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ADB approves first loan to Sri Lanka’s railway sector

August 17, 2019

A $160 million loan has been approved by the Asian Development Bank (ADB) to modernize activities and enhance the effectiveness of Sri Lanka Railways, the railway operator of the country, by upgrading its infrastructure and technical ability. This is the first loan from ADB in the rail industry in Sri Lanka.

US confirms support for tourism sector recovery

August 16, 2019

Yesterday, at the 27th Annual General Meeting of the American Chamber of Commerce in Sri Lanka, U.S. Ambassador for Sri Lanka and Maldives Alaina B. Teplitz said that the U.S. is supporting Sri Lanka for the quick recovery of its tourism industry from the Easter attacks.

Adopting Safe and Secure Electronic Payment Practices

August 6, 2019

Electronic methods of payment (e-payment), such as real-time interbank fund transfers from client present and savings accounts as well as card payment services, have given clients with excellent comfort. Payment systems and infrastructure in Sri Lanka fulfill international security requirements to guarantee client funds are safe. Customers must adhere to appropriate security measures when making e-payments in order to enjoy these facilities continually.

The President of the CFA Institute Paul Smith opens the CSE market

August 5, 2019

The Chartered Financial Analyst (CFA) Institute articulated its dedication and capacity to have a positive effect on Sri Lanka in supporting the ambitious capital market growth plans of the country.

The SBI Group in Japan invests US$ 2 million dollars in Sunshine Energy.

August 1, 2019

Diversified conglomerate Sunshine Holdings PLC (CSE: SUN) has announced that SBI Ven Holdings (Pte) Limited, SBI Holdings Inc.'s foreign private equity firm, has invested USD 2 million in Sunshine Energy (Pvt) Ltd (SEL) to further propel renewable energy production initiatives by Sunshine Holdings.

The SL Quiz pool brings the directFN Quiz team to light.

July 26, 2019

One of the leading rivals in the recent Biz Quiz competition, the Glitz-sponsored Sri Lankan corporate contest, was DirectFN Quiz Team. The team won the title of the winner of the category IT / Software. In the general contest, DirectFN also ranked 4th.

Keells Foods recognizes leading sales representatives

July 26, 2019

In a recent annual sales meeting held by Keells Food Products (KFP) at Cimmamon's Hikka Tranz, the Icelandic Sales Team recognized and recognized its most excellent sales leaders ' commitment and accomplishments in the financial year ending on 31 March, at which 27 of the world's most prominent sales leaders were recognized.

In cooperation with LJMU, SLIIT offers LLB (Hons) degree

July 26, 2019

Not only will an LLB (Hons) degree open numerous career paths to the students, but it also expands their perspectives on many social issues and enables them to collect understanding through studies and analysis separately.

Free visa facility to increase access

July 26, 2019

A press conference was held in the Hotel Shangri-La with the introduction of the free visa for the 46 countries with effect from August 1st and was held in Shangri-La by the ministers of Chrétien Affairs, Wildlife, and Tourism.

Aitken Spence Hotels invests Rs 70 mn for women’s lodgings

July 25, 2019

Aitken Spence Hotels has spent Rs 7 million to establish a well-equipped women's lodging facility in Heritance Kandalama in the creation and promotion of a job setting as an equal opportunity employer.

The Planters Association is seeking redress for the woes of palm growers

July 25, 2019

The palm oil business is in a serious crisis in Sri Lanka as a result of an informal planting ban, Rs. 500 million of crops are lost in nurseries.

CPC mulls CEB additional loan rs.100bn

July 24, 2019

If the directors of CEB come to the salvage of the CEB with an enhanced credit ceiling of up to thumping Rs.100 billion for the supplies of fuel to the board of thermal plants, consumers of electricity, industry as well as citizens, facing the expectation of an erratic electricity supply from a cash-strapped Ceylon Electricity Board may receive some replacement.

Boss of ACIFMA impressed with safety actions

July 24, 2019

The president of the Association of Financial Markets ACI, Bruno Langfritz, who was a forerunner for the World Congress in Colombo in October in Sri Lanka, feels comfortable about the present safety policies on the island.

Easter terrorist attack Revenue loss Rs.50 bn

July 24, 2019

The mid-year tax position report for 2019, which the Ministry of Finance presented to Parliament yesterday, estimates a loss to the income of Rs 50 billion in the nation resulting from the Easter Sunday terrorist attack.

Japan offers the Human Resource Development Scholarship (JDS) project with Rs.429 million grant assistance

July 23, 2019

The Government of Japan has given the Human Resource Development Scholarship (JDS) project with a grant worth approximately Rs.429 million to

In May, PPI increased by 2.4%

July 18, 2019

For financial operations such as agriculture, production, and the energy, water, and energy industries the PPI (Producer Price Index) of all reports is 153.4, 131.5 and 88.1. According to the Ministry of Census and Statistics, the PPI growth rate for May is 2.4% annually. The PPI growth rates for May are 2.4%.

