Govt. aims to attract US $ 500mn FDI from Milleniya EPZ with Thai developer

The hyped up Milleniya Export Processing Zone (EPZ) in the Kalutara District, which is to be developed as a public-private partnership with Thai industrial park development giant, Rojana Industrial Park Public Company Ltd (Rojana), will attract US $ 500 million in its initial phases, the Sri Lankan government said yesterday.

Toyota Corolla Classic Car Rally

The Toyota Corolla KE10 - KE55 car owners’ club held the 3rd grand Corolla Classic Car Rally yesterday.

Laksala becoming recognized brand among tourists visiting country

Laksala, Sri Lanka’s apex market facilitator that promotes the country’s historic arts and crafts, is becoming a recognized Sri Lankan brand among tourists visiting Sri Lanka, Minister of Industries and Commerce Rishad Bathiudeen says. 

Down, but not out!

Ravi Karunanayake, who recently resigned as the Foreign Minister, after being linked to a controversial bond dealer under investigation,

Shangri-La Colombo to open doors in November

Shangri-La Hotels and Resorts yesterday announced that Shangri-La Hotel, Colombo is set to open on 16 November 2017. 

Ceylon Chamber praises govt. over H’tota port deal

While lauding the government for the steps taken to develop the Hambantota port as a public private partnership (PPP), Ceylon Chamber of Commerce (CCC) yesterday in a statement urged the government to ensure that the principle of collective responsibility is respected to inspire confidence in its decision making process.

East West Marketing launches Bakewell bakery equipment

East West Marketing, a fully owned subsidiary of Nawaloka Holdings has widened its portfolio through ‘Bakewell’, a brand that houses an prominent range of bakery equipment to meet the emerging and growing needs of today’s out of home professional chefs, bakers and caterers.

SL Customs opens office in Northern Province

Sri Lanka Customs Department recently opened a Sub Preventive Office in Kankasanturai after a lapse of 34 years under the patronage of Finance and Mass Media Minister Mangala Samaraweera and Northern Province Governor Reginald Cooray.

Markets slide, dollar slumps as North Korea fears spike

AFP: Asian equities extended heavy losses yesterday as a worldwide sell-off triggered by US President Donald Trump doubling down on his North Korea rhetoric showed no sign of abating.  European markets also slid in early trade after Wall Street indices suffered their biggest losses in nearly three months Thursday, while the dollar struggled to recover from eight-week lows below 109 yen as investors fled to safe haven assets.

Printcare to invest Rs.750mn in state-of-the-art label printing technology

Top packaging exporter and pioneer in Sri Lanka’s tea packaging sector, Printcare PLC, is to invest Rs.750 million in new label printing technology hitherto unavailable in Sri Lanka, the company said. “We have a history of innovation and a track record of introducing new technologies. These investments follow our rich history of knowing where the curve is going and staying ahead of it,” Printcare PLC General Manager Krishna Ravi

Private credit soars in June

Sri Lanka’s private sector credit has made a surprise recovery in June on the contrary to the widespread expectation that demand for private loans is easing in response to the back-to-back policy 

Charming the tourists!

A group of foreign tourists and some local tourists watch a session of snake charming at the Victoria Park, Nuwara Eliya. 

Commerce Minster says 40% of Sri Lanka’s SMEs in food sector

A huge sub-sector within Sri Lanka’s crucial Small and Medium Enterprises (SME) that directly impacts national food supply and security is being positioned for exports. Encouraged by raging exports in this sector, Sri Lanka has begun work on the country’s first ever international standard food testing and safety centre that directly focuses even the village food producers in the country. 

Policy rates to remain steady this year despite IMF calls: Governor

Sri Lanka’s key policy interest rates are unlikely to change for the rest of this year despite calls from the International Monetary Fund to tighten the rates further, according to Central Bank Governor Dr.Indrajit Coomaraswamy said.

Jetwing to add 3 hotels to portfolio this year with Rs.850mn investment

Jetwing, one of Sri Lanka’s three largest hospitality and tourism firms, is adding three new hotels to its portfolio later this year with Rs.850 million in investments, with the properties located at extreme ends of the island from the capital Colombo.

