SL sets up biz council with Jordan to boost trade

Sri Lanka has set up a business council with Western Asia’s Jordan to firm up and boost economic ties and trade between the two regions.

Govt. explores possibility of tourism sector accepting digital currencies by 2022

Sri Lanka is exploring the possibility of accepting digital currencies payments in the tourism sector by next year, the government said.

Global FDI up by 6% in 2020 despite pandemic

The global Foreign Direct Investment (FDI) position witnessed an expansion of US$ 2.2 trillion in 2020 when compared with 2019, an increase led by Europe and the Asia Pacific region.

CB says foreign reserves up at US $ 3.1bn

The Central Bank this morning said Sri Lanka’s official foreign reserves have increased to around US $ 3.1 billion from US $ 1.6 billion by end-November, though without revealing the source of the funding.

Development of pandemic in final weeks of 2021 a concern for global tourism

The way in which the COVID-19 pandemic has developed over the closing weeks of the year gives reason for concern and to once again put public health above everything else, United Nations World Tourism Organisation (UNWTO) said.

SEC and CSE form joint committee to set up CCP

The Securities and Excchange Commission (SEC) and the Colombo Stock Exchange (CSE) have formed a joint committee to set up a Central Counterpart (CPP), which is enabled under the the new SEC Act which came into force on September 19, 2021.

Dollar surrender rule on banks increased to 25%

The Central Bank of Sri Lanka (CBSL) today amended the operating instructions to licensed commercial banks where they were directed to sell 25 percent of the dollars sold to them by customers to the CBSL on a weekly basis.

Food insecurity puts SL on top in SA for child wasting

As the issue of food insecurity grapples the world, Sri Lanka ranks alongside India on having the highest child wasting in Southern Asia, revealed the latest regional overview on food and nutrition by Food and Agriculture Organization of the United Nations (FAO).

CBSL adds merry to season with further incentives for workers’ remittances

The Central Bank of Sri Lanka (CBSL) announced today its decision to extend additional incentives for inward workers’ remittances following requests made by Sri Lankans employed abroad.

High shipping costs could add to Asia’s inflation in 2022: IMF

Come 2020, the persistent impact of high shipping costs could put an end to the benign inflation Asia has enjoyed in 2021, an International Monetary Fund (IMF) blog post shared this week.

Apparel sector employers and unions inks MoU for smooth sailing

In a bid to ensure a smooth sailing going forward, the local apparel sector and key industry trade unions entered into a Memorandum of Understanding (MoU) to ensure business owners and employees work together to iron out issues in the industry.

Chennai holidaymakers encouraged to pick Colombo over Dubai

The state government of Chennai is encouraging those who can afford a holiday overseas to “try out” Colombo, the Times of India reported.

National prosperity marginally increases in 2020

Sri Lanka Prosperity Index (SLPI) has witnessed a marginal increase in 2020 compared to 2019.

Leading biz chambers jointly issue fresh warning to govt.

Leading business chambers in the country have issued a fresh warning to the government today that their membership might be compelled to relocate operations if the current detrimental economic condition continues.

CSE to extend trading hours from Jan.3

The Board of Directors of the Colombo Stock Exchange (CSE), with the consultation of the Securities and Exchange Commission of Sri Lanka (SEC), has decided to extend the trading hours from Monday, 03rd January 2022.

Santani named as Best Wellness Retreat in the World

Sri Lanka’s Santani Wellness Resort & Spa has been named the ‘Best Wellness Retreat in the World’ by Travel+Leisure India.

SL’s first cable car project to reach completion in just 18 months: SLTDA

Sri Lanka’s first cable car project is gearing up to kick off soon and will reach completion within 18 months from the date of receiving all approvals, the Sri Lanka Tourism Development Authority (SLTDA) said.

Mandatory to carry Covid-19 vaccination card from 1 Jan

The general public will be required to carry their Covid-19 vaccination cards when entering public places from the new year, according to the Ministry of Tourism.

Plans to promote SL as gateway to SA’s MICE industry

In an effort to promote the island nation under banner ‘Sri Lanka a Gateway to South Asian Meetings & Events Industry’, the Tourism Development Authority said plans are afoot to host regular physical events that will cater to the MICE market.

Foreign Min appointed as Acting Fin Min

Foreign Minister Prof. G. L. Peiris has been appointed as the Acting Minister of Finance in the absence of Finance Minister Basil Rajapaksa who is currently overseas.

New vehicle imports will cost 60%-70% more than pre-pandemic prices

Vehicle importers highlight that a vehicle imported in the current market condition will cost consumers 60 to 70 percent more than the pre-pandemic prices.

Former USDA Chief Raja Edirisuriya to head BOI

Former Urban Settlement Development Authority (USDA) Chairman Raja Edirisuriya will lead Sri Lanka’s apex investment promotion agency, the Board of Investment (BOI) Mirror Business learns.

HCL Tech accused of wage theft in the US

Indian multinational information technology services, HCL Tech, which has centers across the world, including Sri Lanka, has been accused by American think-tank Economic Policy Institute (EPI) of wage theft in the US.

UNFPA further strengthens assistance for aging population in Southern province

Sri Lanka’s growing aging population will receive improved focus by the United Nations (UN) as efforts are underway to further strengthen capacitated Senior Citizen Committees (SCCs) in the Southern province.

MRIA promoted to wealthy businessmen to land private jets

A special programme has been launched by the Ministry of Tourism to increase the number of international airlines and private jets landing at the Mattala Rajapaksa International Airport (MRIA).

Cabinet nod for online ordering of gems

In a move to promote the gem and jewellery sector, a gazette notification for ordering gems worth up to US$ 3000 online received Cabinet approval this week.

Northern Province in the lead of ’’interesting’’ startups

Colombo is considered to be the most developed in terms of IT infrastructure and knowledge, however, it is not anymore the birthplace of ’’interesting’’ startups, says Information and Communication Technology Agency (ICTA).

Key board level resignations at BOI

At least three prominent members of Sri Lanka’s apex investment promotion agency, Board of Investment, have resigned from their positions with immediate effect, Mirror Business learns.

SL Tourism earns media mileage worth over $ 124K at Expo 2020 Dubai

Sri Tourism has earned high media mileage at the ongoing Expo 2020 Dubai as the pavilion has been successful in obtaining over US$ 124,000 worth of media coverage showcasing the island nation as a tourist destination.

CBSL announces “festival offer” for migrant workers

In a move to encourage the influx of foreign remittances, the Central Bank of Sri Lanka (CBSL) announced today what it called an “exclusive offer” for migrant workers for the December festival season.