BOI forum conveys positive message to potential investors

The Board of Investment held the “Investor Facilitation and Networking Event” at the Cinnamon Lakeside Hotel recently, to engage in a dialogue with investors who have re-invested in Sri Lanka.  

Government likely to drag feet on cost-reflective fuel pricing formula

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. 

CB Governor makes clarion call for political stability

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. 

CB Governor makes clarion call for political stability

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.

Government mum on energy price reforms

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).

Dialog employs robots to up game in customer service

Dialog Axiata PLC in collaboration with Arimac Lanka (Pvt) Ltd, announced the introduction of an intelligent humanoidrobot, as a customer assistant at the Dialog Iconic flagship store.

Symposium on improving biz climate

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

Asian markets mixed after week of fluctuations

Asian investors remained on edge yesterday as the curtain came down on another volatile week for markets with fears of a global trade war playing off against a positive economic outlook.

Govt. invites Japan to develop own industrial zone in Sri Lanka

The Sri Lankan government this week invited Japanese investors to set up export-oriented industries in the upcoming industrial zones and offered Japan the opportunity to develop its own industrial zone in Sri Lanka.

Finlays enters JV with JKH to develop Vauxhall Street land

Finlays Colombo Limited has entered into a joint venture agreement with two wholly-owned subsidiaries of the John Keells group for the development of its land at 186, Vauxhall Street. 

Taint threatens to stain Ceylon Tea

Fifty three tea factories are facing the prospects of having their licences revoked in the near future, after getting caught adulterating tea during a regulatory survey, the Sri Lanka Tea Board said yesterday.

Fitch local boss calls for financial services sector consolidation

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.

Modi welcomes Sirisena

India’s Prime Minister Narendra Modi (R) shakes hands with  Sri  Lanka’s President Maithripala Sirisena as he arrives to attend the International Solar Alliance Founding Conference in New Delhi.

Sri Lanka shines at ITB despite Kandy unrest

Destination Sri Lanka was a hot favourite at the world’s leading travel and trade show ITB which opened in Berlin, Germany on March 7th. 

Kandy violence leads tourists to cancel visits

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 bets on group restructuring to return to profitability

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. 

SLI consolidates market leader position in general insurance

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. 

Sri Lanka is a big bet for us, says Tundra Fonder

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 emerging as top wellness tourism destination among young Japanese professionals

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.

Stocks edge up from 2-week low in thin trade

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.

Paradigm shift required to attract more women for unconventional jobs: Rosy

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.

Harsha explains govt.’s policy dilemma

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.   

Jazz sensation in town marks US relations

Jazz sensation Wycliffe Gordon and sextet, staged a performance for the residents of Slave Island yesterday as part of the 70th anniversary celebration of US-Sri Lanka partnership.

Ironman 70.3 triathlon kick starts

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.

Asian markets finish week on a high

Asian markets ended the week on a positive note following the lead from Wall Street, with energy firms lifted by a rally in  oil prices.

Record trade deficit in December despite higher exports

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.  

CB says processing investment proposal by ETI directors

Neither confirming nor denying the speculations that UK-based Lyca Group is nearing a deal to purchase the ETI Group’s assets, Central Bank Governor Dr. Indrajit Coomaraswamy told Mirror Business that the Central Bank is still processing an investment proposal submitted by the ETI directors.  

NEC chaired by President to present new economic plan

The National Economic Council (NEC), chaired by President Maithripla Sirisena, will present a new economic plan next week to address the key economic issues of the country, the President’s Media Division said in a brief statement yesterday. It said the NEC met for the 8th time yesterday at the Presidential Secretariat and discussed short, medium and long-term programmes required to bring about the urgent changes to the 

Seylan Bank records strong gains for December, full year

Seylan Bank PLC reported group earnings of Rs.4.10 per share or Rs.1.45 billion for the December quarter (4Q17), compared to Rs.3.37 a share or Rs.1.2 billion in the same quarter of the previous year, the interim financial accounts released by the bank showed. 

Central Bank sees higher default risk with possible fiscal side slippage

Sri Lanka could run the risk of defaulting on its loan payments during the next four-year period, if fiscal policy is loosened drastically, according to Central Bank Governor Dr. Indrajit Coomaraswamy.