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BUSINESS

Port City completes 50 percent of land reclamation: Minister

Sri Lanka’s China-funded US$ 1.4 billion real estate development, Port City project has now completed 50 percent of the land reclamation preparing a land area of 134.5 hectares out of the proposed 269 hectares. Minister of Megapolis and Western Province Development Champika Ranawaka said that all land reclamation and preparation …

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Inflation is climbing

Latest figures from the Department of Census and Statistics (DC&S) indicate that the country’s inflation is climbing. The DC&S says the National Consumer Price Index for the last month was at 8.6 per cent. It was 7.9 percent in the previous month. The increase of prices of rice, coconuts, red …

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Pyramid Wilmar launches MEADOWLEA in Sri Lanka

Pyramid Wilmar, the company behind Sri Lanka’s number one edible oil – Fortune, officially launched MEADOWLEA, a product of Goodman Fielder Australia and widely known to be one of Australia’s favourite spreads. The launch ceremony held at Cinnamon Lakeside Colombo was patronized by the Board of Directors of Pyramid Wilmar …

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PM reveals plans to develop Trincomalee Harbor soon

Prime Minister Ranil Wickremesinghe says in addition to the Colombo and Hambantota harbors Trincomalee Harbor will also be developed soon. Participating in the 45th anniversary celebrations of the Kandy Sinhalese Traders’ Association in Kandy yesterday, the Prime Minister said both India and Singapore are willing to extend support to the …

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Lanka to import rice soon

The Ministry of Industry and Commerce has decided to immediately import 200,000 metric tons of rice. Sri Lanka has launched an open international tender to import a fresh tranche of rice on 19 October – a first call in recent times to be issued to suppliers worldwide. “We are making …

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140 m USD income from prawn exports

The present 17.5 million US dollar income from prawn export has the potential to be raised to 140 m USD, says primary industries minister Daya Gamage. Prawn farmers should pay close attention to follow the proper methods to increase their harvest and achieve that income target, he says. The minister …

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CSE to add dollar denominated board

The Colombo Stock Exchange (CSE) is finalising plans to launch a dollar trading board, part of a broader strategy to develop Sri Lanka’s bourse into a regional capital markets centre and boost the inflow of foreign funds. In July, Ray Abeywardena, chairman of the CSE, announced that the exchange had …

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Three-wheeler imports to restrict

Transport Minister Nimal Siripala de Silva said last week that the government wants to severely restrict the import of three-wheelers as they there were too many on local roads and they were also a main cause of fatal accidents.   He said the government may not be able to totally …

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Vast economic advancement is now possible – PM

Prime Minister Ranil Wickremesinghe stated that vast economic advancements can be made within Sri Lanka thanks to several multinational and bilateral agreements made by the government. Speaking to a gathering in Kandy, the Premier stated that the current government has created a platform for industry and commerce to flourish within …

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