Friday , November 15 2019
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Sri Lanka

Three Indians arrested with 1,000kg of Beedi leaves

Three Indian nationals have been apprehended with a large consignment of Beedi leaves during a joint operation conducted by the Sri Lanka Navy and Coast Guard in the seas northwest of the island. Having spotted a suspicious fishing dhow in the seas off Kudiramalai, Kalpitiya by the Navy, a Sri Lanka Coast Guard Ship patrolling in north-western seas had been ... Read More »

Sri Lanka Navy seizes over 200 kg of drugs suspected to be heroin in Southern seas

Colombo: Sri Lanka Navy has seized a multi-day fishing trawler carrying over 224 kilograms of drugs suspected to be heroin and arrested five Sri Lankans onboard the vessel while transporting the drugs. The haul of drugs was discovered when the Navy inspected a suspicious multi-day fishing vessel during a special operation conducted in the seas off the coast of Galle ... Read More »

Misconception of tea auction and export prices

The sustainability of Ceylon Tea or Sri Lanka tea industry depends on how efficiently and effectively it can adapt to match the changing global consumer preferences and consumption patterns. The tea industry needs to be competitive in production, marketing, logistics, product form and more. It must face the market realities and redefine its business strategies and reposition the product lines ... Read More »

Sri Lanka taken off world terror finance watch list

Sri Lanka has been removed from the “Grey List” of the Financial Action Task Force (FATF) on money laundering, the FATF announced last week. According to the outcome of the FATF Plenary held on October 16-18 in France, Sri Lanka now has become a country that is no longer subjected to the monitoring of the top international terror finance watchdog. ... Read More »

DHL Global Forwarding Sri Lanka consolidates operations at DHL Logistics Park

COLOMBO, SRI LANKA : DHL Global Forwarding Sri Lanka has moved to consolidate its operations and facilities in Colombo into a 225,000-square-foot logistics compound. Dubbed the “DHL Logistics Hub”, the compound comprises seven warehouses and the logistics company’s local head office, and is strategically located on Negombo Road, Colombo just six kilometers from the Colombo Sea Port and 30 kilometers ... Read More »

As crushing season begins, illegal imports worry edible oil industry

SOPA claims duty evasion of Rs 2000 crore The Soyabean Processor Association of India has voiced concern over illegal imports of edible oil from Nepal, Bangladesh, Sri Lanka and other SAARC countries without paying import duty. In a letter to Prime Minister Narendra Modi, Sopa pegged the loss to exchequer from duty evasion at over ₹2,000 crore. Read More »

South Asia think tanks in integration push at Sri Lanka meet amid political lethargy

South Asian academics and think tanks develop policies and strategies to integrate the region, despite political lethargy and a moribund South Asia Association Regional Co-operation which started a decade ago with high hopes. In 2008 the SAARC organization started with a preferential trade agreement, which was expected to lead to a free trade deal, customs union and by 2020, European ... Read More »

Mobitel joins hands with Peradeniya Uni to conduct research on Kandy air pollution

Air pollution is becoming an eminent threat to humanity and long-term health effects from air pollution include heart disease, lung cancer, and respiratory diseases such as asthma. Air pollution can also cause long-term damage to people’s nerves, brain, kidneys, liver, and other organs. Understanding the impact of air pollution in congested cities, Mobitel has joined hands with the University of ... Read More »

Court orders arrest of former Director General of Sri Lanka Customs

The Colombo Fort Magistrate’s Court today ordered the arrest of former Director General of Sri Lanka Customs Jagath P. Wijeweera and its former Additional Director General Tharaka Seneviratne. Wijeweera and Seneviratne have been accused of releasing 8 kilograms of confiscated gold from the custody of the Customs Department. Colombo Fort Magistrate Ranga Dissanayake ordered Police Financial Crimes Investigations Division (FCID) ... Read More »

China-run Hambantota port in Sri Lanka links with Thailand’s Ranong

ECONOMYNEXT – Sri Lanka’s China managed Hambantota Port has inked a deal with Thailand’s Ranong port with a view to developing shipping routes in the region, the company said. A joint working group will be established to develop coastal shipping in the Bay of Bengal between the two ports. Ranong Port had recently signed an agreement with India’s Krishnapatnam port. ... Read More »

