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Cabinet approval for US$50 million cable car project in Nuwara Eliya

Cabinet of ministers had given approval for a cable car project in Nuwara Eliya targeting local and foreign visitors. The project, which will add a new dimension to the attractions in Nuwara Eliya has been proposed by a firm called Outdoor Engineering Lanka Pvt. Ltd. and its foreign Partner Dopelme Cable Car Company. With an…

(0)Comments | July 3, 2019 2:49 pm

Business confidence makes a comeback amid persisting concerns on the policy front

Business Sentiment – The Index Regains Its Footing Sri Lanka continues to be gripped by uncertainty in the aftermath of the Easter Sunday mayhem, which was followed by ugly scenes of persecution by what many assert were politically motivated acts of violence. Meanwhile, the crucial tourism industry is fighting a battle to break the shackles and…

(0)Comments | July 3, 2019 1:54 pm

Sri Lanka moves to Upper-Middle Income category

Sri Lanka has moved up to the upper-middle income category from lower-middle income category under the World Bank’s new country classification by income level. According to the new revision which was published by the world bank on 1 July 2019 Sri Lanka’s Gross National Income (GNI) per capita has increased from USD 3,840 in 2017…

(0)Comments | July 3, 2019 1:04 pm

Going fast and going low: Emerging central banks keep cutting rates in June

(Reuters) – Emerging market central banks accelerated interest rate cuts in June, with policymakers rushing to trim benchmarks as major central banks including the U.S. Federal Reserve and the European Central Bank adopted a more dovish tone. Interest rate moves by central banks across a group of 37 developing economies showed a net five rate…

(0)Comments | July 3, 2019 10:50 am

Sri Lanka shares close at 2-week high; rupee weakens

(Reuters) – Sri Lankan shares ended firmer for a third straight session on Tuesday, hitting their highest close in two weeks, while the rupee edged down on importer dollar demand, market sources said. ** The benchmark stock index ended up 0.27% at 5,391.21, its highest close since June 19. The index rose 0.16% last week…

(0)Comments | July 3, 2019 9:21 am

CSE and SEC reach out to the Investor community in Jaffna

The Colombo Stock Exchange (CSE) in association with the Securities and Exchange Commission of Sri Lanka (SEC) recently organized the 17th event as part of the Regional Investor Forum Series organized around the country. The forum drew an encouraging response and attracted over 180 participants, including a number of present and active investors in the…

(0)Comments | July 3, 2019 8:24 am

Sri Lanka claims top spot in lonely planet travel destination for 2019

Sri Lanka secured the top spot in the Lonely Planet’s best travel destinations list of countries to visit in 2019 despite the recent Easter Sunday attacks. The travel publication, maintained Sri Lanka as number one, while warning readers to check the latest travel advisories of their governments before travelling to the island nation. “Sri Lanka…

(0)Comments | July 2, 2019 4:20 pm

China the largest lender to Sri Lanka in 1Q of 2019

The Government has made arrangements to mobilize foreign financing of US$ 2,439 million by entering into 19 Agreements with foreign development partners and lending agencies from 1 January to 30 April 2019, to support the public investment program, the mid-year fiscal report released by the Finance Ministry said. This mobilization consists of US$ 2,431 million…

(0)Comments | July 2, 2019 4:04 pm

Sri Lanka ports authority records Rs.10.5bn profit in first 4 months of 2019

Sri Lanka Ports Authority has recorded a profit of Rs.10.5 billion in the first four months of 2019 and debt to banks was Rs.11,957 million during the period , the Finance Ministry said in its latest mid-year fiscal report. Steps have been taken by SLPA to increase the efficiency of the port by enhancing the…

(0)Comments | July 2, 2019 2:49 pm

Government external debt US $32.83 billion by end-April 2019

By the end of April 2019, the total outstanding external debt of the Government was US $32.83 billion, the Mid-Year Fiscal Position Report which was released by the Ministry of Finance yesterday (1 July) revealed. Total debt service payments from 1 January to 30 April 2019 amounted to US $2,331.5 million. Of which, US $1,904.7…

(0)Comments | July 2, 2019 2:41 pm

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