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.

Enterprise Sri Lanka loans hit Rs.79bn mark

The Finance Ministry yesterday revealed that over Rs.78.6 billion worth of loans have been disbursed under the Enterprise Sri Lanka concessionary loan programme through 46, 673 loan facilities. The programme, which is conceptualized by Finance Minister Mangala Samaraweera, is aimed at creating 100, 000 entrepreneurs. A Finance Ministry statement said 20, 286 loan facilities were given under the ‘Sonduru Piyasa’ scheme while 2, 258 loans given und

HNB marks 50th AGM opening market trading at CSE

Hatton National Bank (HNB), which has been in existence for 130 years, marked its 50th AGM yesterday at the Colombo Stock Exchange (CSE) by opening trading with the ringing of the ceremonial bell.

SL welcomes 11, 200 cruise tourists

Sri Lanka has welcomed 11, 200 cruise tourists so far this year, who arrived in the island nation on six cruise ships, Sri Lanka Tourism Promotions Bureau (SLTPB) said in a statement. According to SLTPB, over the last two weeks alone, over 3000 tourists from Europe, Australia and Thailand arrived in Sri Lanka on board two luxury cruise liners. Luxury cruise liner Sapphire Princess whic

First-ever electric tuk-tuk launched in Sri Lanka

Development Strategies and International Trade Minister Malik Samarawickrama, MP Kumara Welgama and former Eastern Province Chief Minister and current National Apprentice and Industrial Training Authority Chairman Nazir Ahamed seen yesterday at the launch of Mahindra Treo electric tuk-tuk, the first-ever electric three-wheeler in Sri Lanka. The electric tuk-tuk is priced at just below a million rupees and can travel up to 130-kilometres in one ch

SL to hold ministerial level FTA talks with China next month

The Minister of Development Strategies and International Trade, Malik Samarawickrama will visit China next month to hold ministerial level discussions to resume negotiations in connection to the proposed Sri Lanka-China FTA. Speaking to Mirror Business on the sidelines of the inauguration of the First German Pavilion at Build SL 2019 exhibition at BMICH last Friday, he said that he is planning to hold discussions with top Chinese government offic

CCC marks 180 years by ringing trading bell

Sri Lanka’s premier business association, the Ceylon Chamber of Commerce (CCC), yesterday reached its 180-year mark, a milestone that was commemorated with a bell ringing ceremony at the Colombo Stock Exchange (CSE).

Govt. to introduce special law to govern Hambantota trade zone

The government is to introduce the Ruhuna Economic Development Corporation Law soon, which it claims would be applicable to the trade zone in Hambantota.

Build SL 2019 exhibition

The Chamber of Construction Industry Sri Lanka opened the international housing and construction exhibition - ‘Build SL 2019’ for the 15th consecutive year at the BMICH yesterday. The German Chamber of Industry and Commerce has collaborated with the Chamber of Construction Industry Sri Lanka to host a special German pavilion through their agencies in Sri Lanka that will display a wide array of German

Conflicting views on economy’s way forward

Billionaire businessman and corporate leader Dhammika Perera told a recent forum in Colombo that the government must prioritise economic growth focussing on employment generation, contradicting the Prime Minister Ranil Wickremesinghe and his government’s viewpoint that the government must prioritise fiscal consolidation to stabilise the economy in order to escape middle-inco

Prime Minister says govt. will talk to banks to bring down high interest rates

The government will collaboratively work with the banking sector to bring down the high market interest rates in the country, to boost private investment in order to support economic growth, Prime M

Govt. moves forward with digitalisation of economy

The government will begin the implementation of key programmes and formulating the required legislative reforms within the next three months to support the digitalisation of the Sri Lankan economy. Digital Infrastructure and Information Technology Non-Cabinet Minister Ajith P. Perera said drafting the Data Protection Bill and Cybersecurity Bill has reached the final stages and expressed confidence that they would be passed in

East Container Terminal delayed by Prez-PM cold war

The cold war between President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe is delaying the development of Colombo Port’s East Container Terminal (ECT), slimming the country’s chances of becoming a maritime hub in the region, a senior Cabinet minister admitted.

Eighth EU-SL investor dialogue consolidates economic relations, resolves important matters

The eighth EU-Sri Lanka investor dialogue was held at the Development Strategies and International Trade Ministry recently. Many of the earlier outstanding matters had been resolved through dialogue and the joint efforts of the Sri Lanka and European Union (EU) authorities.

PM affirms govt.’s commitment to labour reforms

As emerging technologies are disrupting the world of work creating winners and losers, Prime Minister Ranil Wickremesinghe said his government is committed to carry out labour market reforms for a smooth and inclusive transition towards a competitive social market economy.

Trade deficit expands over US $ 10bn in 2018

Sri Lanka’s trade deficit expanded over US $ 10 billion in the year 2018 despite a significant decline in the December trade deficit with a notable deceleration in the import expenditure, the data released by the Central Bank showed.

IFS poised to scale up operations in Sri Lanka

Sweden-based leading enterprise software solution provider, IFS, is poised to increase its workforce by 23 percent in Sri Lanka this year as the firm is shifting a large chunk of its overseas support functions to Sri Lanka, betting on the country’s “cost effective and innovative” talent pool.

Sri Lanka’s fiscal consolidation path challenging: Moody’s

Sri Lanka government’s efforts for fiscal consolidation will be challenging, given its ambitious revenue targets and election spending—which are difficult to do without—and their success will largely depend on policy effectiveness and faster economic growth, according to Moody’s Investors Services (Moody’s).

French giant Mechelin eyes Lankan tyre sector

Eric Le Corre, Corporate Vice President Public Affairs, Michelin and Nandita Khurana, Zone Head – Legal, Michelin, met Export Development Board (EDB) Chairperson/CEO recently to explore opportunities in the Sri Lankan tyre sector. French Ambassador Eric Lavertu, Economic Counsellor Herve Sarnelli, SLAMERP President Prabhash Subasinghe and EDB Advisory Committee Member Ananda Caldera were also present at the discussion.

Sri Lanka Tourism unveils new documentary at ITB

The world’s leading travel and trade show, ITB opened in Berlin, Germany on Wednesday (6th) where Sri Lanka took center stage with the inauguration of its stand-out pavilion and country branding amidst much grandeur and fanfare.