Growth euphoria misled all: Experts

Sri Lanka has been misled by the rate of economic growth and has been conditioned against the private sector, according to a reputed accountant in the country. 

Ravi says state coffers intact

Refuting the claims by former President Chandrika Bandaranaike Kumaratunga,...

SEC mulls fresh laws on audit firms

The Securities and Exchange Commission (SEC) is contemplating on bringing fresh laws on audit firms, mandating them to bring any financial irregularities or otherwise of the listed entities to the capital market regulator’s notice. 

April tourist arrivals up 8.5%

Tourist arrivals to Sri Lanka during the month of April rose 8.5 percent year-on-year (yoy) to 122, 217, with more Chinese and Indian tourists visiting the country, data released by Sri Lanka’s tourism office showed. 

CB opens branch in Kilinochchi

The Central Bank (CB) of Sri Lanka yesterday opened a regional branch office in Ariviyal Nagar, Kilinochchi. The picture shows Resettlement, Reconstruction and Hindu Affairs Minister D.M. Swaminathan (right)...

CSE invites CTC to ring opening bell

?The Colombo Stock Exchange (CSE) yesterday invited key officials of Ceylon Tobacco PLC (CTC), a unit of British American Tobacco, to take part in the bell ringing ceremony, which signaled the commencement of day’s trading. 

Budget deficit hits 6% of GDP

?Sri Lanka missed its budget deficit target for the first time in the post-conflict period, as the country reported a fiscal deficit of 6 percent of gross domestic product (GDP) for the year 2014, amid revenue collection shortfalls and higher expenditure.  

BOC GM Gunasekara returns

?Bank of Ceylon (BOC) General Manager D.M. Gunasekara who was sent on leave to facilitate an investigation the bank was carrying out returned to work on Monday, Mirror Business learns.

Attracting investments under good governance

?Finance Minister Ravi Karunanayake (centre), Policy Planning and Economic Affairs Minister Dr. Harsha de Silva (second from right) and Securities and Exchange Commission Chairman Tilak Karunaratne...

Global giant to assist Lankan foundry industry

Sri Lankan foundries have not been given clear directions or policies, and will be addressed in the future with the help of a global foundry technology giant, according to a press communiqué from the Ministry of Industry and Commerce.

CSR no image building tool: Prof. Visser

A global authority on Corporate Social Responsibility (CSR) recently articulated that businesses should not be using such practices for image building and winning awards.

Bajaj Auto plans to export quadricycle to Sri Lanka

Three-wheeler giant Bajaj Auto will be exporting its ‘quadricycle’ vehicle to its traditional export destinations in Sri Lanka, Egypt and Nigeria, according to The Economic Times.

Tea, rubber smallholders cry foul over subsidy effectiveness

Recent information has brought to question the effectiveness of the subsidies announced...

BoC upholds top position with Rs.20bn PBT

?Bank of Ceylon (BoC) closed its 75th year on a high note by recording the highest ever profit before tax (PBT) in the bank’s history as well as in the Sri Lankan banking industry of Rs.20.3 billion, achieving a growth of 29 percent compared to the previous year. 

Businesses need not fear anymore

?Writing to the world’s leading op-ed page Project Syndicate, Prime Minister Ranil Wickramasinghe says Sri Lankan business leaders no longer need to fear takeovers or shakedowns by the president’s greedy family members and cronies.

In holiday mood

?Tourists wait at Colombo Fort Railway station to catch a train to the upcountry. Sri Lanka Railways said they have deployed additional trains to carry people back and forth between Colombo and other key cities in the country

Public tribunal unanimously opposes Port City project

A public tribunal hosted by anti-corruption watchdog Transparency International Sri Lanka yesterday decided that the Port City project should be cancelled, as all benefits it may provide are outweighed by economic, social, environmental and political harm.

Sri Lanka in Disney’s spotlight with ‘Monkey Kingdom’

?Apart from the aggressive marketing that Sri Lanka Tourism has engaged in the focused markets of China and Germany, the country is set to receive a massive boost from in its seventh key market - the USA - with a top billed Disney movie ‘Monkey Kingdom’...

Air Taxi operations launched without govt.’s written consent, feasibility study

The Weliamuna Report has revealed that the Air Taxi operation of SriLankan Airlines—re-launched in 2010 but discontinued later—was carried out without written government consent and a feasibility study establishing its viability. 

Sri Lanka likely to get Iranian crude again

Sri Lanka is hoping to restore its crude oil purchasing links with Iran, banking on the success of the nuclear accord currently being negotiated between the US and the Middle Eastern nation.

Contents will not bring a smile

?Anti-corruption activist and lawyer J. C. Weliamuna (R) hands over a report on alleged corruption at the country’s national carrier SriLankan Airlines to Prime Minister Ranil Wickremesinghe (L) in Colombo on April 1. Minister for Ports,....

Chamber urges authorities to rectify Indo-Lanka FTA failures before CEPA

The National Chamber of Commerce of Sri Lanka (NCCSL), one of the pioneering chambers in the country,...

Sri Lanka consumer confidence surges

The confidence of Sri Lankan consumer is at an all-time high amid the expectations on the state of their personal finances...

Tourism and Arts

Tourists checking out paintings by art vendors at Green Path in Colombo.  Tourist arrivals to Sri Lanka increased 16.7 percent to 165,541 in the month of February 2015, from 141,878 in February last year, according to Sri Lanka Tourism Development Authority statistics.

Sri Lanka gets free Wi-Fi

Sri Lankan citizens are now able to enjoy the free Wi-Fi service at key public locations, which was one of the election promises of President Maithripala Sirisena.

HNB to raise US$ 100 mn through 7-year ADB loan

HNB entered into a landmark agreement with the Asian Development Bank (ADB) to raise US$ 100 million by way of a 7-year senior debt.  This is the largest transaction by ..

China offers Sri Lanka olive branch and warnings

AFP: President Xi Jinping worked to mend relations with Sri Lanka yesterday as Chinese state-run media warned the island nation’s new government against shutting off billions in investments from Beijing.

ADB cuts 2015 growth forecast

Sri Lanka’s economic growth is projected to drop to 7 percent in 2015, but is set to pick up in the following year, according to Asian Development Bank (ADB).

Children play on the Galle Face beach.

Children play on the Galle Face beach. In the background are two excavators carrying out the protective work on the breakwater of the Colombo Port City Project. 

Ravi K tells Customs Dept. not to bow down to political pressure

The Customs Department should maintain its independence and any infraction would be its total responsibility going forward, unlike during the past regime, according to top figures from the government.