Central Bank lays out plan for sustainable finance

The Central Bank (CB) mulls setting up a joint committee consisting of the regulatory and non-regulatory stakeholders of the financial industry to ensure the full implementation of the recently launched Roadmap for Sustainable Finance in Sri Lanka by 2030.

April trade gap narrows amid decline in imports

Sri Lanka’s trade balance in April contracted to US $ 797 million from US $ 999 million a year ago, as import expenditure fell for the sixth consecutive month and export income increased marginally.

Delaying ECT could risk Colombo Port’s hub status

Further delays in operationalising the East Container Terminal (ECT) would jeopardise the Colombo Port’s transhipment hub status, according to Sri Lanka Port Authority (SLPA) Chairman Kavan Ratnayaka.

ADB lends US $50mn to assist MSMEs

The Asian Development Bank (ADB), the Government of Sri Lanka and the Regional Development Bank (RDB) recently signed loan and guarantee agreements to further assist Sri Lanka to provide affordable and accessible credit to rural micro, small, and medium-sized enterprises (MSMEs) in the country. Under the financial

‘Future Minds 2019’

‘Future Minds 2019’ higher education and career gateway exhibition opened at the BMICH yesterday. The exhibition will be held in Colombo till June 16, then at Kandy City Centre on June 22 and 23, and finally at Hall de Galle on September 7 and 8. Entailing the theme ‘No one left behind’, the exhibition is aimed at youth who are keen on continuing their higher studies privately. It is showcasing a choice of higher e

Banks get Rs.62bn worth of tourism sector loan relief requests

Sri Lanka’s banking sector has received a record 1055 applications requesting for moratoriums on outstanding loans worth Rs.62 billion by the struggling tourism industry at the end of May, According to the Central Bank.

SL kicks off first tourism promo since Easter attacks

The stakeholders of the badly-hit tourism industry have come to one platform to help revive the market by offering nominal rates and putting together a special promotional campaign to attract travellers, starting with the Indian market.

Sri Lanka Telecom launches National Digital Roadmap for Smart Sri Lanka

Sri Lanka’s national telecommunication provider Sri Lanka Telecom (SLT) and national mobile service provider Mobitel yesterday launched the ‘National Digital Roadmap’, marking a big step in the overall digitisation of national services and traditional physical-effort requiring practices within the island.

Rooms 50% off and ads in Russia: Sri Lanka woos tourists after attacks

(Colombo) REUTERS: Sri Lanka’s battered tourism industry is trying to woo visitors back to beaches deserted after deadly Easter bombings, slashing hotel rates and pushing promotions in key markets like Russia.

Asian markets climb on hopes of Mexico tariff delay

HONG KONG (AFP) - Asian markets rose yesterday, tracking gains on Wall Street following a report that the United States could delay its plan to hit Mexico with tariffs. The threats against Mexico have intensified anxiety among investors, who were already rattled by the seemingly endless US-China trade war. But US stocks enjoyed

ECT to begin operations second half of next year

The East Container Terminal (ECT) is to be operational by second half of next year under the proposed terminal operating company (TOC) that will be jointly formed by Sri Lanka Ports Authority (SLPA), Japan and India in which SLPA would have 51 percent stake, SLPA Chairman Kavan Ratnayaka told Mirror Business. The SLPA o

A Muslim devotee prays inside the Minuwangoda Jumma Mosque

A Muslim devotee prays inside the Minuwangoda Jumma Mosque, which came under attack during the anti-Muslim riots recently. The Muslims ended the 31-day fast and then went into celebrating Ramadan yesterday

Tourist arrivals plunge 70% in May after Easter attacks

Sri Lanka’s tourist arrivals in May fell 70 percent year-on-year (YoY) to 37,000 in the aftermath of Easter Sunday attacks which killed 250 people, including 45 foreigners. “We have been talkin

EPF hunts for bargain stocks eyeing capital gains

Sri Lanka’s largest pension fund, the Employees’ Provident Fund (EPF), will hunt for bargain stocks in the Colombo Stock Exchange (CSE), eyeing capital gains under the Central Bank’s strengthened and decentralised investment operation mechanism.

