Remittance income continues falling streak aggravating external woes

Worker remittance to Sri Lanka continued its declining streak as Sri Lanka’s largest foreign income earner and one of the two current account stabilisers is facing the crucial test of rebalancing socio econom

Unemployment in second quarter accelerates to 4.6%

Sri Lanka’s unemployment rose to 4.6 percent in the second quarter of 2018 (2Q18) amid a fall of employment in the country’s agriculture and industries sector, the data released by the Department of Census and Statistics showed. 

Govt. says putting final touches to new microfinance law

The government at the moment is putting final touches to a law covering microfinance, to save the borrowers from exorbitant and unnecessary charges and other malpractices, Finance and Mass Media Minister Mangala Samaraweera said yesterday.   

Rising oil prices, vehicle imports send July import bill higher, trade deficit wider

Sri Lanka’s merchandize trade deficit continued to expand as the fuel bill rose significantly amid increasing world oil prices and the import of personal vehicles, which more than doubled in July.    

Palm oil industry rejects vilification of crop as baseless and unscientific

The vilification of oil palm in Sri Lanka on the grounds of the crop’s purported adverse impact on the environment is completely unjustifiable, given that the extent of land under oil palm is just 1.1 percent of the extent under traditional crops – tea, rubber and coconut – an industry body has stated.  

Rupee hits record low for 4th session; stocks gain

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a fourth straight session yesterday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a fourth consecutive session to a more than two-week closing high.  

Banking sector asset quality hits new low

Sri Lanka’s banking sector asset quality fell to a new low in August after the non-performing loans increased, providing clear evidence that businesses and consumers continue to struggle in servicing t

SL retains 16th place in UNCTAD’s Liner Shipping Connectivity Index

Sri Lanka held on to the 16th best connected trading nation to others by sea status in 2018, according to the United Nations Conference on Trade and Development (UNCTAD)’s latest

Advocata says price controls on water bottles carry serious unintended consequences

The recent price controls slapped on bottled water could lower the quality of the water being sold at the market place and limit the choice the customers previously had, Advocata, a Colombo-based think tank that promotes free market ideas said in a statement.  In an extraordinary gazette notific

SL and B’desh to sign Coastal Shipping Agreement shortly

Sri Lanka and Bangladesh have finalised the much awaited Coastal Shipping Agreement, and it will be signed shortly, Development Strategies and International Trade Minister Malik Samarawickrama told a recent forum in Colombo.  The agreement will a

Malik claims CCEM was a ‘consultative process’

Development Strategies and International Trade Minister Malik Samarawickrama yesterday in statement averred that the now scrapped Cabinet Committee on Economic Management (CCEM) headed by Prime Minister Ranil Wickremesinghe was “thoroughly a consultative process.”   Referring to recent new

JLL Lanka hails deregulation of real estate market as boost for foreign investment

Real estate consultancy JLL Lanka this week commended the passing of the recent legislation pertaining to foreign ownership of land in Sri Lanka, noting that the move will

IMF calls for more action in Pakistan, but no word on bailout

ISLAMABAD (AFP) - The International Monetary Fund has called on Pakistan’s new government to act fast to stabilise its teetering economy, warning growth will likely slow and inflation rise, but made no mention of a new bailout deal.

Pressure on President Rodrigo Duterte as Philippine inflation jumps

MANILA (AFP) - Philippine inflation jumped to an almost 10-year high in September, data showed yesterday, putting pressure on President Rodrigo Duterte to act as the cost of food and fuel hit the country’s poor in the pocket.

Lankan entrepreneurs struggling without skills, biz education: Rishad

Despite playing a huge role in the country’s economy, Sri Lankan entrepreneurs and SMEs are struggling to advance their business capacities due to lack of skills and relevant business education. 

Rupee hits record low on importer dollar demand

COLOMBO (Reuters) - The Sri Lankan rupee hit a record low for a third straight session yesterday due to dollar demand from importers and foreign banks amid outflows from govern

SriLankan named most punctual global airline in September

SriLankan has achieved the remarkable feat of being named the world’s most punctual airline in the month of September 2018 in the key categories of ‘Global Airlines’ and ‘Major Airlines’, by the flight data analysis company Flightstats.com.

Marmite maker Unilever axes move from London to Rotterdam

THE HAGUE (AFP) - Anglo-Dutch consumer giant Unilever, maker of iconic products like Marmite, yesterday ditched its post-Brexit plan to move its main headquarters from London to Rotterdam after a revolt by shareholders.

Toyota announces new recall of 2.4 million hybrid cars

TOKYO (AFP) -  Japanese car giant Toyota said yesterday it is recalling more than 2.4 million hybrid cars over a fault that could cause crashes, just a month after another recall affecting hybrids.

Melstacorp eyeing healthcare and non-alcobev acquisitions

Diversified conglomerate, Melstacorp PLC could be looking to acquire targets as the group sits on a large cash pile while generating a robust free cash flow, and its current debt stays conveniently serviceable, says Fitch Ratings.  

Improved Qatar visa process for migrant workers

The Government of Qatar will soon be simplifying the migrant work visa application process that will expedite the visa processing for Sri Lankan migrant workers.  This service, which will first be introduced in Sri Lanka and then rolled out in other key South Asian cities, will be made available through Qatar Visa Centres, which is directly supervised by the Q

Unilever, UNGC and UNDP convene 2nd Annual PPP Forum in Colombo

Unilever Sri Lanka together with the United Nations Global Compact (UNGC) Sri Lanka and United Nations Development Programme (UNDP) convened the second Annual Private-Public Partnership (PPP) Forum in Colombo recently. 

September tourist arrivals up 2.8%

Tourist arrivals grew only 2.8 percent to 149, 087 in September, the lowest growth recorded so far this year, amid a sizeable drop in tourists from Middle East, the data released by the Sri Lanka Tourism Development Authority (SLTDA) showed.

Brand new car importers call for registration of vehicle importers

The Ceylon Motor Traders Association (CMTA), an industry Association consisting of local agents for global automotive manufacturers, yesterday proposed to the government to implement a scheme to re

Rupee hits record low on importer dollar demand; stocks extend gains

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a second straight session yesterday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a second consecutive session.

Laugfs Gas to begin commercial operations of LPG storage terminal at Hambantota port next month

Laugfs Gas, a pioneer in Sri Lanka’s power and energy sector, is set to open its LPG storage complex established at the Hambantota port for commercial operations this November.

Govt. allocates highest amount in history for debt repayment in 2019

The government has allocated little over Rs.2,057 billion for debt servicing in 2019—the highest amount allocated from a budget in the history of Sri Lanka.

CB plans sovereign bond issue this year

Sri Lanka may go for an International Sovereign Bond (ISB) issue before the end of this year on top of the plans to raise US $ 500 million through Panda and Samurai bonds.

Rupee hits all-time low; stocks recover

(Colombo) REUTERS: The Sri Lankan rupee hit a fresh low yesterday due to dollar demand from importers and foreign banks amid outflows from 

LOLC group entities to delist shares; list debt securities to remain in bourse

Three LOLC group companies have decided to pull out their shares from the Colombo Stock Exchange (CSE) as they failed to meet the minimum public holding requirement.