BUSINESS

Allianz, the global financial services leader, today announced that it has entered into an agreement with Janashakthi Insurance PLC (“JINS”) to acquire 100% of its subsidiary Janashakthi General Insurance Limited (“JGIL”) for LKR 16.4 billion (EUR 85.9 million). The transaction is subject to regulatory approval and is expected to complete …

Sri Lanka customs data analyzed by Siyaka Research confirms that the country earned a highest ever Rs. 233.3 billion from tea exports in 2017. A massive 26 percent or Rs. 48 billion more than 2016 figure of Rs.184 billion. The previous rupee record was Rs. 212 billion in 2014 earned …

The Foreign Direct Investment (FDI) into Sri Lanka has grown to over USD 1.63 billion in 2017, doubling the USD 802 million achieved in the previous year. According to the Board of Investment (BOI) this is the highest ever FDI surpassing the USD 1.61 billion in 2014, with solid growth …

President Maithripala Sirisena stated that a Presidential Commission will be gazetted to investigate into the alleged abuse of state money and public property involving SriLankan Airlines and Mihin Lanka within the course of next week. The President made this declaration during a UPFA rally in Ratnapura yesterday.

Re-exporting of tea and pepper stopped from February 10th, taxes on seed potatoes removed 100 percent , President Maithripala Sirisena said.

Controversial SriLankan Airlines CEO Suren Ratwatte was asked to step down following a Board meeting on Thursday with Manoj Gunawardene tipped to be the hot favourite to take over, the Daily FT reported quoting top Government officials. The move comes amidst plans to restructure the troubled national carrier, with its …

Finance Minister Mangala Samaraweera has admitted that their “good governance” administration was slow to deliver on promised reforms, but noted the climate of fear had ended since the fall of the Rajapaksa regime.   Samaraweera said those who voted overwhelmingly for change at the January 8, 2015 elections may be …

The ninth edition of Jaffna International Trade Fair was inaugurated today. Minister Daya Gamage, state minister Vijayakala Maheswaran, north chief minister C.V. Vigneswaran, state officials and Indian diplomatic officials attended. The trade fair is taking place at the Jaffna public stadium. Speaking at its inauguration, minister Gamage said this would …

The Sri Lankan rupee ended firmer on Thursday, further moving away from a record low hit earlier this week, as banks and exporters sold dollars, dealers said. The spot rupee ended at 153.70/80 per dollar, compared with Wednesday’s close of 153.75/85. On Tuesday, the rupee hit a record intraday low …

A Free Trade Agreement (FTA) between Singapore and Sri Lanka, which contains one of the most liberal rules of origin, giving greater access to each others markets , was signed in Colombo yesterday, following a comparatively short period of negotiations.   This is in addition to the Avoidance of Double …