Trade gap widens in May despite export growth

Sri Lanka’s trade deficit in May widened to US$ 885.6 million 2017 from US$ 809.7 million a year ago as for the third consecutive month, exports growth was overshadowed by a higher import bill.

Thailand’s Rojana to set up industrial zone in Kalutara next year: Sujeewa

The work on the proposed industrial zone in Kalutara by the Thai-based company, Rojana, on a 1000-acre land, which will have about 200 factories, is likely to start by next year in October, International Trade State Minister Sujeewa Senasinghe said. 

Colombo Suburban Railway Project not realistic: expert

The government could be following in the footsteps of its predecessors in project development, as the US$ 2 billion Colombo Suburban Railway Project aiming to modernize and electrify railroads under the grand Megapolis Plan has only taken into account an overly optimistic scenario, an expert warned.

PM says will sign Hambantota port deal with China today

Sri Lanka will finally sign a US$1.1 billion deal today to lease the southern Hambantota port to China, after several months of delay caused by local protests and claims by opposing politicians that this would threaten national security.

Finance income boosts JKH 1Q as key business hit by poor consumer demand

The interim results released by John Keells Holdings PLC (JKH) for the June quarter proved that even the country’s largest conglomerate in terms of market value is not immune to the headwinds in the economy.

SL shouldn’t “overhype” potential trade gains: economist

A senior economist this week voiced concerns over the country’s trade strategy saying that Sri Lanka should not “overhype” the potential gains from trade but should cautiously explore the ways of integrating with the global economy. 

CB Governor urges private sector to look at bigger picture

As Sri Lanka stands at crossroads, thirsty for improved economic progress and prosperity, the country’s Central Bank chief yesterday requested the private sector to take the lead in moving forward the island nation’s debt-ridden economy. 

New tax bill aims to widen tax net, cut indirect taxes: FinMin

Sri Lanka’s new tax bill, demanded by the International Monetary Fund (IMF) as a condition for a third tranche of aid disbursed this week, would seek to ensure that all citizens pay direct taxes and cut indirect taxes, top Finance Ministry officials said.

PM to take decision on SriLankan Airlines restructuring in 2 months

The Prime Minister Ranil Wickremesinghe will soon take a decision on the restructuring of the state-run national carrier SriLankan Airlines over the next couple of months, following the submission of recommendations by a Cabinet committee this week, amid efforts to find a partner to manage the debt-ridden and loss-making airline. 

Lanka Livestock ‘17’ Expo

‘Lanka Livestock ‘17’, Sri Lanka’s biggest feed, livestock, and animal health expo was inaugurated under the patronage of Prime Minister Ranil Wickremesinghe on Thursday at SLECC, Colombo.

SL Customs becomes fully automated with new online payment platform

Sri Lanka Customs yesterday moved a step forward and became a fully-automated agency with the much-anticipated online payment platform going live.

SL Customs’ new online payment platform goes live today

The local trade and business landscape will see greater transparency with the implementation of a fully-fledged online payment platform for Sri Lanka Customs that will be launched today.

IMF says another round of interest rate hike ‘‘desirable’’

The International Monetary Fund (IMF) yesterday said another round of interest rate hike would be “desirable” to rein in inflation and private credit as its Executive Board completed the second review of Sri Lanka’s economic performance under a US $ 1.5 billion three-year  extended arrangement.

Money laundering and terrorist financing: SL not completely out of woods, says FinMin

While Sri Lanka has made considerable progress in thwarting money laundering and terrorist financing over the past two years, more needs to be done to improve the situation, Finance and Mass Media Minister Mangala Samaraweera said yesterday.

Hayleys Advantis Maldivian joint venture buys two new landing craft

Hayleys Advantis has further solidified its position in the Maldives with the addition of two new landing craft that will further expand the range of services offered by their subsidiary, Total Transport Solutions Maldives (Pvt) Limited (TTS).