Japanese financial services major, ORIX Corporation, yesterday exited the Sri Lankan market with the sale of its 30 percent stake in Lanka ORIX Leasing Company PLC (LOLC) to the leasing company’s local promoter and its Deputy Chairman Ishara Nanayakkara, in a whopping Rs.12.8 billion deal.
The Central Bank this week said they could be lenient on higher capital ratios under the new BASEL III rules but the banks need to convey by how much their profits and capital bases may get eroded from the new accounting standard on loan loss provisions.
A visiting delegation of German Industry and Commerce had a preliminary meeting with Development Strategies and International Trade Minister Malik Samarawickrama at the ministry yesterday, prior to the opening of the delegation office in Sri Lanka. German Ambassador Jorn Rohde also participated in the meeting.
SriLankan Airlines, the national carrier of Sri Lanka and a member of the oneworld alliance, reaffirming the global appeal and innovativeness of its marketing communication endeavors yet again, has won three awards at the recently held Golden City Gate Awards 2018 at ITB Berlin, the world’s largest tourism trade fair. The 18th edition of the awards saw a jury of 40 members judging 157 submissions sent by over 30 countries. &nbs
The Sri Lankan government has not yet fully committed to the implementation of a cost-reflective fuel pricing formula and is leaning towards maintaining current subsidised prices, Petroleum Resource Development Minister Arjuna Ranatunga told a press conference yesterday.
Sri Lanka cannot afford to deviate from the path it has embarked upon and ensuring political stability is of paramount importance to attain sustained economic growth for the country, according to Central Bank Governor Dr. Indrajit Coomaraswamy.
Sri Lanka cannot afford to deviate from the path it has embarked upon and ensuring political stability is of paramount importance to attain sustained economic growth for the country, according to Central Bank Governor Dr.Indrajit Coomraswamy.
The Sri Lankan government yesterday kept mum on the possible outcome of its failure to implement a cost-reflective energy pricing reform in the coming months as part of the US $ 1.5 billion balance of payments support programme with the International Monetary Fund (IMF).
Ministry of Development Strategies and International Trade organized a symposium on ‘Initiatives to improve the business climate in Sri Lanka’ at Hotel Taj Samudra yesterday. Minister of Development Strategies and International Trade Malik Samarawickrama and State Minister for National Policies and Economic Affairs Harsha de Silva also addressed the gathering. This was followed by the presentations on ‘Current reform activities
Fitch Ratings Lanka Chief Executive and Country Head Maninda Wickramasinghe last week said Sri Lanka has too many banks, insurance and finance companies, much more than the country needs and the proliferation of such companies has left scant scope for efficient use of the limited capital in the country.
The religious and communal violence that erupted in Kandy could end up stymying the momentum built up in the tourism industry over the past three months, as signs are emerging that foreign tourists are cancelling their visits to Sri Lanka.
Laugfs Gas PLC is planning to return to the black within one financial year, following its corporate restructuring process, which would happen over the next three months, edged along by the new liquefied petroleum gas (LPG) terminal in Hambantota.
State-owned insurance giant Sri Lanka Insurance (SLI) has once again consolidated its position as the market leader in the general insurance sector in the island. The company has emerged as the No.1 in general insurance with a healthy market share of 21.3 percent as at December 31, 2017.
While calling its investments in Lankan stocks a “big bet”, a top Swedish asset management firm said greater liquidity in the Colombo Stock Exchange (CSE) is paramount for Sri Lanka to attract more foreign investor interest to the stock market.
Sri Lanka could emerge as a leading wellness tourism destination for young Japanese professionals, with enthusiasm for Ayurveda and mindfulness tours in Sri Lanka growing among employers in the land of the rising sun.
Sri Lankan shares inched slightly higher yesterday from a two-week closing low, but foreign selling amid political uncertainty weighed on trade, stockbrokers said. The Colombo stock index ended 0.08 percent firmer at 6,557.02, edging up from its lowest close since February 14 hit on Wednesday. Sri Lankan markets were closed for a holiday on Thursday. The index fell 0.28 percent this week.
There should be a paradigm shift to attract more women for unconventional jobs, but for that proper legislations and policies should be introduced to keep them secure in their respective professions, the first female mayor elect for Colombo, Rosy Senanayake, told at an event in Colombo this week.
The recent election drubbing will not make the government to halt the economic reforms agenda it has already set in motion but the country may experience a slowdown in implementation of such reforms, an economist-turned-legislator in charge of national policy making process said.
South Asia’s first ever triathlon got underway at the Galle Face Green yesterday, with the participation of more than 800 local and foreign triathletes. Foreign participation at Ironman 70.3 Colombo was seen from India (133 triathletes), UK (76), France (47), Australia (34), USA (30) and Singapore (26). Three blind racers and a member of the Veddha community also participated.
The notable increase Sri Lanka saw in export earnings was offset by racing imports in December 2017 to record the highest trade deficit for the first time in 5 years, the external sector data released by the Central Bank showed.
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