Wednesday , January 16 2019
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Sri Lanka

Six members of SL family arrested at BIA

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Colombo : A Sri Lankan family of six who attempted to smuggle a large stock of cosmetics, imported cigarettes and foreign liquor worth nearly Rs.1 million were taken into custody by the Customs at the Bandaranaike International Airport (BIA) on Wednesday evening. The Customs officials stationed at the Arrival Terminal on suspicion checked a family of six including several women, ... Read More »

Six members of same family detained at BIA

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Colombo : Six Sri Lankan passengers, who are members of the same family, have been detained by customs officers at the Bandaranaike International Airport (BIA) in Katunayake for attempting to bring a stock of items into the country illegally. The passengers include a man, his wife, their son, daughter-in-law and two grandchildren while they were detained upon arriving in the ... Read More »

Sri Lanka sets US $ 20bn export target for 2019

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Colombo : The Export Development Board (EDB) has set an ambitious target of fetching US$ 20 billion through merchandise and services exports in 2019, a goal that has been set following the export revenue moving towards a positive growth trajectory in the last couple of years. The set target is expected to be achieved with the EDB shifting its focus ... Read More »

Former Sri Lanka Official Clarifies Hambantota Port was Never in A “Debt Trap”

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Colombo : Hambantota Port has started to build before the proposal of the Belt and Road Initiative. In respond to the New York Times article of “How China Got Sri Lanka to Cough Up a Port” published in June 2018, Saliya Wickramasuriya told Business Times that Sri Lanka was absolutely voluntary during the process, and there was no trap in ... Read More »

ComBank issues UnionPay cards for first time in Sri Lanka

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Colombo :The Commercial Bank of Ceylon has become the first Bank in Sri Lanka to issue UnionPay Credit and Debit Cards, the card brand with the largest customer base in the world, making Sri Lanka the 51st market in the world to issue UnionPay cards. Sri Lanka’s fastest-growing credit card issuer, the Bank said it will offer UnionPay Gold, Platinum ... Read More »

Colombo Port handles record breaking 7-millionth container for 2018

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Colombo : Colombo Port on Monday handled its seven millionth container at the Jaya Container Terminal of Sri Lanka Ports Authority with joint marketing strategies carried out by three terminals, JCT, SAGT, and CICT. The function was graced by new Ports Minister Sagala Rathnayake with the participation of the Secretary of the Ministry and the Chairman of SLPA Dr. Parakrama ... Read More »

Sri Lanka Central Bank maintains policy interest rates at current levels

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Colombo: Monetary Board of the Central Bank has decided to maintain policy interest rates at their current levels with the broad aim of stabilizing inflation at mid-single-digit levels in the medium term to enable the economy to achieve its potential growth. Accordingly, the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR) of the Central Bank will remain ... Read More »

China’s loans to Lanka far below market rate : Chinese scholar

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Colombo : The interest on 61.5% of China’s loans to Sri Lanka is far below the international market rate, according to Prof. Huang Yunsong, Associate Dean at the China Center for South Asian Studies in Sichuan University. Huang told the Colombo Shangri-La Colloquium 2018 on Sunday, that as of December 2017, Sri Lanka owed China US$ 5.5 billion which was ... Read More »

Fitch downgrades Sri Lanka to ‘B’ amidst political crisis; outlook stable

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Colombo : Fitch Ratings has downgraded Sri Lanka’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘B’ from ‘B+’, with a stable outlook. Fitch Ratings said the downgrade reflects heightened external refinancing risks, an uncertain policy outlook, and the risk of a slowdown in fiscal consolidation as a result of an ongoing political crisis. KEY RATING DRIVERS The downgrade reflects heightened ... Read More »

China Defrauded Sri-Lanka To Seize Hambantota Port: US Lawmaker

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Colombo : Sri Lanka was forced to hand over the strategic Hambantota Port to China, due to Beijing’s debt-trap policies. This was stated by a powerful US lawmaker on Tuesday sought an end to the Chinese debt trap. China was defrauding small countries with nonviable infrastructure projects and was charging exorbitant rates that the poor countries could not afford, alleged ... Read More »

