Braving the heat wave…

Tourists were seen sunbathing at the Trincomalee Beach in Sri Lanka’s Eastern Province, despite the heat-wave advisory issued by the Meteorological Department yesterday, that included the Eastern Province

Mangala to address 51st ADB Annual Meeting in Manila, Philippines

Sri Lanka’s Finance and Mass Media Minister Mangala Samaraweera arrived in Manila, the Philippines, yesterday to take part in the 51st Annual Meeting of the Asian Development Bank’s (ADB) Board of Governors.

Ceylon Tea risks losing Japanese market

Sri Lanka risks losing a key market for its high and medium grown teas as tea exports to Japan remain close to zero during this year amid Japanese authorities rejecting several tea shipments during last four months amounting in value to approximately Rs.1 billion, Mirror Business learns.

Harsha says govt. won’t meddle with exchange rate

State Minister of National Policies and Economic Affairs Dr. Harsha de Silva yesterday ruled out the possibility of introducing measures to contain the devaluation of the rupee, in the wake of the local currency hitting record lows against the U.S. dollar. 

Central Bank releases 2017 Annual Report

The Central Bank Governor Dr. Indrajit Coomaraswamy handed over the first copy of Central Bank’s Annual Report - 2017 to Minister of Finance and Mass Media Mangala Samaraweera yesterday at the Treasury as per the statutory requirement. Secretary to the Treasury Dr. R. H. S. Samaratunga, and Deputy Governors Dr. P. Nandalal Weerasinghe, K.D. Ranasinghe and C.J.P. Siriwardene were present at the occasion.

Transparency improves in SL’s budget implementation process

The government has made significant progress in disclosing the status of implementation of promises in the budget 2017 in the last six months of 2017 and beyond, compared to the first half, a leading think-tank in the country said.

Govt. moves ahead with further liberalisation of lubricant market

Petroleum Resources Development Ministry along with the shadow industry regulator, Public Utilities Commission of Sri Lanka (PUCSL), are gearing to implement the third round of liberalisation of Sri Lanka’s lubricant industry, based on a budget proposal.

Paddy output set to recover this Maha season

Sri Lanka’s paddy production will increase by approximately 63 percent to reach 2.4 million metric tonnes, in the current 2017/18 Maha season, recovering from the drought experienced during the previous Maha season, the Agriculture Department forecasted in a report. 

Eran says capacity building to manage public debt a top priority

Sri Lanka’s State Minister of Finance Eran Wickramaratne has pointed out that building capacity for public debt and liability management is a matter of priority for many developing nations, particularly the low-income countries. 

Govt. to impress diplomats with tourist safety measures

The Tourism Development Ministry will be reaching out to the diplomatic community to show the remedial action taken by the government to ensure that tourists aren’t harassed or harmed in the future after the recent trouble experienced by tourists in Mirissa and the local communal violence which took place in Kandy.

UK keen to expand direct investments in Sri Lanka

The UK Secretary of State for International Trade Liam Fox has said that Britain is ready for direct investments in Sri Lanka while increasing its existing investments in the country. According to President Maithripala Sirisena’s media division, the British government will take necessary measures in this regard in the near future. 

Sri Lanka pools into US $ 5mn Commonwealth small states fund

In order to help the small states get access to global markets, Sri Lanka has pledged financial contribution to setup the Small States Trade Financial Facility, on the margins of the ongoing Commonwealth Heads of Government Meeting (CHOGM) in the United Kingdom.  

Ensuring tourist safety everybody’s responsibility, says Tourism Minister

Sri Lanka yesterday pledged to protect tourists visiting the island nation as much as possible following a spate of attacks on foreigners, but stressed that the responsibility of protecting tourists falls on the tourists themselves, as well as every Sri Lankan citizen.

President to deliver keynote address at Commonwealth Business Forum

President Maithripala Sirisena, who arrived in London on Sunday night to attend Commonwealth Heads of Government Meeting (CHOGM) 2018, is scheduled to address the Commonwealth Business Forum tomorrow.

Port City unveils roadmap to prosperity

CHEC Port City Colombo this week hosted its future utility partners, representatives from allied government agencies and prospective investors to an event themed ‘Roadmap to Prosperity’, held at The Kingsbury, to present the project’s Development Control Regulations (DCR).  

Govt. to introduce online property registration service

Aiming for quick wins to move up the 2019 Ease of Doing Business rankings of the World Bank, the Sri Lankan government will be introducing online property search and registration services for the city of Colombo, while other regions would be left waiting for another two years.

Moody’s gives thumbs up for new Inland Revenue Act

Moody’s Investors Service yesterday said the new Inland Revenue Act (IR Act) developed to build weak state revenues would help to gradually bridge the massive hole in the fiscal account and reduce the external vulnerability marred by heavy public debt in the medium term. 

Dubai investors explore opportunities in tourism sector

A group of high-profile investors based in Dubai met Development Strategies and International Trade Minister Malik Samarawickrama for a special roundtable investment forum organised by the ministry and Board of Investment. 

International donors to plough billions into Lebanon

AFP: International donors are set to pledge billions of dollars in aid and development loans for Lebanon at a conference in Paris yesterday, hoping to stave off an economic and humanitarian crisis.

New board brings new hopes for SriLankan

The national carrier, SriLankan Airlines, which is running at massive losses, is hoping to return to profitability in three years according to the new director board, which was appointed this week following the resignation of the previous directors.

Rate cut signals end to tightening bias: Central Bank

The 25 basis point lending policy rate cut announced yesterday signals the Central Bank moving away from the tightening bias it had maintained for almost two years, Central Bank Governor Dr. Indrajit Coomaraswamy said.

FinMin puts bunching debt figure at US $ 15bn between 2019-2022

Headroom to tackle Sri Lanka’s worsening public debt situation appears to be disappearing as the government estimates a whopping US $ 15 billion in foreign debt service payment during the four years from 2019 to 2022.

e-Roc makes registering a company one-day affair

The Registrar of Companies yesterday launched the e-ROC digital platform, which would allow companies to be registered in Sri Lanka within one day going forward, compared to the previous nine days.

SEC to get tough on insider trading as new Bill widens scope

Those who eavesdrop to the chitchat among listed company directors and top officials at social gatherings and cocktails and trade at the Colombo bourse based on such information, could fall into trouble in future with the enactment of the new Securities and Exchange Commission (SEC) Bill. The new Bill, which is at least a decade or more overdue, has provisions to catch anyone that trades on unpublished,

Dialog Axiata Digital Innovation Fund invests in Roar, InsureMe and MyDoctor.lk

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, has selected new media platform, Roar, insurance broker, InsureMe and integrated healthcare platform MyDoctor.lk as its first phase of investments.  

Coca-Cola commits US $ 50mn to Sri Lanka over next 5 years

The Coca-Cola Company President/CEO James Quincey who met Prime Minister Ranil Wickremesinghe during his maiden visit to Sri Lanka recently has made a US $ 50 million commitment to 

Japan’s ORIX divests LOLC stake to Ishara for Rs.12.8bn

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.

CB may go easy on capital if banks hit severely by IFRS 9

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. 

German Industry and Commerce delegation in town

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 scores hat-trick at Golden City Gate Awards

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