Port City employees to earn tax-free foreign currency salaries

According to the draft law on Colombo Port City Economic Commission, those employed at the special economic zone will only be remunerated in a designated foreign currency, other than in Sri Lankan rupee (LKR).

Ever Given turned 80% in ’right direction’

AFP: Egypt’s Suez Canal Authority said Monday the Ever Given container ship, which has been blocking the crucial waterway for nearly a week, has been turned in the ’’right direction’’

Diggers and dredgers struggle to free ship blocking Suez Canal

REUTERS: Suez Canal salvage teams intensified excavation and dredging on Sunday around a massive container ship blocking the busy waterway ahead of attempts to refloat it, with two sources saying work had been complicated by rock under the ship’s bow.

WindForce IPO oversubscribed by 7-8 times - sources

WindForce Limited, the largest Initial Public Offering (IPO) to hit the Colombo Stock Exchange since 2011, which closed on the opening day, was at least oversubscribed by seven to eight times, according to stock market sources.

Tikiri Toys – World’s First organic rubber toy firm awarded with GOLS accreditation

In a world first, Tikiri Toys – the acclaimed Sri Lankan brand of natural play products for children – is the first-ever natural rubber toy manufacturing company to be awarded the Global Organic Latex Standard (GOLS) accreditation.

SLMC urges govt. to not to allow cinnamon cigarettes

The Sri Lanka Medical Association (SLMA) has called on the government to not market and allow the manufacturing of the new cinnamon cigarettes as there is nothing called ‘harmless’ smoking.

Ministry of Crab maintains winning streak at Asia’s 50 Best Restaurants 2021

Sri Lanka’s Ministry of Crab once again stood out at a global stage by retaining its title as ‘The Best Restaurant in Sri Lanka’ at Asia’s 50 Best Restaurants 2021.

Russian billionaire Melnichenko keen on H’tota port for fertilizer distribution

Russian billionaire Andrey Melnichenko, who was in Sri Lanka earlier this month, had expressed keen interest in developing regional distribution of fertilizer via the Hambantota International Port.

Hong Kong listed ESR looks to build logistics parks in SL

Stuart Gibson, Co-Founder & Co-CEO of Hong Kong listed ESR Cayman Ltd, one of APAC’s largest logistics property platforms, visited Sri Lanka recently.

Suez Canal blocked by huge container ship

Tugboats and diggers are working to refloat a giant container ship that has blocked Egypt’s Suez Canal, one of the world’s busiest trade routes.

National Minimum Wages Amendment Bill presented to P’ment

Labour Minsiter Nimal Siripala de Silva yesterday presented the National Minimum Wages Amendment Bill to Parliament, under which the government seeks to increase the monthly and daily minimum wages of workers

WindForce IPO oversubscribed

Renewable energy company, WindForce Limited (WIND) said its Initial Public Offering (IPO) worth Rs.3.2 billion, largest IPO since 2011, which opened today on the Colombo Stock Exchange (CSE), was oversubscribed on the opening day.

Private sector proposes alternative to banning sachet packets

In an effort to reduce the carbon footprint of businesses, the private sector has proposed an Extended Producer Responsibility (EPR) initiative to be adopted as a more cohesive alternative to address the environmental issues created by flexible packaging in Sri Lanka.

Odel to operate Arcade Independence Square

Softlogic Holdings subsidiary Odel PLC has entered entered into an agreement with the Urban Development Authority (UDA) to lease, operate and mange Arcade Independence Square for a period of 10 years commencing from April 1, 2021, with an option to renew for a further 10-year period subject to terms and conditions of the lease agreement.

BreadTalk closure put off due to potential investor interest

R I L Property PLC will not suspend the operations of BreadTalk as announced last week, as the company is now in negotiations with a potential investor, who intends to acquire the franchise rights.

Katana Agro Tourism Resort gets SLTDA nod

The Bolagala Floating Agro Tourism Resort in Katana, the first of its kind in Sri Lanka, has received approval from the Sri Lanka Tourism Development Authority (SLTDA) to open its doors come June.