Sri Lanka’s economy has shown ‘resilience’ after the Easter Sunday bombings

Sri Lanka’s economy has shown a “fair bit of resilience,” with its key tourism sector bouncing back following the devastating Easter Sunday bombings, said a senior executive — despite predictions that growth would be hit this year. The South Asian country’s economy is in “decent shape” fundamentally, said Gihan Cooray, deputy chairman and group finance director at John Keells Group, ... Read More »

Sri Lanka mulls ‘digital free trade zone’ to help exporters, like China, Malaysia

Sri Lanka plans to set up a ‘digital free trade zone’ to help exporters, especially small businesses, cut red tape and connect to global markets, like similar initiatives by China and Malaysia. “Digitally connecting companies to global value chains is an important aspect of the government’s digital economy strategy,” said M. C. L. Rodrigo, secretary to the Ministry of Digital ... Read More »

Govt. losing 20% revenue due to Customs leakages: Treasury

The government is estimated to be losing nearly 20 percent revenue from Sri Lanka Customs (SLC) due to various revenue leakages, according to the Treasury. A senior Treasury official revealed that under-invoicing, under-valuation and misclassification have been identified as main reasons for revenue leakages from the SLC. He noted that SLC officials cannot be solely blamed as the private sector ... Read More »

The Port of Colombo Awards Night on Aug 30th

The second Port of Colombo Awards Night organized by Sri Lanka Ports Authority, in collaboration with the Jaya Container Terminal (JCT), South Asia Gateway Terminals (SAGT) and the Colombo International Container Terminals(CICT) will be held on the 30th of August 2019 at the Shangri-La Hotel, Colombo. The Port of Colombo Awards 2019 will felicitate the main line operators and feeder ... Read More »

Sri Lanka headline inflation marginally increased in July

Sri Lanka’s headline inflation as measured by the year-on-year change in the National Consumer Price Index (NCPI) increased marginally to 2.2 percent in July from 2.1 percent in June. According to Central Bank data, this was due to the monthly price increases of items in both Food and Non-food categories. The change in the NCPI measured on an annual average ... Read More »

Sri Lanka BOI holds Business and Investment Forum at Gujarat Chamber of Commerce and Industry

Colombo: The Board of Investment of Sri Lanka recently held a Business and Investment Forum at the Gujarat Chamber of Commerce and Industry (GCCI) in Ahmedabad, targeting the Chamber’s membership. This Forum was supported by the Sri Lankan High Commission in New Delhi and the Sri Lanka Consulate General in Mumbai. Malik Samarawickrama, Minister of Development Strategies and International Trade ... Read More »

Teejay extends partnership with University of Moratuwa

Teejay Lanka PLC, one of the largest knit fabric providers in South Asia, has announced an extension of its support to the University of Moratuwa for another two years, further strengthening a long standing and mutually beneficial partnership. A memorandum of understanding first signed in 2014 provided the now tight-knit organisations with a framework for a long-term collaborative relationship that ... Read More »

Sri Lanka industrial production up by 2.2-pct in Jun 2019

Sri Lanka’s industrial production has increased by 2.2 percent in the month of June compared to the same month in 2018, new data show. Among the manufacturing industries; volume of products of ‘manufacture of paper and paper products’ (42.7%), ‘manufacture of coke and refined petroleum products’ (22.3%) and ‘manufacture of furniture’ (19.9%) have shown remarkable increases meanwhile ‘other manufacturing’ (36.6%) ... Read More »

Interbrand inspires new ‘Sri Lankan Made’ country-of-origin trademark

Interbrand, the world’s largest and most influential brand consultancy, has completed the development of Sri Lanka’s country-of-origin trademark for the spices sector. The trademark supports growers, processors and manufacturers by helping them to clearly identify their products as ‘Sri Lankan Made’ and informs customers and consumers that all significant parts, produce, processing and products are of genuine Sri Lankan origin. ... Read More »

Teejay reports Q1 net profit growth of 62-pct

Teejay Lanka PLC has made a strong start to 2019-20, reporting excellent top and bottom line growth at group and company level through efficient capacity utilisation, an improved product mix and effective curbing of non-strategic costs. Sri Lanka’s only multinational textile manufacturer reported group net profit of 453.7 million rupees and net profit of 376.5 million rupees at company level ... Read More »