State Minister of Money, Capital Markets and State Enterprises Reforms Ajith Nivard Cabraal has appointed an Enterprise Development Advisory Board to make local industries competitive in the international market while protecting and empowering them.
The World Bank has reallocated US$ 56 million from ongoing projects in Sri Lanka to protect the most vulnerable in the agriculture sector, improve COVID-19 protection measures on public transport, facilitate tele-education for school children, and provide digital solutions to improve delivery of public services. This new financing complements the US$ 128.6 million Sri Lanka COVID-19 Emergency Response and Health System Preparedness Project, whic
Sri Lankans have returned to save more during and in the immediate aftermath of the pandemic-induced lockdowns as they appeared to have become little more frugal in spending habits, restrained by the limited mobility and social distancing practiced to contain the virus spread.
The fast-moving consumer goods (FMCG) manufacturers in the country at the outset have endorsed the government’s decision to ban single-use sachets, an effort towards conserving the environment but stressed the need for an all-inclusive approach, one that would allow a seamless transition to alternatives.
With Yala paddy harvesting season slowly coming to an end, paddy farmers in Padaviya are seen drying their paddy harvest on the road. Based on the cultivated extent of paddy lands as at end-May, the Agriculture Department has said Yala harvest is expected to yield 1.72 million metric tonnes of paddy, a 13 percent increase over the 2019 Yala yield.
Sri Lanka - Germany Business Council of the Ceylon Chamber of Commerce organised a Breakfast Meeting at Kingsbury hotel yesterday with State Minister Ajith Nivard Cabraal for its members to obtain an overview of the financial and economic policies of the government.
State Minister of Finance, Capital Market Development and Public Enterprise Reforms Ajith Nivard Cabraal yesterday told Sri Lanka’s capital market officials to think “out of the box” to develop the island nation’s capital market.
Colombo Port City builder, China Harbour Engineering Company (CHEC), yesterday affirmed that Sri Lanka’s upcoming mega project would not be hindered by the United States (US) blacklisting 24 Chinese state-owned companies, including the ultimate parent of CHEC.
It is unlikely that Sri Lanka would roll back some of the controls in place on the import of food items even though their prices have risen in recent times such as in the case of turmeric as the government appears to remain firm on re-building the rural economy and durable growth.
In an effort to capture accurate and timely logistics industry data, the Export Development Board (EDB) and Department of Census and Statistics (DCS) have collaborated to set up a special data unit that will gather and analyse sector data.
Sri Lanka will soon embark on research and development (R&D) related to modern agricultural technologies with state patronage, as the focus is rapidly shifting towards building a robust domestic agricultural economy premised on achieving food security and exports of agricultural produce.
The Central Bank for the first time gave its forecast last week for the estimated decline in worker remittances expected in 2020 after the coronavirus related lockdowns around the world dampened the prospects for overseas jobs and such incomes.
Stakeholders of the national financial system will witness their grievances receive due emphasis hereafter as the Central Bank of Sri Lanka (CBSL) has taken a progressive step towards establishing a single point of contact to handle complaints.
The Central Bank (CB) says a substantial rebound in economic activity in the fourth quarter is essential for Sri Lanka to avert an economic contraction this year following the “unexpected” contraction in the economy in the first quarter.
Vehicle registrations in the month of July remained strong, even though lower from June, driven by existing inventories but the momentum could slow in August due to potential stockouts in certain vehicle categories as the government has put a lid on vehicle imports.
Sri Lanka’s Kotagala Plantations PLC has become the first tea manufacturer in the world to produce tea strictly following COVID-19 health guidelines issued by the World Health Organisation. The Mount Vernon Factory in Hatton, belonging to Kotagala Plantations, this week received the certification in this regard from Sri Lanka Standards Institute.
Diversified conglomerate and export major Hayleys PLC recorded higher operating profits for the quarter ended June 30, 2020 (1Q21) as the group managed to reduce its overheads while its export-oriented business performed strongly.
Diversified conglomerate, Aitken Spence PLC, which has extensive interests in travel and hospitality business, saw its June quarter (1Q21) revenues and profits eroded by the economic malaise created by the COVID-19 pandemic, though the group said it saw a strong pick up in business in the month of June, barring tourism.
Reclassification of investments in the shares of Commercial Bank, from the earnings to comprehensive income, helped DFCC Bank PLC to lift its June quarter earnings but the impact from narrowing margins, loss of cash flows from moratoria, heavy provisions against possible loan defaults and overall muted business volumes, weighed on the company’s core banking performance.
The Angel Fund, an initiative of the Lankan Angel Network (LAN), established with the support of ecosystem development partner Ford Foundation, has begun accepting applications from early-stage startups in Sri Lanka with regional and global growth potential which are not limited to the tech industry.
More countries issue travel advisories
Sri Lanka Tourism invites global travellers for upcoming season
Russian embassy urges citizens to stay vigilant in Arugam Bay
US Embassy issues travel warning for Arugam Bay
India-Sri Lanka ferry service operates smoothly