The losses at the national carrier, SriLankan Airlines, widened during the nine months ended December 31, 2018, despite the gains at the top line level, due to currency depreciation and higher oil prices, the airline said yesterday in a statement.&

(Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday due to dollar demand from importers, while stocks fell to an eight-week closing low amid concerns over debt repayment by the government. The rupee closed at 18

A new procurement and regulatory entity is to be established within next three to six months to conduct land sales, handle regulation and development activities of Colombo Port City (CPC), a top government official told Mirror Business.  

Sri Lanka is set to face higher demand for housing, health, food, education, employment, energy, water, transportation and infrastructure amid unexpected growth in population driven by a significant upturn in recent fertility rates and anticipated in

Sri Lanka’s premier and largest education exhibition and job fair “EDEX Expo” opened at the BMICH yesterday. Minister of City Planning, Water Supply and Higher Education Rauff Hakeem ceremoniously declared the event open as Chief Gu

President Maithripala Sirisena, who is currently on an official visit to Philippines, yesterday signed three loan agreements totaling US $ 455 million with the Asian Development Bank (ADB) for projects in higher education and transport as well as tec

The International Monetary Fund (IMF) has said it “remains ready to support” Sri Lanka in its efforts to boost the economy and would send a team to Colombo next month to resume discussions on the stalled loan programme.  

Sri Lanka’s Department of Wildlife Conservation (DWC) is to expedite the implementation of the strategic plan to tackle the over-visitation to Yala National Park and other national wildlife parks, while enhancing the quality of visitor experi

Sri Lanka Tourism sets an ambitious target to attract one million tourist arrivals from the country’s largest tourist source market, India this year, by more than doubling over the 2018 Indi

Sri Lanka getting caught in a debt trap and finding itself in a precarious position has less to do with its borrowings from China but more to do with its participation in international bond market activities, according to Colombo-based economic think

China is looking to set up a specialised free trade zone for rubber-based value added exports in Sri Lanka by partnering with private sector rubber manufactures, exporters and planters includ

Sri Lanka witnessed foreign outflows to the tune of US $ 500 million during the final quarter of 2018, the government revealed yesterday. As per the data presented by Economic Affairs Non Cabinet Minister Dr. Harsha de Silva and Finance State Ministe

The brother of President Maithripala Sirisena and Araliya Group of Companies Chairman Dudley Sirisena yesterday announced his plans to launch an anti-corruption organisation by joining hands with scholars, professionals, media and business community

The controversial tariff revision by the Sri Lanka Ports Authority (SLPA), which rattled exporters and importers alike, has been suspended after the industry lobbied against the move, Mirror Business learns. The decision to suspend the higher tarif

The government may have lost Rs.18 billion in cigarette tax revenue as a record 583 million illicit cigarettes were estimated to have smuggled into Sri Lanka in 2017, driven by the high taxes on legal cigarettes and the absence of a proper mechanism

Standard Chartered last Friday announced the appointment of its first Sri Lankan Chief Executive Officer (CEO), Bingumal Thewarathanthri with effect from January 1, 2019.

The Japan International Cooperation Agency (JICA) has agreed to lend US $ 1.85 billion to Sri Lanka to build a light rail transit (LRT) service between Colombo Fort and Malambe to ease the cong

The Export Development Board (EDB) has set an ambitious target of fetching US$ 20 billion through merchandise and services exports in 2019, a goal that has been set following the export revenue movin

Sri Lanka may consider extending the ongoing three-year International Monetary Fund (IMF) loan programme by another year amid sovereign rating downgrades and pressure on foreign reserves. 

The Development Strategies and International Trade Ministry has decided to review all feasibility studies carried out for proposed Free Trade Agreements (FTAs) with the assistance of experts in international trade at the Department of Commerce (DoC),

The Port of Colombo yesterday handled the seven millionth twenty-foot equivalent container unit (TEU) for 2018, which is a first in the port’s history.  

A man applies colour to a haircut with the number ‘2019’, depicted to welcome the New Year at a salon  in Ahmedabad, India (REUTERS)

The Monetary Board of the Central Bank of Sri Lanka (CBSL) at the last policy review of the year decided to maintain policy interest rates at their current levels, as the private sector credit growth keeps accelerating and pressure on external reserv

Tea exports fell by 8.6 percent in November while tea production recorded a marginal decline overshadowed by unfavourable weather conditions and production disruptions due to trade union actions in the estates managed by Regional Plantation Companies

Sri Lanka’s merchandise export earnings are likely to accelerate to 6.3 percent year-on-year (YoY) next year, while the growth of cost of merchandise imports is set to decelerate to 6.6 percent YoY, easing off the pressure on balance of payment

Sri Lanka’s trade deficit hit US $ 903 million in October expanding from US $ 752 million recorded in the same month in 2017, as the country’s import bill rose significantly compared to languishing exports. 

With Christmas round the corner, shopping hype has gained momentum with an array of goods for the festive season. Here some shoppers selecting Christmas decors in one of the streets in Colombo. 

Colombo has become the fastest growing market for UberTuk product and is on the way to become the Tuk capital of Uber universe, a top Uber official said. “Today, the growth of UberTuk p

LeapFrog Investments, a US-based private investment firm that invests in high-growth financial services and healthcare companies in emerging markets, yesterday bought a 19 percent stake in Sri Lanka’s Softlogic Life Insurance PLC, investing US

Sri Lanka’s Central Depository Systems (Pvt) Ltd (CDS) and China Securities Depository and Clearing Corporation Limited (CSDC) recently committed towards pursuing a cooperative relationship in the areas of securities clearing and depository.&nb