Only once in 2019 will the Federal Reserve cut rates

July 18, 2019

In view of strong employment growth in the US, the Fed will probably lower interest rates than expected by financial markets in the rest of 2019, says Fitch Ratings. A 25bp reduction now appears likely either at the July or September FOMC, but unlike current prices on future Fed funds markets, the start of a set of interest rate cuts is unlikely.

The decrease in aviation fees is commendable

July 10, 2019

Board of Airline Representants (BARs), Sri Lanka Airline Representatives Association (SLAAR) and Sri Lankan Airline Country Managers welcomed the government moving for six months to decrease land handling, aviation fuel, and boarding levies.

Steps to simplify interventions for tourism relief

July 10, 2019

Minister for Tourism John Amaratunga requested on 11 June to hold a conference with the governor of the Central Bank and with the CEOs of public and private banks and insurance companies.

Foreign tourism-boosting charges

July 9, 2019

On Monday, together with Sri Lanka's Prime Minister's Office, Tourism Ministry and the Sri Lankan Civil air agency, the Sri Lanka Tourism Authority presented a cabinet document and obtained 6 months of ground handling, air fuel, and boarding fees approvals.

Two new treasury managers

July 8, 2019

D.C. R Olga, the Director General for Treasury Operations and the Department of Remarks of Sri Lanka Accountancy, took over the task. A. As the Director General of the Department of Finance, Rathnayaka has taken over the duties of Sri Lanka Accountancy Service.

Hybrid for all wastewater problems

July 8, 2019

The Omega Jokasou septic tank has been acquired a significant market share for three years since the launch in Sri Lanka, which is the continuous answer to issues associated with the toilets and drainage such as overloading, excessive use of the toilet pit, damaging and erosion, poor smell, and toxic gas emission.

Strengthened atlas with technical skills

July 5, 2019

Atlas Axillia is celebrating its 60th anniversary with a range of projects aimed at enhancing children's lives across the nation. The firm intends a bursary and fresh innovative warehouse products to be launched. Viraj Jayasooriya, Chief Operating Officer of Atlas, says his firm has invested strongly in its business and can generate a high-quality product at a good cost.

Sweetened beverage tax will be reimposed to safeguard Sri Lankans

July 3, 2019

Health Ministry spokesperson said that the tax on high-sweetened beverages will be reimposed to safeguard Sri Lankans from non-communicable diseases such as diabetes, cancer, kidney disease, cardiac illnesses, hypertension and so on. Speaking at the Finance Minutes next Friday morning, the spokesperson said that the final choice is to impose a heavily sweetened drink during the debate.

Sri Lanka is changing to ‘ higher-mean income ‘

July 3, 2019

Sri Lanka has revised the World Bank's gross national income (GNI) classification limits announced on Monday (July 1) to the "upper-middle income" category from the "lower-medium income. "The per capita GNI of Sri Lanka has risen from 3.840 USD in 2017 to 4.060 USD in 2018 according to World Bank information. The fresh categories define the higher-medium revenue markets between USD 3,996 and USD 12,375 for GNI per person.

CSE and SEC reach investors in Jaffna

July 3, 2019

The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) recently organized a regional investor forum in Jaffna with the aim of creating awareness on stock market investments.

Approval by the Cabinet conditional

July 2, 2019

Cabinet approval had been granted for the program to provide tab computers to G.C.E.Advanced Level students on condition that it is first implemented as a pilot project in national schools only, President Maithripala Sirisena had stated according to a press release by the President’s Media Division.

In the first four months, the external industry moderates

July 2, 2019

Sri Lanka’s external sector moderated in the first four months of 2019 mainly due to the lessening of the trade deficit, a marginal increase in earnings from tourism, the decline in workers’ remittances and weaker financial flows. The exports increased by 4.5 percent to US$ 3,954 million in the first four months of 2019 while imports contracted by 17.4 percent to US$ 6,412 million which has resulted in narrowing the trade deficit to US$ 2,458 million in the first four months of 2019, compared to US$ 3,981 million in the same period of 2018.

ADB project report in Sri Lanka funded by the Finance Initiative for Women Entrepreneurs.

July 1, 2019

Asian Development Bank (ADB) President Takehiko Nakao submitted a report to Japanese Prime Minister Shinzo Abe on an ADB project in Sri Lanka funded by the Women Entrepreneurs Finance Initiative (We-Fi) at the Osaka G20 Summit on June 29.

Airtel presents a product that changes the game

June 26, 2019

Airtel Lanka has introduced a new product offering unlimited voice calls in a move that is set to revolutionize the telecom industry.

