Air quality in Colombo worsens

Mist-like conditions prevailed in Colombo both on Tuesday and Wednesday with the air quality in Sri Lanka’s capital recording unhealthy values. According to the National Building Research Organisation (NBRO), a sharp increase in dust particles has caused the deterioration in air quality. Currently, New Delhi is experiencing a toxic haze, forcing residents to remain indoors

Election pledges threaten fiscal targets under IMF

Sri Lanka’s two top presidential candidates are offering election giveaways, from free housing to sanitary pads for women as well as big tax cuts that officials and a credit rating agency are warning would push the country deeper into debt.

Crucial policy decisions vital to harness power of Colombo Port City

Healthy IMF relationship urged to avert Greek-style collapse

Although Sri Lanka’s ongoing programme with the International Monetary Fund (IMF) is reaching its final stages, the country’s next government will have to maintain a healthy relationship with the multilateral lender to avert risking a Greek-style austerity scenario, according to the Central Bank Governor Dr. Indrajit Coomaraswamy.

Shares post 10-month closing high; rupee edges down

Sri Lankan shares rose yesterday in high turnover and closed at their highest in 10 months, as investors took positions two weeks ahead of presidential polls, analysts said. Sajith Premadasa, the Housing Minister and one of the two presidential front-runners, on Thursday announced his election manifesto, which is seen by analysts as a ‘broader policy framework’.

HSBC eyes even bigger slice of SL’s trade finance pie

Sri Lanka’s largest international bank, HSBC Sri Lanka, yesterday said it financed over 80, 000 trade transactions to the tune of US$ 2.3 billion, last year, and is investing to transform the country’s trade finance landscape by digitizing it.

HSBC eyes even bigger slice of SL’s trade finance pie

Sri Lanka’s largest international bank, HSBC Sri Lanka, yesterday said it financed over 80, 000 trade transactions to the tune of US$ 2.3 billion, last year, and is investing to transform the country’s trade finance landscape by digitizing it. “Over the last twelve mo

FinMin says can amend MCC projects even after agreement signing

The Sri Lankan government will retain the option to amend the identified projects in the US $ 480 million Millennium Challenge Corporation (MCC) Compact even after the signing of the agreement, the Finance Ministry said.

Government targets Rs.48bn from Luxury Tax revision on vehicles

The government has revised the Luxury Tax formula on vehicles by resorting to calculate the tax based on the manufacturing cost or the cost, insurance and freight (CIF) value of a vehicle, instead

Increased efforts on marketing urged to link SMEs with supply chains

Emirates President outlines possible recovery formula for SriLankan

Emirates President Sir Tim Clark, who spoke passionately about Sri Lanka’s tourism potential, last week, also proposed a model for the country’s national carrier, SriLankan Airlines, that may help the

Tourism industry visits Jaffna Airport to explore future opportunities

The officials and stakeholders of the tourism industry visited the Jaffna International Airport to explore future tourism opportunities with Tourism Development Minister last week.

Sri Lanka told to think big and bold to drive tourism

Showing his fondness for Sri Lanka in abundance by declaring the island nation his second home, Emirates President Sir Tim Clark this week advised Sri Lankan policy makers to “think big and think bold,” to drive the country’s tourism industry forward. Drawing i

SLTPB plans Rs.100mn TV campaign in Germany this year

Sri Lanka Tourism Promotion Bureau (SLTPB) yesterday announced plans to launch a Rs.100 million promotional campaign on a selected German TV channel within the next two months in an attempt to lure more German tourists to the country.

Low interest rates set to provide flywheel to mutual fund industry

The mutual fund or the unit trust industry, which went on a rollercoaster ride due to the exodus of funds following new tax laws, is expected to make a comeback with fund managers eying a slice of the banking sector savings, offering attractive returns. Several fund managem

Contraband fags destroyed

Illegally imported cigarettes from China, worth Rs.74 million, were destroyed by the officers of Sri Lanka Customs’ Central Investigation Bureau (CIB), yesterday. The stock consisted of over 1.2 million sticks. The picture shows CIB Director General and Ceylon Tobacco CEO/MD Nedal Salem taking part in destroying the illicit cigarettes

Sri Lanka removed from FATF’s ‘Grey List’

