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Sri Lanka

Sri Lanka’s Cargills Bank temporarily restrict E-Commerce transactions due to given reports


Sri Lanka’s Cargills group owned Cargills Bank had said that the bank is temporarily restricting E commerce transactions based on given recent reports on potential Cyber Crimes, a sms communication sent to all credit and debit cardholders by the bank outlines. “Dear customer given recent reports on potential Cyber Crime E commerce transactions have been temporarily restricted as a precautionary ... Read More »

Sri Lankan economy remains vulnerable: IMF


Colombo (News 1st): The latest review report of the IMF states the Sri Lankan economy remains vulnerable to shocks, given high public debt, large refinancing needs, and low external buffers. According to the IMF, public debt is estimated to have increased significantly to about 90% of GDP at the end-2018, reflecting weaker economic performance and the sizable depreciation of the ... Read More »

Sri Lanka state revenues increased by Rs. 93 bn last year


Colombo: Sri Lanka’s state revenues have increased by Rs 93 billion last year compared to 2017, the Central Bank said. According to the Central Bank, , the total income of the state increased to Rs. 1932.459 billion in 2018 from Rs. 1839.562 billion in 2017. The Central Bank says last year, there was an increase in all revenue streams – ... Read More »

Pakistan’s trade with Sri Lanka comes to a halt


KARACHI: Trade between Pakistan and Sri Lanka has come to a screeching halt. The reason behind the stoppage is said to be the rising violence against the Muslim community in Sri Lanka in the wake of recent terrorism and suicide attacks over there, which resulted in heavy casualties. “Rice and textile exports to Sri Lanka from Pakistan have stopped. Potato ... Read More »

Sri Lanka marks 10 years since end of civil war


As Sri Lanka on Saturday marked the 10-year anniversary since its brutal civil war came to an end, the country finds itself again at a crossroads following the Easter Sunday bombings that ripped through the nations fragile peace and fuelled some of the islands worst fears of returning to violence. The island nation was set to commemorate the end of ... Read More »

EU issues statement on Sri Lanka’s communal violence


The Delegation of the European Union (EU) issuing a joint statement said they were concerned about the recent incidents of communal violence that have occurred following the Easter Sunday terrorist attacks. “We welcome the arrests made in connection with the violence, and call on the Government to ensure that the rule of law is upheld and that the law is ... Read More »

Lanka to attract USD 1 mn business from Japan IT sector


Sri Lankan ICT,BPM delegation at Japan IT Week expects to attract USD 1 mn worth of business by end of 2019. In addition, few companies are expecting to sign joint ventures with leading Japanese companies in the ICT/BPM sector in the near future. With Government of Sri Lanka’s continuous efforts to drive economy through digital adaptation and innovation, the Sri ... Read More »

Sri Lanka dollar bonds fall on sectarian violence


LONDON, : Sri Lanka’s dollar bonds fell on Tuesday in the wake of the worst outbreak of sectarian violence since the Easter bombings by Islamist militants. The government’s 2025 bond shed 1 cents to reach its lowest since late January, while the 2027 issue lost 0.6 cents, according to Refinitiv data. Sri Lankan shares had slumped 1.6% earlier, closing at ... Read More »

Sri Lanka blocks Twitter for first time to prevent sharing harmful information


Sri Lankan authorities have taken steps to temporarily block the Twitter platform for the first time to stop sharing harmful information on social media. Other social media platforms including Facebook, WhatsApp, Instagram, YouTube, Viber, Snapchat and Facebook Messenger have already been blocked in the country from yesterday. Net freedom mapping organisation, NetBlocks data showed that leading internet providers Sri Lanka ... Read More »

Sri Lanka again blocks social media amid communal unrest


COLOMBO, : Sri Lanka’s government says it is temporarily blocking social media and messaging apps to prevent the spread of “misinformation,” the third time it has taken such a step since Easter attacks killed more than 250 people. The Information Department says the government acted after an exchange of accusations between two people on Facebook led a mob to attack ... Read More »

