Sri Lanka will continue to work with Chinese technology: Harin

Sri Lanka will continue to work with Chinese firms to develop the country’s telecommunications infrastructure, according to Telecommunications, Foreign Employment and Sports Minister Harin Fernando.

Final decision on cutting airfares to boost tourism likely today

The government is likely to reach a final decision today on measures to bring down the costly airfare structure at Bandaranaike International Airport (BIA), at a high level meeting between Prime Minister

World’s central banks tackle technology with innovation hub

(Zurich) REUTERS: Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved yesterday by the Bank for International Settlements.

Sampath Bank finds buyers to allot unsubscribed rights

Sampath Bank PLC last Friday said it found buyers for the unsubscribed rights. “We wish to inform you that the board of directors was successful in allotting all of the shares that remained unsubscribed at the close of the rights issue of the company. “The allotments amounting to 25

Insurance sector near-term growth to moderate; long-term prospects intact: Fitch

Sri Lanka’s insurance industry is set to grow modestly in the near term amid slower motor insurance premium growth due to higher taxes on vehicle imports, intense price competition in the general insurance market and sl

June headline inflation decelerates to 3.8%

Sri Lanka’s inflation decelerated during the 12 months to June 2019, mostly due to the base effects but the prices continued to rise during the month as food and non-food prices rose from a month earlier.

Trump prepares for ‘productive’ talks with Xi on trade war

OSAKA (REUTERS) - U.S. President Donald Trump yesterday said he hoped for productive talks with Chinese President Xi Jinping on a trade war that is casting a shadow on global growth, but said he had no

South America-EU trade talks press on after Macron warning to Brazil

BRUSSELS (AFP) - Negotiations between Europe and South America to finalise a blockbuster trade deal continued yesterday, after French President Emmanuel Macron sent a warning shot to Brazil over environmental issues. Ministers from the South A

Chinese delegation calls on SLTPB to extend support to boost tourism

A group of 30 travel Agents from China paid a courtesy visit to Sri Lanka Tourism Promotion Bureau (SLTPB) recently, to enhance tourist arrivals from China, and also to give their support to promote the destination as a number one travel destination in the world, offering everything that an interested traveller may require. They held a cordial discussion

Nigerian President urged to sign African trade deal

ABUJA (AFP) - A special government panel has recommended that President Muhammadu Buhari sign Nigeria up for a landmark African free trade agreement, ahead of a key meeting of African leaders.

OPEC faces output balancing act over US-Iran crisis

LONDON (AFP) - OPEC is on red alert over escalating US-Iran tensions that have fuelled strong oil-price gains but the cartel and other crude-producing nations are unlikely to end output cuts at a meeting Tuesday, traders say.

Asian markets retreat as crunch G20 gets under way

HONG KONG (AFP) - Asian markets fell yesterday as investors kept a nervous watch on developments in the G20 summit, with trade top of the agenda and a key focus on the much-anticipated meeting betwe

Slower credit growth, increased bad loans and precarious macro front to stifle banking sector performance: Fitch

Fitch Ratings expect banking sector loan growth to slowdown in 2019 on muted private sector credit demand despite a recent a policy rate cut by the Central Bank to create credit demand and thus boost economic growth. “Our expectation is for loan growth to decelerate in 2019 (down by 0.4 percent in 1Q19) on muted private-sector credit demand,” Fitch said in a brief note. According to the rati

Proposed data protection regulations could boost cross border e-commerce activities: experts

The proposed Data Protection Bill would present new opportunities for Sri Lanka in cross border e-commerce activities, fostering passage to innovate while enhancing consumer confidence, according to experts.

