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CB raises $ 165.5 m via SL Development Bonds

Views - 143 Thursday, 23 May 2019 03:30

The Central Bank (CB), on behalf of the Government, has raised $ 165.5 million via the latest issuance of Sri Lanka Development Bonds (SLDBs) from $ 196 million worth of bids received. The multi-tenor with fixed and floating interest rate SLDB issuan

President pardons Gnanasara Thero

Views - 2080 Thursday, 23 May 2019 03:29

Bodu Bala Sena (BBS) Secretary General Galagoda Aththe Gnanasara Thero has been granted a presidential pardon, highly placed sources confirmed. The hardline Buddhist group has called on its supporters to gather near Welikada Prison, where Gnanasara

President orders to end road closures for VIPs

Views - 213 Thursday, 23 May 2019 03:28

President Maithripala Sirisena has given strict instructions not to close roads, causing obstruction to the general public, in order to facilitate easy and free movement of VIPs and their convoys. The President paid attention in this regard during th

CSE and SEC holds investor forum in Singapore to restore confidence

Views - 343 Thursday, 23 May 2019 03:27

The Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC), in a proactive attempt to reassure foreign investors, recently organised an Invest Sri Lanka Forum targeting portfolio and direct investors in Singapore.

P’ment heats up over Bathiudeen NCM

Views - 672 Thursday, 23 May 2019 03:24

Lawmakers engaged in heated arguments yesterday in Parliament, unable to reach a decision on the date to take up the No-Confidence Motion against Industry and Commerce Minister Rishad Bathiudeen and the Parliamentary Select Committee appointed to loo

UNP will have its own candidate: Eran

Views - 656 Thursday, 23 May 2019 03:22

State Finance Minister Eran Wickramaratne yesterday confirmed that United National Party (UNP) will nominate its own candidate for the Presidential Elections scheduled in the latter part of this year.

LAUGFS gears up to cater to regional LPG demand

Views - 84 Thursday, 23 May 2019 03:21

A quoted company listed on the Colombo Stock Exchange, LAUGFS Gas PLC, which commenced operations in 2001 as an LPG downstream player, is today one of the largest suppliers of LPG in Sri Lanka. LAUGFS’s LPG downstream operations were supported by

Dhammika Perera non-committal over Presidential bid invite

Views - 820 Thursday, 23 May 2019 03:20

Popular business leader Dhammika Perera when contacted by the Daily FT over speculation of UNP-led coalition likely to field him as the common Presidential candidate declined to comment at this juncture. It was reported in social media that Prime Min

SL has capacity to recover from terror faster: Eran

Views - 449 Wednesday, 22 May 2019 00:20

Compared to other countries that have faced terror attacks, the Government was optimistic Sri Lanka can recover faster from the economic fallout of the Easter Sunday attacks, State Minister of Finance Eran Wickramaratne said yesterday. Wickramaratne

Stocks edge higher on local buying; rupee firmer

Views - 376 Wednesday, 22 May 2019 00:19

Reuters: Sri Lankan shares closed higher for a third straight session on Tuesday, moving further away from a near seven-year closing low hit last week, as local investors bought beaten-down stocks.

Thai delegation of 80 arrives in SL

Views - 419 Wednesday, 22 May 2019 00:18

A month after the Easter Sunday attacks, 80 Thai tourists on pilgrimage, including the Maheyong Monastery Chief Prelate Ven. Phra Bhawana-Khemakun, arrived in Sri Lanka yesterday to participate in a cultural tour around the country. The tour was org

Hayleys revenue up 34% YoY to Rs. 219 b in FY 18/19

Views - 688 Wednesday, 22 May 2019 00:17

The iconic Sri Lankan multinational, Hayleys PLC, recorded outstanding growth in revenue and operating profits in the financial year ended 31 March 2019 (FY18/19). The Group revenue expanded by 34% YoY to Rs. 219 b while operating profit before inte

Private sector takes Pledge for Unity

Views - 646 Wednesday, 22 May 2019 00:16

Representatives of the private sector yesterday took a Pledge for Unity, a national initiative, marking one month since the Easter Sunday terror attacks in the country. Ceylon Chamber of Commerce CEO Dhara Wijayatilake said a group of nine chambers m

Film industry calls for Govt. support for quicker revival

Views - 172 Wednesday, 22 May 2019 00:15

The cinema industry has become the latest sector struggling in the aftermath of Easter Sunday terror attacks, and is urging authorities for support to maintain business and encourage people to patronise theatres. Accordingly, the number of customers

Japan and India to develop Colombo port, countering Belt and Road

Views - 813 Wednesday, 22 May 2019 00:14

Tokyo: The governments of Japan, India and Sri Lanka have agreed to jointly develop the Port of Colombo, Nikkei has learned, as the Indian Ocean becomes more integral to global trade. The project’s goals are to increase the port’s container volum

SL will not meet 2019 FDI target: Malik

Views - 220 Wednesday, 22 May 2019 00:00

The Government’s Foreign Direct Investment (FDI) target of about $3 billion for 2019 will not be met, Development Strategies and International Trade Minister Malik Samarawickrama told Parliament yesterday, as investor confidence took a hit after th

