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25th July 2018

365 days of economy.lk!

With the agenda of furthering the economic discussion in Sri Lanka, economy.lk brings you views, news and opinions on the latest of the Sri Lankan economy. The digital platform functions on Facebook, Instagram, Twitter, LinkedIn, YouTube and its website, and is dedicated to disseminating information on key economic and business sectors in the Sri Lankan economy. Curated by the Secretariat of the Ceylon Chamber of Commerce, economy.lk began its operations on 25 July 2017, and today marks the reach of its first milestone – one year of insightful dialogue on economic and financial issues, trade, policies and views from key influential individuals both in the local and global business sphere.

Today, economy.lk announces the launch of its ‘Corporate Snapshot’ – a weekly round-up of corporate news exclusive to Dialog users who subscribe by typing Reg<space>economylk and sending it to 77177. Everything you need to know on how the week progressed is available in a concise, easy-to-digest three minute snapshot. The scope of economy.lk further covers in-depth exploration of the Sri Lankan economy with its monthly economic updates, brief blog-style articles on current issues, and the airing of ‘Front Row’ every Wednesday at 4 p.m. – a YouTube series featuring acclaimed business leaders, policy makers, economists and thought leaders from both Sri Lanka and overseas. 

Over the past year, economy.lk had the privilege of featuring personalities such as Sanjeev Sanyal, Economic Advisor to the Government of India; Shashank Srivastava, Former CEO and Board Member of Qatar International Financial Centre; Dr. Harsha Vardhana Singh, Executive Director, Brookings India; Arun Miranda, Chairman and Managing Director, Trinity Steel Ltd., Sri Lanka; Dr. Amitendu Palit, Senior Research Fellow, the National University of Singapore; S. Iswaran, Minister for Trade and Industry in Singapore; Ranil Jayawardena, MP, UK; David Stanford, CIMA President; Philip Dalidakis MP, State Government of Victoria, Australia; Dr. Arvind Subramanian, Chief Economic Advisor – Government of India; and many other industry experts. Innovation and technology, environment, foreign policy, and Sri Lanka’s investment climate are a few topics that have been explored on Front Row thus far.

The platform will continue to progress and contribute to Sri Lanka’s economic growth by discussing and raising awareness on the critical economic and business topics. Being informed is the first step in a positive direction of addressing issues and bringing about impactful change. The team extends a heartfelt thank you to all of its followers, and all those who have contributed to its discourse over the last 365 days. Opportunities for partnering with economy.lk on its various enterprises are available, get in touch with pr@chamber.lk/communications@chamber.lk if your company would like to get on board.

Govt. to write off micro loans up to Rs. 100,000 drawn by women in drought hit areas – The Island

The Ministry of Finance and Mass Media has, a media statement, said the loans will be written off, on a directive issued by Minister Mangala Samaraweera. "There are 12 districts where farmers have been affected by drought for five consecutive seasons. Micro credit loans, up to Rs. 100,000 and not taken for consumption, obtained by women in Trincomalee, Ampara, Batticaloa, Jaffna, Mullaitivu, Kilinochchi, Vavuniya, Mannar, Kurunegala, Puttalam, Anuradhapura and Polonnaruwa districts will be written off," the ministry said.

 

Four thousand graduates to join public sector - Daily News

The Cabinet approval has been granted to recruit 4000 graduates to the public service soon.

 

PM announces huge support wave for Sri Lankan startups, SMEs – DailyFT

Sri Lanka is to unleash one of the largest ever support initiatives for its start-ups and entrepreneurs. The Government is negotiating with India for a major development project for Northern Province ‘in the scale of historic Mahaweli project’. “We will start a new Development Bank. In its first round of financing, it will give Rs. 10 billion in loans to Sri Lankan entrepreneurs,” said Prime Minister Ranil Wickremesinghe on 21 July in Jaffna. 

 

National Single Window blueprint implementation plan ready soon – DailyFT

The World Bank yesterday said that the implementation plan of the National Single Window (NSW) to achieve a single-entry point to fulfil trade-related regulatory requirements would be presented to the Government by the end of this month.

