Trade deficit expands over US $ 10bn in 2018

Sri Lanka’s trade deficit expanded over US $ 10 billion in the year 2018 despite a significant decline in the December trade deficit with a notable deceleration in the import expenditure, the data released by the Central Bank showed.

John appoints 14-member Tourism Advisory Committee

With an eye on achieving the targeted three million tourist arrivals this year, a newly constituted Tourism Advisory Committee has been appointed by Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga.

PPP process not functioning properly, says govt.’s PPP boss

The Finance Ministry’s Public-Private Partnership (PPP) unit chief yesterday pointed out that the PPP process is not functioning at its best capacity and the relevant stakeholders could look at exploring new options in improving the situation that in-turn would help boost the overall economic growth

Shares fall for 4th straight session on economic and political stability, rupee weakens

(Colombo) REUTERS: Sri Lankan shares fell for a fourth straight session yesterday, hovering near 5-1/2-year low, as investors sold blue chips amid concerns over economic and political stability.

Japanese-Lankan consortium to handle Fort-Malabe LRT project

A consortium consisting of Japanese and Sri Lankan firms will be awarded the contract for planning, procurement assistance, construction, supervision and project management of the Fort-Malabe Light Rail Transit

Government to implement price formula on imported milk

The Cabinet of Ministers has given its approval to implement a price formula on imported milk.

Michelin delegation holds talks with BOI

A delegation from Michelin, the French tire manufacturing giant met with the Board of Investment (BOI) Chairman Hemasiri Fernando and Director General Champika Malalgoda recently.

Govt. revenue goal challenging amid slow GDP growth trajectory: National Chamber

The National Chamber of Commerce of Sri Lanka (NCCSL) observed that it’s challenging for the government to increase total revenue by 20 while keeping the budget deficit at 4.4 percent of Gross Domestic Product (GDP) this year amidst a slow GDP growth trajectory.

Malaysia to decide fate of Malaysia Airlines ‘soon’, PM says

KUALA LUMPUR (Reuters) - The Malaysian government is considering whether to shut, sell or refinance national carrier Malaysia Airlines (MAB), Prime Minister Mahathir Mohamad said yesterday.

Shares, rupee fall ahead of budget vote

(Colombo) REUTERS: Sri Lanka’s shares fell for a third straight session to a more than 5-1/2-year low yesterday as investors awaited a budget vote later in the day to assess the political stability of the government led by Prime Minister Ranil Wickremesinghe. Sri Lankan Finance Minister Mangala Samaraweera last week presented the 2019 budget that raises spending while setting an ambitious goal to reduce the country’s large fiscal deficit. An inte

Tourist Police arrests 36-year old in connection to Mirissa incident

Sri Lanka Tourist Police yesterday said they arrested a 36-year old in connection to the alleged harassment of a tourist in Mirissa, which went viral on social media recently.

Govt. secures Rs.48bn JICA credit line for Malabe-Fort LRT

The Sri Lankan government yesterday signed a concessionary loan agreement with the Japan International Cooperation Agency (JICA) to borrow JPY 30,040 million (approx. Rs.48 billion) for engineering services and construction of a light rail transit (LRT) line between Malabe and Colombo Fort.

JKH inks agreement with BOI for US $ 14mn logistics centre

The Board of Investment (BOI) recently signed an agreement with the John Keells group subsidiary Logipark International (Pvt.) Ltd to construct, commission and operate a logistics centre to provide integrated logistic services, container freight station, multi-country consolidation and a range of local and international logistics solutions.The facility will be located within the Muthurajawela Logistics Zone in Kerawalapitiya, Wattala. The total v

Shares end at 5-1/2-year low, rupee falls ahead of budget vote

(Colombo) REUTERS: Sri Lankan shares ended at a 5-1/2-year low and the rupee fell yesterday as investors awaited a budget vote on Tuesday to assess the political stability of the government led by Prime Minister Ranil Wickremesinghe.

Fitch casts doubts over govt.’s ability to achieve ambitious fiscal targets

Echoing similar sentiments to that of Moody’s, Fitch Ratings Limited expressed doubts over the government’s ambitious fiscal consolidation agenda, which targets to shrink the budget deficit to 4.4 percent of GDP this year, from 5.3 percent in 2018.

Budget 2019 lacks focus, says economist

Perhaps levelling the sharpest criticism so far against the Budget 2019 presented last week, a top economist and a commentator of socio-political issues charged that the budget lacks clear direction as it tries to be everything for everyone and its attempt to micromanage the economy is futile with a bloated cabinet and an inefficient public sector.