Beggars can’t be choosers says Dr. Wijewardena

Present animosity against China or India must be stopped, said senior economist Dr. W. A. Wijewardena, if Sri Lanka is looking to become a developed country in the next generation, an ambition which requires a series of fixes in the economy.

Plantations Minister orders establishment of Kithul Development Board

Plantations Minister Ramesh Pathirana has ordered to establish the Kithul Development Board, to regulate and develop kithul (fishtail palms) as a main plantation crop in Sri Lanka.

Policy measures of SL less gender sensitive: UN Gender Tracker

Sri Lanka has been successful in implementing only seven policy measures that were gender sensitive during the COVID-19 crisis, much lower that the implementation of its regional peers such as Pakistan, India, anSri Lanka has been successful in implementing only seven policy measures that were gender sensitive during the COVID-19 crisis, much lower than the implementation of id Bangladesh that rolled out 14, 18, and 17 policies during the crisis.

CB inks US $ 1.5bn swap deal with People’s Bank of China

The Central Bank of Sri Lanka (CBSL) and the People’s Bank of China (PBoC) have entered into a bilateral currency swap agreement with a view to promoting bilateral trade and direct investment for economic development of the two countries, and to be used for other purposes agreed upon by both parties, a Central Bank statement said.

Local printers join Indian counterparts to protest against high cost of paper

The Sri Lanka Association of Printers (SLAP) is calling all printers in the country to observe a ‘Black Day’ today to protest against the unprecedented increase in the price of paper and other raw materials, which has resulted in the overall cost of production to expand significantly.

Policy-oriented research key to avoid growth stagnation: CB

Sri Lanka requires attention towards policy-oriented research activities, a pre- requisite if the country is to avoid growth stagnation, the Central Bank of Sri Lanka (CBSL) said this morning.

Packer’s Crown Resorts receives US $6.2bn buyout offer from Blackstone

REUTERS: Beleaguered casino operator Crown Resorts Ltd said on Monday it received a buyout offer from private equity company Blackstone Group Inc that values the company at A$8.02 billion (US $6.19 billion).

SOCAR eyes SL for LNG development

The State Oil Company of Azerbaijan Republic (SOCAR) announced it is eying Sri Lanka to set up its upcoming LNG development by partnering with the Pearl Energy project.

Depositors of failed finance companies to get extra Rs. 500,000

In an effort to extend further relief measures to depositors of finance companies, the Monetary Board of the Central Bank has decided to increase the maximum compensation payment under Sri Lanka Deposit Insurance and Liquidity Support Scheme (SLDILSS) from Rs. 600,000 to Rs. 1,100,000.

Unlimited data packages by April: TRCSL

Internet uses across the country could expect to have unlimited data plans by April, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) announced via Twitter a short while ago.

GOH to be managed by Waters Edge

The iconic Grand Oriental Hotel (GOH), which has been refurbished with an investment of Rs.250 million, will be placed under the management of Waters Edge Recreations, a subsidiary of State-owned hospitality provider, Waters Edge Limited.

Relaxed quarantine measures for vaccinated tourists

Tourists who have received the required dosage of COVID-19 vaccination will be able to spend more time exploring Sri Lanka according to the latest revision of quarantine measures by the Ministry of Health (MoH).

Banks issued with fresh orders to refrain from buying Lankan ISBs

In a fresh Banking Act Direction, the Central Bank has informed all licensed banks and National Savings Bank (NSB) to refrain from purchasing Sri Lanka international sovereign bonds (ISBs) with effect from March 23, 2021 until April 9, 2021

SL working with India on travel bubble to host destination weddings

In an effort to increase avenues to increase tourism traffic to the country, the Sri Lanka Convention Bureau (SLCB) together with industry stakeholders have initiated the launch of the ‘Meet in Sri Lanka’ series to cater to the high potential MICE market.