment house Comcraft has acquired majority stake in Merbok MDF Lanka (Pvt) Ltd., a leading MDF board manufacturer in Sri Lanka. Considered as one of Sri Lanka’s largest factories, Merbok MDF Lanka’s plant is situated in Horana and produces in excess of 10,000 m3 of high quality MDF boards. Currently, the primary expor

IMF launches ‘open, merit-based’ search for new leader

(Washington) REUTERS: The International Monetary Fund said on Friday its executive board adopted an “open, merit-based and transparent” process to select a new leader to replace Christine Lagarde, with the ai

Firms with leases to report increased borrowings and finance cost under new accounting standard

Companies that have a higher number of leases are likely to report increased borrowings and finance costs across the board with the adoption of new accounting standards from April 1. With SLFRS 16 coming into play, leases are included under assets as a balance sheet item. Leases are no longer considered an operational cost as per the earlier practice and get amortized under the new standard.

BOC celebrates 80th anniversary tomorrow

The eightieth anniversary ceremony of Bank of Ceylon (BOC), that has rendered a historically significant service contributing to the economy and social development of the country, will commence at the BMICH conference hall tomorrow (July 30th), under the patronage of President Maithripala Sirisena. Prime Minister Ranil Wickremesinghe and Finance Minister Mangala Samaraweera too will grace this occasion with the presence BOC Chairman Ronald C. Per

Malaysian firm settles theme park battle with Disney, Fox

KUALA LUMPUR (AFP) - Malaysian casino operator Genting, Walt Disney Co. and 21st Century Fox have settled a legal battle that centered on allegations the US companies abandoned a project to build a theme park.

N. Korean economy shrinks most since 1990s famine: Seoul

SEOUL (AFP) - North Korea’s sanctions-hit economy shrank in 2018 by its largest margin since the country’s devastating famine in the 1990s, the South’s central bank said yesterday.

US sanctions Venezuela emergency food ‘corruption network’

WASHINGTON (AFP) - The US Treasury Department on Thursday announced sanctions against three of Venezuelan President Nicolas Maduro’s stepsons, a Colombian businessman and six others for running a ‘corruption network’ that profited from emergency food imports.

Huawei’s ties with partners FedEx, Flex fray on U.S.-China tensions

HONG KONG/SHANGHAI (Reuters) - American delivery firm FedEx Corp likely withheld more than 100 packages of Huawei, a report said, while the Chinese tech giant also blamed U.S.-listed Flex for seizing its goods, as Sino-U.S. tensions further strain business ties.