Tourists return

Tourists are slowly trickling into Sri Lanka following the relaxation of travel advisories imposed against visiting Sri Lanka following the Easter Sunday bomb attacks that killed over 250 people, including 44 foreigners. The picture shows a tourist taking a photo of Temple of the Sacred Tooth Relic in Kandy

CB cuts rates to spur growth

The Central Bank (CB) cut policy interest rates by 50 basis points to stimulate the sub-par economic growth which is expected to further worsen due to the devastating impact on the tourism and related sectors stemming from the Easter Sunday attacks. Accordingly, the Monet

Govt. mulls allowing cigarette imports

Sri Lanka is currently contemplating to entertain applications to allow potential importers to import foreign cigarette brands to the country, as there’s significant demand for such among expatriates in Colombo, Finance Minister Mangala Samaraweera said. “We are yet to grant any app

CB says reserves could tumble to US$6.3 bn

Sri Lanka’s foreign reverses could tumble to US$6.3 billion at the end of this year, almost US$2 billion down from the earlier projected US$8.2 billion in the aftermath of Easter Sunday bombings, which has adversely impacted the country’s tourism industry while denting the investor sentiment.

Tourism industry awaits subsidised working capital loans

Sri Lanka’s crisis-hit tourism industry is anxiously awaiting the interest-subsidised working capital loans announced by the government under the financial relief package for the industry following the Easter Sunday bombings that crippled the once booming industry.

Subdued 4Q19 earnings for JKH

John Keells Holdings PLC (JKH), Sri Lanka’s largest and the most valued conglomerate, reported subdued operating results for the March quarter (4Q19), while heavy borrowing costs weighed on the group bottom line in a quarter that lacked economic vibrancy.

Korea Eximbank to conduct feasibility study for land mgt. system in SL

Recognizing the importance of efficient land management and its contribution to the economy, the Export-Import Bank of Korea (Korea Eximbank), the entrusted government agency of Economic Development Cooperation Fund (EDCF) is financing a comprehensive feasibility study to establish a Land Data Infrastructure (LDI) and Land Information Service System (LISS) in Sri Lanka as a grant under its technical assistance scheme.

Crisis-hit SMEs cry for help

The Colombo Business Association (CBA) representing small and medium-sized enterprises (SMEs) in the country warned that the delayed decision making by the government to support the crisis-hit SME sector in the aftermath of Easter Sunday bombings would drive the banking sector into crisis, leaving many unemployed.

Poultry sector demand halves amid plunge in tourism

The demand for poultry products has plunged as much as by 50 percent in the aftermath of the Easter bombings, which left the country’s HoReCa (hotels, restaurants and café) industry reeling amid fewer tourists and a drop in domestic consumption.

Private sector takes pledge to work towards united Sri Lanka

Colombo yesterday saw a group of private sector business leaders and representatives led by business chambers in the country coming on to one platform to affirm their pledge towards a united Sri Lanka.

Huawei assures support for existing smartphones in market

Huawei yesterday assured the Sri Lankan customers of continued support for the existing Huawei smartphones in the market, amid the US Internet giant Google, whose Android mobile operating system powers the Huawei smartphones, announced plans to sever ties with the Chinese smartphone marker.

EPF marks CSE re-entry buying 55mn Dialog shares

The state-run private sector pension fund, the Employees’ Provident Fund (EPF), marked its re-entry into the Colombo Stock Exchange (CSE) last week, with the purchase of 55 million shares of Dialog Axiata PLC for a consideration of Rs.495 million, Mirror Business learns.

Pharma Chamber welcomes drug price revision linked to rupee devaluation

The Sri Lanka Chamber of Pharmaceutical Industry has welcomed the move by the government, in consultation with the National Medicines Regulatory Authority (NMRA), to gazette a 14.4 percent increase in the Maximum Retail Price (MRP) of 60 price-controlled pharmaceutical drug molecules.

Celebrating Vesak amid tight security

Sri Lankans are preparing to celebrate Vesak festival which falls over the weekend. Even amid security concerns, people are seen purchasing Vesak decorations from stalls set up at roadsides in Colombo. This year Vesak festival in Sri Lanka is being celebrated low-key with additional security provided following the Easter Sunday terror attacks

Mob attacks put tourism further in tatters

The recent mob attacks carried out targeting Muslims in several parts of Sri Lanka, in the aftermath of Easter Sunday attacks, could further hinder tourist arrivals to the island nation, dashing the industry’s hopes for a faster recovery.

IMF completes fifth review; releases US$ 164.1mn to SL

The Executive Board of the International Monetary Fund (IMF) has approved US$ 164.1 million disbursement for Sri Lanka, completing the fifth review of the Extended Fund Facility (EFF) arrangement the island nation has wit