Sri Lanka set to pursue pro-western trade and foreign policy: Harsha

The country’s trade and foreign policy will be hugely pro-western going forward, according to the Deputy Foreign Minister who was speaking at the US Trade Show organized by the US Embassy and the American Chamber of Commerce at the Galadari Hotel yesterday. 

Another twist in Grand Hyatt saga

A letter from Public Enterprise Development Minister Kabir Hashim revealed that he intends to change the entire board of directors of the state-owned Grand Hyatt Hotel holding company Canwill Holdings (Pvt.) Ltd (Canwill).

Ravi meets Marks & Spencer CEO

?Finance Minister Ravi Karunanayake, during his recent visit to London, held talks with the British multinational retailer Marks & Spencer Company Chief Executive Officer Marc Bolland, a statement from Finance Ministry said. 

SLT Group 3Q15 revenue up 6% with healthy EBITDA margins

Sri Lanka Telecom, the national telecom services provider released its company and group financial performance, for the 3rd quarter 2015. 

Swiss envoy calls on Dy Minister

?Ambassador of Switzerland Heinz Walker-Nederkoorn called on Deputy Minister of Foreign Affairs Dr. Harsha de Silva at the Ministry this week to discuss matters of mutual cooperation

Alibaba’s ‘Singles Day’ shopping spree

?A woman walks out a shop past a ‘Singles Day’ sales promotional board in Beijing yesterday. Shoppers spent around US $ 9 billion in the first 12 hours of China’s ‘Singles Day’ sale yesterday, e-commerce giant Alibaba said, in the world’s biggest online shopping day (AFP PHOTO)

GE gets largest deal in 100-year history in India

This photograph taken on July 1, 2015 shows an Indian Railways diesel locomotive carrying a passenger train on Sherawati bridge near Honnawar in Karnataka. 

Agreement signed for Ceylon tea global campaign

An agreement was signed by the Plantation Industries Ministry and Phoenix Ogilvy to launch a global communications campaign to promote Ceylon tea as the most exotic tea in the world and thereby command a better premium price. 

Virtusa-Polaris deal to bring more business for Lankan operations

Virtusa Corporation’s (Virtusa) acquisition of India’s largest banking and financial services (BFS) sector IT solutions provider, Polaris Consulting Services Limited (Polaris) is expected to bring in much larger IT outsourcing engagements in its existing and new markets...

Coconut Water as energy drink

Plantation Industries Minister Navin Dissanayake opened a new production plant of Silver Mills in Giriulla that produces coconut water as packeted energy drink for the export market.

Western Megapolis development plan to be launched in February

The Western Megapolis plan is nearing its final consultative stages, and will be announced next February, an academic who is involved with the project said. “We’re still making the plan at the moment.

Massive increase in tax revenues from budget 2016

?Just less than three weeks to a much-expected budget, Finance Minister Ravi Karunanayake yesterday said the country’s fiscal front is at a crucial point and hinted a massive increase in tax revenue to the government in the forthcoming budget. 

Thai-SL biz forum explores ways to enhance bilateral trade & investment

President Maithripala Sirisena told the Thailand - Sri Lanka Business Forum in Bangkok yesterday that the proposed sectors for future investment in Sri Lanka includes tourism, high tech manufacturing for export, infrastructure, telecom...

Sri Lanka Telecom opens trading at CSE

Sri Lanka Telecom PLC (SLT) opened trading on the Colombo Stock Exchange (CSE) yesterday. This event was yet another in a series of Market Opening Ceremonies, featuring the companies from the S&P SL20 Index. 

Reforms key to Sri Lanka becoming major export destination: President

The country’s economy will require major reforms to strengthen local industries and enter export markets, President Maithripala Sirisena said at the Sri Lanka Economic Association Annual Sessions last week.

Art of living

Sri Lanka’s premier kedella exhibition, the ‘Art of living 2015’ kick started at the BMICH yesterday.  The 3-day event ends tomorrow. Pic by Kithsiri de Mel

Rubber subsidy cut to worsen industry woes

Rubber industry heads yesterday expressed fresh concerns on the government’s move to scrap the guaranteed subsidy scheme for smallholders and warns its impact, though not immediate, will be felt in the medium term.

Sri Lanka sells US $ 1.5bn, 10-year sovereign bond at 6.85% yield

REUTERS: Sri Lanka paid less than it had expected to borrow US $ 1.5 billion via a 10-year sovereign bond on Tuesday, with strong orders helping bring down the yield on the issue to 6.85 percent from initial guidance of around 7 percent.

Sri Lanka opts for another dollar bond to cut fiscal deficit

Sri Lanka, for the second time this year and ninth time since 2007, is tapping the international market place to prop up the country’s weak finances with a benchmark sovereign bond issue up to US $ 1 billion. 

Coconut Research Institute gets new Chairman

Jayantha Jayewardene has been appointed as the new Chairman of the Coconut Research Institute (CRI). 

ECD project receives US $ 50 mn from World Bank

?The Sri Lankan government’s “Early Childhood Development Project” has received financial assistance from World Bank’s International Development Association (IDA).

Mv. Sima Giselle calls at Colombo Port

SIMATECH Shipping LLC, the world’s 27th largest carrier (Alphaliner – October 2015 ranking) celebrated its brand new Mv. Sima Giselle maiden port call on October 19th at the Jaya Container Terminal (JCT) of Sri Lanka Ports Authority (SLPA).

Hastily drafted tech pact with India to be reviewed: Harsha

A committee has been appointed to look into the hurriedly conceptualized ‘Broader Economic Technology Partnership’ with India. “Now with India, the Prime Minister had discussions, and we have a small committee that will look into perhaps a Broader Economic 

Dialog Axiata and BoI sign Rs.24.6bn investment agreement

Total investment by largest FDI in Sri Lanka to reach US $ 1.96bn Dialog Axiata PLC, the largest foreign direct investor (FDI) operating under the aegis of the Board of Investment (BoI) of Sri Lanka, 

Stronger interaction between institutions, processes, & outcomes a must for policy reforms: IPS

As Sri Lanka paves its way towards greater economic progress, agenda setting for reforms must begin with attempts to strengthen interactions between institutions, policy processes, and policy outcomes, revealed a top report launched by the Institute of Policy Studies (IPS) yesterday.

New investment policy before 2016

Board of Investment (BoI) Chairman Upul Jayasuriya said they are now in the process of designing a new investment policy focusing mainly on setting up a large number of economic development zones around the country with the intention of generating employment opportunities.

90% LTV from today; Ravi K instructs CB

?In an interesting turn of events, Finance Minister Ravi Karunanayake has sent formal instructions to the Central Bank asking the monetary authority to revise the vehicle financing Loan-To-Value (LTV) up to 90 percent from the current 70 percent with effect from today. 

HOTEL, HOSPITALITY & FOOD ASIA EXPO

?South Asia’s International Food, Hotel Supplies & Services Expo kick started at the Sri Lanka Exhibition & Convention Centre (SLECC) yesterday.

Foreign Ministry Taskforce to take Sri Lanka to the world

After an exhaustive 14 years of wait, the local business landscape yesterday saw the revival of inter-agency collaboration, with the country’s Foreign Ministry having established a ‘Taskforce For Economic Diplomacy’ in its effort to strengthen the nation’s ties with the world.

Will China’s role as biggest lender continue?

The Chinese-funded Lotus Tower, destined to be South Asia’s tallest building, is seen under construction in the heart of the capital Colombo yesterday.