Rigid Tyre breaks ground

The foundation laying for Rigid Tyre Corporation (Pvt.) Ltd., tipped to become Sri Lanka’s largest fully integrated tyre manufacturing facility with an investment of Rs.11.25 billion, took place in Horana yesterday.

Bloomberg lists Sri Lanka among 20 hottest luxury travel destinations

Sri Lanka has been listed as one of the 20 hottest luxury tourism destinations in 2017 by business media conglomerate, Bloomberg.

MAS Holdings announces US $ 28mn fabric park in Giriulla

Sri Lanka’s leading export entity, MAS Holdings (MAS), yesterday unveiled the plaque for its US$ 28 million MAS Fabric Park in Giriulla which will be manufacturing products for one of its key customers, the sports and lifestyle brand Nike.

Finance Ministry says implementing 325 budget proposals in 365 days

Sri Lanka’s Finance Ministry Secretary Dr. R.H.S. Samaratunga yesterday said 2017 would be a year of many challenges and the 365 days of the year should be managed properly to implement more than 325 budget proposals in 2017.

Work on Rs.11bn tyre manufacturing plant to commence this week

The foundation laying of Rigid Tyre Corporation (Pvt.) Ltd., which is tipped to become Sri Lanka’s largest fully integrated tyre manufacturing facility with an investment of Rs.11.25 billion, is set to take place this Thursday (January 5), a company statement said.

Rice prices sky rocket

Sri Lanka’s rice prices have sky rocketed with Maha seasonal harvest being hit by drought and a alleged foul play by a government minister in releasing the paddy stocks held by the government. Officials say the harvest of the next Yala season in 2017 could also be damaged even if rains return Pic by Pradeep Pathirana

Sri Lanka warned to expect worst drought disaster in four decades

ECONOMYNEXT:  Sri Lankans have been warned to conserve water and electricity as the country braces for perhaps the worst drought since the early 1970s, with crop output down and possible shortages of drinking water, officials said.

Havelock City breaks ground for US $ 166mn commercial development

Havelock City, the premier mixed-use development project in Sri Lanka, ceremoniously conducted the ground-breaking and inauguration of its commercial development project under the auspices of Overseas Realty Chairman and visionary businessman S.P. Tao.

Hayleys reveals plans to build ‘World Export Centre’ twin towers

Sri Lanka’s diversified Hayleys group yesterday revealed its latest venture, the ‘World Export Centre,’ a state-of-the-art ‘A’ grade office twin towers, with 55 floors each, having 3.8 million square feet of commercial 

Tallest artificial Christmas tree

Sri  Lankans walk past a Christmas tree displayed in Colombo on December 25. Sri  Lanka  surpassed the world record for the tallest artificial Christmas tree despite building delays forcing organizers to prune the structure by almost half, an official said. Cricket legend Arjuna Ranatunga initiated plans to build the record-breaking tree in  Sri  Lanka’s capital Colombo, but ran into opposition from the Catholic chu

Last minute Christmas shopping

A roadside vendor is seen selling Christmas decorations ahead of Christmas Day in Colombo yesterday. Christians account for around six percent of Sri Lanka’s 21 million population  Pic by Damith Wickramasinghe

Loud call for unity to protect Governor, Central Bank’s independence

Highly respected economist Prof. Razeen Sally this week revealed clear attempts by certain powerful individuals in the government to undermine the good work of the incumbent Central Bank...

Tourism Fest 2016 kicks off

By Supun Dias The annual Tourism Fest 2016, organised by the Tourism Development and Christian Religious Affairs Ministry, was declared open by Prime Minister Ranil Wickremesinghe at the Independence Arcade, this Tuesday.  Attracting a substantial crowd, both local and foreign, this year’s edition of the festival holds the promise of entertainment and fun that will undoubtedly intensify the festive feeling that comes round this time of

ADB signs US$115mn loan to improve rural electricity supply in Sri Lanka

The Sri Lankan government and the Asian Development Bank (ADB) yesterday signed the agreement to provide a US$ 115 million loan to uplift electricity supply in Sri Lanka’s rural regions, a Finance Ministry communiqué said.

IMF calls for stronger financial sector supervision and regulation

The International Monetary Fund (IMF) called for further strengthening in the financial sector supervisory and regulatory framework, as the recent rapid growth seen in credit has slightly lowered the capital adequacy ratios (CARs) of banks and finance companies. The local authorities have also welcomed technical assistance from the IMF on financial supervision and regulation and asked for further coordination with other technical assistance donor

EU to support Lanka’s investment promotion drive

 The European Union (EU) has pledged to extend its assistance to promote investment in Sri Lanka under the current government’s set economic development programme. The EU Ambassador to Sri Lanka Tung-Lai Margue met with Finance Minister Ravi Karunanayake recently to discuss investment and trade.

Sri Lanka and Tajikistan sign MoU to boost bilateral trade

With a view to further promote bilateral trade and commercial activities, the Ceylon Chamber of Commerce (CCC) this week signed a Memorandum of Understanding with the Chamber of Commerce and Industry of the Republic of Tajikistan.

IMF calls for faster structural reforms to keep programme on track

The International Monetary Fund (IMF) last week said the pace of structural reforms earlier agreed 

IMF cuts growth forecasts for SL on external volatilities

The International Monetary Fund (IMF) last week revised down its full year growth targets set for the 

FinMin says govt. keen to relieve public from tax burden

Finance Minister Ravi Karunanayake making a sudden inspection tour of the Inland Revenue 

Reserve outflows ring alarm bells

Sri Lanka’s economy could possibly be at the early stages of spiralling into another crisis if the trend 

Digital economy experts tell govt. to slowdown on taxes

Sri Lanka should not be excessively taxing and dictating terms to the proverbial goose that lays the 

CB awaits P’ment nod to decide on doubling banks’ capital

The Central Bank is awaiting the Parliament nod for the 2017 budget to decide on as to how it could 

A high-powered business delegation from Belgium visited Sri Lanka this week

A high-powered business delegation from Belgium visited Sri Lanka this week

Cautiously optimistic of govt.’s fiscal policy, says Central Bank

The Governor of the Central Bank of Sri Lanka this week praised the budget proposal to subject fiscal 

US treasury official in town to advise on G-Sec auctions

An official from the United States Treasuries is now in town to advise the Central Bank on improving 

Central Bank holds rates as private sector credit and inflation moderate

Sees adequate monetary space for economy to grow at 5.0% in 2016 and 6.3% in 2017  

Expert calls for right regulatory and promotional moves for tourism to boom

??By Chandeepa Wettasinghe Sri Lanka could become one of the world’s most competitive tourism 

ADB lends US $ 250mn for Sri Lanka’s capital market development

CB, IBSL, SEC and SLAASMB are implementing agencies   

Commerce Minister pledges support to packaging industry

Sri Lanka’s packaging industry this week received praise and a support pledge from the country’s