Celebrating SL-China relations

A Chinese Cultural Fair is currently being held at the Arcade Independence to coincide with the Chinese New Year and the 60th anniversary of diplomatic relations between China and Sri Lanka.

PM inaugurates Suwa Shakthi national loan scheme

Prime Minister Ranil Wickremesinghe yesterday inaugurated the Suwa Shakthi national loan scheme at Temple Trees to extend support to small and medium enterprises.

Credit to private sector reaches all time high in 2016

Credit extended to Sri Lanka’s private sector by the country’s financial system throughout 2016 reached an all-time high of Rs.755.5 billion, surpassing the previous highest of Rs.692 billion in 2015, Central Bank data showed. 

ADB celebrates 50 years in Sri Lanka

Asian Development Bank (ADB) South Asia Regional Department Director General Hun Kim shows Finance Minister Ravi Karunanayake an exhibit at the ADB@50 photo exhibition held yesterday

LOLC to introduce microfinance model to Pakistan

Sri Lanka’s leading non-banking financial institution, Lanka Orix Leasing Company (LOLC), saw its unique microfinance model being accepted to be applied in yet another regional market.

Celebrating Independence

A paratrooper from the armed forces descends on Galle Face Green during rehearsals for the Independence Day parade held yesterday, while activity goes on in the background on the land reclaimed for the US$ 1.4 billion Colombo Port City project. 

Etihad-Lufthansa agree US $ 100mn catering deal

Etihad Aviation Group and Lufthansa German Airlines, part of Europe’s largest aviation group, recently unveiled the details of a new commercial partnership.

Govt. could help boost life insurance penetration: AIA

The government could provide support to the insurance industry to help increase the level of life insurance penetration in Sri Lanka, AIA Group officials said yesterday during a media briefing held to announce their latest product. “It should be made, in my opinion, compulsory, some level of insurance,” AIA Group Regional CEO Bill Lislie said.

Protest against H’tota port sale

Sri Lankan police stand guard during a protest against the proposed sale of a stake in a loss-making port to a Chinese company in Colombo yesterday. 

Tuk-tuk safaris!

Sri Lanka has come up with various interesting ways to make its tourism product exciting to the increasing number of tourists visiting the island nation.

Global investor interest in Sri Lanka “going through the roof”: StanChart

Standard Chartered yesterday gave thumbs up for Sri Lanka’s economic outlook as the global investor interest in the country is “going through the roof” due to a combination of push and pull factors stemming from the island nation’s reform-oriented government to more adventurous investors, who seek higher yields.

Global consultancy expects continued private equity interest in Sri Lanka through 2017

Stax, a global strategy consulting firm that advises leading private equity (PE) funds worldwide, noted that investment and merger and acquisition (M&A) activity in Sri Lanka has increased over the past two years. 

Changing landscapes…

An artist’s reminiscence of Colombo seafront, on display at the recently held Kala Pola 2017, before the ongoing Port City project and the Colombo International Container Terminal (CICT) altered the Sri Lankan capital’s landscape

Finance ministers meet

UK Finance Minister Philip Hammond (L), Luxembourg’s Finance Minister Pierre Gramegna (C) and French Finance Minister Michel Sapin attended the Economic and Financial (ECOFIN) Affairs Council meeting at the European Council, in Brussels yesterday. AFP

Economists say govt. policy reforms ad-hoc, unsystematic

The government’s current reform agenda is both ad-hoc and unlikely to be completed, according to a panel of economists who said this could exacerbate the current low growth climate, adding to the woes of a volatile coalition administration.  

Three-wheeler registrations slump as new leasing levels come into effect

The registration of three-wheelers has nosedived to a quarter of the previous levels since the new loan-to-value (LTV) ratios for automobile financing came into effect this month, according to an industry expert.

StanChart recommends SL to continue with IMF reform programme

A team of economists from the Standard Chartered Bank yesterday ‘strongly recommended’ Sri Lanka continuing with the International Monetary Fund (IMF) programme and strengthening the country’s foreign reserve base to face turbulent times forecasted globally.  

Sri Lanka returns to Spanish market after a decade

Sri Lanka made a significant impact at the 37th International Tourism Trade Fair (FITUR)  in Madrid, Spain from January 18 to 22.  

SRILANKAN AIRLINES MGT CONTRACT: Govt. may go for fresh round of bidding: Minister

The government would go for a fresh round of bidding for the management contract of SriLankan Airlines if the Prime Ministerial Committee tasked with choosing a finalist is not...

Finance Ministry says China’s Alibaba eyeing investments in SL

Sri Lanka’s Finance Ministry yesterday said world famous Chinese e-commerce giant Alibaba has shown keen interest in investing in Sri Lanka and to build an e-commerce platform to promote online business ventures.

Lankan delegation holds discussion with WEF Exec. Chairman

The Sri Lankan delegation in Davos, Switzerland, led by Prime Minister Ranil Wickremesinghe, met with World Economic Forum (WEF) Founder and Executive Chairman Klaus Schwab yesterday. The picture shows Wickremesinghe,

Lankan delegation in Davos says several trade pacts will be finalized by June

Sri Lanka will finalize trade agreements with India, China and Singapore by June this year, the Sri Lankan delegation attending the World Economic Forum said yesterday. 

Eight men own half the world’s wealth: Oxfam

AFP: Eight men own the same wealth as half the world’s population, a level of inequality which “threatens to pull our societies apart”, Oxfam said yesterday ahead of the World Economic Forum opening in Davos.

Hayleys unveils largest capacity solar power plant in Welikande

Hayleys Group PLC, jointly with Windforce Pvt Ltd recently announced the commissioning of their solar power plant located in Welikande in the Polonnaruwa district.

New laws to give resident visas for foreigners bringing big bucks

The Sri Lankan government will be legislating new laws to allow foreign investors to obtain residency in Sri Lanka easily, Finance Minister Ravi Karunanayake told a media briefing yesterday.

SL further strengthens anti-money laundering drive

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 the Registration of Persons Department yesterday, 

Central Bank to publish new indices on property, wages

The Central Bank is to publish new indices on property prices going forward while modifying the existing wage indices in a bid to enhance the statistical inputs used in policy making at the Central Bank and also to better track the various developments in the private sector. 

Construction of Carlson Rezidor’s first Lankan hotel begins

The groundbreaking ceremony of the newest entrant to the Colombo hospitality scene, the US-based Carlson Rezidor group’s ‘Park Inn Colombo’, took place yesterday morning.

President declares open Movenpick Hotel Colombo

Movenpick Hotel Colombo, the capital city’s first new international five-star property in 25 years, was inaugurated by President Maithripala Sirisena on Saturday amid many distinguished guests attending the event. 

Sri Lanka to attract 2.5mn tourists in 2017 despite snags

Sri Lanka is hoping to achieve 2.5 million tourist arrivals this year on the back of the much delayed and amended Rs. 800 million tourism promotions campaign which will be launched this June, Sri Lanka Tourism officials said this week.