State Minister of National Policies and Economic Affairs Dr. Harsha de Silva yesterday ruled out the possibility of introducing measures to contain the devaluation of the rupee, in the wake of the local currency hitting record lows against the U.S. d

 Top professional Ranel T. Wijesinha is tipped to be appointed as the new Securities and Exchange Commission (SEC) Chairman, Mirror Business learns. Wijesinha served as a Commissioner in the previous Commission headed by Thilak Karunaratne.

Government authorities have become the tourists in the previously thriving tourism hotspot of Mirissa, as overenthusiastic inter-agency cooperation has led to a crackdown in the region following two consecutive cases of sexual assault and assault on

Sri Lanka is to finally kick off the long-delayed tourism promotion campaign with a US$3.5 million worth six-month digital marketing campaign and a CNN advertising campaign in two weeks, Tourism and Christian Affairs Minister John Amaratunga said.

Ratings agency Fitch yesterday voiced concerns over the political uncertainty prevailing in Sri Lanka, saying that investor confidence may be affected unless political issues are swiftly resolved followed by the implementation of reforms and continue

Exporters urge the Development Strategies and International Trade Minister Malik Samrawickrama to fast-track the implementation of the budget proposal to set up a development bank with an EXIM (export-import) window, which is crucial to address the c

The parent companies of Hutchison Telecommunications Lanka (Pvt) Ltd. and Etisalat Lanka (Pvt) Ltd. have entered to into a definitive agreement to merge the operations of the two companies. 

The Central Bank yesterday described the recent sharp depreciation of the rupee against the U.S. dollar as a “normal demand and supply phenomenon,” and assured there’s no need for panic as the Central Bank has enough “firepowe

The Central Bank Governor Dr. Indrajit Coomaraswamy handed over the first copy of Central Bank’s Annual Report - 2017 to Minister of Finance and Mass Media Mangala Samaraweera yesterday at the Treasury as per the statutory requirement. Secretar

The government has made significant progress in disclosing the status of implementation of promises in the budget 2017 in the last six months of 2017 and beyond, compared to the first half, a leading think-tank in the country said.

Despite the higher sour loans and stalled credit growth due to higher interest rates, Union Bank of Colombo PLC (UBC) managed to improve its margins and report higher profits for the January-March quarter (1Q18) compared to the corresponding period o

REUTERS: The Sri Lankan rupee hit a record closing low yesterday, as importers bought dollars while exporters stayed away expecting a further fall in the currency, dealers said.

Renuka Holdings PLC said one of its sub-subsidiaries, Galle Face Properties Ltd, commenced the construction of the group’s ambitious property development plan, ‘Renuka Towers’, which was in the pipe line for several years, on a comp

The Central Bank of Sri Lanka (CBSL) yesterday hit back at the erroneous media reports, which had said that the CBSL lacks funds to pay off the treasury bonds before their  date of maturity.

The International Finance Corporation (IFC) of the World Bank Group has approved a loan up to US $ 24 million for a mega luxury leisure project in Sri Lanka, handled by the real estate developer Melwa Hotels & Resorts (Pvt) Ltd.

REUTERS: Sri Lankan shares edged higher yesterday from their lowest close in more than one week as foreign buying provided some support to the market amid continued political uncertainty, stockbrokers said.

The Cabinet has decided to purchase crude oil under a long-term contract to ensure the regular crude supplies to the Sapugaskanda oil refinery.

When people in Asia Pacific want to buy a pair of shoes, book a holiday abroad or catch up with friends and family, they turn to social media.

Bogala Graphite PLC, one of the world’s leading exporters of vein graphite, rebounded in the 1st quarter of 2018 with Rs. 44.3 million in net profits compared to Rs. 4.3 million in net losses in the corresponding quarter last year, with its min

The construction of Kerawalapitiya 300MW Liquefied Natural Gas (LNG) power plant is likely to experience further delays as two bidders have filed objections over the awarding of the tender to Lakdanavi Ltd, a subsidiary of LTL Holdings (Pvt) Ltd.&nbs

REUTERS: The Sri Lankan rupee hit an all-time low yesterday, as dollar demand from importers outpaced selling of the U.S. currency by exporters, dealers said. The rupee hit a record low of 157.35 against the dollar intraday, weakening further from it

The Central Bank said yesterday that its annual report for 2017 would be released tomorrow.  The first copy will be presented to Finance and Mass Media Minister Mangala Samaraweera, since the Central Bank falls under his portfolio under prevaili

International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, is set to invest US $ 3 to 4 million in Digital Mobility Solutions Lanka (Private) Limited, the operators of PickMe, Sri Lanka’s largest ride h

Petroleum Resources Development Ministry along with the shadow industry regulator, Public Utilities Commission of Sri Lanka (PUCSL), are gearing to implement the third round of liberalisation of Sri Lanka’s lubricant industry, based on a budget

The cost-reflective pricing formula for petroleum has not been finalised yet and presenting it to the Cabinet will be delayed until next week since the key personnel in the Finance Ministry are attending the International Monetary Fund (IMF) Spring S

Sri Lanka’s paddy production will increase by approximately 63 percent to reach 2.4 million metric tonnes, in the current 2017/18 Maha season, recovering from the drought experienced during the previous Maha season, the Agriculture Department f

The recent merger of LOLC Micro Credit Ltd (LOMC) with LOLC Finance PLC (LOFC) has made the remaining entity, LOFC, effectively the largest non-bank financial institution in the country.

REUTERS: The Sri Lankan rupee slipped to an all-time low yesterday, with dollar demand from importers outpacing limited selling of the US currency by exporters, dealers said.

The Asian Development Bank (ADB) has received US $ 12.6 million of funding for 2018-2020 from the Women Entrepreneurs Finance Initiative (We-Fi) to generate more resources for Sri Lankan women-led businesses.

Mid-January 2018 marked the second anniversary of the founding of the China-led Asian Infrastructure Investment Bank (AIIB) but many are still debating whether it will be any different from the existing multilateral development banks like the World B