BIA to get e-gates at a cost of Rs.260mn

Sri Lanka’s main airport, Bandaranaike International Airport (BIA), will soon get an e-gate system to speed up the immigration controls and reduce congestion.

Rupee hits record low for sixth session

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a sixth straight session yesterday due to dollar demand from importers and banks to facilitate foreign bond outflows, market sources said.

Shares snap losing streak to end slightly firmer

(Colombo) REUTERS: Sri Lankan shares ended marginally higher yesterday, edging up from their 30-month closing low hit in the previous session, as investors picked up battered shares, while sentiment was weighed down by weak rupee and continued foreign selling.

Sri Lanka may cut 2018 tea production target after weak August

(Colombo) REUTERS: Sri Lanka may have to downgrade its full-year forecast for tea production after output tumbled 14 percent in August from a year earlier due to a prolonged drought, the state-run Tea Board said on Tuesday. 

Sri Lanka may cut 2018 tea production target after weak August

(Colombo) REUTERS: Sri Lanka may have to downgrade its full-year forecast for tea production after output tumbled 14 percent in August from a year earlier due to a prolonged drought, the State-run Tea Board said yesterday. 

Rupee hits record low for 5th straight session

(Colombo) REUTERS: The Sri Lankan rupee hit an all-time low of 166.10 per dollar yesterday due to dollar demand from importers and banks to facilitate foreign bond outflows, but selling of the U.S. currency by a state bank limited the fall, market sources said.

Economy grows at 3.7% in 2Q

Sri Lanka’s economy grew at an estimated 3.7 percent during the second quarter of this year (2Q18) compared to  4 percent growth reported for the same quarter, last year, and the revis

MAS recognised as ‘Exporting Conglomerate of the Year’

MAS Holdings made history by being recognized as the ‘Exporting Conglomerate of the Year’ at the Presidential Export Awards 2018 held at the BMICH under the patronage of President Maithripala Sirisena yesterday.  At the same event

SL to hold ministerial level FTA talks with China

Sri Lanka plans to hold ministerial level talks with the Chinese government this November to resume negotiations on the proposed China-Sri Lanka Free Trade Agreement (FTA).

Colombo City Centre’s int’l fashion mall opens today

The fashion mall at Colombo City Centre will open to the public at 4.30 p.m. today amid an ambience of colourful celebrations. 

Colombo Affairs, new player in local event management industry

The event management industry has flourished with innovative concepts. While it has dominated the trends in organising events it has provided an opportunity for creative minds to work at ease. Adding into this industry is Colombo Affairs (Pvt.) Ltd, a new player that is ready to take over the challenge to deliver highest credibility with events

Central Bank rubbishes Nomura report

The Central Bank yesterday slammed a report by Nomura Holdings Inc., which placed Sri Lanka among the countries most vulnerable to an exchange rate crisis, largely based on erroneous data and seemingly flawed research methodology. 

Policies promoting e-commerce and digital transactions key for Sri Lanka to enter Fourth Industrial

The government should embrace policies and regulations to promote e-commerce and digital financial services for the country to enter into the Fourth Industrial Revolution, which would be the enabler of inclusive growth, Axiata Group Berhad CEO South Asia Region and Ceylon Chamber of Commerce Vice Chairman Dr. Hans Wijayasuriya said.

Allianz’s Australian unit misled travelling clients with “unlimited” insurance -inquiry

(Sydney) REUTERS: An Australian unit of German insurer Allianz SE sold travel insurance that misleadingly promised unlimited emergency medical cover wherever people were even though the policies had limits on both cost and location, a misconduct inquiry heard yesterday.

Shares slip to near 3-week closing low in dull trade

(Colombo) REUTERS: Sri Lankan shares fell slightly to a near three-week closing low yesterday as investors sold manufacturing and banking stocks in dull trade and the rupee hit a fresh low in its record-setting spree.

CEB agrees to pay liabilities amounting to Rs.162mn to PUCSL

At the District Court of Colombo, the Ceylon Electricity Board (CEB) has agreed to pay the liabilities amounting to Rs.162 million to the Public Utilities Commission of Sri Lanka (PUCSL), within a period of two months.

VAT on fabric imports reduced to 5%

The Finance and Mass Media Ministry yesterday announced the reduction of aValue Added Tax (VAT) on imported fabrics to 5 percent from 15 percent. 

Bank loans to construction sector slightly up in 2Q

Lending by Sri Lanka’s banking sector to the broader construction sector has edged up during the second quarter of this year, but substantially down from the 2017 highs when the Central 

Singhe Hospitals in fresh capital call after continuous losses

Singhe Hospitals PLC last week said it received the shareholders’ approval to raise fresh capital by way of a private placement amid continued losses, and the management saying the company is facing a serious loss of capital.

UK Opposition says big London banks must never again be ‘masters of the economy’

(London) REUTERS: London’s vast financial sector must never again be the ‘masters of the economy’, the finance spokesman of Britain’s opposition Labour Party said, accusing bankers of profiting from speculation at the expense of ordinary people.

Small lubricant players continue to eat into market leader’s share

New entrants and relatively established players are seen gaining traction in Sri Lanka’s lubricant landscape and eating into the share of the market leader, the data released by the Public Utilities Commission of Sri Lanka (PUCSL), the shadow regulator of the lubricants industry, showed. 

Unilever and UNDP deliver PPP Policy Paper to President’s Secretary

Unilever Sri Lanka Chairman Carl Cruz and United Nations Development Programme (UNDP) Country Director Jorn Sorensen recently handed over a policy action paper for the promotion of Pub

Economists should have predicted Lehman collapse: OECD chief

PARIS (AFP) - The head of the OECD said yesterday that he regretted the rich nations club’s failure to predict the crisis triggered by the collapse of Lehman Brothers a decade ago

Asian markets build on trade talks rally, Turkish lira holds up

 HONG KONG (AFP) - Asian markets extended their gains yesterday on hopes for China-US trade talks, while Turkey’s lira held up after a shock hike in the country’s interest rate and a dip 

Prime Minister admits delays in government’s reform agenda

While acknowledging the delays in the government’s reform agenda, Prime Minister Ranil Wickremesinghe urged private sector backing to spur growth with enhanced coordination, and v

‘Sahasak Nimavum’ exhibition opens

‘Sahasak Nimavum’, the national exhibition for inventions and innovations and competition– 2018 organized by Sri Lanka Inventors Commission opened yesterday at the Sri Lanka Exhibition and Convention Centre (SLECC). Three hundred and thirty f

Printing and packaging important when branding Sri Lanka globally: Rishad

Sri Lankan SMEs, a key driver of the country’s GDP are to collect a hefty packaging bonanza, the first such initiative by the State.   “Like in any other countr

BoE chief warns of housing market crash on ‘no deal’ Brexit

LONDON (AFP) - British house prices could crash by 35 percent if the UK leaves the European Union next year without a divorce deal, Bank of England governor Mark Carney has reportedly warned.

Foreign Employment Bureau signs MoU with Verité Research

The Sri Lanka Bureau of Foreign Employment (SLBFE) signed a Memorandum of Understanding (MoU) with Verité Research recently.  Verité Research, a

Janashakthi acquires 31% stake of Dunamis Capital for Rs. 1.4 bn

In one of the largest related party deals in the Colombo Stock Exchange, Janashakthi PLC, the investment arm of Sri Lanka’s Schaffter family controlled businesses yesterday bought 31.14 percent stake in Dunamis Capital PLC, another firm controlled by the same family for Rs.1.4 billion as the group is bringing its different businesses under one umbrella.