CEAT Kelani to invest Rs.3bn in local tyre industry over next two years

CEAT Kelani Holdings yesterday announced an infusion of Rs.3 billion in new investments for the enhancement of manufacturing capacity, new product development and growth of exports, in a significant vote of confidence in the prospects for the India–Sri Lanka joint venture tyre manufacturing operation.

PM tours Trinity Steel

Prime Minister Ranil Wickremesinghe yesterday took a tour of the Trinity Steel Ltd factory at the Katunayake export processing zone. He was joined by Trinity Steel Chairman Tilak De Zoysa and Managing Director Arun Mirando.

Laugfs Hambantota port LPG venture faces roadblocks

Construction of the connecting pipeline of the US$ 80 million LPG import-export terminal of Laugfs Gas PLC in the Hambantota port has been unofficially halted without further explanation, according to the company’s head.

Cabraal says his hands are clean

Former Central Bank Governor Ajith Nivard Cabraal yesterday denied that any wrongdoing related to bond auctions had occurred during the period from 2008 to 2014, as alleged by the prime minister.

Japanese Foreign Affairs Minister visits Colombo port

The Japanese Foreign Affairs Minister Taro Kono paid a special visit to the Sri Lanka Ports Authority (SLPA) following his official visit to Sri Lanka. 

Sri Lanka records highest tourist arrivals in 2017

Tourist arrivals to Sri Lanka reached an all-time high of 2,116,407 in 2017, according to the latest data released by the Sri Lanka Tourism Development Authority. The arrival figure for 2017 represents a 3.2 growth or 65,595 more arrivals over the preceding year when the figure crossed the 2 million mark for the first time.

Port City construction in full swing

Work on the US $ 1.4 billion China-funded Colombo Port City is steaming ahead. The developing company, China Harbour, is expected to invest a further US $ 1 billion on the construction of three 60-storey buildings within the Port City that will house the proposed Colombo International Financial Centre. The Central Bank expects FDI flows into the Port City and Hambantota port to drive Sri Lanka’s growth 

CB announces 6-month programme to revive ETI Group finance firms

The Central Bank on Tuesday revealed a host of measures to bring the illiquid, mismanaged, non-banking financial institutions (NBFIs) in the ETI Group back into liquidity within six months, after placing the management of the parent company in the hands of an expert panel. 

SL-Singapore FTA first draft forwarded for Cabinet approval

The first draft of the Sri Lanka-Singapore Free Trade Agreement has been forwarded to the Cabinet of Ministers for approval ahead of the visit of Singaporean Prime Minister Lee Hsieng Loong to Sri Lanka later this month, a leading civil servant said.

Central Bank sets record straight on CIFL

The Central Bank last week defended itself against the accusations of misconduct made by the stakeholders of the troubled financial institution, Central Investment and Finance PLC (CIFL), saying that the banking and finance sector regulator has acted according to the regulations in this particular case.

Marginal impact on Lankan exports by US GSP pause : Rishad

Non-renewal of US Generalized System of Preferences (GSP) does not affect our US trade in a significant way, said Industry and Commerce Minister Rishad Bathiudeen at a meeting with top officials at his ministry yesterday.  

Central Bank confident of achieving US $ 10bn in foreign reserves next year

The Central Bank yesterday said that Sri Lanka’s foreign reserves may reach up to US$ 10 billion next year, discrediting concerns raised by ratings agency Moody’s earlier this month.

France lends euro 13.9mn for Lankan dairy projects

Marking the over 45-year- old development cooperation between Sri Lanka and France, the Government of French Republic agreed to extend its assistance to Sri Lanka by providing a euro 13.9 million 

Think tank highlights importance of tourism research

The Institute of Policy Studies (IPS), an autonomous government affiliated think tank recently called on greater attention to be placed on research into the country’s burgeoning tourism sector in order to maximize the benefits and minimize the harm from tourism. During a recent Twitter chat on the State of the Economy 2017, IPS 

SLTDA profiles Colombo street artists

The Sri Lanka Tourism Development Authority launched a booklet profiling the artists who showcase their paintings at Green Path, Colombo 07. Here, Tourism Development Authority Director General Malraj B. Kiriella presenting a copy of the booklet President Maithripala Sirisena on the sidelines of an event organised by the Local Government and Provincial Councils Ministry this week 

