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.

Hayleys assures re-exportation of used mattresses stored at its free zone

While strongly denying that Hayleys had imported environmentally hazardous materials into the country, the firm assured that it is working together with the Board of Investment (BOI) and Central Environmental Authority (CEA) to re-export the used mattresses stored at its free zone.

Biz chambers told not to be selective in their advocacy

An influential minister in the current dispensation last week expressed displeasure over the inconsistent and selective advocacy of chambers led by the Ceylon Chamber of Commerce (CCC), instead of playing a crucial role in pushing forward the much needed economic policy reforms. “You (CCC) have a va

Careers mobile app launched

Careers mobile app, a free mobile app which is a first-of-its-kind in Sri Lanka, was launched by CareerMe at the CA Auditorium this week. The career guidance mobile app aims to make it easier for students across the country to get career guidance at the touch of a fingertip.

SL to strike oil-for-tea barter deal with Iran

Sri Lanka is planning to export tea to Iran under a barter system from this September onwards at least for the next two years, as the U.S. sanctions on Iran disrupt Sri Lankan tea exports to that c

May trade gap narrows; imports continue to fall

The trade deficit in the month of May narrowed significantly on the combined effect of the continued decline in imports and increase in exports, the data released by the Central Bank showed, yesterday.

Investor interest wanes in Chalmers Granaries project

The second attempt in two years to attract investors to develop the nine-acre Chalmers Granaries land opposite the Fort railway station as a mixed development project has proven unsuccessful as investor interest had waned following Easter Sunday bomb attacks, Mirror Business learns.

LOLC Finance share sale boosts bourse

A sale of shares of LOLC Finance PLC (LOFC) to a subsidiary incorporated overseas boosted the Colombo Stock Exchange yesterday, which allowed the bourse to report a turnover of over Rs.9 billion for the first time thi

Export-oriented manufacturing the way forward for Sri Lanka

Diversified and export-oriented manufacturing is the way forward for Sri Lanka to develop as a nation, as no country has ever advanced without export-oriented manufacturing, world renowned Lankan

Shares rise for fourth session; rupee edges lower

COLOMBO (Reuters) - Sri Lankan shares rose for the fourth straight session yesterday to a more than 12-week closing high, a day after the central bank kept its key policy rates steady. The Central Bank left key interest rates unchanged on Thursday as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings

Group of tourists at the Independence Square, Colombo 07

The picture shows a group of tourists at the Independence Square, Colombo 07 yesterday. Tourist arrivals almost doubled in June over May as the industry which generated US $ 4.4 billion for Sri Lanka’s economy last year moves to recovery after the deadly Easter Sunday terrorist attacks on April 21. Sri Lanka welcomed 1.16 million tourists in the first half of this year. Tourism authorities last week said they were expecting to end this year with

Facebook ups investments to curb hate speech in SL

Facebook has significantly increased its investments to ramp up Sinhala and Tamil language expertise targeting to curb hate speech and other harmful contents originating from Sri Lanka on the social media platform.

Adamjee Lukmanjee invests Rs.48mn in pepper cleaning facility

Adamjee Lukmanjee (Pvt.) Ltd, a subsidiary of Adamjee Lukmanjee Group of Companies established in 1865, recently launched the company’s pepper cleaning facility, at its premises on Grandpass Road, Colombo 14.

Japanese firm to set up US $ 8.4mn boutique hotel in Ahungalla

Wakana JPN (Pvt) Ltd. a Japanese firm which already operates two hotels in Sri Lanka’s southern coastal strip, is to invest US $ 8.4 million for a new boutique hotel in Ahungalla. The 21-roomed property will be designed by famous Japanese architect Kengo Kuma and every aspect of the hotel from the design of the building, to the furniture, internal décor and cuisine, are to be optimized according to the traditions of both Sri Lanka and Japan. Waka

Govt. reduces charges at BIA to boost tourism

The Cabinet approval has been received to reduce the ground handling charges, aviation fuel and embarkation levy at Bandaranaike International Airport (BIA) for a period of six months, to expedite the recovery of the tourism sector in the aftermath of the Easter Sunday attacks. The Cabinet pape

Agriculture processing mega zone in Uhana

Prime Minister Ranil Wickremesinghe laid the foundation for an agriculture processing mega zone in Uhana, Ampara yesterday. Primary Industries and Social Empowerment Minister Daya Gamag

Tel Aviv takes ride to scooter ‘paradise’

Men use their phones to connect to the electric scooter mobile app while standing on a sidewalk of a street in the Israeli coastal town of Tel Aviv. Israelis in the country’s economic capital Tel Aviv have embraced electric scooters and their smart-phone rental systems, using them to zip along Mediterranean beaches and avoid heavy traffic in a city where the Jewish Sabbath prevents public transport on weekends. (AFP)

Govt.’s mega projects lift investor sentiment

The launching of mega infrastructure projects and improved tourist arrivals in the month of June compared to May in the aftermath of the April 21 Easter Sunday attacks lifted the spirits of the Colombo Stock Exchange (CSE) yesterday, sending the indices significantly upwards.

Tourist arrivals on the rise signalling recovery

The tourist arrivals to Sri Lanka in June almost doubled from a month ago after the April 21 Easter Sunday carnage, although the arrivals were over 50 percent down from a year ago, the data released by the country’s tourism office showed.

Tourism on path to recovery

Tourist arrivals which plunged to nominal levels following the Easter Sunday attacks on April 21 are now slowly recovering. The picture shows a tourist feeding an elephant in Uda Walawe. Sri Lanka earned US $ 4.4 billion from tourism in 2018, and was targeting US $ 5 billion earnings this year. Pic by Pradeep Pathirana