A Sri Lankan man carries clothes racks for sale in Colombo

A  Sri  Lankan man carries clothes racks for sale in Colombo. Sri Lanka’s countrywide consumer prices in July rose to 3.4 percent on year-on-year basis from 2.5 percent in June.  The increase was driven by low base in the previous year and acceleration of prices in non-food items.  (AFP Photo)

Non-adoption of delisting resolution has no impact on business, commitment: AIA

The failure to adopt a resolution to take AIA Insurance Lanka PLC (AIA Sri Lanka) private at an Extraordinary General Meeting (EGM) this week will neither affect the insurer’s business in Sri Lanka nor its parent company’s commitment towards the market, a top company official said. 

First cut of H’tota port master plan by November

The first cut of the master plan drafted by the British consulting firm Atkins on Hambantota port is likely to be received by November this year, a top official of the Hambantota International Port Group (HIPG) said.

Banks urged to relax lending, look at possibility of increasing pawning

In what could be only termed as a ‘desperate’ move, the government is said to have enquired from the country’s banking sector of the possibility of increasing the pawning loans by at least half a trillion rupees, Mirror Business reliably learns.

SL to face tighter external refinancing conditions next 5 years: Moody’s

Significantly tighter external borrowing conditions are likely to further squeeze Sri Lanka’s debt affordability as the country grapples to rollover its mammoth US $ 17 billion foreign currency debt in the next five years amid tightening international capital market yields and capital outflows from frontier and emerging markets with rising yields in the United States.     

SLITA will soon expand services to South Asian region: Rishad

Having successfully wrapped a three decades’ run, Sri Lanka’s foremost apparel training body is to expand to the South Asian region next.  Meanwhile, for Sri Lanka to sustain its apparel advantage over the longer term, it needs to think beyond its low cost of labour. “I am pleased to inform that Sri Lanka Institut

SLTDA partners UDA to expedite tourism projects

The Sri Lanka Tourism Development Authority (SLTDA) this week partnered with the Urban Development Authority (UDA) to expedite the investment approval process by streaming it to cut down the project approval time period by half and reduce costs.  SLTDA Chairman Kavan Ratnayaka and UDA Ch

Alumex announces aggressive plans for future with new manufacturing plant

Sri Lanka’s largest aluminium extrusion manufacturer, Alumex PLC, a subsidiary of the Hayleys group, on Tuesday announced aggressive plans to sharply increase its aluminium extrusion exports to 10 percent from the current 2 percent and to tap into the local residential housing market with a marketing strategy to capture 50 percent share in the window and door market.

Poor policy coordination blamed for agri sector poverty

The poor coordination of agricultural policies among government agencies, disharmony between agricultural and trade policies and the lack of congruence between agricultural and other national policies and goals, have become major roadblocks to uplift the general living standards of Sri Lanka’s farming community. Addressing a joint se

Sri Lanka Tourism Awards relaunched

The Sri Lanka Tourism Development Authority yesterday announced the relaunch of the annual Sri Lanka Tourism Awards, which is scheduled to be held on December 6, following a six-year hiatus.

Over-leveraged but not worried, says Hayleys

Sri Lankan multinational Hayleys PLC, which accounts for 3.3 percent of the country’s export earnings and has business interests spanning over 16 sectors, says it is “not worried” about the debt pile it

Achchuveli Industrial Zone phase-II planned at Rs.100mn: Minister

Marching ahead with plans to industrialise the Northern Province, Industry and Commerce Minister Rishad Bathiudeen said the next phase of the development of Achchuveli Industrial Zone is plan

KPMG bullish about Sri Lanka’s luxury real estate market

KMPG Sri Lanka remains bullish on Sri Lanka’s luxury real estate market as population growth, fast urbanisation, increasing housing requirement, surge in tourism and growth in household and per 

Two tourists enjoying the scenic beauty from the top of the famous Sigiriya rock fort

Two tourists enjoying the scenic beauty from the top of the famous Sigiriya rock fort,

Trump warns world against business with Iran as sanctions return

AFP: US President Donald Trump warned countries against doing business with Iran yesterday as he hailed the ‘most biting sanctions ever imposed’, triggering a mix of anger, fear and defiance in Tehran.

