(Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday, hovering near a seven-month closing low hit last week, as continued foreign fund outflows from government securities after a surprise rate cut last month weighed on the currency. Foreign

Morison PLC, the pharmaceutical manufacturing and distribution subsidiary of Hemas group yesterday informed its board decision to delist its shares from the official list of the Colombo Stock Exchange (CSE).

Sri Lanka could overshoot its budget deficit target by much as 100 basis points this year, pushing its fiscal deficit to its highest in three years, as spending cuts have failed to offset shortfalls in revenues, th

The Finance Ministry yesterday emphasized that the proposed amendments to the People’s Bank Act are not aimed at privatizing the State-owned bank, and rubbished claims made otherwise as baseless and politically-motivated.

Sri Lanka is at risk of losing a US $ 480 million Millennium Challenge Corporation (MCC) grant due to a campaign of misinformation and political differences among the ruling ‘coalition’. The MCC grant represents the largest grant from a single so

As the GSP Plus concessions are set to expire in 2023, following Sri Lanka’s recent graduation to the higher-middle-income category, the government has requested the European Union (EU) to expedite the approval to source high-quality fabrics from I

The Colombo Stock Exchange (CSE), in consultation with the Securities and Exchange Commission of Sri Lanka, is proposing to revise the regulatory framework governing the initial listing of shares on the CSE.

Sri Lanka’s leading fashion and lifestyle retailer Odel PLC, a unit of diversified Softlogic group, says it is lobbying the government to reduce duty on imports to make Sri Lanka an attractive shopping destination for tourists.

The Maldives and Sri Lanka yesterday signed a new visa facilitation agreement to grant a free 90-day visa on arrival for the visitors between the two countries.

The government is looking at the possibility to build a new railway line between Bandaranaike International Airport in Katunayake and Veyangoda to promote tourism. Transport and Civil Aviation Minister Arjuna Ranatunga said a new railway line between

Fitch Ratings has affirmed and withdrawn the rating on Bank of Ceylon’s (BOC) proposed Basel III-compliant subordinated debenture issue, as the issuance has not taken place. BOC in July revealed plans to raise as much as Rs.12 billion through a pri

Union Bank of Colombo PLC yesterday said it is weighing the strategic options for its underperforming finance subsidiary UB Finance (UBF) as the bank is engaging in talks with identified investors for the possible divestment of the licensed finance c

Four months on from the brutal Easter Sunday terror attacks, Sri Lanka finally lifted its national state of emergency on August 22, 2019. While there has been much hype about what this means for economic productivity and tourism gains, the move has a

Elephant House Ice Cream, the famous and iconic household brand for ice cream in Sri Lanka, has taken yet another giant leap through their historic partnership with Warner Bros.

Higher credit costs amid worsening asset quality and higher taxes are set to impact the profitability of Sri Lanka’s banking sector negatively, according to a new report by Moody’s Investors Service.

The much anticipated deep water East Container Terminal (ECT) will come into operation in December next year, under the proposed terminal operating company (TOC) that will be jointly formed by Sri Lanka Ports Authority (SLPA), Japan and India, in whi

With the lifting of state of emergency, removal of travel advisories, discounted prices and free visas Sri Lanka expects a successful winter season ahead, making a strong recovery following the Easter Sunday terror attacks. While

The third Enterprise Sri Lanka exhibition, which aims to promote enterprise culture in Sri Lanka and takes the government development activities to the doorstep of the people, will be held from September 7 to 10 at the Jaffna Fort. The goal of this e

The government is estimated to be losing nearly 20 percent revenue from Sri Lanka Customs (SLC) due to various revenue leakages, according to the Treasury. A senior Treasury official revealed that under-invoicing, under-valuation and misclassificat

Sri Lanka’s inflation in the month of August edged up to 3.4 percent from 3.3 percent in July, the data released by the Department of Census and Statistics (DCS) showed.

Exactly 40 years ago, on September 1, 1979, the first flight of SriLankan Airlines was made, the aircraft rising gracefully from Colombo’s Bandaranaike International Airport (BIA) to wing its way to Bangkok. It was the modest start of the na

Sri Lanka’s rupee closed slightly firmer yesterday, snapping three straight sessions of losses and recovering from a seven-month closing low hit in the previous session, but risks of foreign fund outflows weighed on the currency. Foreign investors

The world-renowned chef Peter Kuruvita will join as the guest chef representing Sri Lanka to deliver the contemporary version of Sri Lankan cuisine with the richness of Sri Lankan spices, at the Culinary Experience Pod event of Expo 2020 Dubai. The C

The newly appointed Ambassador of Netherlands to Sri Lanka Tanja Gonggrijp paid a courtesy call on Development Strategies and International Trade Minister Malik Samarawickrama at the ministry. The dis

(Mumbai) AFP: India’s economic growth slowed for the fifth straight quarter in the April-to-June period to 5.0 percent, government figures showed yesterday in a fresh blow to Prime Minister Narendra Modi.

(Hong Kong) AFP: Renewed hopes for trade talks boosted most Asian equities yesterday after China said it would not retaliate against the latest US tariffs, setting up a positive end to a volatile week. However, the arrest of activists in Hong Kong fu

(New Delhi) REUTERS: India announced a series of mergers involving 10 state-owned banks yesterday, as it moves to strengthen a sector struggling under a mountain of debt and ensure stronger balance sheets to

(London) REUTERS: Oil gave back some of its recent gains yesterday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida

The People’s Bank (Amendment) Bill will be presented to Parliament for a vote next week, seeking lawmakers’ approval to allow the State-run bank to raise capital by issuing debentures similar t