AMW launches Big Brother Swift, CROSSOVER SUZUKI BALENO 201

June 26, 2019

Associated Motorways (Private) Limited (AMW), the pioneer and frontrunner in the automotive sector in Sri Lanka, ceremoniously launched the Brand New Suzuki BALENO CROSSOVER on June 24, 2018,

Two prestigious prizes were awarded for digital loans via mCash

June 26, 2019

Demonstrating the rising use of digitally-backed products and services in the financial services space, Mobitel and LOLC Finance PLC

ICRA National Bank of Savings [ Sl ] AAA rates

June 25, 2019

ICRA Lanka Limited, a subsidiary of ICRA Limited, a Moody's Investors Service group company, 

India Int’l Textiles Expo in Colombo from 29 July

June 25, 2019

Powerloom Council for Development and Export Promotions (PDEXCIL), established by the Textiles Ministry, Govt. The ' India International Textiles Expo ' (IIT Expo Colombo 2019) is organizing a cum buyer meeting in India from 29 to 31 July at Hotel Galadari, Colombo.

Congratulations to the donors of blood

June 18, 2019

Minister of Health, Nutrition and Indigenous Medicine Dr. Rajitha Senaratne congratulated over 4,000 volunteer blood donors who turned up instantly to donate blood following the sequence of suicide bomb attacks on Easter Sunday, a spokesperson for the Health Ministry said.

Specific SOE targets ; Govt signs an additional 10 SCIs

June 12, 2019

The government has set particular goals for state-owned enterprises (SOEs) to be accomplished by 2020-2021 through the Corporate Intent Statement (SCIs).

USD 4.5 mn Villa Project with Signed with US investors

June 3, 2019

Sundara (Pvt) Ltd from the USA, inked an agreement with Board of Investment (BOI) to build “The Plantation Koggala” a luxury hotel project in Koggala on Friday.

Moc Signed for the Development of the Colombo Port

May 30, 2019

Among three governments of Sri Lanka, Japan and India a Memorandum of Cooperation was signed for the development of the East Container Terminal (ECT) located In the Colombo South Port.

Envisaged Japanese Loan Considered one of the Best

May 27, 2019

The Sri Lanka Ports Authority (SLPA) after observing recent reports in the press about the envisaged Memorandum of Cooperation (MoC)

IMF approves USD 164.1 million disbursements for Sri Lanka

May 14, 2019

The Executive Board of the International Monetary Fund (IMF) has approved US $ 164.1 million disbursements for Sri Lanka, completing the fifth review of the Extended Fund Facility (EFF) arrangement Sri Lanka has with the multilateral lender.

Sri Lanka to Purchase 325 Luxury Buses.

May 10, 2019

Sri Lanka's Cabinet of Ministers has given the nod for the government to purchase 325 luxury buses form Lanka Ashok Leyland at a cost of over Rs. 3.6 billion to provide a more comfortable and quality and secure transportation service to the public.

Free Tabs to be Distributed Among AL Students

May 9, 2019

The Cabinet has approved the Education Ministry proposal to provide free tablet computers for all Advanced Level students.

Funds to purchase 160,000 Laptops for Schools

May 6, 2019

Latest Cabinet decisions on a project to provide computer facilities in schools to develop the learning and teaching process in the school education system were proposed according to a budget proposal.

Donations Accepted to Upgrade Hospitals

May 6, 2019

The Chinese government has granted a micro interest loan of Rs. 13 billion to Sri Lanka to upgrade 13 hospitals, while Germany, Austria, France, and the Netherlands have granted Rs. 37,600 million to develop four hospitals, a Health Ministry spokesman said yesterday.

NLDB Invests with a Motive to Expand

May 6, 2019

In order to add new plants, infrastructure, and value-added products, the National Livestock Development Board (NLDB) is to invest over Rs. 400 million this year.

Single Largest Project Loan From EXIM Bank To Sri Lanka

March 29, 2019

China and Sri Lanka today signed a US$ 989 million concessional loan agreement for the Central Expressway Project's first phase.

Electronic Teller Cards, To Make Expressway Toll Payments Easier.

March 29, 2019

In order to make toll payments more convenient, the Road Development Authority has introduced Electronic Teller Cards (ETC) for expressway-users

National Action Plan To Save Electricity.

March 28, 2019

A proposal in order to implement a programme aimed at using electricity sparingly in private and public sector institutions until the

Profit Increments for Ceylinco Insurance.

March 28, 2019

Ceylinco Insurance PLC, the holding company of Insurance giants Ceylinco General Insurance and Ceylinco Life Insurance, recorded a massive, consolidated after-tax profit of Rs. 8.7 billion for the year ended December 31, 2018,

18% Increment On The Colombo Districts Land Price Index.

March 14, 2019

Compiled by the Central Bank of Sri Lanka, the Land Price Index (LPI) for the Colombo District, reached 125.9 the second half of 2018, recording an increase of 18% compared to the second half of 2017

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