Economic

The liabilities of the Skyrise Grand Hyatt Colombo are seemingly rising sky high in light of its defeats in the Arbitration held in Singapore as well as in the court action instituted in local courts to enforce the Arbitral Award.

The tea industry witnessed a moderate slowdown with decline in production last year and began 2020 with lower auction prices, tea brokers said yesterday.

Sri Lanka’s economic growth will exceed 4 per cent this year due to notable improvement in business confidence caused by political stability and targeted measures taken by authorities to boost demand, Central Bank (CB) Governor Prof. W.D. Lakshman disclosed at a media conference in Colombo recently

Central Bank Governor Prof. W.D. Lakshman yesterday said a fresh International Monetary Fund (IMF) program could be on the cards in the future, provided it has a homegrown implementation framework, as experts agreed Sri Lanka will have to chart a careful course balancing growth and stability in 2020.

Danish fruit juice production company Orana will set up a fruit processing factory in a two-acre land in the IDB Industrial Estate in Pannala, with a US$1.5 million investment.

Sri Lanka is entitled to receive fines from France based Airbus SE as this company agreed to resolve corruption charges with authorities in affected countries.

All licensed banks have agreed to provide a special Credit Support Scheme to eligible Small and Medium Enterprise (SME) borrowers by way of suspending capital repayment for one year in accordance with the guidelines issued by the Central Bank.

Sampson Rajarata Tiles (Pvt.) Ltd which is a company under the umbrella of DSI group of companies has stepped into revive the Oddusuddan tile factory which is now in a run down state.

The Government has appointed six private sector members to the Board of Directors of the Sri Lanka Export Development Board, headed by top exporter Prabhash Subasinghe.

Construction work on major projects in Colombo as well as highway projects which employ Chinese workers remain stalled since the coronavirus outbreak, with Sri Lankan workers refusing to report to work while Chinese workers have been asked to stay indoors, construction industry sources said.

Kia Motors Lanka Ltd a subsidiary of Kia Motors Corporation Korea , today Thursday 05 introduced two new products for the local market ata gala ceremony in Colombo

Many moneylenders have expressed support and we will be in a position to comfortably roll over our debt service commitment for 2020, senior economic adviser to the Prime Minister Ajith Nivard Cabraal said.

World’s largest 5-day consumer goods exhibition in Frankfurt, Germany is a proven platform to win international buyers, say 5 Sri Lankan exporters

The aptitude to persist in the face of adversity might be what separates the every man and the great. This was the guiding principal of the founder of Kreation,’ Importers& Manufacturer of Hand loom Textiles Mr.K.Kumaravel.

The Attorney General’s Department yesterday directed the Criminal Investigation Department (CID) to obtain an arrest warrant from the Magistrate Court to arrest former SriLankan Airlines CEO Kapila Chandrasena and his wife due to their alleged links to a $ 2 million bribe from French plane-maker Airbus.

Government’s action in abolishing the Debt Repayment Levy (DRL) with effect from January 1 this year could inflict Rs. 20 billion in losses in tax revenue affecting the debt sustainability exercise of the country, tax consultants said.

Ceylon Graphene Technologies launched first ever Graphene applied Lead Acid Battery Technology together with Associated Battery Manufacturers (Cey) Ltd, leader in the industry of battery manufacturing in the region.

Sri Lanka’s tourist arrivals fell by 7.4% to 226,094 in January from a year earlier, largely influenced by the sharp drop in visitors from China with the outbreak of the novel coronavirus.