Economic

Enterprising young entrepreneurs in Dambulla will be getting an opportunity today and the day after to obtain necessary capital from commercial banks to start new ventures, or to improve existing businesses on the strength of their capabilities without surety.

Sri Lanka’s tourism industry is picking up pace with a marked increase in arrivals which had affected after the Easter Sunday terror attacks on churches and hotels, official sources said.

The Analytics Unit of the Ministry of Economic Reforms and Public Distribution is now fully equipped with A group of professionals recently passed out from universities for the collecting and analysing data for decision making in solving critical economic issues.

Sri Lanka’s external sector strengthened further in June 2019 with a marked contraction in the trade deficit while gross official reserves were augmented with the proceeds of the issuances of two international sovereign bonds (ISBs).

Sri Lanka's trade deficit in the first half has contracted by a whopping $ 2.1 billion, thanks to robust exports and decline in imports.

The government is taking on critical issues affecting the country’s economy while providing concessions for the people.

Associated Motorways (Private) Limited, a trailblazers in Sri Lanka’s automotive segment, launched the Yamaha FZ & FZ – S version 3.0 models to the Sri Lankan market at a ceremony held at the Yamaha showroom recently.

Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance), India’s leading Non-Banking Finance Company (NBFC), has entered into a joint venture with Ideal Finance Ltd. (IFL), a fully-owned subsidiary of the leading Sri Lankan conglomerate Ideal Group.

In order to tackle oligopolies and large scale rice millers, the government has introduced ‘Shakthi’ rice to the market by forming rice millers’ co-operative societies.

Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI, 2013=100)1 increased marginally to 2.2 per cent in July 2019 from 2.1 per cent in June 2019, Central Bank announced.

The Securities and Exchange Commission of Sri Lanka (SEC) recently filed action before the Fort Magistrate’s Court against four persons for market manipulation, conspiracy to commit market manipulation, and aiding and abetting with respect to the shares of Radiant Gems International PLC (RGEM), listed on the Colombo Stock Exchange during the period 2-29 September 2011.

Mahindra & Mahindra Ltd on Saturday expanded its global footprint with the inauguration of a local automotive assembly plant at Welipenna near Colombo in Sri Lanka.

The Committee on Public Enterprises (CoPE) yesterday called for an independent investigation into the losses of SriLankan Airlines, to understand the causes and identify people responsible for the losses and to hold them accountable.

Reuters: Shares fell to their lowest close in nearly two weeks on Monday, as investors waited for more clarity after the main Opposition party named a hard-line former Defence Chief as its presidential candidate, to capitalise on public clamour for a decisive leader.

Reuters: Sri Lankan shares on Friday hit their lowest close in a week as investors remained on the side-lines and sought more clarity after the main opposition party, seeking to capitalise on public clamour for a decisive leader, named a hard-line former defence chief as presidential candidate.

Peoples Bank, a state owned leading commercial bank is to strengthen its financial stability and effectiveness in its operations.

The revenue on tax in arrears to be recovered by Sri Lanka Customs , Inland Revenue Department and Excise department have been ballooned to Rs. 323 .73 billion up to the year 2017, official data showed.

Crystal Martin at Wathupitiwala, employing close to 1,000 sewing machine operators, recently became the 10th factory in Sri Lanka providing free 24/7 doctor services to its workers and their families. They join the company’s Katunayake facility and other innovative factory operators like Ahlers AG, Hela Intimates, Royal Fernwood Porcelain and Service Shoes Lanka, who work with oDoc, Sri Lanka’s pioneer telemedicine company, to solve healthcare problems faced by employees and reduce production delays caused by illness.