Finance and Mass Media Minister Mangala Samaraweera will leave for Washington tomorrow to get the International Monetary Fund (IMF) External Fund Facility (EFF) back on track.    

The Reserve Bank of India (RBI) has agreed to provide US $ 400 million to the Central Bank under its SAARC swap facility.  

(Colombo) REUTERS: Sri Lanka’s rupee closed higher yesterday as foreign banks sold dollars but political uncertainty dented investor sentiment, dragging the benchmark stock index down to a more than six-week low.   

Chevron Lubricants Lanka PLC, the market leader in Sri Lanka’s lubricant market, saw its market share declining further during the third quarter of last year (3Q18), the lubricant market data released by the Public Utilities Commission of Sri L

Dialog Finance PLC, a unit of Dialog Axiata PLC, is to raise little over Rs.764.1 million through a rights issue, subject to shareholder and Colombo Stock Exchange approval.

The brother of President Maithripala Sirisena and Araliya Group of Companies Chairman Dudley Sirisena yesterday announced his plans to launch an anti-corruption organisation by joining hands with scholars, professionals, media and business community

In 1996, a punishing drought crippled hydroelectricity generation and impacted households and industry with gruelling eight-hour blackouts. Thousands of farmers faced crop failure and bankruptcy as Chandrika Kumaratunga limped along without plan or p

Sri Lanka’s revised 30-year National Physical Plan (2019-2050), which had been delayed due to two months of political turm

(Colombo) REUTERS: Sri Lanka’s rupee ended weaker yesterday as importer dollar demand and continued outflows of foreign funds from government bonds and stock markets due to political uncertainty dented investor sentiment.  The bourse fell

Chinese tourists visiting Sri Lanka now have the added benefit of purchasing goods and services and paying for them through ‘WeChat Pay’ –one of the leading mobile payment solutions in China, consequent to a partnership between the

The Finance Company PLC (TFC) has sought further time from the securities regulator to resolve the serious matters outstanding in its books of accounts marred by omissions and errors, which led the company auditor to issue qualified opinion on its fi

(Frankfurt) AFP: Natural disasters including wildfires, hurricanes and tsunamis inflicted US $160 billion of damage and claimed 10,400 lives in 2018, German reinsurer Munich Re said yesterday.

(Colombo) REUTERS: Sri Lanka plans to increase government spending by 13.2 percent from last year to Rs.4.47 trillion (US $24.51 billion) in 2019, the Finance and Mass Media Ministry said 

The controversial tariff revision by the Sri Lanka Ports Authority (SLPA), which rattled exporters and importers alike, has been suspended after the industry lobbied against the move, Mirror Business learns. The decision to suspend the higher tarif

The Central Bank has sharply raised the upper limit of interest rates that could be offered by non-bank lenders on deposits, Mirror Business learns. The increase in ceiling deposit rates at non-bank finance companies comes as part of the twice a year

Sri Lanka’s unemployment rate for the third quarter (3Q18) edged down to 4.1 percent, from 4.2 percent a year earlier, although the participation of females in the labour force continues to remain low, according to the data released by the Cens

The Colombo Stock Exchange has amended the Listing Rules to facilitate the secondary listings of foreign firms through the Multi Currency Board (MCB).

Hunas Falls Hotels PLC yesterday said a prospective buyer had approached the two major shareholders of the hotel owning company to purchase their collective shareholding of 66.2 percent, subject to a due diligence.  

(Colombo) REUTERS: The Sri Lankan rupee recovered further yesterday, after hitting a record low in the previous week, helped by mild dollar inflows.

The government may have lost Rs.18 billion in cigarette tax revenue as a record 583 million illicit cigarettes were estimated to have smuggled into Sri Lanka in 2017, driven by the high taxes on legal cigarettes and the absence of a proper mechanism

Sri Lanka’s experiment with hybrid governments failed miserably. By hybrid government, I mean a government that entails the President from one party and the administration or the Cabinet of ministers from another party (or a coalition). &n

To improve SOEs’ performance and following many controversial appointments to State-owned enterprises in the past, President Maithripala Sirisena has issued fresh instructions on selection criteria in a bid to eliminate controversial and poorly

Meanwhile, Cooray and Fernando revealed that in order to enhance the benefits of GSP Plus, the industry stakeholders had submitted reports to the government requesting to source fabrics from Indonesia and South Korea, last year.  The Department

As the apparel export growth picked up pace in November last year, the apparel industry expects to surpass the US $5 billion mark in 2018 for the first time, recording the best growth in apparel exports since 

One of Sri Lanka’s frontline construction firms, International Construction Consortium (Pvt) Ltd., has embarked on an ambitious Rs.4 billion apartment complex in Galle. The oceanfront serviced ap

(Dubai) REUTERS: Iran’s central bank has proposed slashing four zeros from the rial, State news agency IRNA reported yesterday, after the currency plunged in a year marked by an economic crisis fuelled by  U.S. sanctions.

he Sri Lanka Ports Authority (SLPA) has substantially raised its port charges and other related tariffs effective from January 1, 2019, a move that has taken importers, exporters and other key stakeholders by surprise, as it will drive up costs for m

The budget 2019, which is to be presented to Parliament on February 05, will be prepared with a focus to reduce the fiscal deficit to 3.5 percent of the Gross Domestic Product (GDP) and mainta

Hayleys Advantis Ltd (Advantis), the transportation and logistics arm of Hayleys PLC, announced that it has entered into a landmark deal with Dubai-based Trustworthy.ae Group to manage the container depot in Abu Dhabi.  Advantis is to operate an

Standard Chartered last Friday announced the appointment of its first Sri Lankan Chief Executive Officer (CEO), Bingumal Thewarathanthri with effect from January 1, 2019.