Expolanka Holdings opens market to celebrate S&P SL 20 entry

Expolanka Holdings PLC (Expolanka) rang the opening bell to commence trading at the Colombo Stock Exchange (CSE), yesterday. The market opening ceremony was organized to celebrate Expolanka Holdings making an entry to the S&P SL 20 as part of the 2019 mid-year index rebalance. The S&P index is designed to m

Stocks end flat as blue chips drag; rupee slips

(Colombo) REUTERS: Sri Lankan shares ended nearly flat yesterday pulled down by weakness in blue chips such as conglomerate John Keells Holdings PLC in dull trade, while the rupee fell on importers’ dollar demand, m

Lankan firm selected media supplier for Japanese high-tech greenhouse

Japan’s SARA Inc., the operators of the world’s largest high tech greenhouse, has selected Sri Lanka’s Riococo Lanka (Pvt) Ltd. as the exclusive supplier of growing media for their semi-closed green house functioning under a new climate control system.

PwC highlights nexus between property and road development in Sri Lanka

Post-war Sri Lanka has seen a dramatic revival to its infrastructure growth. Over the past decade, high-rises, new cities and modern road networks have become an increasingly common sight, not just in the commercial capital of Colombo but throughout the country.

SLASSCOM to develop national AI policy in six months

The Sri Lanka Association of Software and Service Companies (SLASSCOM) plans to develop a national Artificial Intelligence (AI) policy for Sri Lanka, in six months, partnering with the public and private sector stakeholders.

Korea provides US $ 6mn grant to help vulnerable communities

The Korea International Cooperation Agency (KOICA) will provide a US $ 6 million grant to assist the vulnerable communities in five districts in Sri Lanka.

Finance Ministry says no attempt made to privatise People’s Bank

The Finance Ministry yesterday denied the recent media reports quoting the Opposition parliamentarians to the effect that state-owned People’s Bank would be privatised, saying such reports were completely “false and misleading”.

Sri Lanka gets US $ 310mn WB loan to mitigate flood risks in Colombo

The World Bank has approved a US $ 310 million loan to reduce and mitigate the flood risks in the lower Kelani basin in Colombo and improve the weather forecasting and early warning systems across Sri Lanka.

Shares recover from 2-week low on block trade; rupee slips

(Colombo) REUTERS: Sri Lankan shares snapped a four-session losing streak to end tad firmer yesterday on block trading of select shares, bouncing back from a two-week low hit on the previous day, while the rupee fell on importers’ dollar demand, market sources said. The benchmark stock index ended 0.11 percent higher at 5,348.57, recovering from its lowest closing level since June 11 hit on Tuesday. It fell 0.38 percent last week and is down 11.6

SEC sues two over manipulating e-Channelling shares

The Securities and Exchange Commission (SEC) of Sri Lanka has filed action in the Magistrate’s Court Colombo Fort against two investors, on charges of having committed the offence of market/price manipulation with regard to the shares of E-Channelling PLC.

Amnesty raises fresh fears of executions in Sri Lanka

(Colombo) AFP: Amnesty International raised yesterday fresh concerns that Sri Lanka may soon end a 42-year moratorium on capital punishment and hang 13 men convicted of drug offences.

SL updates HRC on measures taken to advance human rights and security

The Sri Lanka delegation to the Human Rights Council briefed the Council yesterday on the progress made in addressing human rights concerns, national security imperatives, as well as reconciliation priorities.

Stocks fall; rupee ends steady as bond sale attracts dollars

(Colombo) REUTERS: Sri Lanka shares fell for the fourth straight session yesterday to hit a two-week low on foreign outflows, while rupee ended steady buoyed by dollar inflows into two new sovereign bonds launched a day ago, market sources said.

Sri Lanka raises US $ 2bn from bond markets

Sri Lanka raised US $ 2 billion from U.S. dollar bond markets on Monday, which the country’s Central Bank said is a testament to the international investor community’s continued support for Sri Lanka and their confidence in the country’s economic fundamentals and long-term growth prospects. Sri Lanka

Tourism industry urges govt. to re-evaluate costly airfare structure

Sri Lanka’s tourism industry last week urged the government to re-evaluate the airfare structure, to draw more European tourists to the country as a measure to support the industry during its recovery, in the aft

Sri Lanka Insurance rating upgraded to AAA(lka)

Fitch Rating has upgraded state-owned insurance giant Sri Lanka Insurance’s (SLI) national Insurer Financial Strength rating to ‘AAA(lka)’, from ‘AA+ (lka)’, with a Stable Outlook.