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Encouraging women entrepreneurs USD 1.8m to set up 150 mini garment factories

The USD 1.8 million national apparel initiative which aims to establish 150 mini garment factories island wide at village level is expected to come to fruition by June 2018 by adding approximately 3,000 skilled people into the garment industry workforce, a senior official said last week. Under the program designed to encourage small and medium…

(0)Comments | November 28, 2017 2:28 pm

1998 FTA Sri Lanka’s most significant bond with India

No partnership between India and Sri Lanka is as strong as the historic Indo-Lanka trade pact inked way back in 1998. “Indo-Sri Lanka Free Trade Agreement was the most significant Indo-Sri Lanka partnership we have realised on the commercial front” said the Sri Lankan Minister of Industry and Commerce Rishad Bathiudeen on 18 November in…

(0)Comments | November 28, 2017 1:10 pm

Beira Lake Intervention Area Development Plan launched – VIDEO

The Beira Lake Intervention Area Development Plan was launched by the Minister of Megapolis and Western Development Patali Champaka Ranawaka, yesterday. Subsequent to the launch, the Beira Lake area will now be referred to as Ran Masu Pura. The proposed zoning plan of the Urban Development Authority hopes to get the optimum economic value of…

(0)Comments | November 28, 2017 12:59 pm

External Sector Performance – September 2017

The external sector performance was driven by a double digit growth in exports (year-on-year) in September 2017, surpassing the US dollars 1 billion mark of monthly exports for the third consecutive month. However, the trade deficit expanded with higher imports of fuel and rice during the month. Earnings from tourism declined moderately during the month…

(0)Comments | November 28, 2017 10:00 am

Fitch Affirms Sri Lanka Telecom at ‘B+’/’AAA(lka)’

Fitch Ratings-Singapore/Colombo-27 November 2017: Fitch Ratings, Singapore, 23 November 2017: Fitch Ratings affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B+’ and its National Long-Term Rating at ‘AAA(lka)’. The Outlook is Stable. SLT’s IDRs are constrained by Sri Lanka’s IDRs of ‘B+’, as the government directly and indirectly…

(0)Comments | November 27, 2017 11:05 pm

Sri Lankan shares recover from 2-mth closing low as large caps gain

Reuters – Sri Lankan shares ended marginally higher on Monday in dull trade, recovering from a near two-month closing low hit in the previous session, even as investors awaited clarity on new taxes and key legislations. The Colombo stock index ended 0.05 percent firmer at 6,417.15, edging up from its lowest close since Sept. 26…

(0)Comments | November 27, 2017 10:17 pm

Young Lankans among 1,500 global entrepreneurs

A contingent of young Sri Lankan entrepreneurs will join the Global Entrepreneurship Summit (GES), which will be co-hosted by the United States and India in Hyderabad, India from 28th to 30th November. The United States and India have selected 1,500 individuals who will participate in the 2017 Summit. Advisor to the US President Donald Trump,…

(0)Comments | November 27, 2017 2:15 pm

President declares open the ‘Jewel in Kandy’s Crown – The Golden Crown Hotel

The Golden Crown Hotel, a super luxury, deluxe property located on 2 acres of beautifully landscaped gardens in Kandy and designed by renowned architect Dr. Upendra Rajapakse, was ceremonially declared open by HE The President on 25th November. Owned by The Golden Crown Hotel Pvt Ltd, which is a subsidiary of Serene Holdings, who already…

(0)Comments | November 27, 2017 10:37 am

ADB aid to Lanka tops USD 8.9 Bn todate

The Asian Development Bank (ADB) highlighted that a record sum of 8.9 billion US dollar financial assistance has so far been granted to Sri Lanka to improve its infrastructure during the past 50 years. ADB, Vice President Wencai Zhang made these observations at a ceremony held in Colombo to coincide with the launching of the…

(0)Comments | November 27, 2017 10:26 am

Trade deficit with India no big deal: economist

Despite the hue and cry made by the public and a certain section of the business community on Sri Lanka’s trade deficit with its neighboring giant, a top economist asserted such arguments do not show the real picture of the situation at hand and said one should not pay much attention to it. While acknowledging…

(0)Comments | November 26, 2017 6:17 pm