New Treasury Secy. pledges to restore Finance Ministry’s lost honour

The new Treasury Secretary and Finance Ministry Secretary S.R. Attygalle yesterday pledged to rebuild the lost honour and glory of the Treasury, working efficiently and progressively with the newly-elected President Gotabaya Rajapaksa.

SL likely to miss this year’s tea production and export targets

Sri Lanka is likely to miss the tea production and export targets set for the year as tea output sharply declined in October due to extreme weather conditions, although the demand for quality Ceylon Teas continue to rise at the Colombo Tea Auction driven by winter buying.

Indira Malwatte resigns as EDB Chairperson

Indira Malwatte yesterday announced her resignation as the head of the Export Development Board (EDB), ending over a four-year stint.

Bourse set to cruise with Gota’s win

Capital market analysts expect the Colombo bourse to climb upward in the short to medium-term following the fairly convincing win of Sri Lanka Podujana Peramuna (SLPP) presidential candidate Gotabaya Rajapaksa, who appeared to be the preferred choice of the country’s business and investment community.

Securing the largest FDI

Sri Lanka recently secured the largest ever FDI worth US$ 24 billion for the establishment of Hambantota Oil Refinery (Private) Ltd. Picture shows Finance Minister Mangala Samaraweera and Development Strategies and International Trade Minister Malik Samarawickrama extending good wishes to Danny Lee, Director Sugih Energy (PTE) Ltd. BOI Chairman Mangala P.B. Yapa and R.A.D.M. Terrance Sundaram, representative of the Hambantota Oil Refinery (Priva

Singaporean firm to invest US$ 24bn to set up refinery in H’tota

Sri Lanka’s Board of Investment (BOI) has approved US$ 36.4 billion worth foreign direct investment (FDI) projects so far this year including a US$ 24 billion oil refinery and petrochemical complex in H

Labour Dept. to introduce minimum retirement age for private sector employees

The Department of Labour plans to introduce a minimum retirement age for Sri Lanka’s private sector employees after the presidential elections.

China’s Hainan Group to invest US$ 300mn to set up two rubber trade zones

China’s Hainan Rubber Industry Group Co. Ltd has reached an agreement with the Plantation Industries Ministry to invest US$ 300 million to set up specialised free trade zones for rubber-based value-added exports in Kegalle and Kalutara districts next year.

Colombo Port City has potential to become most advanced smart city in Asia: Hans

The Colombo Port City project has the potential to become the most advanced smart city in Asia by attracting tech giants while providing the catalysts for inclusive advancements in digital space across various sectors of the economy, promoting inclusive capitalism.

Sri Lanka’s Santani Resorts & Spa wins big at WTM London

Sri Lanka’s Santani Resorts & Spa has won the Gold Award under ‘Best in Wellness’ category at the International Travel & Tourism Awards (ITTA) 2019 presented by World Travel Market (WTM) London.

Sri Lanka’s Santani Resorts & Spa wins big at WTM London

Sri Lanka’s Santani Resorts & Spa has won the Gold Award under ‘Best in Wellness’ category at the International Travel & Tourism Awards (ITTA) 2019 presented by World Travel Market (WTM) London.

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.