Govt. increases allowance for differently-abled persons

The government will increase a monthly allowance given to differently-abled people to Rs.5, 000 from Rs.3, 000, Finance Ministry said in a statement.

Oil prices surge on reported tanker attacks

(London) AFP: World oil prices surged yesterday on reports that two tankers had been attacked in the Gulf of Oman, worsening frayed tensions in the crude-rich Middle East region, analysts said.

Sri Lanka Tourism launches streamlined website

Sri Lanka Tourism this week launched a new and updated website www.SriLanka.travel aimed at serving the potential tourists as a ‘one-stop-shop.’ Earlier, Sri Lanka Tourism Development Authority (SLTDA) and Sri Lanka Tourism Promotions Bureau (STPB) had two separate websites.

Presidential Election 2020: Only MS and RW are social media ready!

Social media have ascertained a dynamic and organic rapport with politics. Smartly hijacking the command print and broadcast media had over public affairs, now social media determine, to a large extent, how we are governed and by whom.

SL kicks off first tourism promo since Easter attacks

The stakeholders of the badly-hit tourism industry have come to one platform to help revive the market by offering nominal rates and putting together a special promotional campaign to attract travellers, starting with the Indian market.

Hambantota Port positioned as multi-purpose port

Hambantota International Port (HIP) is being positioned as a multi-purpose port, a top port executive said following the port’s recent participation in the world premier transport and logistics exhibition, Transport Logistics 2019, held in Munich, Germany.

SL-China likely to resume FTA talks

Sri Lanka and China have agreed to resume the stalled free trade agreement (FTA) negotiations, following a recent informal discussion between Development Strategies and International Trade (MODSIT) Minister Malik Samarawickrama and Chinese Ambassador to Sri Lanka Cheng Xueyuan.

Sampath Bank Rs.12.1bn rights issue undersubscribed

Sampath Bank PLC’s Rs.12.1 billion rights issue, which officially closed last Friday (June 7), was undersubscribed, the bank said in a stock exchange filing.

ADB to fund study on possibility of SL adopting LNG for power generation

The Asian Development Bank (ADB) will fund a feasibility study and survey to explore the possibility of Sri Lanka adopting liquefied natural gas (LNG) for power generation to help diversify the energy mix of the island nation.

Stocks end at over 5-week high on local buying; rupee slips

(Colombo) REUTERS: Sri Lankan shares rose for the fourth straight session yesterday to hit a more than five-week closing high on local buying, offsetting continued foreign selling in equities, while the rupee ended slightly weaker on dollar demand from importers.

Global battle for 5G dominance and its impact on Sri Lanka

The ongoing battle between the US and the Chinese tech giant, Huawei, is escalating due to both parties’ eagerness to dominate 5G technology, the next major globa ltechnological revolution.It will define the future of the world wide web, creating a new internet architecture.

What if Darwin wore VR glasses?

Today most people think of gaming, virtual reality glasses and video when asked about virtual reality. The concepts of virtual reality in these areas have been around for some years, but what if we look beyond the media space. Do you realize that the egg you’re eating will be created through virtual reality? Or quality of the meat will be derived by virtual reality?

NEETS: analysis of LankaN disengaged youth

The world stands on the brink of a Fourth Industrial Revolution, where dramatic changes in technological advancements will have profound impacts on the future employment landscape and skill requirements. This means that engaging in lifelong learning—be it at school or at work—to anticipate and prepare for future labour market demands is of paramount importance.

Sri Lanka Telecom launches National Digital Roadmap for Smart Sri Lanka

Sri Lanka’s national telecommunication provider Sri Lanka Telecom (SLT) and national mobile service provider Mobitel yesterday launched the ‘National Digital Roadmap’, marking a big step in the overall digitisation of national services and traditional physical-effort requiring practices within the island.

Key SOEs record Rs.26bn loss in 2018

Sri Lanka’s largest 54 State-owned Enterprises (SOEs) recorded a combined loss of Rs.26 billion in 2018 compared to a profit of Rs.59 billion in 2017, mainly due to record losses at Ceylon Petroleum Corporation (CPC).

