First inter-ministerial meeting for National Tourism Policy development held

Charting the way forward to establish a vibrant tourism industry amid the COVID-19 pandemic, Sri Lanka held its first inter-ministerial committee meeting for National Tourism Policy development today.

Penalties imposed on two financial institutions

The Financial Intelligence Unit (FIU) of the Central Bank announced it has imposed penalties on two financial institutions amounting to Rs.4.0 million during the first quarter for not complying with anti-money laundering laws.

Govt. steps up efforts to fast-track Digital Sri Lanka agenda

The government shared that it is looking to increase its efforts in fast tracking the Digital Sri Lanka agenda, and is currently in the midst of getting the relevant stakeholders on to one platform.

Facebook Journalism Project and Reuters launch digital journalism course in SL

The Facebook Journalism Project and Reuters have partnered to launch an online training program, Reuters Digital Journalism Course. The program aims to support journalists in nine countries across the Asia Pacific, including Sri Lanka, to build a strong foundation in digital reporting and editing.

e-survey to gain industry inputs for tourism policy formulation

The Sri Lanka Tourism Development Authority (SLTDA) together with the United Nations Development Program (UNDP) launched an e-survey today to gain inputs from industry stakeholders for the formulation of the National Tourism Policy.

World Economic Forum cancels 2021 session due to Covid-19

The World Economic Forum (WEF), an international organisation for Public-Private cooperation, has announced its decision to cancel the 2021 annual meeting that was scheduled to be held in Singapore, due to the escalation of the COVID-19 pandemic across the world.

Death due to long working hours on the rise: WHO, ILO study

The findings of a World Health Organisation (WHO) and International Labour Organisation (ILO) study revealed that the number of deaths due to long working hours has increased significantly in the recent years and it is imperative for governments and employers to take proactive actions at the earliest to protect workers’ health.

Chinese Embassy urge JV entities to comply with SL trilingual rules

The Embassy of China in Sri Lanka, Colombo, has urged Chinese entities engaged in joint ventures in Sri Lanka to ensure that all project sites and buildings comply with the trilingual rules of the island nation.

14-day mandatory quarantine for tourists regardless of vaccination status

The local tourism sector will have to grapple with stronger health guidelines with immediate effect with the Ministry of Health (MoH) imposing tightened quarantine measures for all international travelers entering Sri Lanka.

Muthurajawela to be declared as Ramsar wetland

The Cabinet of Ministers has approved a proposal to prepare a new master plan for the Muthurajawela wetland area and to consequently declare it as a Ramsar wetland of international importance.

NDB rights issue fully allocated, private placement for Rs.1.5bn expected

NDB’s recently concluded rights issue to raise Rs.8 billion in Tier I capital saw keen demand from investors with over 61 million rights changing hands prior to the last rights acceptance date.

EPF’s asset base grows in 2020; but returns to members slip

The Employees’ Provident Fund (EPF), Sri Lanka’s largest retirement savings fund, grew by 11.2 percent or Rs.283.9 billion in assets in 2020, albeit the returns afforded to the member accounts slipped amid the fast descent seen in the country’s interest rates.

Prime Lands Residencies IPO opens today

Prime Lands Residencies, the condominium property arm of Prime Group, opens its Initial Public Offering today.

Biz tycoon Harry J visits Colombo Port City

Leading businessman, Harry Jayawardena of Melstacorp, was recently hosted at the Port City Colombo project development site by Executive Project Management Director Raja Edirisuriya.

Education sector reforms aimed at securing opportunities at CPC

The decision to bring about changes in the education sector, specifically trimming of the timeframe to complete A-levels from 45 months to 32 months, is to ensure Sri Lanka has the necessary talent ready to take up opportunities at the upcoming financial center at the Colombo Port City (CPC), Justice Minister Ali Sabry said.

Additional compensation for SFSP depositors from tomorrow

The Central Bank of Sri Lanka said the eligible depositors/relevant legal beneficiaries of eligible deposits of Swarnamahal Financial Services PLC (SFSP) that the payment of additional compensation under the Sri Lanka Deposit Insurance and Liquidity Support Scheme will commence from tomorrow (10th) onwards.

Virtusa Chairman and CEO Kris Canekeratne to exit after 25-year stint

Global business consulting and IT outsourcing company, Virtusa Corporation will see its chief Kris Canekeratne pass on the leadership baton to two new heads this summer, ending a 25 year run with the company.

EDB extends financial assistance scheme for SMEs to obtain BRC certification

The Export Development Board (EDB) announced it would implement a financial assistance scheme to help SMEs engaged in the food sector get their products on the shelves of international markets, especially to the UK.

New Country Director reaffirms WFP’s commitment to improving nutrition and food security in SL

The newly-appointed Country Director and Representative of the United Nations World Food Programme (WFP) Sri Lanka, Abdur Rahim Siddiqui, formally presented his letter of credentials to Foreign Minister Dinesh Gunawardena at the Ministry premises.

Local construction sector explores partnership opportunities with Nepal

Exploring avenues to increase foreign exchange earnings, the local construction sector has initiated dialogue with Nepal to connect the industries of the two countries.

SL tourism comes under fresh global spotlight with CNN

Sri Lanka came under fresh global spotlight in the 2Q21 with CNN promoting the country as a safe holiday destination to visit during the ongoing COVID-19 pandemic.

Companies urged to up budget allocation for IT security as WFH continues

As work from home (WFH) arrangements place information systems at high risk, entities are urged to allocate adequate budgets to boost IT security.

Int’l Transactions Reporting System underway to monitor remittances

Sri Lanka will soon see the establishment of a comprehensive cross border and foreign currency transaction monitoring system with the Central Bank (CB) implementing an International Transactions Reporting System (ITRS).

Transportation of goods and passengers contracts by 6.7% in 2020

The transportation of goods and passengers, including warehousing activities, contracted by 6.7 percent in 2020 in value-added terms, in comparison to the growth of 1.4 percent recorded in 2019, the Central Bank (CBSL) said.

ADB in midst of upgrading energy policy for developing member countries

The Asian Development Bank (ADB) announced this week that its energy policy is being upgraded, so that it can better assist its developing member countries to provide clean, green, reliable, adequate and affordable energy for inclusive growth

Series of sustainable finance tools to enter local financial system

The Central Bank of Sri Lanka (CBSL) on Friday asserted that to promote sustainable finance, in line with the roadmap, it intends to initiate an array of suitable instruments after taking into account market developments and needs.

Govt. to promote organic fertilizer production at district level

In an effort to move Sri Lanka towards embracing environment friendly agricultural practices, the government said it will take all the necessary measures to promote organic fertilizer production at district level.

Tourists ask for casinos, Ayurveda, shopping, and steam train travels

As Sri Lanka is exploring multiple options to pull the tourism sector towards normalcy at the earliest, special requests have been received from key source markets, such as Germany and Switzerland in four key areas; casinos, ayurveda treatments, shopping, and steam train travels.

Students in South Asia most impacted from pandemic: ADB

Students in South Asia are most impacted due to closures stemming from the global pandemic and have lost 55 percent of a year in learning since COVID-19 struck.

SL’s GDP projected to rebound amid vaccination: ADB

The Asian Development Bank’s (ADB) flagship annual economic publication, the Asian Development Outlook (ADO) 2021, forecasts a significant rebound in Sri Lanka’s economy as domestic and global economic activity strengthens and vaccination campaigns gather momentum domestically and abroad.