Ironwood Capital invests US$ 2mn in findmyfare.com

Private equity fund manager Ironwood Capital Partners has invested US$ 2 million in findmyfare.com, a leading Sri Lankan online travel company.

Sri Lankans urged to shun luxury imports to help stabilise rupee

(Colombo) REUTERS: Sri Lanka’s finance minister urged its people to buy local products and shun unnecessary imports in order to reduce the trade deficit and help stabilise a rupee currency that revisited its all-time low yesterday.

Sri Lanka highly vulnerable to disaster risks: WB

Sri Lanka may be the envy of many countries in the region over its income and development bracket, according to the World Bank (WB), but concerns have become grave over its vulnerability t

Unit of LTL Holdings secures Rs.3bn loan from NDB to build 2 wind power plants in North

Ceylex Engineering (Pvt.) Ltd, an associate company of LTL Holdings, has secured a Rs.3 billion loan from National Development Bank PLC (NDB)  to develop two 10 MW wind power plants in Chavakachcheri. 

Central Bank ready to thwart excessive rupee volatility

The Central Bank of Sri Lanka (CBSL) stands ready to prevent excessive volatility in exchange rate while managing it, CBSL Governor, Dr. Indrajit Coomaraswamy asserted. 

German firms in Sri Lanka committed for further investments: survey

The majority of German businesses operating in Sri Lanka are either planning or considering making further investments in Sri Lanka over the next two years, a survey conducted by the German Industry and Commerce in Sri Lanka (AHK Sri Lanka) has revealed.  “German companie

MAS recognised as ‘Exporting Conglomerate of the Year’

MAS Holdings made history by being recognized as the ‘Exporting Conglomerate of the Year’ at Presidential Export Awards 2018, held at the BMICH, under the patronage of President Maithripala Sirisena on Tuesday. 

Sri Lanka secures US $ 50mn ADB loan for roof top solar

Sri Lanka has secured a US $ 50 million loan from the Asian Development Bank (ADB) for rooftop solar power generation project under the much hyped ‘Soorya bala sangramaya’ or battle for solar power programme.

Rupee hits record low for fourth straight day

(Colombo) REUTERS: The Sri Lankan rupee touched a fresh low of 165.10 per dollar yesterday, due to higher dollar demand from importers and banks to facilitate foreign bond outflows amid exporters who were reluctant to sell the U.S. currency, market sources said.

Public sector salaries, pensions to gobble 44% of govt. revenue this year

Sri Lanka’s recurrent expenditure on public sector salaries and pensions will account for 44 percent of the government’s revenue this year across  1,251 entities due to 

“We are heavily promoting Colombo as a destination” Shangri La Colombo Director

In an interview with Dailymirror Online Shangri La Colombo’s Director Sales and Marketing Chris McFall states that the hotel has been performing well as per the set benchmarks since the opening.

Sustainable Energy Expo 2018

The “Sustainable Energy Expo 2018”, organized jointly by the Electricity and Renewable Energy Ministry, Sri Lanka Sustainable Energy Authority and the Chamber of Construction Industry opened at the BMICH (Nugasewana Hall) yesterday. Picture show Power and Renewable Energy Deputy Minister Ajith P.  Perera making inquiries about some products on display. 

SL urged to adopt scrutinised strategy when engaging China to achieve hub aspirations

Sri Lanka is urged to adopt a scrutinised strategy in engaging with China while utilising on balancing and enhancing measures such as FTAs to diversify relations with other economic powerhouses such as Japan and India to leverage on the island’s geostrategic positioning to establish itself as trade and finance hub, as similar to Switzerland 

Shilpa Abhimani 2018 launched

Shilpa Abhimani 2018 Presidential Handicraft Award Ceremony organised by the Industry and Commerce Ministry and National Crafts Council was launched yesterday at the BMICH under the patronage of Industry and Commerce Minister Rishad Bathiudeen.

Sri Lanka ups tourist arrival target to three million this year

Sri Lanka Tourism has upped its tourist arrivals target to three million from 2.5 million this year, while eyeing four million tourist arrivals next year as the new tourism promotional campaigns are getting off the ground.