Sri Lanka has been removed from Paris-based Financial Action Task Force’s (FATF) ‘Grey List’ owing to the progress made by the island nation strengthening its anti-money laundering/combating financing for terrorism regime. The FATF, whose five-day p

Stocks end higher; rupee strengthens

Sri Lankan shares closed slightly higher yesterday, buoyed by telecom and diversified stocks. The rupee ended firmer. The benchmark stock index closed 0.06 percent higher at 5,863.48. The index gained 0.49 percent for the week, but has fallen 3.12 percent so far this year. Meanwhi

Jaffna Int’l Airport opens

The first Alliance Air flight from Chennai, India, landed at the Jaffna International Airport (JIA), which was declared open yesterday. The picture shows the aircraft receiving cannon salute. Alliance Air is expected to operate three flights a week from Chennai to JIA from November.

Jaffna Int’l Airport opens today

The upgraded airport in Palali will be declared open as Jaffna International Airport (JIA) today, under the patronage of President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe, Transport and Civil Aviation Minister Arjuna Ranatunga and Indian High Commissioner in Sri Lanka Taranjit Singh Sandhu. The inaugural flight today by Alliance Air, a unit of Air India, will carry 30 passengers and the airline is set to operate three flights a

Hans calls on pvt. sector to ignite nation’s mojo

The Ceylon Chamber of Commerce (CCC) chief this week called the private sector to take the lead in breaking out of the middle income trap with positivity and greater focus on inclusivity, instead of waiting for the economic growth to return.

August trade deficit narrows with continued decline in imports

Sri Lanka’s imports, supported by lower vehicle and gold imports, continued to decline while exports largely recovered from its recent decline to see the island nation’s trade deficit narrowing in August, the trade data released by the Central Bank showed yesterday.

Banking sector NPLs likely to hit 5% this year

Sri Lanka banking sector’s gross non-performing loans (NPLs) ratio is forecast to reach five percent at the end of this year, the highest level since 2014 amid increased market lending rates and sluggish economy, Central Bank (CB) said. According to CB statistics, the gross NPLs ratio had risen to 4.9 percent by August from 4.8 percent in the second quarter of this year. As of second qu

CB keeps rates steady to stabilize inflation

The Monetary Board of the Central Bank (CB) yesterday decided to maintain policy interest rates at their current levels, awaiting for materialisation of various measures aimed at accelerating subpar economic growth in the country, while being cautious on the implications of the public sector salary hike scheduled for next year.

Demand for carbon emission cut

Police officers arrest an activist at London City Airport during the fourth day of demonstrations by the climate change action group Extinction Rebellion, in London yesterday. Demonstrations occurred in 60 cities around the world this week, with thousands taking to the streets of New Delhi, Cape Town, Paris, Vienna, Madrid, and Buenos Aires. Extinction Rebellion is demanding that governments drastically cut carbon emissions. / AFP

WB urges banks to adopt a multifaceted approach to be development enablers

With nearly one-third of Sri Lanka’s adult banked population considered to be inactive account holders and many facing significant constraints in accessing finance, the World Bank (WB) urges the country’s banks to position themselves as development enablers by adopting a multifaceted approach to further promote financial inclusiveness in the country.

CB sees private credit improving to 5-6% by end of the year

The Central Bank (CB) expects private sector credit growth to pick up by end of this year amid anticipated low interest rates through lending rate caps slapped on banks and enhanced business confidence. Speaking t

Fitch says lending rate caps may not support loan growth in short term

The lending rate caps on banks may not yield the desired effect of stimulating credit demand in the short term, as the root cause of the problem lies not with the rates but with the borrower sentiments and subdued economic activity, said Fitch Ratings.

Cinnamon’s 15th property opens doors in Maldives

Cinnamon Hotels & Resorts, the leisure arm of John Keells Holdings continues expansion with the opening of its newest hotel, Cinnamon Velifushi Maldives. The opening of the new r

Ceylon Tea global promotion campaign kicks off in Moscow

The maiden launch of the Ceylon Tea Global Promotion Campaign took-off ceremonially with pomp and pageant in the capital city of the Russia Federation last week. Moscow was the center of attraction where 150 guests from the tea fraternity were mesmerized by the cultural troop of Chandana Wickramasinghe consisting of ten male and female dancers.