Monday , July 22 2019
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Sri Lanka

BOI inks agreement with edotco to equip Sri Lanka with Smart City Solutions


July (LBO) – The Board of Investment (BOI) and edotco Sri Lanka, an integrated telecommunications infrastructure services company today entered into an agreement to invest in the latest Smart City solutions and energy-efficient systems. Under this agreement, the BOI grants edotco Sri Lanka the approval to deploy urban smart solutions throughout the country over the next 3 years. The BOI ... Read More »

Customs recovers illegal cigarette haul worth over Rs 1.3mn


Colombo : Customs at the Bandaranaike International Airport arrested a suspect for importing a stock of cigarettes into the country illegally. According to customs officials, the suspect has carefully packed 27,720 cigarettes, manufactured in Dubai, into his luggage. The haul of illegal cigarettes is worth over Rs 1.386mn. The arrested suspect has been identified as a 42-year-old resident of Ridigama, ... Read More »

Sri Lanka leaves rates unchanged to support growth


COLOMBO: Sri Lanka’s central bank left key interest rates unchanged on Thursday as expected, after cutting them in May to support the economy as tourism and investment plummeted in the wake of deadly suicide bombings in April. The Central Bank of Sri Lanka kept the standing deposit facility rate (SDFR) and standing lending facility rate (SLFR) steady at 7.50% and ... Read More »

Investors can expect steady returns in Sri Lanka


Investors from the UAE looking to invest in Sri Lanka will find plenty of opportunities that promise steady returns, especially in the country’s ICT and tourism sectors, officials said at the UAE Sri Lanka Forum. Speaking at the event on Tuesday, Charitha Yattogoda, consul general of Sri Lanka to Dubai and the Northern Emirates, noted that the UAE is an ... Read More »

Sri Lanka could help Chinese manufacturers offset trade war impact


Sri Lanka is wooing Chinese manufacturers, urging them to make use of its preferential duty-free treatment by the US and Europe as a way to offset the growing tariff pressure of the trade war. The country’s development strategies minister, Malik Samarawickrama, was in Beijing on Wednesday as part of an investment forum at the Sri Lankan embassy attended by dozens ... Read More »

Sri Lanka’s largest Methamphetamine haul busted at Central Mail Exchange


The Customs officers have intercepted a stock of Methamphetamine pills, also known as “Ecstasy Pills”, worth Rs 27 million at the Central Mail Exchange today (04), says the acting media spokesperson of Sri Lanka Customs Lal Weerakoon. Accordingly, 5,500 Methamphetamine pills hidden inside a subwoofer were smuggled into the country from Belgium. The Customs officers had seized the haul packed ... Read More »

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 capacity of Jaya container Terminal ... Read More »

Sri Lanka Ports Authority makes Rs10.5bn profit in first quarter of 2019


Sri Lanka Ports Authority, which runs the island’s harbours for merchant shipping, made a profit of 10.5 billion rupees in the first four months of 2019, the finance ministry said, as cargo volumes grew strongly. The SLPA’s debt to banks was 11,957 million rupees during the period, it said in a report on government finances for the first half of ... Read More »

EU says planned Sri Lanka executions contradict commitments


The European Union has criticised Sri Lanka’s move to resume executions, saying it would directly contradict the country’s commitment to maintain a 43-year moratorium on death penalty at the UN General Assembly last year. The EU said in a statement Thursday that Sri Lanka’s planned executions will send the wrong signals to the international community and investors. It said it ... Read More »

Tanzania suspends $10 billion port project in new blow to China’s Belt and Road

Workers direct the loading onto the MSC Tokyo cargo ship of a container of rice, part of a donation of 1,000 tonnes from the Brazilian government to the people of Sri Lanka, at Rio Grande Port in southern Brazil, January 25, 2012. From Turkey to Brazil, India to Saudi Arabia, a growning number of non-western donors are bringing fresh funds, a different mindset and their own experience of managing natural disasters to the global humanitarian aid scene. Picture taken January 25, 2012. To match feature DISASTERS-NEWDONORS/    REUTERS/Andres Stapff (BRAZIL - Tags: BUSINESS POLITICS SOCIETY)

