Policy rates kept steady as price pressure seen easing

Sri Lanka’s Central Bank yesterday left its key policy rates unchanged as the short-term rates eased and the pressures on medium term prices in the economy appeared less of a concern. But the credit to the private sector remained stubbornly at elevated levels.   The 5–member 

Abans success now a case study at Harvard Business School6

Abans Founder Chairperson Aban Pestonjee was invited to be interviewed by Prof. Geoffrey Jones, Faculty Chair of Harvard Business School’s Business History Initiative, on the topic of ‘Creating Emerging Markets’. 

Glyphosate ban set to brew up trouble for Lankan tea exports

With the ban of the weed killer glyphosate without scientific evidence, some planters have started using alternative chemicals, running the risk of Ceylon Tea exports becoming banned in overseas markets, according to Ceylon Tea Board Chairman Rohan Pethiyagoda.

World Bank commends GoSL on positive social indicators

Executive Director of the World Bank for the constituency of India, Bangladesh, Bhutan and Sri Lanka, S. Aparna, together with the World Bank’s Country Director for Sri Lanka and the Maldives, Idah Z. Pswarayi-Riddihough, called on the Minister of Finance and Media Mangala Samaraweera this week at the Finance Ministry. 

CIMA President meets Finance Minister

Chartered Institute of Management Accountant (CIMA) President David Stanford yesterday paid a courtesy call on the Minister of Finance & Mass Media Mangala Samaraweera at the Treasury. Stanford was accompanied by CIMA Regional Vice President Venkkat Ramanan and two other CIMA officials. 

SL mulls introducing new monetary law to streamline CB’s functions

The government has resumed its efforts to restructure the Central Bank after months of silence on the matter, with Prime Minister Ranil Wickremesinghe announcing that discussions are ongoing to introduce a new monetary law.

Red clay roof tiles in high demand as asbestos ban looms

Roof tiles made out of red clay is now in high demand due to the asbestos ban that is set to come into effect next year, according to the country’s Industry and 

Govt. mulls imposing restrictions on hotel constructions in Colombo

The government may start limiting hotel construction in Colombo, as concerns of oversupply are now rising, Tourism Development and Christian Religious Affairs Minister John Amaratunga said yesterday.

PM says targeting economic leap even bigger than 1977 free market reforms

Prime Minister Ranil Wickremesinghe is eyeing to create an even bigger legacy than his uncle, the late President J.  R.  Jayewardene, with an economic leap even bigger than of Jayewardene’s 1977 free market reforms.  

Colombo International Book Fair

The Colombo International Book Fair 2017 was opened by President Maithripala Sirisena at the Bandaranaike Memorial International Conference Hall (BMICH) yesterday. Organizers, Sri Lanka Book Publishers Association said there will be around 300 – 400 local and foreign book stalls, and the fair 

Brandix named Sri Lanka’s Exporter of the Year for 5th successive year

The Brandix Group has topped Sri Lanka’s ranking of exporters for the fifth consecutive year in 2016 to be declared the country’s Exporter of the Year by the Export Development Board (EDB) at a ceremony presided over by President Maithripala Sirisena yesterday.

Hayleys to acquire Singer Sri Lanka for Rs.12.5bn

Diversified conglomerate Hayleys PLC, continuing with its buying spree, yesterday struck a mega deal to acquire a 71 percent stake in leading consumer durables retailer Singer (Sri Lanka) PLC (SSL) in a whopping Rs.12.5 billion deal.

CB, ICTA to develop new payment platform under existing laws

The Central Bank is now involved in the development of a new National Payment Platform (NPP) for digital financial transactions under existing legislation, after recent efforts to set up the platform outside the purview of the Central Bank hit a brick wall. 

Hemas Pharmaceuticals establishes regional footprint with presence in Myanmar

Leading pharmaceutical importer and distributor in Sri Lanka, Hemas Pharmaceuticals has ventured into regional shores for the first time with its entry into Myanmar to commence distribution operations as Hemas Mandalar Pharmaceuticals Ltd.  

