Calling Ceylon Tea a matured industry a mistake: PM

Prime Minister Ranil Wickremesinghe affirmed that terming Sri Lanka’s tea industry as a matured industry was a mistake and asserted that the industry needs the state support to withstand growing

CB should be smart wife to government for healthy co-existence

The Central Bank should play the role of a smart wife when dealing with the government, treating it as a husband who does things for overall welfare of the family while preserving its independence, said a retired Central Banker. 

Indian rupee touches record low as Asia markets tumble

Emerging market currencies sank in Asia yesterday, with the Indian rupee at a record low as dealers fear contagion from financial crises in Argentina and Turkey.  

BOI hosts delegation from leading Chinese commerce chamber

A delegation of 14 entrepreneurs from one of China’s leading business chambers, the China International Chamber of Commerce for the Private Sector (CICCPS) visited the BOI with a view of exploring possibilities of investment in the island.

US-Canada NAFTA talks to resume as deadline looms

WASHINGTON (AFP) - With Friday’s deadline fast approaching, talks continued late into the night on Thursday without reaching a deal between Canada and the US on an overhaul of the North American Free Trade Agreement.

Beijing’s massive new airport ‘on time’ for 2019 launch

BEIJING (AFP) - Amid farmlands on the outskirts of Beijing, a massive construction site rising above the horizon bustles with activity as 8,000 workers build a new mega airport.

Emirati and foreigners eat at a restaurant in Dubai

Emirati and foreigners eat at a restaurant in Dubai.

China-Africa summit to target investment despite debt worries

BEIJING (AFP) -  African leaders will gather in Beijing Monday for a summit focused on economic ties, granting China a feel-good photo opportunity as it comes under increasing fire for its debt-laden approach to aid in the developing world.

Rupee hits record low on strong importer dollar demand

COLOMBO (Reuters) - The Sri Lankan rupee dropped to an all-time low yesterday, marking its ninth straight session of setting fresh lows, as dollar demand from importers remained strong.

UN expert on debt and human rights to visit Sri Lanka

The UN independent expert on foreign debt and human rights, Juan Pablo Bohoslavsky, will be on an official visit to Sri Lanka from 3 to 11 September, at the invitation of the Government.

CB hopeful of inflation targeting by first quarter, next year

The Central Bank remains hopeful that it can migrate to flexible inflation targeting in the first quarter of next year— one year before it was originally planned.  Flexible inflation targeting is where the interest rates are determined aiming a set inflation target instead of targeting reserve money or broad money in the economy.  For instanc

ComBank reaches Rs.10 bn mark in SME lending under ‘ Enterprise Sri Lanka ’

The Commercial Bank of Ceylon has received registrations for  a whopping Rs. 10 billion in loans to Small and Medium Enterprises (SMEs), under the government’s ‘Enterprise Sri Lanka’ initiative launched in June this year to stimulate the national economy. 

Top business tycoons frustrated with government policy inconsistencies

Sri Lanka’s top business tycoons expressed frustration over inconsistencies in government’s policies and an absence of clear leadership for policy implementation, but expressed keenness to engage the government, acknowledging that politicians, who are the policymakers of the country, are closely linked to the performance of businesses. 

EFL expands global footprint with new office in Malaysia

Expolanka Freight (EFL), a global freight-forwarding company headquartered in Sri Lanka is setting up its 18th overseas operations in the regional hub of Malaysia.  The company is taking over an existing operation managed by its parent company SG Holdings Global and will officially open for business in Kuala Lampur on 1 September 2018.

Shares end higher; financial stocks lead

COLOMBO (Reuters) - Sri Lankan shares ended higher yesterday, moving away from their lowest close in 17 months hit earlier this week, as reports that the main state-owned pens

Rupee weakens further to fresh record low

COLOMBO (Reuters) - The Sri Lankan rupee dropped to an all-time low yesterday, marking its eighth straight session of setting fresh record lows, as dollar demand from importers remained strong amid sluggish inflows. The rupee, which hit a fresh record low of 161.50 early in the day, closed steady at 161.40/50 per dollar, compared with Wednesday’s close.