NDB confident of meeting capital requirements following anticipated graduation to D-SIB status

As National Development Bank (NDB) is set to achieve a systematically important domestic bank status this year, reaching Rs 500 billion in assets, the top officials of the bank expressed their confidence on meeting increased capital adequacy requirements following the upgrade.

CSE to sign MoU with LSE for dual listing of foreign currency denominated govt. debt

The Colombo Stock Exchange (CSE) is expected to sign a memorandum of understanding (MoU) with London Stock Exchange (LSE) shortly, to explore the possibilities of dual listing of Sri Lankan government’s foreign currency denominated debt.

Norges Bank’s investments in Lankan stocks top US $ 98mn in 2018

Norway’s trillion dollar sovereign wealth fund, the world’s largest, managed by the Norwegian Central Bank, Norges Bank, had investments to the tune of US $ 98.3 million in Sri Lankan stocks by end of last year.

European tourists account for over half of arrivals in Feb.

Sri Lanka’s tourist arrivals for the month of February rose 7 percent year-on-year (YoY) to 252, 033, with visitors from Europe accounting for over half of the arrivals, the data released by the Sri Lanka Tourism Development Authority (SLTDA) showed.

FedEx’s savvy founder - Fred Smith - still going strong after 48 years as CEO

Frederick Wallace “Fred” Smith (born August 11, 1944) is the founder, Chairman and CEO of FedEx, originally known as Federal Express. The company is headquartered in Memphis, Tennessee.

Global quality expert to lead Sri Lanka’s consumer protection campaign

Sri Lanka’s national consumer protection is to be led by an internationally accredited quality professional and a leading academic in management science. “With this appointment, we leverage your local and international experience for our consumer protection,” said Industry Commerce Minister Rishad Bathiudeen, while handing over the letter of appointment to Dr. Lalith Senaweera (PhD in Management-USA, MBA-Colombo, BSc Hons- Sri Lanka), the ninth

Rs. 2,500 an interim measure: State Minister

The budget proposal to give an increment of Rs.2, 500 to State sector employees is an interim measure, State Minister of Finance Eran Wickramaratne said yesterday. The State Minister

International Women’s Day all female crew flight

In recognition of International Women’s Day, SriLankan Airlines operated its first all female crew flight from Colombo to Singapore and return. UL306 of 8th March ’19 landed in Singapore carrying more than 170 passengers onboard.

Shares fall to 5-1/2-year low; rupee steady

COLOMBO (Reuters) - Sri Lankan shares fell to a near 5-1/2-year low yesterday as investors sold large cap stocks, outweighing purchases by foreigners. The Colombo Stock Exchange index settled 0.52 percent lower at 5,722.25, its lowest close since Sept. 18, 2013. The benchmark stock index fell 1.63 percent for the week, recording its third straight weekly fall. It declined 2.9 percent in February, its second straight monthly fall. The turnover

Asian markets plunge as ECB, China fan global outlook fears

HONG KONG (AFP) - Asian markets tanked and the euro struggled to recover yesterday as the European Central Bank’s decision to slash its growth and inflation forecasts added to increasing pessimism about the global outlook.

Norway sovereign wealth fund, world’s biggest to dump oil and gas

OSLO (AFP) - Norway’s sovereign wealth fund, the world’s biggest and which is fuelled by petrodollars, will dump stakes in oil and gas exploration and production companies to reduce its exposure to black gold, the government said yesterday. While the decision was based solely on financial considerations and not on the environment or climate change, a divestment by an investor worth more than US$1 trillion was seen as a major blow to polluting fos

Sri Lanka raises US$ 2.4bn in dollar bond sale

(Hong Kong / Colombo) REUTERS: Sri Lanka sold US$ 2.4 billion in five-year and 10-year U.S. dollar-denominated bonds yesterday, according to a term sheet seen by Reuters, successfully tapping the international markets at a time the country is facing strains on its finances. Sri Lanka sold US$ 1 billion in five-year bonds

CSE and IFC ring bell for gender equality

Women in the country’s workforce were paid a tribute at the Colombo Stock Exchange (CSE) yesterday with the traditional ringing of the trading bell—a gesture by the corporate Sri Lanka to celebrate the Inte

Banks unconvinced over govt.’s interest financing subsidy loan schemes

Doubts were cast during a budget forum yesterday on the government’s ability to honour interest payments stemming from its much touted ‘Enterprise Sri Lanka’ subsidy loan scheme to the country’s banking sector,