Work in tandem to combat terror threat, illicit trade


Recent terror incidents in India, New Zealand and Sri Lanka have thrown a challenge in the area of Customs administration in Asia-Pacific region, India said today and urged the nations to work in tandem to combat the menace. Addressing the 20th Conference of the Regional Heads of Customs Administration, Chairman of the Central Board of Indirect Taxes and Customs (CBIC) ... Read More »

Sri Lanka’s debt problem isn’t made in China: Daily Star contributors


DHAKA : Global media and numerous “experts” routinely assert that Sri Lanka was forced to cede a strategically important port to China after being lured into a debt trap by easy Chinese loans. This story has now become part of the wider narrative of how China is using the Belt and Road Initiative (BRI) to achieve its diplomatic and strategic ... Read More »

* Sri Lanka business community pledges to resume business activities with full confidence in security forces


Colombo: Sri Lanka’s business community says they are ready to resume business activities with in full confidence in national security. The Ministry of Finance states that several proposals will be submitted to the Cabinet tomorrow on the advice of President Maithripala Sirisena to restore the country’s tourism industry impacted by the Easter Sunday terrorist attacks. Financial Ministry officials disclosed this ... Read More »

3 Maldivians arrested in Lanka over usage of smuggled cigarettes


Director of Communications at Minister of Foreign Affairs Mohamed Miuvan confirmed to local media Mihaaru that three Maldivians were arrested by Sri Lankan authorities on Saturday night over usage of cigarettes that were illegally smuggled into Lanka. However, all three were promptly released after questioning. According to the Customs regulations of Sri Lanka, it is illegal to import cigarettes into ... Read More »

Sri Lanka Port City Project Moves Ahead with China Development Bank Loan


Amid last month’s terror crisis, the Sri Lankan government is moving ahead with its economic cooperation with China, and one of its mega-projects, the Port City Project which has China as one of its backers. Sri Lanka will obtain a $100 million interest-free loan facility from the China Development Bank (CDB) to expand the proposed Port Access Elevated Highway to ... Read More »

NZ Dy PM slams Sri Lanka-Christchurch terror link claim

Sri Lankan rupee

New Zealand’s Deputy Prime Minister Winston Peters on Tuesday criticised suggestions that Sri Lanka’s Easter Sunday suicide bombings were in retaliation to the Christchurch mosque shootings, saying his country was being “misused”. Sri Lanka’s State Minister of Defence Ruwan Wijewardene last week said that according to early investigations, the Easter carnage which claimed the lives of 253 people had been ... Read More »

Sri Lankan prez suspends defiant police chief over blasts


Sri Lankan President Maithripala Sirisena has suspended police chief Pujith Jayasundara, his office announced on Monday after the defiant Inspector General refused to quit taking responsibility for the intelligence failure that led to the massive Easter Sunday bombings. The police chief can only be removed through a parliamentary procedure and Sirisena’s action is the first step towards that, officials said. ... Read More »

Sri Lanka fears up to $1.5 billion tourism losses


“We expect a 30 per cent drop in arrivals and that means a loss of about USD 1.5 billion in foreign exchange.” Samaraweera said the country could take up to two years to fully recover from Sunday’s attacks, which devastated three luxury hotels and three Christian churches and killed 253 people killed, among them many foreigners. The government has blamed ... Read More »

Sri Lanka ‘open for business’ after terror attacks


Sri Lanka’s tourist board has declared the country “open for business” following the bomb attacks that killed at least 359 people. Eight Britons were among the victims confirmed dead in the Easter Sunday blasts at churches and hotels which left a further 500 wounded. In the immediate aftermath, the government declared a state of emergency on Monday as well as ... Read More »

Sri Lanka’s latest sale of bonds


Colombo: Reports that orders for Sri Lanka’s U.S. dollar-denominated bonds, which went on sale today, have topped $3bn. According to the Reuters report Standard & Poor’s and Fitch have assigned “B” ratings to the bonds, however, it is not immediately clear how much Sri Lanka plans to raise through the sale of these bonds. The sale of 5-year and 10-year ... Read More »