TUI pledges support for SL’s tourism industry revival

Sebastian Ebel, a member of the Executive Board of TUI AG, responsible for destination experiences, hotels and resorts, cruises and group purchasing, met with Tourism Minister John Amaratunga recently, to pledge support to get the industry back on track and also to do joint destination promotions with the Sri Lanka Tourism Promotion Bureau. The minister thanked the giant travel and tourism operator for the long-standing support for Sri Lanka.

Hans tells private sector to lead economic resurgence

As Sri Lanka strives to progress to the next level while grappling with the current turmoil that has caused a major setback, urgent is the need to catalyze a wave of economic resurgence that will place the country on par with its regional peers in terms of competitiveness, according to the newly elected Ceylon Chamber of Commerce Chairman Dr. Hans Wijayasuriya. Dr.Wijay

Shares post first monthly gain in 2019; rupee gains

REUTERS - Sri Lankan shares ended firmer at a more than one-week high yesterday buoyed by gains in beverage stocks, posting their first monthly gain this year, while the rupee edged up on dollar sales as month-end i

GSP Plus at stake if death penalty reinstated: Mangala

Finance Minister Mangala Samaraweera yesterday expressed concerns over the possibility of the European Union (EU) pulling out the GSP Plus concessionary scheme given to Sri Lanka as the country moves to re

PwC highlights nexus between property and road development in Sri Lanka

Post-war Sri Lanka has seen a dramatic revival to its infrastructure growth. Over the past decade, high-rises, new cities and modern road networks have become an increasingly common sight, not just in the commercial capital of Colombo but throughout the country.

SLASSCOM to develop national AI policy in six months

The Sri Lanka Association of Software and Service Companies (SLASSCOM) plans to develop a national Artificial Intelligence (AI) policy for Sri Lanka, in six months, partnering with the public and private sector stakeholders.

Malaysia awaits green light from Sri Lanka to commence FTA talks

Malaysia is awaiting the green light from Sri Lankan counterparts to officially commence negotiations on the proposed Free Trade Agreement (FTA) between the two countries. “We have already completed a feasibility study on th

Sri Lanka launches own national card scheme

The Central Bank of Sri Lanka together with LankaClear (Pvt.) Ltd (LCPL) achieved a significant milestone in the country’s payment landscape by launching the National Card Scheme (NCS). The NCS will be operated by LCPL in partnership with the international payment card operator, JCB International of Ja

Colombo Dockyard delivers first cable-laying vessel

Colombo Dockyard PLC delivered its first ever cable-laying vessel ‘KDDI Cable Infinity’ last Friday, built for Kokusai Cable Ship Co. Ltd. (KCS) of Japan. The picture shows KDDI Cable Infinity at Colombo Port before setting sail for Japan on Saturday (22nd). Read the full story on Page 5.

Sri Lanka’s premier travel and tourism fair opens

The ninth edition of Sancharaka Udawa, Sri Lanka’s premier travel and tourism fair was inaugurated yesterday at the BMICH, Colombo. This two-day fair will be open to the

Moody’s paints gloomy outlook for economy following Easter attacks

Moody’s Investors Service said the economic fallout from the Easter attacks runs deeper than portrayed, as the April 21 carnage has sent tremors across multiple key sectors from fiscal to the external sector, prompting the rating agency to slash its growth projections for the Sri Lankan economy.

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.