Real estate sector braces for slowdown

Importers of essential goods seek govt. help to repay loans after bomb attacks

The essential food and commodities’ importers have written to the government requesting immediate assistance, as the current security situation in the country in the aftermath of the Easter Su

Sri Lanka’s 2019 growth to hit 18-year low after Easter bombings

Sri Lanka’s economic growth is expected to slump to a near two-decade low this year, a Reuters poll showed, as tourism, foreign investment and overall business activity eased sharply in the wake of the devastating Easter

Former US envoy urges need for unified leadership for economic revival

A strong and unified leadership remains paramount for Sri Lanka in the aftermath of the Easter Sunday bombings to address the security concerns of investors and to revive the island nation’s economy, according to former US Ambassador to Sri Lanka Robert O. Blake.

Govt. announces relief package for struggling tourism industry

Finance Ministry yesterday announced the much anticipated financial relief package to the country’s troubled tourism industry, which included a one-year moratorium on loans, subsidized credit and 10 percent reduc

Five-star security!

The Kingsbury, one of the five-star hotels in Colombo that was attacked on Easter Sunday, has installed baggage and personnel scanners at its premises to ensure the safety of the hotel’s patrons. The hotel is also protected by the state security.

Praying for peace

A  Sri  Lankan Catholic prays on the road in front of St. Anthony’s Shrine, where an explosion took place during mass on Easter Sunday, in Colombo. Masses in the churches of Archdiocese of Colombo were not held yesterday due to security concerns (Reuters photo)

Colombo on high alert

Sri Lankan Special Task Force (STF) soldiers patrol along a road in Colombo yesterday, after a series of bomb blasts targeting luxury hotels near Colombo’s main business district and churches on Easter Sunday. Islamist extremists in Sri Lanka are believed to be planning attacks on bridges in Colombo, authorities said, as they warned several conspirators in the Easter Sunday bombings that killed 257 people still at large. (AFP)

Tourism chief fears too many committees could spoil the soup

Sri Lanka’s Tourism chief Kishu Gomes urges the government to appoint a single national-level committee consisting of responsible officials and experts to expedite the revival of the tourism industry. He said t

SA’s largest LPG transhipment terminal by Laugfs officially inaugurates operations

Laugfs Terminals Ltd officially inaugurated the operations of its state-of-the-art LPG transhipment terminal at the Hambantota International Port, the largest of its kind in South Asia, with the first of its LPG cargo brought in by the Sri Lankan-flagged vessel Gas Success, part of Laugfs Maritime’s own LPG vessel fleet.

U.S. envoy says threat real as security forces maintain high alert

(Colombo) REUTERS: The U.S. Ambassador to Sri Lanka said yesterday that some of the Islamist militants involved in the Easter Sunday bombings on the island were likely to be still at large and could be planning fresh attacks.

President assures immediate financial relief to hoteliers

President Maithripala Sirisena assured immediate financial relief to Sri Lanka’s hotel sector amid booking cancellations and slowdown in forward bookings in the aftermath of the Easter Sunday bom

Ceylinco General pays US $ 1mn advance to Shangri-La

Ceylinco General Insurance in collaboration with Chubb Insurance of USA have paid an advance of US $ 1 million to Shangri-La Hotel Colombo to commence repairs on April 25, just four days after the devastating bomb on Easter Sunday.

Sri Lanka risks 30% fall in tourist arrivals; US $ 1.5bn in earnings

The Easter Sunday bombings could cost Sri Lanka’s tourism industry up to US$1.5 billion in foreign exchange losses with 30 percent fall in tourist arrivals this year, according to Finance Ministry estimates.

Expedite reform agenda to avoid middle income trap: CB

The Central Bank (CB) has urged the government to expedite the reform agenda to avoid the middle-income trap amid stagnating economic growth, which has led to a marginal decline in per capita income to US $ 4, 102

Impact on tourism inevitable; short-term hit on FDI and portfolio investments expected: Mangala

Finance Minister Mangala Samaraweera says that the impact on the tourism industry from the Easter Sunday bombing would be inevitable while a dent in foreign direct investment (FDI) and portfolio investment are also anticipated in the short term.