Delay in VAT relief irks tourism industry

Views - 658 Tuesday, 21 May 2019 00:20

The delay in legalising the VAT reduction from 15% to 5% for travel and tourism businesses has irked the private sector, despite industry efforts for a fast-track revival post-Easter Sunday setback. “The Cabinet approved the reduction in VAT for t

Easter attacks one month on: private sector peace pledge today

Views - 271 Tuesday, 21 May 2019 00:18

A group of private sector lobbies led by Chambers of Commerce and Industry will be taking a public pledge today, to restore Sri Lanka as a peaceful nation, by taking the lead in building a united country. This pledge is the private sector’s initia

Presidential poll between 15 Nov-7 Dec: Election Chief

Views - 622 Tuesday, 21 May 2019 00:16

The next Presidential Election will be held on a day between 15 November and 7 December, Election Commission Chairman Mahinda Deshapriya said. The nominations for the poll will have to be called on or before 20 October, he said, adding that unless t

No-Confidence Motion against Govt., says JVP

Views - 434 Tuesday, 21 May 2019 00:14

Janatha Vimukthi Peramuna (JVP) will hand over a No-Confidence Motion (NCM) against the Government, including President Maithripala Sirisena, to Speaker Karu Jayasuriya today. JVP leader Anura Kumara Dissanayake told reporters that the JVP had decid

Speaker requests MPs to assist road to normalcy in country

Views - 306 Tuesday, 21 May 2019 00:12

Speaker Karu Jayasuriya on Sunday requested of MPs, most of whom are members of Sectoral Oversight Committees in Parliament, to speak in one voice so as to demonstrate to the country the readiness of Parliament to collectively face the challenges bef

Pharma Chamber welcomes drug price revision linked to rupee devaluation

Views - 336 Tuesday, 21 May 2019 00:10

The Sri Lanka Chamber of Pharmaceutical Industry has welcomed the move by the Government, in consultation with the National Medicines Regulatory Authority (NMRA), to gazette a 14.4% increase in the Maximum Retail Price (MRP) of 60 price-controlled ph

Public debt estimated at 90% of GDP by end-2018: IMF

Views - 752 Tuesday, 21 May 2019 00:05

Public debt is estimated to have increased significantly to about 90% of GDP at end-2018, the International Monetary Fund (IMF) said in its latest staff report, with losses of State Owned Enterprises (SOEs), particularly Ceylon Electricity Board (CEB

MTI shares global learnings on responding to tough times

Views - 410 Tuesday, 21 May 2019 00:00

Every economy and every enterprise at some point of their life cycle will encounter tough times. This is the Sri Lankan ‘moment’ of tough times, but we are not the only economy or enterprise to have been in such a tough situation. Think Egypt, Tu

Tourist arrivals tumble as industry struggles to recover

Views - 935 Saturday, 18 May 2019 11:46

Contrary to expectations, tourist arrival numbers continue to tumble as the industry struggles towards a quicker recovery post-Easter Sunday terror attacks.

No FT on Monday

Views - 26 Saturday, 18 May 2019 00:01

In view of the Vesak holidays, the Daily FT will not be published on Monday (20 May).

Economic sentiment declines: Survey

Views - 268 Saturday, 18 May 2019 00:01

Sentiment surrounding the economy continued to deteriorate in April with a mere 9% of respondents saying it will improve in the next 12 months in the latest monthly survey for the LMD-Nielsen Business Confidence (BCI). A businessperson remarked at t

Virtusa clarifies

Views - 30 Saturday, 18 May 2019 00:00

In response to the Reuters article titled ‘Lankan software engineer, under Indian surveillance, key in Easter attack’ published on Wednesday 15 May, Virtusa Corp. issued the following statement.

Police establish unit to monitor social media

Views - 41 Saturday, 18 May 2019 00:00

A special unit to monitor social media posts that could disrupt the peace has been established at Police headquarters with disseminators of hate speech to be handed over to the Criminal Investigati

Stocks edge higher on local buying; rupee steady

Views - 123 Saturday, 18 May 2019 00:00

REUTERS: Shares closed higher for a second straight session on Friday, moving further away from a near seven-year closing low hit earlier this week, as local investors bought beaten down stocks. Traders, however, said sectarian violence

Today's Columnists

A case for reviewing plantation management

Thursday, 23 May 2019

Last week, I elaborated on ‘Going Beyond Agronomic Research for Plantation Reform’ with the aim of beginning a conversation on the importance of non-agronomic research to understand the many problematic areas that plague the plantation sector, in

How are we doing in e-government?

Thursday, 23 May 2019

It is customary to assess some aspect of the performance of a country using a composite index such as the Ease of Doing Business Index or the Network Readiness Index. For government services, there is the e-Government Development Index (EGDI), issued

National introspection in the aftermath

Thursday, 23 May 2019

“The immediate task for the Government is to guaranty the safety and security of all innocent Muslims and prevent a recurrence of 1983 … One cannot eradicate one evil with another” – Anatomy of an Islamist Infamy (III), CT, 9 May. In this, th

Dhammika Perera an anti-establishment candidate

Thursday, 23 May 2019

During the holy Vesak weekend the phones were buzzing all over Sri Lanka over a story that appeared on a web page. The story said that Prime Minister Ranil Wickremesinghe had met with business tycoon Dhammika Perera whose business empire contribute

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