Tanzania has suspended a $10 billion port project given unfair financial conditions in the biggest blow yet to China’s Belt and Road ambitions in Africa. The port, to be built in Bagamoyo and operated by China Merchants Holding International, would have been the largest in East Africa, dwarfing the Mombasa port in neighbouring Kenya. Plans also included an industrial zone, ... Read More »

Sri Lanka successfully launches USD bond with over 3 times oversubscription


Sri Lanka returned to the US dollar bond markets, successfully pricing a new issuance of 500 million dollars 5-year and 1.5 billion dollars long 10-year bonds with over three times over subscription. The Central Bank said the final orderbook stood at over 1.8 billion dollars across 165 accounts for the 5-year tranche and over 4.4 billion across 290 accounts for ... Read More »

BIA cleaning staff nabbed for ‘smuggling’ gold


A female aged 55 attached to a cleaning service at the BIA was apprehended and handed over to Sri Lanka Customs by Airport security while attempting to smuggle gold jewellery weighing 2.187kg valued at Rs.11.5M into the country. According to the preliminary investigations, it has been revealed that a Transit passenger has handed over the parcel contain ing gold jewellery ... Read More »

Sri Lanka’s port master plan stresses efficiency to stay competitive


ECONOMYNEXT : Sri Lanka’s new national port master plan has recommended that Colombo port move fast to improve efficiency and infrastructure to support its main transhipment business and exports and imports. The island’s strategy is to become an internationally well recognised maritime centre, according to the plan done by MTBS of the Netherlands and NIRAS A/S, a Scandinavian consulting engineering ... Read More »

Customs revenue down by 30% – Min. of Finance


COLOMBO : Finance minister Mangala Samaraweera states that Sri Lanka Customs revenue has dropped by 30% during the first 5 months of 2019. The Minister revealed this at a ceremony yesterday (June 19) to grant appointment letters for 134 Custom Assistant Superintendents. The customs department brought in Rs 912bn in 2018, which accounts for 54% of the total tax revenue. ... Read More »

Sri Lanka to raise up to Rs 480bn debt under Active Liability Management Act


Cabinet nod has been received to move a resolution in Parliament to raise up to 480 billion rupees under the provisions of the Active Liability Management Act. Accordingly, taking into consideration the Public Debt maturity structure during the period from 2020 to 2029, the Central Bank has recommended to raise the amount in or outside Sri Lanka. The Active Liability ... Read More »

Ceylon Chamber to hold networking evening to rebuild business confidence


The Power of Interaction Series is a networking evening organized by The Ceylon Chamber of Commerce with the intention of providing its membership an opportunity to interact with Senior Government Officials of a particular sector. The first session for this year, will be on the theme of ‘Rebuilding Business Confidence in Sri Lanka’. The keynote address will by Mr. P.B ... Read More »

Rebuild Business Confidence in Sri Lanka, a networking evening organized by CCC


The Power of Interaction Series is a networking evening organized by The Ceylon Chamber of Commerce with the intention of providing its membership an opportunity to interact with Senior Government Officials of a particular sector. The first session for this year, will be on the theme of ‘Rebuilding Business Confidence in Sri Lanka’. The keynote address will by Mr. P.B ... Read More »

Sri Lanka releases 18 Indian fishermen


Sri Lanka has released 18 Indian fishermen arrested for illegally fishing in the Sri Lankan waters, an official said on Saturday. The fishermen, who were held off the coast of Point Pedro two months ago by the Sri Lankan Navy, were freed by a court here on Friday. “They are now to be handed over to the immigration officials for ... Read More »

Sri Lanka BoI sign USD1.6Mn Yala hotel deal with Spanish firm


The Board of Investment of Sri Lanka signed an Agreement with Putus Brother’s Sustainable Developments (Private) Limited to build, construct and operate a 15 cabana hotel project in Palatupana, Yala. The total value of the project is US 1.6 million dollars. The project will consist of 43 luxury cabanas in Yala and initially, 15 cabanas will be built with 4-star ... Read More »

Xuebing Sun assumes duties as new FAO Representative for Sri Lanka


Xuebing Sun presented his credentials to Mr. Tilak Marapana, Minister of Foreign Affairs of the Democratic Socialist Republic of Sri Lanka, as the new Representative of the Food and Agriculture Organization (FAO) in Sri Lanka, at the Ministry premises on Monday, 10th June. Mr. Sun is a Senior Environmental Economist by training with 32 years of working experience in the ... Read More »