Footwear and Leather Fair 2019

The 11th Footwear & Leather Fair opened at the BMICH yesterday. The events brings together exhibitors comprising manufacturers, suppliers and exporters who specialize in products like travel goods, footwear, leather goods, raw materials, machineries, chemicals, components and accessories and other services related to the sector. Picture shows former Export Development Board (EDB) Chief Indira Malwatte making inquiries about certain products o

Tea industry eyes ambitious production target this year

Sri Lanka’s tea industry is eying an ambitious production target of 320 million kgs this year, despite ending the previous year on a grim note as tea output in 2018 fell to 303 million kgs from 307 million kgs in 201

SriLankan loses Rs.40bn in 9 months

The losses at the national carrier, SriLankan Airlines, widened during the nine months ended December 31, 2018, despite the gains at the top line level, due to currency depreciation and higher oil prices, the airline said yesterday in a statement.   

Rupee falls on importer dollar demand; stocks post 8-week closing low

(Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday due to dollar demand from importers, while stocks fell to an eight-week closing low amid concerns over debt repayment by the government. The rupee closed at 18

New entity to handle Port City land sales

A new procurement and regulatory entity is to be established within next three to six months to conduct land sales, handle regulation and development activities of Colombo Port City (CPC), a top government official told Mirror Business.  

Sri Lanka sees unexpected population growth amid upturn in fertility rates

Sri Lanka is set to face higher demand for housing, health, food, education, employment, energy, water, transportation and infrastructure amid unexpected growth in population driven by a significant upturn in recent fertility rates and anticipated inward migration.  Participating in t

EDEX Expo 2019

Sri Lanka’s premier and largest education exhibition and job fair “EDEX Expo” opened at the BMICH yesterday. Minister of City Planning, Water Supply and Higher Education Rauff Hakeem ceremoniously declared the event open as Chief Guest. 

Sri Lanka signs US $ 455mn ADB loan agreements

President Maithripala Sirisena, who is currently on an official visit to Philippines, yesterday signed three loan agreements totaling US $ 455 million with the Asian Development Bank (ADB) for projects in higher education and transport as well as technical assistance loan for the  urban sector.

IMF to send team here next month to resume loan talks

The International Monetary Fund (IMF) has said it “remains ready to support” Sri Lanka in its efforts to boost the economy and would send a team to Colombo next month to resume discussions on the stalled loan programme.  

Electronic pre-booking service launched to tackle over-visitation to national parks

Sri Lanka’s Department of Wildlife Conservation (DWC) is to expedite the implementation of the strategic plan to tackle the over-visitation to Yala National Park and other national wildlife parks, while enhancing the quality of visitor experience. Despite two strategic plans being launched in 2015 and 2016 by DWC under the instructions of the then Tour

Sri Lanka targets to double number of Indian tourist arrivals to 1mn this year

Sri Lanka Tourism sets an ambitious target to attract one million tourist arrivals from the country’s largest tourist source market, India this year, by more than doubling over the 2018 Indi

Chinese loans not main source of debt trap, says think tank

Sri Lanka getting caught in a debt trap and finding itself in a precarious position has less to do with its borrowings from China but more to do with its participation in international bond market activities, according to Colombo-based economic think tank  Verité Research.

China looking to set up FTZ in Sri Lanka for rubber exports

China is looking to set up a specialised free trade zone for rubber-based value added exports in Sri Lanka by partnering with private sector rubber manufactures, exporters and planters includ

Sri Lanka suffers US $ 500mn foreign outflow in 4Q

Sri Lanka witnessed foreign outflows to the tune of US $ 500 million during the final quarter of 2018, the government revealed yesterday. As per the data presented by Economic Affairs Non Cabinet Minister Dr. Harsha de Silva and Finance State Minister Eran Wickramaratne, US $ 490 million worth outflows was recorded from government securitie

Dudley Sirisena announces plans to launch anti-corruption movement under President’s leadership

The brother of President Maithripala Sirisena and Araliya Group of Companies Chairman Dudley Sirisena yesterday announced his plans to launch an anti-corruption organisation by joining hands with scholars, professionals, media and business community aiming to put a stop to corrupt activities carried out by politicians and officials and to direct the government on the path of good governance to accelerate the development work in the country. 

