Aadhayam trade fair

Aadhayam 2017, a national trade fair organized by the United Nations Development Programme (UNDP) Sri Lanka opended at the Bandaranaike Memorial International Conference Hall (Colombo) yesterday. 

Revival of brass industry

A man polishes a traditional brass lamp at a workshop in Colombo. Such items are now very much in demand due to the increasing number of tourists visiting Sri Lanka  (Reuters photo)

Central Bank Governor Indrajit Coomaraswamy presents Finance Minister Mangala Samaraweera the commem

Central Bank Governor Indrajit Coomaraswamy presents Finance Minister Mangala Samaraweera the commemorative coin

FinMin says new revenue bill to simplify tax system

Finance and Mass Media Minister Mangala Samaraweera during a discussion with representatives of trade unions of the Inland Revenue Department (IRD) stated that the main objective of the new Inland Revenue Bill was to simplify the tax system in the country in order to create an investor-friendly environment to attract investments. 

Tourist arrivals to Maldives flat in May

The tourist arrivals to the Maldives edged up 0.3 percent year-on-year (YoY) to 93,491 visitors in May with weak arrivals from China and Europe but somewhat being compensated by the increased arrivals from South and Southeast Asia. 

Bugs on the beach!

The Volkswagen Beetle Owners’ Club along with Mount Lavinia Hotel held ‘The Volkswagen Beetle Parade and Exhibition’ in Colombo yesterday.

G20 Summit

Participants of the G20 Summit in Hamburg, Northern Germany posing for a family photo yesterday. 

ADB to double multi sectoral assistance to Sri Lanka up to US$ 1 bn

The Asian Development Bank (ADB) will be doubling its multi sectoral assistance to Sri Lanka up to US$ 1 billion from this year as a result of the merger of its two main windows of financing. 

Japanese giant Mitsui to relaunch Lankan operations

Japanese conglomerate, Mitsui & Co., Ltd is poised to relaunch its activities in Sri Lanka by opening up an office at the World Trade Centre in Colombo.

Billionaire Saudi Prince Alwaleed Bin Talal in town

A special meeting was held between Prince Alwaleed Bin Talal Abdulaziz Al Saud of Saudi Arabia and Foreign Minister Ravi Karunanayake yesterday afternoon. 

Protest against new revenue bill

A protest organised by the Inland Revenue Trade Join Front was held yesterday in front of the department premises against the new Inland Revenue Bill. 

Minister vows to fast-track East Container Terminal

The government will fast-track the delayed development work on the East Container Terminal (ECT) of the Colombo port, Ports and Shipping Minister Mahinda Samarasinghe told an audience of logistics and transport professionals in Colombo, last Friday. 

Hotel Show Colombo 2017

Hotel Show Colombo 2017, one of the leading specialized trade shows for the hotel, restaurant and food service sectors was inaugurated by Minister of Tourism Development and Christian Religious  Affairs, 

World Bank forecasts 5.2% budget deficit for this year

The World Bank is expecting Sri Lanka’s budget deficit to run up to 5.2 percent of the Gross Domestic Product (GDP) this year compared to the more ambitious 4.7 percent of GDP projection of the government, although the development lender placed its faith in Sri Lanka achieving its long-term deficit targets.

Central Bank cuts growth but says fundamentals strong

The prolonged drought and recent floods appear to have taken a toll on the country’s economy as the Central Bank last week said it would cut the growth of the economy at least by a half a percentage for 2017. 

Record trade deficit undermines SL’s recent uptick in exports

Despite export earnings making a brisk upturn in April, extending the gains in March, Sri Lanka’s trade deficit remains at worrying levels as the country’s imports bill continues to rise. 

Celebrating friendship on Eid!

Two Muslim men take a selfie after Eid al-Fitr prayers to mark the end of the holy fasting month of Ramadan in Colombo, yesterday (Reuters)

INCO 2017 Exhibition

INCO, the largest engineering related industrial exhibition and trade fair that offers a platform for small and medium (SME) sector industrialists, manufactures, engineering companies, exporters, importers, 

CB advocates calculated approach towards fintech

Sri Lanka’s Central Bank Governor Dr. Indrajit Coomaraswamy is advocating a more measured approach to financial technology (fintech) in the country, despite the significant industry opportunities highlighted by an official from the Singaporean Central Bank.

Central Bank seen keeping rates steady as growth slows

REUTERS: Sri Lanka’s Central Bank is expected to keep its key interest rates steady at more than three-year highs at a policy meeting tomorrow a Reuters poll showed, to boost faltering growth hit by adverse weather. 

Sri Lanka has lowest occurrences of teen smoking: study

Sri Lanka has the lowest prevalence of teen smoking (1.7 percent) in the world, a recent study by the US Centers for Disease Colombo and Prevention (CDC), revealed. The highest prevalence (35 percent) was in Timor-Leste.

CEB’s long-term generation plan biased against LNG: experts

Unrealistic and outdated statistics used in the Ceylon Electricity Board (CEB) Least Cost Long-Term Generation Expansion Plan 2018-2037 (LCLTGEP) are discouraging the more environmentally friendly liquid natural gas (LNG)-based electricity generation, energy sector experts charge. 

Govt. invites bids for ferry transport system in Colombo

The Sri Lanka Land Reclamation and Development Corporation (SLLRDC), under the Ministry of Megapolis and Western Development, has called for tenders for the first leg of the proposed ferry transport system in Colombo. 

Future Minds 2017

The highly sought after higher education and career exhibition by the Sri Lankan student community, ‘Future Minds 2017’ opened at the BMICH yesterday.

JL Morison lays foundation for US $ 13.5mn research and manufacturing facility

The foundation laying ceremony of pharmaceutical manufacturer JL Morison Son & Jones (Ceylon) PLC’s US $ 13.5 million research and manufacturing facility located within the Sri Lanka Institute of Nano Technology (SLINTEC) in Homagama took place, yesterday. 

Luxury apartments not built on shaky grounds: JLL

Sri Lanka’s luxury apartment segment, which has been drawing negative sentiments from the state and private sectors alike, is not built on shaky fundamentals and there are avenues to mitigate the potential risks, according to the Fortune 500 company, Jones Lang Lasalle (JLL), which specializes in real estate. 

Mayhem in Yala continues

Unrestrained safari jeeps continue to play mayhem in the Yala National Park with authorities failing to take any action against the errant drivers.

The Majestic Princess arrives at Colombo port!

Princess Cruises’ most luxurious ship, The Majestic Princess, called at the Colombo port yesterday on her 49-day maiden voyage from Rome, Italy to Shanghai, China.

Asset sale money only to repay foreign debt: CB

The monies that are expected from the sale of national assets belonging to the Sri Lankan people will be collected in a separate account maintained at the Central Bank and the proceeds will only be utilized to repay the mounting foreign debt, the country’s Central Bank said. 

Currency plunge

People queue in front of the money changer at the financial district in Singapore. The pound plunged almost two percent yesterday as Prime Minister Theresa May looked set to lose her majority in Britain’s general election, fuelling political uncertainty just days before the start of Brexit talks. (AFP)