Tourism Minister to meet Russian envoy over travel advisory

Tourism Development, Wildlife and Christian Religious Affairs Minister John Amaratunga plans to meet the Russian ambassador to Sri Lanka in an attempt to lift the travel advisory issued by the Russian Federation on visiting Sri Lanka, in the aftermath of the Easter bombings.

PM declares open Phase 1 of Bogambara Cultural Park

A ceremony was held on August 24 at the site of the Bogambara Prison Complex Redevelopment to announce the opening of Phase I of the Bogambara Cultural Park project.

Oil palm industry yet to see light at end of tunnel

President Maithripala Sirisena is yet to provide an opportunity for the country’s palm oil planters to present their case, despite several attempts been made to have a one-on-one meeting with the president.

CB says will slap lending rate caps on errant banks

While insisting that high market lending rates are choking the economy, the Central Bank last week warned that lending caps would be imposed on banks on individual basis, if they fail to bring down th

Construct Expo 2019

Organised by the National Construction Association of Sri Lanka (NCASL), Construct Expo 2019, the largest and most anticipated exhibition in Sri Lanka, opened at the Bandaranaike Memorial International Conference Hall (BMICH) yesterday. This year, the exhibition will showcase some of the finest real estate properties from countries such as China, Malaysia, Singapore and India.

Colombo gets passenger ferry service

A passenger ferry service from Colombo to Union Place through Beira Lake was launched yesterday by Megapolis and Western Development Ministry under the patronage of Prime Minister Ranil Wickremesinghe. The service commences from Beira Lake near the Lake House and ends in Vauxhall Street, Ibbanwala Junction. The ferry service will shorten the travelling time between Colombo Fort to Union Place to 10 minutes

U.S. warns SL on investment, military ties after army chief promotion

(Washington) REUTERS: A senior U.S. State Department official warned on Tuesday that Sri Lanka’s appointment of a war veteran accused of serious human rights violations as head of its army could affect U.S. military cooperation and investment in the island nation. On Monday, Sri Lanka named Shavendra Silva, 55, as the country’s new army chief despite United Nations accusations that he was involved in human rights abuses during the country’s 26-ye

June trade deficit narrows amid sharp import contraction

Sri Lanka’s trade deficit in June narrowed to the lowest since October 2010 amid a significant decline in imports and a modest increase in exports, Central Bank data showed. The tra

SL has potential to attract US firms exiting China: envoy

Sri Lanka has a high potential to attract U.S. firms, which are trimming down their investments in China, and looking for alterative locations amid growing trade tensions between the world’s number one and number two economies.

Shares hit one-week closing low; rupee steady

Sri Lankan shares hit their lowest close in a week yesterday as investors remained on the sidelines and sought more clarity after the main opposition party, seeking to capitalise on public clamour for a decisive leader,

Reform agenda key to retain access to int’l capital markets: CB Governor

Sri Lanka must fulfil its commitments to foreign investors by moving ahead with the proposed amendments to Fiscal Management (Responsibility) Act and the new Monterey Law Act to ensure access to international capital markets, which is crucial for the country’s debt refinancing. “Three months

Growth this year likely to stagnate at 2%: economist

A leading economist in the country predicts a gloomy economic outlook for this year with economic growth stagnating at 2 percent, in the aftermath of the Easter Sunday attacks on April 21. “In 2019, we

Minister blames govt.’s unscientific approach for plantation industry woes

Sri Lanka’s top executive’s lack of knowledge in modern agriculture led to ad hoc decision-making in the plantations sector, threatening an entire industry, which brings in significant foreign exchange to the country, a top minister asserted.

A family of tourists enjoying

A family of tourists enjoying a walk along the Kurunegala lake indicating that Sri Lanka’s tourism industry is recovering fast. The arrivals have picked up since May and crossed the 100,000 mark in July—first time since the Easter attacks on April 21. The tourism authorities target 150,000 arrivals this month, backed by the world-famous Esela Perahera in Kandy

Rubexpo 2019

The international trade fair for rubber industry “Rubexpo” opened at the BMICH yesterday. Here Plantation Industries Minister Navin Dissanayake making inquiries at a stall.

Sri Lanka eyes 150, 000 tourists this month with Kandy Esala Perahera

Sri Lanka’s tourism authorities target 150,000 tourists this month, betting on the continual momentum of the sector’s recovery in the aftermath of Easter Sunday attacks. August is consid

SriLankan to post loss of up to US $ 16mn due to Easter attacks

Sri Lanka’s state-run airline is set to report a loss of up to US $ 160 million this year, as tourism in the island nation suffers following the Easter bombings, the carrier’s chief executive said.

Dr. Dushni Weerakoon appointed to Monetary Board

The Executive Director of Institute of Policy Studies (IPS) and head of its Macroeconomic Policy research Dr. Dushni Weerakoon has been appointed to the Monetary Board of the Central Bank with effect from July 29, the Central Bank said yesterday.

A group of tourists seen enjoying a boat ride on Madu Ganga in Balapitiya

Govt. eyes to raise US$ 500mn from Japanese bond markets

The government will work towards raising up to US$ 500 million in order to tap the Japanese bond market by selling yen-denominated Samurai bonds, Prime Minister Ranil Wickremesinghe said over the weekend.

Shares end at 1-week low; rupee weaker

(Colombo) REUTERS: Sri Lankan shares recovered from an intraday fall of over 1 percent to close flat yesterday, while the rupee ended weaker due to importer dollar demand. The country’s benchmark sto

Funds sought to improve border control measures

The Immigration and Emigration Department is seeking funds from the Treasury to set up a deep risk analysis, targeting, tracking and operational centre to enhance measures to counter terrorist entering the country.

MCC grant will assist SL to address constraints to growth: US envoy

The United States plans to become an equal partner to Sri Lanka from a donor by assisting the island nation to address the binding constraints to economic growth through Millennium Challenge Corporation’s (MCC) US $ 480 million grant.

BOC begins 80th anniversary celebrations

Sri Lanka’s largest bank, Bank of Ceylon (BOC), yesterday commenced 80th anniversary celebrations of the bank at the BMICH under the patronage of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. The picture shows BOC Chairman Ronald C. Perera handing over a special publication printed to mark the 80th anniversary of the bank to President Sirisena. Also in the picture are Prime Minister Wickremesinghe and BOC General Manager

Over regulation threatens SL’s trade with region: SLANA

Sri Lanka’s non-vessel owning common carrier (NVOCC) agents warn of potential disruptions to Sri Lanka’s trade with the region unless there’s no revision to current excessive regulations prohibiting shore-based cost recovery.

China’s Hainan Group eyes Lankan plantation sector

The China Hainan Rubber Industry Group Co. Ltd is planning to enter Sri Lanka forming joint ventures with two regional plantation companies (RPCs) by mid 2020 to develop Sri Lanka’s plantation sector with a special focus on rubber value chains. “China Haina

International airport in Hong Kong yesterday

JKH earnings dip on higher finance costs, Easter attacks

Profits at premier blue chip John Keells Holdings PLC (JKH) during the June quarter (1Q20) plunged as revenues decelerated amid the deterioration in consumer and business sentiments and due to the changes to an accounting standard hitting the finance cost.

CRIB to release credit scores from next month

Sri Lanka’s Credit Information Bureau (CRIB) plans to release credit scores of banked citizens from next month onwards, which is to be extended to all citizens by late 2020, with the CRIB switching t

Cement demand set to rebound signalling construction recovery

Sri Lanka’s cement demand is expected to rebound by 3-4 percent this year, indicating a construction sector recovery after demand contracted by five percent last year.