Merchandise exports grow moderately in 1H

Sri Lanka’s merchandise exports grew moderately in the first half of the year, at 5.3 percent year-on-year (YoY) to reach US $ 5.63 billion, compared to US $ 5.34 billion recorded for the same period, last year, the provisional data from the Export Development Board showed. 

Central Bank sees 2018 economic growth at 4%

The Central Bank has revised down the economic growth forecast for this year to 4 percent from the initial growth forecast of 5 - 5.5 percent at the beginning of the year, as the economic 

Central Bank keeps policy rates steady

The Monetary Board of the Central Bank of Sri Lanka yesterday decided to maintain policy interest rates at their current levels amidst monetary policy tightening in the United States and othe

Amendments to Microfinance Act to rein in loan sharks

Finance and Mass Media Minister Mangala Samaraweera yesterday vowed to bring in new amendments to the Microfinance Act of 2016 before the next budget, to resolve the rural indebtedness, which has become “a national tragedy”, caused by certain errant microfinance companies. 

SLIC to regain market leadership through 3-yr strategy

Sri Lanka Insurance Corporation (SLIC) launches a fresh attempt to regain the market leadership in Sri Lanka’s insurance industry by implementing a three-year strategic plan partnering with a consultancy firm, aligned with fast-tracked branch expansions and modernisation of SLIC operations. 

UL completes acquisition of final Airbus Neo aircraft

SriLankan Airlines yesterday welcomed its newest and final addition to the Airbus A321 Neo fleet. The aircraft arrived from Hamburg via Abu Dhabi on July 29, 2018.

Depressed consumer demand hampers John Keells first quarter

John Keells Holdings PLC (JKH), Sri Lanka’s highest valued business conglomerate, could not escape from the dampened economic activities in the country, as the group performance was hampered by its key consumer business segments.

John tells city hotels to re-commence night clubs to retain tourists in Colombo

Sri Lanka’s Tourism and Christian Religious Affairs Minister John Amaratunga this week called the “grumbling Colombo hoteliers” to re-commence night club operations to retain more tourists in Colombo.

Lankan banks told to be ruthless with borrowers if NPLs continue to rise

The Sri Lankan banks may still be far from a full-blown non-performing loan (NPL) crisis. But cracks are appearing in the asset quality with the rise in sour loans, hindering the banking sector’s future growth prospects.  

Sri Lanka’s maritime sector master plan nears completion

Sri Lanka’s maritime sector master plan, developed by Maritime and Transport Business Solutions (MTBS), a consultancy firm from the Netherlands, and funded by the Asian Development Bank (ADB) is nearing completion, according to Ports and Shipping Minister Mahinda Samarasinghe.

China’s Xi offers fresh US $ 295mn grant to Sri Lanka

Chinese President Xi Jinping has offered Sri Lanka a fresh grant of two billion yuan (US $ 295 million), as Beijing looks to expand its influence in the tiny island country off India’s southern tip.

Export growth outpaces imports in May

Sri Lanka’s deficit in the trade account has been on a continuous expansion, but the pace at which it grew during the month of May decelerated after many months, as the country’s goods exports grew faster than its imports bill. 

Hotel Show Colombo 2018

The 20th edition of the Hotel Show Colombo 2018 – organized by the Ceylon Hotel School Graduates Association (CHSGA) together with event partner CDC Events, was opened by Prime Minister Ranil Wickremesinghe at the BMICH yesterday. Picture shows Tourism Minister John Amaratunga making inquiries about some products on display. 

Sri Lanka unveils 5-year National Export Strategy

Sri Lanka yesterday unveiled the five-year National Export Strategy (NES), a blueprint for achieving US $28 billion in exports by 2022, aiming to facilitate a sustainable transition to a higher middle-income country. 

State-run Lanka Sathosa expects to return to black this year

Lanka Sathosa will return to profits this year amid the cost-cutting initiatives and focus on high-yielding grocery sales, according to the head of Sri Lanka’s state-run supermarket chain.