(Colombo) AFP: Sri Lanka on Saturday slashed a tax on sugary drinks in a controversial reversal of an anti-diabetes policy that attracted immediate criticism. The finance ministry ordered an immediate 40 percent reduction in the levy as part of a pac

The National Economic Council (NEC) asserted that a medium to long-term economic policy and programme enhancing economic growth is the best and only viable remedy to address the fundame

Consumer prices in Colombo rose 3.3 percent during the month of November on year-on-year basis, accelerating from 3.1 percent recorded for October, the data released by the Census and Statistics Department showed. 

Braybrooke Residential Towers (Pvt) Ltd, signed an agreement with the Board of Investment (BOI) for TRI-ZEN, a pioneering residential development.  The project is a joint venture between JK Land (Pvt) Ltd., a subsidiary of John Keells Holdings P

BOI signed an agreement with Braybrooke Residential Towers (Pvt) Ltd to set up an apartment complex in Colombo 2.  The total investment of this proj

(Tokyo) AFP: A Tokyo court yesterday extended the detention of former Nissan chief Carlos Ghosn, local media said, after his arrest on allegations of financial misconduct that have shake

(Washington) AFP: Marriott International said yesterday that up to 500 million hotel guests may have had their data compromised in a hack of the Starwood reservation database.

(Colombo) REUTERS: The Sri Lankan rupee closed firmer yesterday as banks sold dollars due to month-end inward remittances, but the currency is still under pressure as investors continue to dump rupee-denominated assets on a credit rating downgrade an

(Mumbai) AFP: India’s economic growth slowed to 7.1 percent in the second quarter, official data showed yesterday, as its banks endure a liquidity crunch that is hampering investment in Asia’s third-largest economy.

(Colombo) REUTERS: Sri Lanka’s parliament yesterday voted to halt payment of ministers’ salaries and travel expenses, but it remained unclear how the move would impact the disputed government of Prime Minister Mahinda Rajapaksa whose mini

HONG KONG (AFP) - Asian markets mostly rose yesterday bringing a broadly upbeat week to a positive end as attention turns to the much-anticipated meeting between Donald Trump and Xi Jinping.

(Colombo) AFP: Sri Lanka’s parliament voted yesterday to block any spending by the Prime Minister’s office, further paralysing a government adrift from weeks of conflict as two rivals claim to run the country. The island has been in crisi

(Colombo) REUTERS: The Sri Lankan rupee closed marginally weaker yesterday as investors dumped rupee-denominated assets on a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political crisis. 

(Colombo) REUTERS: Sri Lanka signed two multi-million dollar contracts with Chinese firms for a port upgrade project yesterday in the middle of a political hiatus that has raised doubts over the legitimacy of the government and the legality of the d

The Free Trade Zone Manufacturers’ Association (FTZMA), one of the largest manufacturing associations in Sri Lanka’s largest free trade zone in Katunayake yesterday said the current political crisis is having implications on the future or

Samsung says it retains the top spot in Sri Lanka’s smartphone market with a 43.84 percent market share as of October, despite the reports that Huawei has taken over the top spot in the first half of this year from Samsung.

India’s leading auto manufacturer Mahindra & Mahindra Ltd and Sri Lanka’s Ideal Group (Pvt.) Ltd plan to setup a component manufacturing centre to complement their plans to set up a vehicle assembly plant in Sri Lanka.  

Melstacorp PLC reported lower profits for the three months ended September 30, 2018 (2Q19), as the group incurred some hefty taxes while the cost surged against the same period, last year. The group’s alcoholic beverage (alcobev) segment’

The super luxury passenger vessel MV Mein Schif 3 of TUI Cruises, with 2,430 passengers and 995 crew members on board, made her maiden call at the Port of Colombo, on Monday.   

National Development Bank PLC (NDB) yesterday said a strategic investor is currently carrying out a detailed evaluation of the bank as well as the current market conditions with a view to investing in the unsubscribed shares arising from the rights i

Announcing its expansion plans, China’s UnionPay International (UPI) said it would be issuing UnionPay debt and credit cards in Sri Lanka for the first time in the near future.  

(Colombo) REUTERS: The Sri Lankan rupee hit yet another record low against the dollar yesterday on continuing concerns about political uncertainty dragging down the island-nation’s economy, after a credit rating downgrade by Moody’s and t

The Pearl Grand Tower Hotel, which is to be managed by InterContinental Group of Hotels (IHG), recently saw the completion of the concrete structure work carried out by China State Construction Engi

The increased demand for animal feed, chicken and eggs during 2018 has propelled the revenues and profits of Ceylon Grain Elevators PLC, but the country’s largest poultry operator expects some challenging times with the weakening of the rupee a

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a fifth straight session yesterday, as investors dumped currency-denominated assets following a credit rating downgrade and a delay in an IMF loan discussion in the wake of a political cris

Speaker of Parliament, Karu Jayasuriya asserted that leaders who ensure the rule of law coupled with the right vision, dedication, commitment, discipline is critical for Sri Lanka to reach its full economic potential.  “What the country ne

Sri Lankan apparel manufacturer Hela Clothing Group yesterday announced that it had secured a capital infusion of Rs.1.2 billion, by way of a mix of shareholder and new private equity investment funds from a private consortium, whose lead investor

The Rabobank of Netherlands has agreed to provide euro 52.1 million financial assistance to construct approximately 250 steel bridges islandwide, especially in the rural areas.   

The turnaround at CIC Holdings PLC appears to be facing some tough challenges as the agricultural and industrial giant is still striving to plough ahead beating the headwinds faced by its multiple businesses, though its crop solutions business fared

Cargills Ceylon PLC’s revenues languished and profits shrank mostly on the decline in basket values of its namesake supermarket chain, while the margins also narrowed as the group was seen striving to contain the costs to maintain profits.