Marking Poson Poya day

A Buddhist devotee is seen offering prayers at Kelaniya Temple during the Poson Festival in the Colombo suburb of Kelaniya yesterday. Sri Lanka celebrates Poson, the anniversary of the introduction of Buddhism to the island, this year. 

Fiscal stability, FDI key for rating upgrade: Fitch

While remaining positive about Sri Lanka’s growth prospects, Fitch Ratings yesterday said continued progress in fiscal policy and increased foreign direct investment (FDI) would be crucial for Sri Lanka to move up the ratings ladder.

Experts highlight need for regional integration as US remains elusive

South Asia may have to retrace its steps and make fresh attempts at regional economic and security integration to fill the vacuum stemming from the isolationist policy of the US led by President Donald Trump and an increasingly interventionist China, experts opined.

Hilton signs agreement to manage 7th Lankan property this year with KDU Group’s Rs.6bn hotel in Weer

Global hospitality giant Hilton yesterday signed a 20-year management agreement with KDU Group, a local family-owned tea manufacturer, to manage KDU’s first hotel property, worth Rs.6 billion, situated in Weerawila, Hambantota under the upscale ‘DoubleTree by Hilton’ brand.

Parakrama Dissanayake assumes duties as SLPA Chairman

The appointment of Dr.Parakrama Dissanayake was made by Ports and Shipping Minister Mahinda Samarasinghe, fulfilling a long awaited requirement of SLPA to have a professionally qualified personality as the institution’s Chairman. 

Govt. to tighten construction laws

Sri Lankan residents clear debris from damaged homes following flooding in Yatagampitiya village in Bulathsinhala. 

State Minister of Finance assumes duties

The newly appointed State Minister of Finance Eran Wickramaratne assumed duties at the Finance Ministry yesterday.

‘Sri Lanka Investment and Business Conclave 2017’ kicks off

The inauguration of ‘Sri Lanka Investment and Business Conclave 20017’ organized by the Ceylon Chamber of Commerce was held yesterday under the patronage of President Maithripala Sirisena. 

A man holds a bus stop post on a flooded road as he waits for a military vehicle to go to a town

A man holds a bus stop post on a flooded road as he waits for a military vehicle to go to a town, in the Bulathsinhala village, in Kalutara. The death toll due to inclement weather had reached 177 at the time this paper went to print and the number of people affected had topped half a million (Reuters)  

Microfinance practitioners seek policy support for sustainable industry

The industry association of the microfinance practitioners, Lanka Microfinance Practitioner’s Association (LMFPA), last week sought the assistance of policy makers and regulator to create a sustainable microfinance industry in the country. 

China’s credit rating slashed

Students walk along a street during lunch hour in Beijing. Moody’s on May 24 slashed China’s credit rating for the first time in almost three decades citing concerns about the country’s rising debt and slowing growth,

Mangala assumes duties as new FinMin without much fanfare

Newly appointed Finance Minister Mangala Samaraweera assumed duties yesterday at the Finance Ministry sans an official ceremony, something rare in Sri Lankan politics

Govt. to introduce new laws to curtail profit-motivated imports

The government will soon bring in new laws to control profit-motivated imports in a bid to encourage exports, Prime Minister Ranil Wickremesinghe said yesterday.

Unit trust industry sees erosion of funds ahead of new taxes

Sri Lanka’s unit trust industry has seen a massive withdrawal of funds during the first three months of the year with deeper erosion of assets taking place during March, the final month before the new taxes may come into effect. 

Private sector views Mangala’s appointment in positive light

The appointment of Mangala Samaraweera as the country’s Finance Minister yesterday drew positive responses from the private sector, which insisted that he should continue the reform process that has already been set in motion. 

PATA forecasts slower tourist arrivals to SL

Weaknesses of Sri Lanka Tourism’s policies and research were on open display at the Pacific Asia Travel Association (PATA) Annual Summit, which concluded at Jetwing Blue hotel in Negombo, yesterday.

LuLu Group chief meets Prime Minister

The UAE-based retail and leisure giant LuLu Group entered Sri Lanka by opening a US $ 8 million food packaging facility in the Katunayake Export Processing Zone on May 17th to supply LuLu operations worldwide.

Readying to re-enter lost markets

Garment workers sewing skirts at Timex garments factory in Wattala. Sri Lankan exporters will have duty-free access to the European

UAE’s Lulu Group reveals plans for mega investments

The UAE-based retail and leisure giant LuLu Group is planning to invest heavily in Sri Lanka in the future, officials said yesterday when the group entered Sri Lanka by opening a US $ 8 million food packaging facility in the Katunayake Export Processing Zone to supply LuLu operations worldwide.

EU urges on export diversification as SL becomes GSP Plus eligible from Friday

Sri Lanka must start diversifying its exports portfolio immediately to make use of the handful of years the country will remain eligible for the European Union’s Generalized System of Preferences Plus (GSP Plus) preferential duty programme, EU diplomats in Colombo said yesterday.

Visiting congressman lauds economy

A visiting US Congress member has given thumbs up for the economic achievements of the ‘good governance’ administration as a Finance Ministry statement quoted Congressman Bill Johnson as saying that Sri Lanka has achieved economic stability during the last two years. 

Govt. announces new investor incentive scheme

The government yesterday announced a new investor incentive scheme with an enhanced depreciation allowance, an amount that can be taken off a business’ profit figure when calculating tax, to spur the sluggish investment climate prevailing in the country. 

Most Asian markets retreat after upbeat week

Most Asian markets fell yesterday following a healthy run-up in the week, tracking a sell-off on Wall Street where a plunge in retail giant Macy’s fanned concerns about the key US retail sector.

Monetary Board to appoint external inquiry panel to probe EPF losses

In an interesting twist to the investigations into the alleged scamming of the monies in the country’s biggest pension fund, the Central Bank this week said it would appoint an external inquiry panel headed by an ex-judge to probe the allegations levelled against the bank’s own officers before handing over the case to the law enforcement officers.

CB keeps rates steady amid emerging economic imbalances

The Central Bank yesterday left its key policy interst rates unchanged in the backdrop of economic imbalances in the areas of monetary and external sectors and rising inflation.    

Men fix bulbs on a street in Colombo ahead of Vesak Day celebrations

Men fix bulbs on a street in Colombo ahead of Vesak Day celebrations, during which Sri Lankan Buddhists commemorate the birth, attaining enlightenment and death of the Buddha (Reuters) 

Vesak celebrations!

A man paints statues of Buddha before packing them for sale at a workshop, ahead of Vesak Day celebrations in Colombo. (Reuters Photo)

Finance Minister meets JBIC CEO

A meeting between visiting Finance Minister Ravi Karunanayake and Chief Executive Officer of Japan Bank of International Corporation (JBIC) Tadashi Maeda was held on Thursday.

RIL Property banks on future commercial space demand for growth

Commercial property development group, RIL Property Limited (RIL), yesterday started trading on the Colombo Stock Exchange, with the share opening at Rs.9, one rupee above the issue price to later settle down at Rs.8.40-50 levels. 

MAS Holdings begins manufacturing in United States

The Sri Lankan apparel major, MAS Holdings, which has extensive operations in the South Asian region, has taken a significant step as it sealed its commitment to become the first Sri Lankan apparel group to commence manufacturing in the United States.