Cooperative sector national policy reaches Cabinet

After a decade of country-wide efforts involving eight million members, the first-ever national policy for Sri Lanka’s historic cooperative sector has finally arrived at Cabinet level for approval, a

Shares rebound from 17-mth closing low

(Colombo) REUTERS: Sri Lankan shares rebounded yesterday, from their lowest close in 17 months, boosted by local media reports citing the Central Bank Governor that the main state-owned pension fund will return to the equity market. The Employees’ Provident 

Sri Lanka banks on increased promotional activities to bring in 2.5mn tourists this year

Sri Lanka will see the arrival of 2.5 million tourists this year amid the amplified efforts to promote Sri Lanka’s tourism product at several key markets, according to Tourism Development a

SriLankan to fly thrice to Singapore daily

SriLankan Airlines said it is significantly expanding its capacity on the Colombo-Singapore route with the introduction of wide-bodied Airbus A330 aircraft that are equipped with the latest inflight entertainment systems, luxurious seating and on-board cuisine that is among the finest in the sky, to provide the highest levels of customer satisfaction.

Rupee hits record low for seventh session

(Colombo) REUTERS: The Sri Lankan rupee hit an all-time low for a seventh straight session yesterday, dragged down by importer dollar demand amid less inflows of the greenback, dealers said.

Hempel Holdings launches Tamba Villas eying to capitalise on recently liberalised property laws

Hempel Holdings is set to launch its latest venture, Tamba Villas with an investment of US $ 10-15 million in Talpe next month, encouraged by the government’s recent decision to allow foreigners to purchase condominium units on a freehold basis from the ground level upwards. Located between two major property ho

Odel says bought Cotton Collection for Rs.300mn

The Softlogic group’s Odel PLC yesterday disclosed that it bought 100 percent of Cotton Collection Private Limited for Rs.300 million from Cotton Collection founder Niloufer Esufally Anverally. 

Singer says parent seeking investors to sell down stake

Consumer durables retailer Singer (Sri Lanka) PLC, now a unit of Hayleys group, said the company’s management and its parent are in discussion to sell down a stake in the company to a strategic investor “at a mutually agreed price.”

SL to roll out 3-month digital marketing campaign for IT/BPM industry

Sri Lanka is to roll out a three-month digital marketing campaign (social media, search engine optimization and management) from September to promote the country’s IT/BPM industry  in 15 key markets, followed by

Worker remittances show weakness intensifying external vulnerabilities

Worker remittances to Sri Lanka dropped by 11.4 percent to US $ 524 million in June compared to the same month in 2017, as the earnings from the largest foreign exchange earning source to the country continued to show signs of weakness.     

Rupee hits record low; mild dollar sales ease pressure

(Colombo) REUTERS: The Sri Lankan rupee hit an all-time low of 161.30 per dollar yesterday, dragged down by importer dollar demand amid less inflows of the greenback, dealers said. The 

Cotton collection divests to ODEL

Cotton Collection Private Limited said yesterday that they have divested their shares to ODEL PLC, a subsidiary of Softlogic Holdings PLC for an undisclosed amount. “The much sought-after brand was bought by the Softlogic Group as it was the perfect ?t for their well-established, diversed retail network and accelerated expansion plan,” a press release said.  

Trade gap widens in June as imports continue to outpace exports

Sri Lanka’s imports raced to surpass the growth in merchandise exports during the month of June as the country struggles to bridge an ever-deepening hole in the trade account, intensifying the pressure mounting on the currency and foreign reserves. 

CB intensifies fight against money laundering, terrorist financing

The Central Bank’s Financial Intelligence Unit (FIU) early this month entered into a memorandum of understanding (MoU) with the Insurance Regulatory Commission of Sri Lanka (IRCSL) to fight money laundering and terrorist financing in the insurance sector.