CIC’s Rs.2 billion agri-investment to boost Lankan economy

Sri Lanka’s long-standing leader in agriculture – the CIC group – has elevated the country’s agriculture sector via futuristic investments amounting to over Rs.2 billion, which are now infusing state-of-the-art technology into the industry, thereby making an enduring impact on the livelihoods  of farmers.

Sri Lanka – Pakistan urged to strengthen trade and investment

Lahore Chamber of Commerce and Industry (LCCI) is the oldest and largest trade body in Pakistan with strong credentials having a large membership base standing around 20 thousand members.  

Growth is the key focus for the next 18 months – Takas CEO [Video]

Takas CEO Lahiru Pathmalal speaking to Daily Mirror - Business told that growth will be the main focus for the next 18 months. He further stated that giving the best customer service will be a main feature of their business model.

Colombo Dockyard lays keel for largest ever ship to be built in Sri Lanka

Colombo Dockyard PLC (DOCK), a subsidiary of Japan’s Onomichi Dockyard Company Limited, yesterday began the construction of the largest ship to ever be built in Sri Lanka on a US $ 53 million contract for Japan’s Kokusai Cable Ship Co. Ltd (KCS).

Promoting greater trade and investment among SAARC nations!

SAARC Chamber of Commerce and Industry President Suraj Vadiya presents a memento to Prime Minister Ranil Wickremesinghe at the inauguration of the SAARC Investment Forum held to promote greater trade and investment cooperation among SAARC countries, in Colombo yesterday. 

Rain and winds lash several districts

A couple at Galle Face, Colombo, struggles to brave the heavy rains with two feeble umbrellas. Several provinces in the country are experiencing a heavy rainfall with some areas inundated and creating the risk of landslides

Govt. launches ‘Vision 2025’

The good governance government, consisting of the United National Party and Sri Lanka Freedom Party, yesterday launched its latest economic policy document titled ‘Vision 2025’,

Apartment boom running out of puff amid CB reservations?

The Central Bank appears to have succeeded in its efforts at curbing the ‘irrational exuberance’ of property developers, with a slowdown being now witnessed in apartment construction amid fears of a possible property bubble.

Government mulls amending laws governing gem and jewellery industry

The slow developing gem and jewellery sector is slated to undergo a series of changes in the near future with the government looking at reviewing the laws governing the industry to ensure greater contribution to the country’s economy. 

Pakistan shares IMF experience with SL

To mark the 67th anniversary of its establishment, the Central Bank of Sri Lanka (CBSL) yesterday held the 67th Anniversary Oration, 

Property market funding puzzle gets murkier

In what could be an interesting revelation, some businesses are said to have been using their cash reserves to purchase real estate and apartments but have then resorted to bank borrowings under small and medium enterprise (SME) sector loan category to make up for such purchases.  

Primary Industries Ministry mulls implementing computer model to improve productivity of spices indu

The Primary Industries Ministry will be implementing a computer model to optimize the supply and the distribution of the growth of spices and allied products and increase productivity to reach a US$1.5 billion export target, according to the subject minister Daya Gamage.

Asia stocks resilient, dollar up before Yellen, Draghi speeches

REUTERS:  Asian stocks advanced yesterday, once again shrugging off a sluggish day on Wall Street, and the dollar strengthened as attention shifted to the central bankers’ symposium that began on Thursday in Jackson Hole, Wyoming. 

ADB pledges US $ 5bn to SL under new CPS

The Asian Development Bank will be providing up to US$ 5 billion in financing to Sri Lanka through its new Country Partnership Strategy (CPS) over the next five years until 2022, in order to help the country transition into the upper middle income status.

Dialog Axiata trials 5G for first time in South Asia

Sri Lanka yet again showcased its dominance as the regional hub for telecommunications with Dialog Axiata demonstrating 5G (Generation) technology for the first time in South Asia, paving the way for next generation wireless connectivity with speeds in excess of 35 Gbps (gigabits per second).  

Govt. mulls relaxing rules on BOI firms selling in local market

The Board of Investments (BOI) regulations, which limit companies operating in free trade zones from selling in the local market, may be relaxed, Development Strategies and International Trade State Minister Sujeewa Senasinghe said.