All Stories in Economic

“Crony capitalism” must give way to reforms

“Crony capitalism” must give way to reforms

Change in the mind-set of the Sri Lanka’s private sector from crony capitalism, is vital for Sri Lanka’s economic development, Prime Minister Ranil Wickremesinghe said on Tuesday. Following the other …

Shares hit 5-1/2 month high

Shares hit 5-1/2 month high

Sri Lankan shares rose to a five-and-a-half month high on Thursday as investors bought risky assets on expectations of strong corporate earnings, while hopes for political stability after parliamentary elections next month also aided sentiment. The main stock index was up 0.14 percent after rising …

Sri Lanka is About to Get Balloon-Based Internet

Sri Lanka is About to Get Balloon-Based Internet

The island nation of Sri Lanka has just signed a major contract to become the first country on earth to enjoy complete, nationwide 3G internet coverage, and they’re doing it all with balloons. Yes, balloons. Specifically, 13 of them, floating high above the Indian Ocean, …

UK-based WorldRemit launches mobile money transfer in Sri Lanka

UK-based WorldRemit launches mobile money transfer in Sri Lanka

London-based money transfer business WorldRemit has launched instant mobile money transfers to Sri Lanka for the first time. The eZ Cash service is currently available to Dialog, Etisalat and Hutch subscribers, totaling 14 million people, according to a compnay media release. WorldRemit will enable customers …

Sri Lankan Policy driven by Political events

Sri Lankan Policy driven by Political events

Sri Lankan central bank Governor Arjuna Mahendran talks about policy and the nation’s economy. The central bank kept its interest rates unchanged and said near-record-low inflation is likely to continue for the next few months. Mahendran speaks with Rishaad Salamat on Bloomberg Television’s “Trending Business.” …

Shares near 8-week high on political stability hopes, earnings

Shares near 8-week high on political stability hopes, earnings

Sri Lankan shares rose to near eight-week high on Thursday, gaining for a second session as hopes of political stability after Aug. 17 parliamentary polls and better earnings lifted sentiment, brokers said. At 0702 GMT, the main stock index was up 0.25 percent at 7,217.53, …

Shares at six-week high on hopes of political stability

Shares at six-week high on hopes of political stability

Sri Lankan shares hit a six-week high on Friday, heading for a seventh straight session of gains, on hopes of political stability after the Aug. 17 parliamentary elections. At 0536 GMT, the main stock index was up 0.35 percent at 7,149.10, its highest level since …

Colombo seeks new funding sources

Colombo seeks new funding sources

Sri Lanka is seeking cheaper funding sources to replace billions of dollars in debt from Chinese banks, government officials said, as the six-month-old government distances itself from Beijing weeks before a general election. The government is seeking to consolidate its power in the Aug. 17 vote …

Sri Lanka’s cuppa cheers end of Iran sanctions

Sri Lanka’s cuppa cheers end of Iran sanctions

The easing of sanctions on Iran will deliver a much needed pick-me-up to Sri Lanka’s troubled tea industry by allowing the resumption of direct exports to one of its main markets, the government said Wednesday. Although tea was not on the list of products banned …

Wage hike only if workers agree to improve productivity

Wage hike only if workers agree to improve productivity

Sri Lanka’s regional plantation companies (RPCs ) said they are raising the daily pay for 1000 rupees to meet labour union demands but only if workers agree to improve their productivity and pluck more tea. Plantation worker earns 620 rupee wage at present. “While the …