PM mulls on amending taxes to support private sector

The government is in discussion with the private sector to amend some of the taxes recently imposed on it, which have been identified as hindering the growth of the private sector, Prime Minister Ranil Wickremesinghe revealed. 

Former ComBank CEO on two listed firm boards

Former Commercial Bank CEO Jegan Durairatnam, who recently retired, has been appointed to the director boards of two listed firms—a bank and a hotel owning company.

Raising awareness for greater good

Ceylinco VIP yesterday held a series of protest demonstrations to raise awareness among motorists and the general public alike on mainstream issues Sri Lanka is facing—from drunk driving to drug menace to violence against women. Kicking off the protests at the Galle Face from 7:00 a.m. to 9:00 a.m., Ceylinco held its sec

SL eyes country pavilion at world’s largest consumer goods show

Sri Lanka plans to have its own country pavilion at the world’s largest consumer goods show, Ambiente in 2020 organised by Messe Frankfurt.  Addressing a media briefing in Colombo yesterday, Messe Frankfurt SP Sri Lanka CEO Omer Salahuddin revealed that Messe Frankfurt has been working with Export Development Board

Finance Ministry special hotline to complain about ESL loan process

The Ministry of Finance will launch a special hotline next week to receive public complaints on the Enterprise Sri Lanka (ESL) loan scheme as several reports have emerged that some banks have turned away the ESL loan applicants.

Tea industry told to look outside in setting up hub

Nathan Sivagananathan who drives strategy, growth and innovation at local apparel major  MAS Holdings, proposes Sri Lankan tea industry to set up a tea trade zone or a bonded hub

Coordinated effort urged for Sri Lanka’s future water security

A leading academic recently proposed to set up a coordination body and to launch a comprehensive watershed management plan to manage Sri Lanka’s water resources effectively as the current uncoordinated intuitional framework poses risks to the country’s water security, despite having sufficient water resources.

Seismic study for petroleum resources begins

The seismic vessel BGP Pioneer has arrived at the Colombo port to conduct a modern broadband 2D seismic survey for hydrocarbon exploration in selected offshore locations around the country. The study is carried out by Eastern Echo DMCC, a fully owned subsidiary of world’s largest oilfield player Schlumberger, at a cost of US$ 9 million. Picture shows Petrol

Coca-Cola buys coffee chain Costa for US $5.1 bn

LONDON (AFP) - Coca-Cola said yesterday it had agreed to buy international coffee chain Costa from its UK owner Whitbread, in a deal that gives the beverages behemoth its first global coffee brand.

FACETS 2018 opens at BMICH

The 28th edition of the FACETS International Gem & Jewelry Exhibition opened with a grand inauguration ceremony at the BMICH yesterday. 

Central Bank hopeful of inflation targeting by first quarter, next year

The Central Bank remains hopeful that it can migrate to flexible inflation targeting in the first quarter of next year— one year before it was originally planned.  Flexible inflation targeting is where the interest rates are determined aiming a set inflation target instead of targeting reserve money or broad money in the economy.  For instance, the U

EPF will soon return to stock market: CB Governor

The Employees’ Provident Fund (EPF) has recently begun trading in the secondary government securities market and will soon start trading in stocks in the Colombo Stock Exchange (CSE) as the fund ha

EDB relaunches ‘1000 start-up’ project to support IT/BPM industry to reach US $ 5bn export target

The Export Development Board (EDB) yesterday announced  the relaunch of the ‘1000 start-up’ initiative, an effort taken towards diversifying Sri Lanka’s export basket and market.

China eyes major role in Sri Lanka’s plantation sector

Chinese firms are in negotiation with Sri Lanka’s Plantation Industries Ministry to set up joint ventures with local firms to infuse substantial capital into rubber, tea and coconut plantations and production value chains to boost production and to produce higher-value added products.

Driverless car

People looking at a driverless rental car by Pand Auto, during the Smart China Expo at Chongqing International Expo Center in southwest China's Chongqing this week (AFP)