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Today's Headlines

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24th July 2018

Sri Lanka to cut costs to trade with information portal – EconomyNext

Sri Lanka launched a trade information website Friday bringing together up-to-date information on regulations and procedures relating to exports and imports across 43 different government agencies for faster and easier cross-border trade, authorities said.

 

ITC hails SL trade policies, but counsels faster pace – DailyFT

Strong commitment by the public and private sectors to increase capacity of local exports and improve trade performance and competitiveness augurs well for Sri Lanka to become a successful modern economy, believes International Trade Centre (ITC) Executive Director Arancha González, with the caveat that fast-pacing the effort would be crucial to success.

 

Sri Lanka, China ties poised to get stronger: Ambassador Xueyuan – DailyFT

Continuing progress in all sectors of the Sri Lankan economy makes the country’s future bright, said Chinese Ambassador Cheng Xueyuan at the 17th Annual General Meeting of the Sri Lanka-China Business Council recently.

 

Sri Lanka in drive to push off-season tourism – EconomyNext

Sri Lanka Tourism Promotion Bureau is starting campaigns to promote the island during the off-season with the first one to be launched from September to November 2018, a slow period before winter season starts.

 

Sri Lanka to launch electric three wheelers by 2020 – LBO

Sri Lanka together with Japan Sri Lanka Comprehensive Partnership secretariat and T-PLAN has built an electric three-wheeler. “I am indeed encouraged by the electric three-wheeler developed by Japan Sri Lanka Comprehensive Partnership secretariat and T-PLAN,” Mangala Samaraweera, Minister of Finance said.

 

GMOA to launch strike on August 3 – Daily Mirror

The Government Medical Officers’ Association (GMOA) said today it would resort to an islandwide trade union action on August 3 over ten demands.

 

New Development Bank to offer Rs 10 bn for startups, SMEs – PM – Daily News

The government will start a new Development Bank and in its first round of financing, it will give Rs 10 billion in loans to Sri Lankan entrepreneurs,” said Prime Minister Ranil Wickremesinghe speaking at the Northern Entrepreneur Awards 2017 organised by National Enterprise Development Authority (NEDA) in association with Yalpanam Chamber of Commerce, in Jaffna.

 

Cabinet paper capping microfinance interest rates to be presented today – DailyFT

Finance Minister Mangala Samaraweera will present a Cabinet paper today that would limit interest rates of microfinance loans to 30% as the latest effort by the Government to reduce indebtedness in the country.

 

Moragahakanda Kalu Ganga Reservoir water filling commences – LBO

Sri Lanka marked the completion of the Mahaweli Multipurpose Project after the water filling of the Moragahakanda Kalu Ganga Reservoir commenced yesterday under the patronage of President Maithripala Sirisena.

 

Giant leap for agri-economy – Daily News

The Moragahakanda- Kalu Ganga project will spur a massive development drive to rejuvenate the country’s agricultural hinterland, President Maithripala Sirisena declared in Laggala yesterday. “Today is the happiest day in my life,” said President Sirisena, adding that the water scarcity faced by the Rajarata inhabitants will now be a thing of the past. “Someone could ask me whether the day I became President was not the happiest day in my life. On that I felt a sense of duty to the Motherland, but this is undoubtedly the happiest occasion.” Noting the project would herald in a “new chapter” in the country’s agri-based economy, the President told the large gathering that the water filling ceremony will mark a giant leap forward in irrigation, with the entire project adding a value amounting Rs 200,000 million to the national economy.

 

Sri Lanka develops low-carb rice – Neeroga – Daily News

Ambalantota Rice Research Centre has introduced a new variety of low-carb rice - Neeroga - in order to prevent diabetes.

 

Bus terminal construction spree – The Island

The Ministry of Transport and National Transportation Commission has launched a survey to identify areas where new bus terminals should be established, Minister of Transport, Nimal Siripala de Silva says in a media statement.

 

Sri Lankan port transshipment volumes up 19.8-pct in first half – EconomyNext

Container transshipment volumes at Sri Lanka’s Colombo port grew 19.8% to 2.7 million containers in the six months to June 2018 from a year ago, the Sri Lanka Ports Authority said.

 

Sri Lanka’s national inflation picks up to 2.5-pct in June – EconomyNext

Sri Lanka’s national inflation rose to a four-month high of 2.5 percent in June 2018 from a year ago, the Department of Census and Statistics (DCS) said.

 

Worker remittances lose steam in May; tourism earnings remain robust – Daily Mirror

The worker remittances to Sri Lanka have declined during May, though the earnings from tourism have continued to grow, providing a cushion to the current account of the external account of Sri Lanka. 

 

Sri Lanka rupee strengthens, stocks end 0.10-pct lower – EconomyNext

The Sri Lanka rupee strengthened against the US dollar on Monday as stocks declined 0.10 percent amidst foreign buying interest in Commercial Bank and Central Finance, brokers and dealers said.

 

Shares edge lower from 3-week high in dull trade – DailyFT

Reuters: Shares ended weaker yesterday, slipping from the last session’s three-week closing high, but foreign buying prevented steeper losses.

 

Secondary market bond yields increase marginally ahead of bill auction – DailyFT

Secondary market bond yields were seen increasing marginally yesterday, on the back of moderate volumes changing hands ahead of today’s weekly Treasury bill auction. Selling interest saw yields on the maturities of two 2021’s (i.e. 01.03.21 and 01.05.21), 15.03.23, 01.08.24, 15.06.27, and 01.09.28 increase to intraday highs of 9.80%, 9.83%, 10.25%, 10.35%, 10.60%, and 10.55% respectively, while on the shorter end of the curve, 15.08.18 and 15.09.19 were seen changing hands at levels of 8.57% and 9.30% to 9.35% respectively as well.

 

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