 

Port of Colombo running out of capacity, urgent measures needed to fix it by 2019: Maersk Line – The Island

Giving an interview to The Island Financial Review, Steve M. Felder, Managing Director- Maersk Line South Asia said it's imperative that urgent measures are adopted to build more capacity to the Port of Colombo through expansion by 2019 in order to ensure the momentum on trade is not lost. He opined that the Port's operations may be able to optimize the volumes through various efficiency improvement initiatives and deliver slightly better volumes, however, it is evident that current capacity will not be enough by 2019. He also shared with us cost effective transportation solutions available for Sri Lanka’s exporters and importers.

 

Sri Lanka, China, India jointly invest US$ 700 mn to develop Lankan ports – Daily News

Sri Lanka Ports Authority (SLPA), China and India are jointly investing over US$ 700 million to develop three key ports in Sri Lanka in the next three years. Minister of Ports and Shipping Mahinda Samarasinghe said that China would invest between US$ 400 to 600 million to commence the third phase of the Hambantota Development project. The project will commence at the end of the year and would be completed in three years.”

 

Five-year plan to boost aquaculture industry - Daily News

State Fisheries and Aquatic Resources Development Minister Dilip Wedaarachchi yesterday pledged to implement a five-year plan to develop the country’s aquaculture industry as the major foreign exchange earner of the country.

 

The new Keells design concept wins international accolades and commendations – The Island

The latest rebranding of the Keells supermarkets that is taking Sri Lanka by storm was recognized with a Silver Award at the prestigious Melbourne Design Awards 2018 for the brand transformation and retail design concept conceptualized and designed by Whippet Australia and executed by the Keells team in Sri Lanka. The rebranding project encompassed brand strategy, brand identity design, store exterior and interior design and an entire suite of in-store brand communications, including point-of-sale.

 

Sri Lanka starts mandatory star ratings for hotels – EconomyNext

Sri Lanka has started implementing mandatory star ratings, with over two dozen tourist hotels being awarded stars at a ceremony in Colombo following inspections of some hotels by regulators.

 

Global airfares, hotel rates to rise in 2019: industry forecast - DailyFT

SINGAPORE (Reuters): A strong global economy and rising oil prices are expected to push up the cost of air travel in 2019, with fares seen rising 2.6% and hotel rates up 3.7%, although there are downside risks from a trade war, according to an industry forecast.

 

International legal barriers in probing cybercrime: SLCERT – Ceylon Today

Sri Lanka Computer Emergency Readiness Team (SLCERT)claim that international legal buffers have been creating delays in taking action against individuals connected to cybercrimes, as a majority of the accused and rooted incidents are connected with several countries.

 

Trade deficit widens 17% Jan-May – Ceylon Today

Sri Lanka’s trade deficit expansion decelerated to 17 per cent during the first five months of this year to US$ 4.9 billion from US$ 4.2 billion a year ago, despite exports growth outperforming imports to the country in May this year.

 

Weekly averages continue to decline – DailyFT

Continued demand saw the weighted average on the 364-day bill dip for a second consecutive week, this time around by four basis points to 9.27% with an amount of Rs. 21 billion being accepted on it against its offered amount of Rs. 12 billion.

 

Bourse falls for second straight session – DailyFT

Reuters: Shares extended fall for a second straight session on Tuesday, easing further from a three-week closing high recorded late last week, but foreign buying helped limit losses.

 

Rupee ends marginally weaker on importer dollar demand – DailyFT

Reuters: The rupee ended marginally weaker on Tuesday as importer dollar demand surpassed selling of the greenback by exporters, traders said.

 

Disclaimer: All information provided here is derived from sources which we consider reliable, and is intended for information purposes only. The hyperlinks are to other websites owned/operated by third parties, which we have not reviewed, therefore we are not responsible for their content or accuracy. The inclusion of hyperlinks does not imply that we endorse the linked site.

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