Global tourism promo campaign finalised to achieve US$ 10bn

Sri Lanka Tourism Promotion Bureau (SLTPB) has finalised a 5-year global promotional campaign targeting eight tier one (primary) source markets and six tier two (emerging) markets to reach the government’s objective of generating US$ 10 billion revenue from tourism by 2025.

Stockbrokers seek government support to revive bourse

The Colombo Stock Brokers Association (CSBA) has requested the government to immediately intervene to revive the activities at the Colombo Stock Exchange (CSE).

MTI releases business review of 2019 and outlook for 2020

For the ninth consecutive year, MTI Consulting (via its Corporate Finance practice), in partnership with Daily FT, Daily Mirror and Sunday Times, has concluded the MTI CEO Business Outlook Study, collectively outlining the Sri Lankan business community’s perception for the state of business in 2020.

Plantation firms to hold crucial talks on wage hike today

Top officials of the Planters’ Association (PA) of Ceylon are scheduled to hold a crucial round of discussions with Plantation Industries and Export Agriculture Minister Dr. Ramesh Pathirana today on the government’s decision to increase the minimum daily wage of plantation labourers to Rs.1, 000, with effect from March 1.

Global CIMA Centenary

The Chartered Institute of Management Accountants (CIMA) President Amal Ratnayake (center) yesterday took part in the Bell Ringing Ceremony at the CSE to commemorate the Global CIMA Centenary

Plantation firms rattled by govt.’s wage hike decision

Sri Lanka’s Regional Plantation Companies (RPCs) were in for a rude shock this week when the government announced its decision to increase the minimum daily wage of plantation labourers to Rs.1,000, with effect from March 1, this year.

Port City marketing campaign likely after May

The government plans to commence a joint marketing campaign to promote the investment opportunities of Colombo Port City with the project company, CHEC Port City Colombo, subsequent to enacting a comprehensive legal framework after May this year.

World Bank fails to foresee SL’s growth beyond 3.3% this year

Issuing by far the worst economic outlook for Sri Lanka this year, the World Bank last week said the country could entangle in a toxic mix of elevated fiscal deficit and debt, and the economy would struggle to break the 4.0 percent growth mark during next three years.

Poultry industry charges import ban only helps maize mafia, not farmers

The government’s decision to ban the importation of maize has met with resistance from the local poultry industry stakeholders as they asserted the move would only help feed the “maize mafia” that over the years has capitalised on the lack of timely availability of the crop, to manipulate the prices.

CNN Business Traveller to air Sri Lanka documentary today

CNN’s foremost international business correspondent and presenter Richard Quest will feature Sri Lanka in the newest edition of CNN Business Traveller from today.

CB to introduce cost-reflective benchmark interest rate for banks

The Central Bank (CB) plans to introduce a task force to introduce a cost-reflective benchmark interest rate for the banking sector, which reflects the actual cost of funds, in order to overcome the deficiencies in the current benchmark interest rates.

Forensic audit- a sham to save bond scammers: Cabraal

In what appears to be the sharpest rebuke levelled against the Central Bank bond scam so far, Senior Economic Advisor to the Prime Minister, Ajith Nivard Cabraal, who is also an ex-Centr

Brent jumps US$ 3 after U.S. kills Iran’s Soleimani

Oil prices jumped more than US$ 3 yesterday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran’s elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies. Brent crude rose a

Govt. says ready to service record Rs.2tn debt due this year

The new government of President Gotabaya Rajapaksa is prepared to meet the record Rs.2 trillion debt service obligations including Rs.1.1 trillion worth of foreign debt service obligation for this year.

Apparel industry eyes 6% export growth in 2020

Sri Lanka’s apparel industry targets a 6 percent year-on-year (YoY) growth in exports for this year, moving ahead with plans to set up a 200-acre fabric park with foreign investments in collaboration with the Board of Investment (BOI) in the Eastern province, eyeing to attract large-scale orders by reducing lead times with locally-sourced fabrics.

CICT ends 2019 with 2.9mn TEUs; 40% of Colombo Port’s volume

The Colombo International Container Terminals (CICT) announced that it handled a total of 2.9 million TEUs in 2019, achieving an 8.6 percent increase in its throughput, accounting for 40 percent of the volume of the Port of Colombo in the 12 months ending 31st December 2019.

