The umbrella organisation of the regional plantation companies (RPCs), the Planters’ Association of Ceylon (PA), yesterday cautioned that this year’s tea output would fall below 300 million kilos while the tea export income would fall below US $ 1.5 billion, due to the ongoing estate workers’ strike launched by trade unions, demanding to double the basic daily wage of estate workers. Sri Lanka was earlier targeting a tea
President Maithripala Sirisena appears to have softened his decision to ban state entities holding official ceremonies, meetings and various programmes at private hotels, which was announced by the President’s Media Division (PMD) last week.
The ongoing political turmoil in the country has created “irreversible serious economic consequences” for Sri Lanka for years to come, particularly damaging the foreign investor sentiment, which would ultimately result in limiting foreign capital inflows to the country, a senior economist in the country said. “Even if the country is able to resolve the political crisis within a week or month, the echoes or impact of unfortunate
The political leaders representing the major political parties in the country are in agreement to get the International Monetary Fund (IMF) programme back on track as soon as possible to stabilise the economy, amid external financial conditions increasingly becoming unfavourable for the island nation, according to Central Bank Governor Dr. Indrajit Coomaraswamy.
(Colombo) REUTERS: A Sri Lankan court yesterday issued an order preventing Mahinda Rajapaksa from acting as prime minister and holding Cabinet meetings, the latest twist to a political drama gripping the South Asian country.
More industry bodies are joining the chorus to urge the country’s political leadership to ensure stability and a swift solution to the current political stalemate situation to avert dire consequences to the country’s economy and its people.
The Regional Plantation Companies (RPCs) have asserted that the Rs.1000 daily wage increase for tea estate workers demanded by trade unions is impossible amidst declining tea prices and rising cost of production, which has been further heightened by the loss considerable market share in the Japanese tea market. Spea
Sri Lanka’s three State banks will borrow up to US$1 billion from foreign sources before the end of 2018 and use the money to pay off maturing foreign loans, Finance Ministry Secretary S.R. Attygalle said on Thursday. The move comes as Sri Lanka faces a worsening political crisis with a newly appointed government refusing to resign despite losing two confidence votes in parliament.
The Central Bank yesterday hit back at Moody’s Investors Service over the recent credit rating downgrade, stating that the rating agency’s decision is unwarranted and unjustifiable as it is purely based on heightened political uncertainty, with no evidence of slippages in macroeconomic policies.
Sri Lanka’s tourism industry stakeholders yesterday expressed concerns over the possibility of prospective tourists who would have visited Sri Lanka turning to other alternative destinations due to the prolonged political crisis, as tourist bookings for the crucial winter season are already showing a slowdown. Speaking to Mirror Business, key tourism
Sri Lanka’s Central Bank unexpectedly raised its key policy rates yesterday, a move aimed at defending a faltering rupee currency as foreign capital outflows pick up amid an escalating political crisis and rising U.S. interest rate
Anura Priyadharshana Yapa assumed duties as the Minister of State for Finance at the Finance Ministry yesterday. Minister of Finance and Economic Affairs, Prime Minister Mahinda Rajapaksa, ministers Lakshman Yapa Abeywardene and Dunesh Gankanda and Ministry Secretary S.R. Attygalle and other senior officials were present during the occasion.
Tourist arrivals to Sri Lanka in the month of October increased only 0.5 percent year-on-year (YoY) to 153, 123 with arrivals from several key regions declining, data released by the Sri Lanka Tourism Development Authority showed. Asia and Pacific continued to be the largest source of tourist traffic to Sri Lanka with 47 percent of the total traffic received in October 2018. Europe acco
The subdued macro environment and higher costs relating to expansions and refurbishments affected the performance of the premier blue chip John Keells Holdings PLC’s (JKH) September quarter (2Q19), although the higher interest income and a tax reversal at the group’s insurance subsidiary boosted the bottom line.
Canada issues travel advisory over serious risk in Arugam Bay
More countries issue travel advisories
Sri Lanka Tourism invites global travellers for upcoming season
Russian embassy urges citizens to stay vigilant in Arugam Bay
US Embassy issues travel warning for Arugam Bay
Warning of a terror attack: Govt springs into action on multiple fronts
Indian Intelligence alerts Sri Lanka to potential attack in Arugam Bay
Tourism industry on edge as travel advisories mount
Israelis top tourist arrivals in Arugam Bay, but reduced now