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HEADLINES - 19th September 2018


Economy recovers to 3.7% growth – DailyFT

The country’s economy has recovered in the second quarter to manage a 3.7% growth, higher in comparison to 3% a year earlier but marginally above 3.5% gain in the first quarter. The Department of Census and Statistics (DCS) in releasing National Accounts estimates for the second quarter of 2018 yesterday said that economic growth rate of the country is estimated as 3.7% for the second quarter of 2018. The Gross Domestic Product at constant (2010) prices for the second quarter of2018 recorded as, Rs. 2,264,445 million, and GDP reported for second quarter of 2017 was Rs. 2,183,122 million.


Budget-2019 ahead of schedule – Ceylon Today

The Government has decided to present Budget Estimates for 2019 on 5 November 2018, three days in advance of previously scheduled date. It was earlier decided to present Budget 2019 on 8 November, but the Government Parliamentary Group that met at the Temple Trees, under the leadership of Prime Minister Ranil Wickremesinghe on Monday (17) evening, had decided to present it on 5 November. The decision was changed following the Opposition pointing out that the days allocated for the budget debate was not adequate.


Price of gas up by Rs.195, milk powder down by Rs. 25 – Daily Mirror

The Cost of Living Committee, which met last evening, has recommended to increase a 12.5 kg cylinder of gas by Rs.195. It has also decided to reduce price of a kilogram of milk powder by Rs. 25.


Colombo City Centre Mall by Abans and NextStory Group opens today – DailyFT

The Mall at Colombo City Centre will open to the public at 4:30 p.m. today amidst an ambience of colourful celebrations. Conveniently situated by the scenic Beira Lake in the heart of the city, this ultra-modern lifestyle destination has been billed as Sri Lanka’s first international fashion mall.


Top German brands to boost Sri Lankan economy – DailyFT

More than 100 German brands were represented during the relaunch of the fifth edition of the ‘Top German Brands in Sri Lanka’ in the presence of Development Strategies and International Trade Minister Malik Samarawickrama, German Ambassador to Sri Lanka Jörn Rohde and Delegation of German Industry and Commerce in Sri Lanka(AHK Sri Lanka) Chief Delegate Andreas Hergenroether. 


Enterprise Sri Lanka to challenge entitlement culture – Eran – Daily News

State Minister of Finance and Mass Media Eran Wickramaratne said Sri Lanka has a deeply entrenched entitlement culture which works against the entrepreneurial culture. Insisting the need to create a new breed of entrepreneurs in Sri Lanka, Minister said Sri Lanka accounts for mere two percent or 230,000 entrepreneurs, out of the total working population where as total number of entrepreneurs in Vietnam, Thailand, Bangladesh and China accounts for 19 percent, 22 percent, 11 percent and 7.5 percent respectively, compared to their total working population.


ADB provides USD 50 mn for rooftop solar power project – Daily News

The Enterprise Sri Lanka projects which was launched by the Ministry of Finance and Mass media to inspire, assist and create a minimum of 100,000 new entrepreneurs has received Rs 8 billion ( USD 50 Million) from the Asian Development Bank for the rooftop solar power generation project. The main objective of this project is to support government’s “Battle for Solar Power Programme” to achieve the target of 200 MW by 2020 and 1000 MW by 2025 through solar power generation.


Sri Lanka IT industry, universities in tie-up to train data scientists – EconomyNext

Sri Lanka’s information technology industry is working with universities produce graduates in previously unavailable subjects like data science required in its quest to ramp up annual exports to five billion dollars, an official said. Jeevan Gnanam, chairman of Sri Lanka Association for Software and Services Companies (SLASSCOM), said the country need to re-assess its education system as data science skills, required by the rapidly evolving IT industry, had not been taught in universities.


Iconic eyes middle market housing in Sri Lanka – EconomyNext

Iconic Development, a property developer which had been playing high end apartment space says it is eyeing multiple smaller projects catering to a middle segment which is underserved at the moment. "That's the real need of the burgeoning middle class," Managing Director Rohan Parikh said. "There's a gap in the housing market. The gap exists for the middle segment. Super luxury and upper luxury is served well," he said.


Sri Lanka rupee ends at new low, stocks fall below 6,000 points – EconomyNext

The Sri Lanka rupee closed at a new low against the US dollar on Tuesday as gilt yields edged higher and stocks fell to nine-month low below 6,000 points amidst foreign selling in John Keells Holdings, brokers and dealers said.


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