Sri Lanka’s Board of Investment (BOI) is likely set US$2 billion foreign direct investment (FDI) target for 2020, as the estimated FDI inflows have fallen to around US$ 1.2 billion last year, well below the initial US$ 3 billion target, amid Easter

Lankatiles is targeting the North American market with its latest venture to manufacture mosaic tiles with the technical know-how from Chinese mosaic tile manufacturer, Foshan Shiwan Yulong Ceramic Co. Ltd.

Sri Lanka Administrative Service (SLAS) Class 1 officer Jude Nilukshan has been appointed the Director General of National Budget Department of the National Treasury by the Cabinet of Ministers.

Sri Lanka Telecom PLC Chairman P.G. Kumarasinghe Sirisena has resigned from the post with effect from January 06.

Sri Lanka’s unemployment rate steadily rose during the 12 months to September 2019 to hit a four-year high of 5.1 percent from 4.9 percent in June 2019 and 4.1 percent in September 2018 as the businesses froze new recruitments in a slowing economy.

Singapore’s Perennial Real Estate Holdings Limited is to launch the proposed US$ 250 million mixed development project in Colombo by March this year, State Minister Lakshman Yapa Abeywardena told Parliament yesterday.

Following is the full text of ‘Road Map: Monetary and Financial Sector Policies for 2020 and Beyond’ delivered by Prof. W.D. Lakshman Governor Central Bank of Sri Lanka 06 January 2020.

As an industry that relies on large-scale investments to fund long-term projects, the construction sector is by nature, a business that relies on confidence, precision and quality. One of the sector’s leading the charge on these fronts is Hayleys

The Central Bank (CB) plans to introduce a task force to introduce a cost-reflective benchmark interest rate for the banking sector, which reflects the actual cost of funds, in order to overcome the deficiencies in the current benchmark interest rate

Sri Lanka attracted 241,663 tourists in the final month of 2019, down by only 4.5 percent year-on-year, signalling a considerable recovery in the country’s tourism industry, which dealt a crippling blow by the Easter Sunday attacks in April.

LOLC Holdings PLC yesterday finally came up with its much-awaited announcement on its US$603 million deal with a Korean lender to divest its Cambodian microfinance business.

The financial sector regulator, the Central Bank (CB), is drafting a comprehensive resolution framework for all financial institutions to introduce tougher measures against errant institutions beyond cancellation of licence.

London (REUTERS): Oil prices rose a further 2 percent yesterday, pushing Brent above US $ 70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military co

The Monetary Board of the Central Bank has extended the suspension on the controversial primary dealer, Perpetual Treasuries Limited (PTL), by another six months, with effect from January 5, 2020. The suspension will bar PTL from carrying on the busi

The minority shareholders of Softlogic Finance PLC showed lukewarm interest towards the firm’s Rs.602 million rights issue, which prompted Softlogic Capital, its immediate parent company, to chip in by buying the unsubscribed rights.

Sri Lanka’s maiden US $ 500 million (60 billion yen) 10-year Samurai bond issuance is likely to be launched after the parliamentary election, which is expected to be held in April, the government sources told Mirror Business.

The proposed tax relief on the income received from employment is in effect from January 01, 2020, as the Inland Revenue Department kicked into action with the new guidelines and tables for the calculation of the Pay-As-You-Earn (PAYE) tax.

Despite multiple measures by successive governments to bring down tobacco prevalence in Sri Lanka, still more than one in four males use tobacco.

After a disappointing 2019 United Nations Climate Change Conference, there is a need to restore confidence that the intergovernmental process can deliver on mitigation, adaptation, and finance.

In what appears to be the sharpest rebuke levelled against the Central Bank bond scam so far, Senior Economic Advisor to the Prime Minister, Ajith Nivard Cabraal, who is also an ex-Centr

Dinesh Weerakkody has been appointed to the Abans PLC board as an Independent Non-Executive Director with effect from December 16, 2019. Weerakkody is the Chairman of the International Chamber of Commerce Sri Lanka, Hatton National Bank PLC and Corn

Veteran tea planter and manufacturer, Harith Ranasinghe, who is also the Immediate Past President of Sri Lanka Tea Factory Owners Association (SLTFOA), has led a consortium of investors to acquire Sinhaputhra Finance PLC (SFL). According to the manda

The new government has decided to update the National Physical Planning Policy & the Plan for 2017 – 2050 to integrate the proposed policy elements in the policy declaration ‘Vistas of Prosperity and Splendour’. Prime Minister and

(Dubai) REUTERS: Gulf stocks fell sharply in late afternoon trade yesterday, with Kuwaiti and Saudi stocks leading losses. Shares of oil giant Aramco, which listed last month in a record initial public offering (IPO), fell 1.7 percent to hit the lowe

January 1, 2020 saw the launch of the UN75 initiative – the largest, most inclusive conversation on the role of global cooperation in building a better future for all. The initiative will see the UN spark dialogues throughout 2020 in diverse settin

Carl Douglas McMillon was born on October 17, 1966, in Tennessee, USA and grew up as the eldest of three children. His parents moved the family to Bentonville, Arkansas, the home of Walmart headquarters, when McMillon was 16. McMillon began working

Understanding the rapid demand for videos, Mobitel, Sri Lanka’s premier network provider has announced the launch of its latest proposition, offering both Pre-Paid and Post-Paid customers to stream YouTube videos limitlessly for as low as Rs. 249 p

Oil prices jumped more than US$ 3 yesterday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran’s elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies.

Mahouts guide their elephants during an elephant beauty pageant in Sauraha Chitwan, some 150km southwest of Kathmandu. The Chitwan Elephant Festival is celebrated with elephant football games and an elephant beauty pageant, is a major tourist attract

HONG KONG (Reuters) - HSBC will suspend overnight services at 19 ATM clusters in Hong Kong on weekends and public holidays, the bank said yesterday, two days after its branches and ATMs were targeted during anti-government protests. Hong Kong is the