Stocks in worst fall in over 7 years after Easter attacks

REUTERS: The Sri Lankan stock index dived 3.63 percent yesterday, its worst plunge in more than seven years, due to retail panic selling in its first trading day after Easter Sunday attacks killed mo

February trade deficit narrows sharply over lower imports

Sri Lanka’s trade deficit significantly narrowed in February, largely owing to the slowdown in imports due to the measures taken by the Central Bank and government and increase in exports, the data released by the Central Bank showed, yesterday.

Security in hotels in Colombo and major cities beefed up

Sri Lanka yesterday beefed up security in tourist hotels in Colombo and major cities, following the series of explosions carried out targeting hotels and churches in the country on Easter Sunday, which is ex

FinMin shares SL’s experience at UN ECOSOC forum in New York

Finance Minister Mangala Samaraweera shared Sri Lanka’s experience in inclusive growth, at the Ministerial Financial Dialogue at the UN Economic and Social Council (ECOSOC) Financing for Development (FfD) Forum, in New York.

IMF gives thumbs up to budget 2019

The International Monetary Fund (IMF) this week gave thumbs up to Sri Lanka’s 2019 budget, which was passed by Parliament last week, saying it strikes a fine balance between revenue-base

IMF says materialising of key global risks could upset growth of emerging Asia

Although the growth in emerging markets and developing economies is expected to stabilise around 5 percent, the International Monetary Fund (IMF) this week warned that the materialising of any of the key global risks could derail the growth of these economies.

IMF cuts global growth estimate to 3.3% as world economy loses steam

The global economy is facing a “delicate moment,” beset with risks as the recovery loses steam amid trade tensions, Brexit and other factors, the International Monetary Fund warned yesterday. The IMF’s World Economic Outlook once again

Govt. plans to bring down high market interest rates by 200bps

As Sri Lanka’s bank credit extended to the private sector decelerated significantly in the first two months of the year, the government plans to bring down the high market interest rates by 200 basis points, to maintain private sector credit growth at 13.5 percent this year, to reach the anticipated 4 percent GDP growth. Central Bank Governor Dr. Indrajit Coomaraswamy yesterday told reporters in Colombo that Prime Minister Ranil Wickremesinghe re

Capital TRUST acquires Taxiyak and launches Taxiya

Capital TRUST Mobility Solutions (Pvt) Ltd, a subsidiary of Capital TRUST Holdings Limited is launching Taxiya, a mobile taxi hailing service. Focusing on safety, reliability, customer convenience and enhanced benefits to the drivers, Taxiya is set to zoom into the future of Sri Lanka’s organized Taxi service industry. Taxiyak was already a player in the taxi service industry in Sri Lanka and has experienced the market for a couple of years. The

World’s first 5G phone released in South Korea

SEOUL (AFP) - Telecom giant Samsung Electronics yesterday released the Galaxy S10 5G, the world’s first available smartphone with built-in fifth-generation communications, as South Korea seeks to build a lead in the transformative technology.

ADB forecasts 3.6% growth for Sri Lanka

The Asian Development Bank yesterday made a rather optimistic forecast on Sri Lanka’s economic growth for this year and the next, although the development lender admitted the ongoing scheduled power cuts and freak weather haven’t been factored into the growth numbers. Releasing its flag

BOI to sign lease agreement to allocate 200 acres for oil refinery this week

The Board of Investment (BOI), within this week, is expected to sign the 50-year lease agreement with Silver Park International (Pte) Ltd, a Singaporean investment vehicle owned by India’s Accord Group, to formally handover the 200 acres of land allocated for the US $ 3.85 billion oil refinery project in the Mirijjawila Export Processing Zone (EPZ), Hambantota.

Cargills Bank dressed up to go public next year

Close to five years in business, Cargills Bank has formally begun work towards a listing on the Colombo Stock Exchange (CSE) next year. “Work towards listing the bank on the Colombo Stock Exchange has commenced and is scheduled to reach completion in 2020. “In preparation for this major milestone, Cargill

Sri Lanka destroys more than US $ 100mn worth of cocaine

(Colombo) REUTERS: Sri Lankan authorities destroyed more than 767 kilogrammes of cocaine with an estimated value of more than US $ 100 million yesterday, at a special facility near the capital Colombo.