Super-luxury Marella Discovery calls on Colombo Port

Boosting the revival of the tourism industry in Sri Lanka, Aitken Spence Maritime-facilitated Marella Cruises sailed its largest super-luxury cruise ship, Marella Discovery of the Marella fleet, to the Port of Colombo.

CB forecasts growth to pick up to 4-4.5% next year

The Central Bank (CB) has forecast 4 to 4.5 percent economic growth and below 4 percent inflation for next year, backed by the new government’s economic revival programme while meeting estimated US$ 4.8 billion external debt servicing for the year.

Central Bank keeps policy rates unchanged

The Monetary Board of the Central Bank (CB) at the last policy review of the year decided to maintain policy interest rates at their current levels, awaiting the President Gotabaya Rajapaksa’s policy statement on 3rd January 2020, which is expected to provide further clarity to the broad economic policy framework as well as the fiscal policy direction for the medium term. Accordin

Stocks gain ahead of CB’s policy rate decision

Indices at the Colombo Stock Exchange (CSE) gained yesterday amid investors expecting further relaxing of the monetary policy by the Central Bank.

New CB Governor Prof. Lakshman assumes duties

The newly-appointed Governor of the Central Bank of Sri Lanka (CBSL), Deshamanya Professor W.D. Lakshman, assumed duties in his new post on December 24, at the Governor’s office in Colombo.

Govt. to allocate Rs.28bn for new rural development programme

The Cabinet of Ministers has given its nod to allocate Rs.28.04 billion for a brand-new rural development programme named ‘Sapiri Gamak’, which is to be implemented from next January, covering all 14,021 Grama Niladhari (GS) divisions in the country.

Cabinet approval sought to develop oil and natural gas discoveries in Mannar Basin’s M2 block

Sri Lanka’s Petroleum Resources Development Secretariat (PRDS) is expected to soon seek Cabinet approval to award bids to commence development of oil and natural gas discoveries in M2 block of Mannar Basin, eyeing first commercial production within 3-4 years.

SriLankan Airlines enters Esports arena

SriLankan Airlines entered the arena of Electronic Sports or Esports recently at the Mercantile Esports Championship organized by Gamer.LK, with its team performing creditably in the face of some stiff competition from other organisations.

Prabhash assumes duties as EDB Chairman

Leading entrepreneur and exporter, Prabhash Subasinghe assumed duties yesterday as the new Chairman of Export Development Board (EDB).

NDBIB raises US $ 12mn for largest private sector fuel distributor in Maldives

NDB Investment Bank (NDBIB) completed another successful transaction in the Maldives by arranging a US $ 12 million loan facility for The Hawks Private Limited (Hawks), the largest private sector company engaged in the import and distribution of high-quality fuel in the Maldives.

Cinnamon Hakuraa Huraa Maldives reopens

Cinnamon Hotels and Resorts has completed its third and final hotel opening for 2019 with the reopening of Cinnamon Hakuraa Huraa Maldives on Monday following refurbishments.

Advantis Bunkering to supply low-sulphur marine fuel

Advantis Bunkering, the bunker supply arm of transportation and logistics giant Hayleys Advantis Limited, has commenced offering IMO2020 grade very low sulphur fuel oil (VLSFO) in Sri Lanka, becoming the first Sri Lankan company to offer this new grade of fuel.

NTB structures US$ 33.5mn syndicated loan for Maldivian resort project

Nations Trust Bank PLC (NTB) has successfully concluded a landmark US$ 33.5 million syndicated term loan facility for Bayswater Maldives (Private) Limited, a joint venture between Sanken Overseas (Private) Limited, Singapore Hospitality Holdings (Pte) Limited and HIMA Holdings (Private) Limited. 

Investors get early Christmas on trade, Brexit optimism

Christmas came early yesterday as equities and the pound surged on reports China and the US had reached a trade agreement, while British Prime Minister Boris Johnson won a landslide victory that will allow him to push through Brexit. Investors flocked back into stocks around the world on news that Donald Trump had signed off on a long-awaited pact between the world’s economic superpowers that will see the cancellation of fresh US tariffs due at t