Christmas Fest 2017 inaugurated

Prime Minister Ranil Wickremesinghe and Archbishop of Colombo Cardinal Malcolm Ranjith light up the giant Christmas tree at the inauguration of Christmas Fest 2017, organised by the Tourism and Christian Affairs Ministry and Sri Lanka Tourism Promotion Bureau, in the presence of (from left) Tourism Development and Christian 

Dialog Axiata launches Sri Lanka’s first digital venture capital fund

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, announced the launch of the Digital Innovation Fund (DIF), in the presence of Malaysian Prime Minister Dato’ Sri Mohd Najib bin Tun Abdul Razak to signify the Malaysian investment in setting up the country’s first digital venture capital fund to exclusively focus on financially supporting Sri Lankan digital startups. 

Malaysian PM in town!

Malaysian Prime Minister Datuk Seri Najib Tun Razak (L) and President Maithripala Sirisena (C) attend a welcoming ceremony at the Presidential Secretariat in Colombo yesterday (AFP)

Beetle in a teacup or more than that?

Russia placing temporary import restrictions on tea and other agriculture products from Sri Lanka, according to top government sources, appears to be a ‘tit-for-tat’ reaction to the island nation’s move towards banning chrysotile asbestos, a key export product of the largest country in the world. 

Central Bank’s FIU enters into MoU with Sri Lanka Police

In terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), the Financial Intelligence Unit (FIU) of Sri Lanka entered into a Memorandum of Understanding (MOU) with Sri Lanka Police on December 13, at the Central Bank of Sri Lanka to share information, intelligence in order to facilitate investigations and prosecutions on money laundering, terrorist financing and other related offences.

Unions launch scathing attack on SriLankan bosses

In a scathing attack on its top brass, the unions of the SriLankan Airlines in a letter dated December 12, 2017 said, if any of the current board members or CEO remains part of the airline post-restructuring, they have no confidence in the whole restructuring process for which SriLankan Chairman Ajith Dias requested the 

Politics flare up at economic forum

Emotions ran high at the seminar on ‘Sri Lankan Economy: Future Policy Direction’ organised by the Sri Lanka Economic Association (SLEA), with those of differing political economic leanings finding it difficult to find common ground.

Politics flare up at economic forum

Emotions ran high at the seminar on ‘Sri Lankan Economy: Future Policy Direction’ organised by the Sri Lanka Economic Association (SLEA), with those of differing political economic leanings finding it difficult to find common ground.

Vehicle service industry lobbying to reverse pro-EV policy?

?The vehicle service industry may be lobbying to reverse the pro-electric vehicle (EV) policy and may continue to engage in predatory business practices to counter the lower revenues they would receive in the future due to new government policies,  a consumer group warned. 

Govt. receives first port payment from China-led company

Prime Minister Ranil Wickremesinghe receiving the US$292 million cheque as the first payment from China Merchants Port Holdings for taking over the commercial operations of the Hambantota Port this Saturday.  The entire deal, worth US$ 1.12 billion, will see the Chinese company having 70 percent of the effective shareholding of the port for 99 years.

Play Expo 2017

Play Expo 2017, the country’s largest video gaming and e-sports championship with the largest gathering of geeks,

SriLankan: Govt.’s litmus test for SOE restructuring?

The fate of the ailing national carrier, Sri Lankan Airlines, will be decided soon as the airline has now become a litmus test for the government to prove its commitment towards restructuring of loss making state-owned enterprises (SOEs)—one of the key conditions of the ongoing three-year programme Sri Lanka has with the International Monetary Fund (IMF). 

Leo Burnett does it again by winning the Gold at Campaign Asia Agency of the Year

Leo Burnett Sri Lanka, the local office of the global advertising network Leo Burnett Worldwide, repeated its success and completed a hat-trick

ComBank wins overall award at CA Sri Lanka Annual Report Awards

Commercial Bank PLC on Tuesday won the ‘Cyril Gardiner Memorial Trophy’ Gold award for Overall Excellence in Annual Financial Reporting at the 53rd Annual Report Awards 2017,

Sri Lanka Insurance puts up strong show for September quarter

Sri Lanka Insurance, the leading insurance company in the island, has put up a strong performance for the period ending September  30, 2017.