Port tariff hike put on hold following ministry secy.’s meeting with industry

The controversial tariff revision by the Sri Lanka Ports Authority (SLPA), which rattled exporters and importers alike, has been suspended after the industry lobbied against the move, Mirror Business learns. The decision to suspend the higher tarif

Cigarette smuggling costs Sri Lanka Rs.18bn in tax revenue in 2017

The government may have lost Rs.18 billion in cigarette tax revenue as a record 583 million illicit cigarettes were estimated to have smuggled into Sri Lanka in 2017, driven by the high taxes on legal cigarettes and the absence of a proper mechanism in place to combat the illicit cigarette inflows, according to a latest research report on Sri Lanka’s illicit cigarette market.   

Bingumal becomes first local CEO to head Standard Chartered Sri Lanka

Standard Chartered last Friday announced the appointment of its first Sri Lankan Chief Executive Officer (CEO), Bingumal Thewarathanthri with effect from January 1, 2019.

Sri Lanka to borrow US$ 1.85 bn from Japan for light rail project

The Japan International Cooperation Agency (JICA) has agreed to lend US $ 1.85 billion to Sri Lanka to build a light rail transit (LRT) service between Colombo Fort and Malambe to ease the cong

Sri Lanka sets US $ 20bn export target for 2019

The Export Development Board (EDB) has set an ambitious target of fetching US$ 20 billion through merchandise and services exports in 2019, a goal that has been set following the export revenue movin

Govt. mulls extending IMF loan programme by another year

Sri Lanka may consider extending the ongoing three-year International Monetary Fund (IMF) loan programme by another year amid sovereign rating downgrades and pressure on foreign reserves. 

Sri Lanka to review feasibility studies of all proposed FTAs

The Development Strategies and International Trade Ministry has decided to review all feasibility studies carried out for proposed Free Trade Agreements (FTAs) with the assistance of experts in international trade at the Department of Commerce (DoC), following heavy criticism levelled at the Sri Lanka-Singapore Free Trade Agreement signed last year.

Colombo port handles record-breaking 7mn TEUs in 2018

The Port of Colombo yesterday handled the seven millionth twenty-foot equivalent container unit (TEU) for 2018, which is a first in the port’s history.  

Fascinating way to welcome 2019!

A man applies colour to a haircut with the number ‘2019’, depicted to welcome the New Year at a salon  in Ahmedabad, India (REUTERS)

Central Bank holds policy rates steady

The Monetary Board of the Central Bank of Sri Lanka (CBSL) at the last policy review of the year decided to maintain policy interest rates at their current levels, as the private sector credit growth keeps accelerating and pressure on external reserves continues despite the economy performing below its potential.   

Tea production, exports dip in November

Tea exports fell by 8.6 percent in November while tea production recorded a marginal decline overshadowed by unfavourable weather conditions and production disruptions due to trade union actions in the estates managed by Regional Plantation Companies (RPCs).  According to the Sri Lanka Tea Board (SLTB), tea export volumes dropped by two million kilogrammes (M/kg) to 21 M/kg in November, while tea production fell by a marginal 0.2 M/Kg or 0.

SL’s merchandise exports to pick up in 2019: UNESCAP

Sri Lanka’s merchandise export earnings are likely to accelerate to 6.3 percent year-on-year (YoY) next year, while the growth of cost of merchandise imports is set to decelerate to 6.6 percent YoY, easing off the pressure on balance of payment, according to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).   

Trade deficit soars on higher vehicle, fuel imports

Sri Lanka’s trade deficit hit US $ 903 million in October expanding from US $ 752 million recorded in the same month in 2017, as the country’s import bill rose significantly compared to languishing exports. 

Seasonal shopping

With Christmas round the corner, shopping hype has gained momentum with an array of goods for the festive season. Here some shoppers selecting Christmas decors in one of the streets in Colombo. 

Colombo on the way to become Tuk capital of Uber universe: official

Colombo has become the fastest growing market for UberTuk product and is on the way to become the Tuk capital of Uber universe, a top Uber official said. “Today, the growth of UberTuk p