New govt., new economic team!

?The new national unity government yesterday dumped some of the key members of the interim government’s economic team and appointed a new set of ministers to run the country’s economy.

EAP Films and Village Cinemas join to set up JV in Sri Lanka

?Village Roadshow of Australia and EAP Group of Sri Lanka signed up an MOU through which Village Cinemas and EAP Films and Theatres Ltd will jointly look at opportunities to develop modern cinema multiplexes in Sri Lanka. 

Colombo Port container handling volumes up

?Container handling progressing at Colombo International Container Terminal (CICT) on a gloomy evening in the backdrop of temporarily halted Colombo Port City project.  

Sri Lanka wins bid to host PATA Annual Summit

?Sri Lanka has been selected to host the Pacific Asia Travel Association (PATA) Annual Summit in 2017 in response to the bid submitted by Sri Lanka Conventions Bureau (SLCB).

Eastern Economic Forum

Russian President Vladimir Putin addresses the Russia’s first ever Eastern Economic Forum (EEF) in Vladivostok yesterday. AFP

Private sector wants key stakeholders to be part of free trade deals

Private sector representatives and economists yesterday urged the new government to involve views of relevant stakeholders when entering into preferential trade agreements as poor negotiation of already signed free trade agreements (FTAs) is observed to have done more harm than good to local industries,

Ex-president’s vanity airport is used to store rice

AFP: Part of a vanity airport built by toppled Sri Lankan strongman Mahinda Rajapakse will be used as a rice storage warehouse to reduce losses after failing to take off, officials said yesterday.

Ringing ceremonial bell

Nestle Lanka PLC Managing Director Shivani Hedge ringing the ceremonial bell at the Colombo Stock Exchange (CSE) to open trading at the start of the month. 

Govt. will reset investment climate without delay: Mangala

?In a move to further push Sri Lanka’s economic progress, Foreign Affairs Minister Mangala Samaraweera gave assurance that the new government will immediately take the necessary measures to create an investment-friendly environment that would boost investor confidence.

Motor traders renew call for national industry policy

The Colombo Motor Traders Association (CMTA) renewed its call for a national motor industry policy, and is in the process of setting up a long-term policy paper for the use by the government in the midst of a balance of payment crisis and highly congested urban environment.

Harry J cries foul over state inaction related to illegal alcohol trade

Illegal alcohol manufacture is continuing to thrive with the aid of public officials as the state refuses to take action against provided information, said Distilleries Company of Sri Lanka PLC (DCSL) Chairman Harry Jayawardene.

Canadian volunteer exchange programme to assist tea, apparel and tourism sectors

The Canadian volunteer co-operation programme UNITERRA which supports development of inclusive market opportunities for tea, apparel and tourism sectors through the exchange of skilled volunteers is set to recommence in Sri Lanka after a lapse of 5 years. 

Plantations want govt. help to wade through present crisis

The Regional Plantation Companies (RPCs) are requesting the government to provide them with some breathing space to get through the current crisis in the tea sector, as the RPCs are set to post collective retained losses of Rs.11 billion by the end of this year.

Recent political progress in Lanka has made strong pitch to attract FDIs: Cherie Blair

Cherie Blair, leading international barrister and wife of former British Prime Minister Tony Blair yesterday said the current political landscape in Sri Lanka will have a positive effect in attracting more foreign direct investments (FDIs) to the country.

EAP breaks ground for Galaxy Impala cinema multiplex

Galaxy Landmarks, part of the EAP group, recently conducted a groundbreaking ceremony to commence the construction of the Galaxy Impala Complex in Rajagiriya. 

June trade deficit widens over 50%

?Sri Lanka’s June trade deficit widened as much as 51.9 percent to US $ 689 million amid higher vehicle imports and sliding exports, the data released by the Central Bank showed.

Oil heads for eighth straight week of falls

AFP - Oil headed for its eighth straight weekly decline in Asia yesterday, as sharp falls in equities added to worries lacklustre global economic growth will hurt energy demand in an oversupplied market.

Tea broker suggests 5-point strategy to regain dominance

In the backdrop of a failing tea industry with both Colombo Tea Auction prices and unsubsidized prices of tea leaves falling below 2011 levels and plantation companies running at losses, 

Post-poll interest

?People in a line to buy newspapers at a newsstand in Colombo yesterday. Sri Lanka’s ruling United National Party (UNP) has won decisive gains in a general election, final results showed on Tuesday, putting it in a position to form a stable government after eight months of minority rule (REUTERS)

Poll outcome fails to ignite bourse

Yesterday’s general election results failed to excite the Colombo bourse—except a short-lived spike in the morning hours—

New life, new Parliament!

A Sri Lankan groom in Sigiriya cast his vote with his Japanese bride dressed in their wedding outfits at yesterday’s general elections held to elect a new Parliament

Bountiful harvest

?The government is expecting this year’s Yala paddy output to increase by about 16 percent from last year. Picture shows paddy farmers in Ampara waiting to transport their stocks to nearby purchasing centres 

Tokyo Cement adds fourth vessel to transportation fleet

?Tokyo Cement, the company that continues to lead the field in redefining the market, consumer expectations and technological possibilities, announced the addition of a fifth vessel, ‘MV Mohar’ to its fleet of cement transport ships on August 11th.

Auto giant VW signs deal to set up assembly plant

German auto giant Volkswagen and its local agent Senok Group yesterday signed a Board of Investment (BoI) agreement to set up a US$ 31 million car assembly plant in Kuliyapitiya.

UNP says lessons learnt!

The United National Party (UNP) has recognized its mistakes in managing the economy in 2001, and the lessons learnt will be implemented in a future UNP government, said Finance Minister Ravi Karunanayake at a discussion organized by the Industry and Commerce Forum.

Economy to grow at 7% this year: Ravi K

?Sri Lanka’s economy should grow by 7 percent this year, up from 4.5 percent last year, while inflation will end the year far below market expectations, Finance Minister Ravi Karunanayake said yesterday. 

CFW unveils hottest swimwear trends

Colombo Fashion Week (CFW) ‘Swim,’ featuring swimwear designs by both Sri Lankan and foreign designers took place at Colombo Hilton last Friday and Saturday for the first time.

Profood/Propack and Ag-Biz 2015

International Processed Food, Beverage, Packaging & Agricultural Exhibition ‘Profood/pack and Ag-Biz 2015” kicked off at the Sirimavo Bandaranaike Memorial Exhibition Center yesterday. 

With government’s liberal policies, CEPA debate likely to take centre stage

The Chamber of Young Lankan Entrepreneurs (COYLE) called on the government to bring the Comprehensive Economic Partnership Agreement (CEPA) document into the open if it is beneficial to the country as claimed.

Policy stability more important than political stability: President

President Maithripala Sirisena in an impressive policy-centred address to Sri Lanka Economic Summit 2015 yesterday stressed that policy stability was more important than political stability.