CICT adds capacity for bigger ships at Sri Lanka’s Colombo port

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Colombo : Colombo International Container Terminals (CICT) said it was buying more cranes that will enhance deep water capacity and enable Sri Lanka’s Colombo port to handle the biggest container ships afloat. A statement said the capacity enhancement by March 2019 would make Colombo “one of the few ports in Asia capable of handling vessels of 22,000 + TEUs (twenty-foot ... Read More »

222 Sri Lankans died in foreign employment in 2018

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Colombo : The Sri Lanka Bureau of Foreign Employment (SLBFE) says 222 Sri Lankans had died while engaged in foreign employment so far this year. Deputy General Manager of the bureau Madhava Deshapriya said 70 of them died in Saudi Arabia. While a large number of deaths were also reported from Kuwait and Qatar. Deshapriya added that the cause of ... Read More »

Central Bank of Sri Lanka hosts 54th SEACEN Governors’ Conference

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Colombo : The Central Bank of Sri Lanka hosted the 54th SEACEN Governors’ Conference / High-Level Seminar and the 38th Meeting of the SEACEN Board of Governors in Colombo from 29 November to 02 December 2018. These events were attended by Governors and delegates of SEACEN member Central Banks and Monetary Authorities. The Deputy Managing Director of the International Monetary ... Read More »

Sri Lanka: Remarkable Growth of Cruise Ships at Port of Colombo

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Colombo : Sri Lanka Guardian) A remarkable growth of the cruise ships calling at the Port of Colombo has been reported in this year. According to the records of the Sri Lanka Ports Authority, 45 cruise ships have been called at Port of Colombo in last 10 months of this year which is 28.8 % increase against the corresponding period ... Read More »

Sri Lanka Customs seizes smuggled gold, cigarettes worth over Rs. 6 million at airport

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Colombo: Sri Lanka Customs officials at the Bandaranaike International Airport in Katunayake have arrested a three Sri Lankan passenger who was attempting to smuggle in gold worth over Rs 4 million. The three passengers arrived from Bangkok had the gold items carefully concealed in their clothes. The total weight of the gold is 684 grams. The suspects are residents of ... Read More »

Sri Lanka’s Central Bank says Moody’s latest rating decision is unfounded

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Colombo : Sri Lanka’s Central Bank on Wednesday said that it is of the view that the decision by Moody’s to downgrade Sri Lanka’s foreign currency issuer and senior unsecured ratings from B1 (Negative) to B2 (Stable) does not properly reflect the country’s macroeconomic fundamentals, and therefore unwarranted. The Central Bank said it wishes to reiterate that Sri Lanka’s macroeconomic ... Read More »

Sri Lanka Presidents explains reasons for dissolving parliament

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Colombo : Sri Lanka’s president Maithripala Sirisena said the main reason to dissolve Parliament last Friday night was claims of parliamentarians being bought over. In an address to the nation late Sunday night President Sirisena said, all of you will acknowledge what a tragical situation in politics when the value of the Members of Parliament, who were elected to represent ... Read More »

China as Sri Lanka’s ‘friendly neighbour’ is bad news for India

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Colombo : A major political crisis is underway in Sri Lanka following President Maithripala Sirisena sacking Prime Minister Ranil Wickremesinghe, replacing him with former President Mahinda Rajapaksa and finally the dissolution of parliament. Multiple petitions were filed before the country’s Supreme Court challenging the constitutional validity of Sirisena’s actions. On Tuesday, Sri Lanka’s apex court overturned Sirisena’s decision to dissolve ... Read More »

Customs seize foreign currency worth almost Rs 11 million at BIA

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Colombo : A Sri Lankan passenger was detained at the Bandaranaike International Airport (BIA) in Katunayake while attempting to smuggle foreign currency worth nearly Rs 11 million out of the country, Sri Lankan Customs said. The 58-year-old from Negombo was preparing to board a flight to Singapore at 3.30 a.m. this morning (09) when he was apprehended by the officers ... Read More »

Singapore-Based Canopy Opens Swiss Office

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Switzerland : Financial data company Canopy appointed a business development manager to lead the expansion in Europe. He is based in Switzerland and responsible for new markets. Sinan Biren 160Sinan Biren (pictured left) is the new business development leader for Europe, Canopy said in a memo on Monday. Based in Switzerland he will be responsible for setting up the company’s ... Read More »