Third review approved by IMF, SL to get next US$ 333 million tranche

The International Monetary Fund (IMF) reached a staff level agreement with Sri Lankan authorities, paving the way for the next tranche, for US$ 333 million, of the four-year Extended Fund Facility.

Niloufer Esufally-Anverally Makes a Stylish Comeback with the Launch of NLFR

The Sri Lankan fashion industry is abuzz with excitement as Niloufer former Founder and Managing Director of Cotton Collection, returns to the spotlight with the launch of her new brand, NLFR. Set to debut on Thursday, November 21, 2024, NLFR promises to be a celebration of life’s passions and the enduring vision of an entrepreneur who has never stayed away from the creative world for too long.

Global Entrepreneurship Week 2024 kicks off across all 25 districts

Sri Lanka officially kickstarted the Global Entrepreneurship Week (GEW) for 2024, yesterday under the theme ‘Entrepreneurship is for Everyone’ at a launch event held at the Ceylon Chamber of Commerce in Colombo.

Fonterra to proceed with sale process for Consumer businesses

Fonterra Co-operative Group Ltd has provided an update on its work to explore potential divestment options for its global Consumer business, as well as integrated businesses Fonterra Oceania and Fonterra Sri Lanka.

BOI signs US$ 12.16mn deal with Celogen Lanka

The Board of Investment (BOI) of Sri Lanka has partnered in a US$ 12.16 million agreement with Celogen Lanka, a prominent local pharmaceutical manufacturer to support its research and development (R&D) initiatives.

Nissan to lay off thousands of workers as sales drop

Nissan has said it will lay off thousands of workers as it slashes global production to tackle a drop in sales in China and the US.

EU Ambassador meets new BOI Chief to discuss economic ties

The European Union (EU) Ambassador to Sri Lanka, Carmen Moreno recently held discussions with the newly appointed Chairman of the Board of Investment (BOI) Arjuna Herath along with BOI Director General Renuka M. Weerakone.

SLCERT warns WhatsApp users against sharing OTPs to prevent hacking

The Sri Lanka Computer Emergency Readiness Team (SLCERT) warned WhatsApp users today not to share any one-time password (OTP) with third parties, as their accounts are at risk of being hacked.

IMF review for Sri Lanka delayed

The next review of the International Monetary Fund (IMF) will be delayed, the Central Bank confirmed on Friday.

Canada issues travel advisory over serious risk in Arugam Bay

The Canadian government has issued a travel advisory urging travellers to exercise a high degree of caution in Sri Lanka due to demonstrations, the threat of terrorist attacks and crime, particularly in the Arugam Bay area.

More countries issue travel advisories

Several countries have issued travel advisories for their citizens travelling to Sri Lanka, urging a high degree of caution.

Sri Lanka Tourism invites global travellers for upcoming season

Sri Lanka Tourism warmly invites travellers from around the world to visit the island during the upcoming tourist season.

Russian embassy urges citizens to stay vigilant in Arugam Bay

The Russian Embassy has urged its citizens to remain vigilant and avoid large crowds in response to potential threats against foreign tourists in Arugam Bay.

US Embassy issues travel warning for Arugam Bay

The US Embassy in Colombo said it has received credible information on a potential attack targeting popular tourist locations in the Arugam Bay area. As a precaution, the Embassy has imposed an immediate travel restriction on its personnel to Arugam Bay until further notice.

India-Sri Lanka ferry service operates smoothly

The passenger ferry service between Nagapattinam in India and Kankesanthurai (KKS) near Jaffna in Sri Lanka’s Northern Province is currently operating smoothly, IndSri Ferry Service Pvt. Ltd Managing Director, S. Niranjan Nandagopan said.

Economic recovery to boost finance and leasing companies in FY25: Fitch Ratings

Sri Lanka’s finance and leasing companies (FLCs) are set to benefit from the country’s economic recovery, moderating inflation and lower interest rates, Fitch Ratings said in a recent report, projecting improved performance for the financial year ending March 2025 (FY25).

Tourist arrivals surpass 63,000 in first half of October

Sri Lanka welcomed 63,491 tourists in the first half of October, in continuing with the slowdown in tourist arrivals, ahead of the winter season, the Sri Lanka Tourism Development Authority (SLTDA) data showed.

EDB gets new chief

The Export Development Board (EDB) has a new chief to drive it forward with Mangala Wijesinghe appointed as its Chairman and CEO.

Colombo welcomes Cinnamon Life

Cinnamon Life at City of Dreams Sri Lanka, the highly anticipated luxury development by John Keells Group (JKH), opens its doors today for a soft launch, marking a historic moment in Colombo’s evolving skyline.

New Board of Directors appointed for SriLankan Airlines

A new Board of Directors has been appointed for SriLankan Airlines with Sarath Ganegoda as the Chairman.

Hareendra Dissabandara appointed Chairman of Sri Lanka SEC

Senior Professor Hareendra Dissabandara has been appointed as the new Chairman of the Securities and Exchange Commission (SEC) of Sri Lanka.

UN hosts rare special emergency session to address crisis on Coral Reefs

With data confirming the worst ecological crisis facing coral reefs, amidst the ongoing fourth and most extensive coral bleaching event on record, an emergency special session has been called for October 30 on the sidelines of the UN Biodiversity Conference COP16 in Cali, Colombia.

WB inks additional US$200 Mn to support economic reforms in SL

The World Bank and the Government of Sri Lanka today signed the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) for $200 million.

USD selling rate drops below Rs. 300 after 15 months

The selling rate of the US dollar has fallen below Rs. 300 for the first time since June 8, 2023.

OTDYKH leisure 2024 marks 30th anniversary

The 30th anniversary International Forum and Exhibition OTDYKH Leisure 2024 concluded on September 19 at the Expocentre Fairgrounds, attracting over 9,000 industry professionals, including representatives from Russian regions, foreign delegations, tour operators, hotels, and various tourism-related sectors. The event was a resounding success, fostering collaboration and innovation across the global travel industry.

Gold prices to continue breaking records until mid-next year

Gold prices are expected to continue its record-breaking upward trajectory with forecasts projecting a new all-time high of US $ 2,750 per ounce by the end of 2024, according to a report by the Union Bank of Switzerland.

CBSL maintains policy interest rates at their current levels

The Monetary Policy Board of the Central Bank of Sri Lanka has decided to maintain its policy interest rates at their current levels.

Fitch affirms Sri Lanka at ’Restricted Default’

Fitch Ratings announced today it has affirmed Sr Lanka’s LongTerm Foreign-Currency Issuer Default Rating (IDR) at ’RD’ (Restricted Default) and Long-Term Local-Currency IDR at ’CCC-’.

Tourist arrivals below expectation: SLTDA

The hit on Sri Lanka’s tourism sector is expected to only further aggravate, with a proper solution yet to be implemented.

Sri Lanka economy slows ahead of presidential elections

Sri Lanka’s economic growth slowed, government data showed Sunday, days ahead of the first presidential elections since an unprecedented financial meltdown in 2022.