Panasian Power gears for Rs. 400mn private placement deal with Emerald Fund

Leading renewable energy developer Panasian Power PLC has announced a private placement to Emerald Fund, one of the largest private equity funds in the country, subject to Colombo Stock Exchange and shareholder approval. At Rs. 3.20 per share the Emerald Fund will invest Rs.400 million amounting to a 20 percent stake in Panasian Power PLC.

April industrial production sharply down on holidays and Easter bombings

Sri Lanka’s industrial production hit a three-year low in April amid New Year holidays and Easter bombings that kept workers away from factories, the data released by the Department of Census and Statistics showed.

Lankans’ sweet tooth leads Ceylon Cold Stores to scrap sugar-free range

Sri Lankans, once believed to have taken a less sugary and health-conscious path, appear to have made an about-turn as they have continued to favour the sugary variants in their selection of carbonated soft drinks prompting the market leader to withdraw the whole sugar-free range in less than a year since its launch.

Stocks end at near 1-month high on local buying; rupee gains

(Colombo) REUTERS: Sri Lankan shares ended firmer for the third straight session yesterday to hit a near one-month closing high on local buying, even as foreign investors continued to pull out funds from equities, while the rupee ended slightly stronger.

Putting Sri Lanka on map as a regional energy hub

One of the key growth drivers of the global liquefied petroleum gas (LPG) market is the use of LPG as a cooking fuel, primarily seen growing rapidly in countries in the Asia-Pacific, Africa and South and Central American regions. This segment accounted for more than 40 percent of overall LPG consumption in 2017, according to the Statistical Review of Global LPG 2017, a market intelligence report by the World LPG Association (WLPGA).

Japanese investor reiterates confidence in SL

In the aftermath of the disruption caused by the tragic events on Easter morning, on April 21, 2019, the Board of Investment (BOI), represented by its Media and Publicity Director Dilip S. Samarasinghe, spoke to Kyoto, Japan’s Tosslec Co. Ltd President Jitsuo Mikasa, whose subsidiary Tos Lanka Co. (Pvt.) Ltd has been in operation at the Biyagama Export Processing Zone since 1995.

When fake news and targeted misinformation rule the day

In Sri Lanka, fabricated stories posing as serious journalism is gradually becoming the order of the day and is not likely to go away as they have become a means for some unscrupulous writers to make money and potentially influence public opinion for their political and economic benefit.

Rooms 50% off and ads in Russia: Sri Lanka woos tourists after attacks

(Colombo) REUTERS: Sri Lanka’s battered tourism industry is trying to woo visitors back to beaches deserted after deadly Easter bombings, slashing hotel rates and pushing promotions in key markets like Russia.

Banks want govt. to revisit Debt Repayment Levy

Sri Lanka’s banks have made a chorus call to the government to completely remove or at least suspend the Debt Repayment Levy (DRL) slapped on them that gobbles up millions of rupees from their profits at a time when the bulk of the economy’s weight has fallen on them, in the aftermath of the Easter Sunday attacks.

FinMin signs Statements of Corporate Intent with 8 SOEs

Eight state-owned enterprises (SOEs) entered into Statements of Corporate Intent (SCI) with the Finance Ministry in a bid to strengthening their governance, accountability and transparency, under clearly defined medium-term performance-driven targets during the next three-year period.

Stocks end at 1-week peak in thin trade; rupee edges higher

(Colombo) REUTERS: Sri Lankan shares ended firmer for the second straight session yesterday in dull trade to hit a one-week closing high, while the rupee ended slightly stronger, market sources said.

Shangri-La Colombo to reopen

Shangri-La Hotel, Colombo, yesterday said it would be welcoming guests back from tomorrow onwards, after the deadly Easter Sunday bombings.

Tundra Fonder reps in town to appraise CSE investments

The officials of Sweden-based global asset management company, Tundra Fonder are currently in Sri Lanka for a brief assessment of its Sri Lankan equity market investments, following the Easter Sunday attacks on April 21.

SDBbank to acquire mobile payment platform

SANASA Development Bank PLC (SDBbank) yesterday said it entered into a deal to purchase a mobile payment platform for Rs.20 million.

Tourism in crisis: Managing and seeking out opportunities

Sri Lanka tourism is currently going through a major crisis as a result of the devastation of the Easter 2019 terrorist attacks.