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.

Rubber plantations advised to be alert on fast spreading leaf disease

Rubber plantations have been advised to be vigilant and be on the active lookout for any signs of the leaf disease, Pestalotiopsis, a threat that could impact industry output.

Global economy to witness “solid rebound” this year: UNCTAD

The COVID-19 pandemic struck world will see the light at the end of the tunnel this year, as the global economy is poised for a “solid rebound” in 2021, the United Nations Conference on Trade and Development (UNCTAD) said today.

ASPI slumps below 7, 000 points

The benchmark All Share Price Index (ASPI) of Colombo Stock Exchange tanked below 7, 000 point mark today, reversing the gains made since the end of last year.

Lankans to enjoy number portability from Oct.

The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) plans to introduce number portability for mobile and fixed lines, enabling consumers to change service providers while retaining their numbers from October this year

FitsAir welcomes first Airbus A320-232

FitsAir, formerly known as ExpoAir, on this week welcomed its first Airbus A320-232, which will be inducted to its fleet as a freighter, to support the local exporters and government’s vision to make Sri Lanka an exporting powerhouse.

IATA Travel Pass successfully trialed on first int’l flight

The International Air Transport Association (IATA) yesterday announced the arrival at London’s Heathrow Airport of the first traveler using the IATA Travel Pass app to manage their travel health credentials.

Russian billionaire Andrey Melnichenko visits Port City

Russian billionaire Andrey Melnichenko who is in town, as exclusively reported by Mirror Business, visited the Colombo Port City today. He was accompanied by Sri Lankan-born British Politician and former EU Parliamentarian Niranjan Deva Aditya

US dollar selling rate surpasses Rs.201

The Sri Lankan rupee further depreciated today with the selling rate of US dollar hitting Rs.201.75, according to the Central Bank exchange rate data.

The Finance depositors seek urgent govt. intervention

The Depositors of the failed The Finance Company PLC (TFC) have called on the government to urgently intervene in the settlement process, so that they are able to obtain their funds at the earliest.

BOI to facilitate visiting investors via bio security bubble

The Board of Investment (BOI) of Sri Lanka will facilitate potential investors, who wish to visit the country through the bio security bubble option.

Larger firms dominating market due to Covid-19: IMF

The International Monetary Fund (IMF) has warned following the COVID-19 pandemic larger firms are dominating the market in advanced economies due a shift in market power

Sri Lanka’s economy contracts 3.6% in 2020

Sri Lanka’s Gross Domestic Product (GDP) contracted 3.6 percent in 2020 compared to 2.3 percent expansion in 2019, displaying the severity of the disruptions caused by the COVID-19 pandemic on the island nation’s economy, despite the last two quarters of the year recording positive growth rates.

Russian billionaire Andrey Melnichenko in town

Russian billionaire Andrey Melnichenko is currently in Colombo and is expected to hold talks with the top level of the Sri Lankan government, including Prime Minister Mahinda Rajapaksa, Daily Mirror learns.