CB Governor calls private sector to strengthen governance

Sri Lanka’s corporate sector must take more steps to strengthen its governance provisions and avoid lobbying for undue business advantages, CBSL Governor Ajith Nivard Cabraal said.

Middle-income status may push private sector for pension schemes: Cabraal

Sri Lanka’s private sector may have to look at models for superannuation and pension schemes in order to cope with the changing macroeconomic fundamentals, as Sri Lanka moves towards the middle-income country status, according to Central Bank of Sri Lanka (CBSL) Governor Ajith Nivard Cabraal.

Foreign commercial debt jumps 36.2% in 18 months

Sri Lanka’s outstanding foreign commercial loan has jumped 36.2 percent within 18 months through end-June this year, an official document showed yesterday, as the island nation has been increasingly borrowing for post-war infrastructure revival.

New challenges ahead in run-up to ‘middle income’ status: Tax consultant

Budget 2014 is widely deemed to be progressive and consistent with previous targets of reaching middle-income status by 2016, however Sri Lankans must now gear to face new challenges such as current, fiscal and democratic deficits faced by the country, according to Gajma Tax Consultant Senior Partner, N. R. Gajendran.

Traveller’s cheques no more

The Sri Lanka Banks’ Association (SLBA) yesterday said the issuance of traveller’s cheques has been stopped with immediate effect.

NBT confusion for banks

The 2 percent Nation Building Tax (NBT) extended to banks and financial institutions in the 2014 budget have created some confusion as no explanation has been given so far as to whether the said tax would be applied to the gross turnover or the profits.

Corporate tax holiday for new IPOs extended

In a bid to attract more companies to the Colombo Stock Exchange (CSE), the Budget 2014 extended the 3-year 50 percent tax holiday from 2014 onwards for new listings.

October tourist arrivals up 28%

Tourist arrivals to the country during the month of October rose 27.9 percent from a year ago to 102, 805. The cumulative arrivals during January-October rose 16.8 percent Year-on-Year to 904, 015.

Economy grows 7.8% in 3Q

The Census and Statistics Department data showed the Sri Lankan economy grew 7.8 percent in third quarter (3Q) this year, accelerating from 6 percent and 6.8 percent recorded in 1Q and 2Q respectively.

September trade gap widens over 40%

The imports to the country during the month of September rose 23 percent Year-on-Year (YoY) to US $ 1.61 billion and exports grew by 11 percent to US $ 890 million, expanding the country’s trade gap by 41.1 percent or US $ 698 million, external sector data showed.

Australia’s Property Alliance Capital signs MoU for US$ 450mn project

Property Alliance Capital, Australia and local ISL Holdings (Pvt) recently signed a Memorandum of Understanding with the Urban Development Authority (UDA) and the Board of Investment (BOI) over its US$ 450 million Prosperity Place mixed development alongside the Beira Lake.

Investment agreements worth US $ 2.1bn to be signed in parallel with CHOGM

Three investment agreements worth US $ 2.1 billion are due to be signed today in Hambantota concurrent to the Commonwealth Heads of Government Meeting (CHOGM) events taking place in the city.

CB leaves policy rates unchanged

The Central Bank (CB) yesterday kept the policy rates on hold for the month of November, providing a breather to the recent monetary easing to take effect during the next few months.

Invest Sri Lanka Pavilion to assist CBF delegates

Investment Promotion Minister Lakshman Yapa Abeywardena yesterday inspected the Invest Sri Lanka Pavilion at Cinnamon Grand Hotel.

SL-B’desh mull formulating PTA

Sri Lanka and Bangladesh will begin formulating a preferential trade agreement (PTA) between the two countries subsequent to the completion of the Commonwealth Heads of Government Meeting (CHOGM), with a view to developing into a free-trade agreement (FTA) in future, according to Bangladesh High Commissioner to Sri Lanka Mohammad S. Rahman.

Sri Lanka Tourism to attend WTM 2013, London

World Travel Market (WTM), the leading Travel and Tourism Trade event in the world is scheduled to kick off on November 4, at the London’s, Excel Exhibition Hall.

October inflation increases 6.7%

Sri Lanka’s cost of living rose 6.7 percent in October from a year earlier, accelerating from 6.2 percent in September, according to the Department of Census and Statistics data.

Lack of trained staff, biggest challenge: THASL President

The single biggest threat the Sri Lankan hospitality industry may face will be the lack of trained staff, The Hotels Association of Sri Lanka (THASL) President Jayantissa Kehelpannala said during the association’s Annual General Meeting held this week.

Sri Lanka slips in WB’s Doing Business Index

Sri Lanka has fallen four places down the World Bank's latest list of best places to run a business. In the latest World Bank's Doing Business Index, Sri Lanka has been ranked 84, down from 81st place it enjoyed in the 2013 Doing Business Index

Individual freedom, open society vital for high economic growth

An open society with equal access to opportunities and a respect for individual freedoms is a vital prerequisite for high-level economic growth, according to New Zealand’s former Finance Minister, Ruth Richardson.

Lubricant consumption contracts in 2012

Sri Lanka’s lubricant consumption in 2012 has declined by as much as 2,220 kilolitres (or 3.8 percent) to 56,334 kilolitres from a year ago, according to lubricant market shadow regulator, the Public Utilities Commission of Sri Lanka (PUCSL).

Sri Lanka's resilience masks medium-term credit risks: Fitch

Sri Lanka is the only twin-deficit country in Asia having a growth unaffected by currency volatility, according to Fitch Ratings (Fitch).

Rupee under appreciation pressure at the moment: CB

The Sri Lankan rupee, which hit a record low at the end August, is under appreciation pressure and the Central Bank has been intervening to curb a sharp rise, the Central Bank Governor said yesterday.

Sri Lanka targets US $ 2bn FDIs from CHOGM

Sri Lanka’s investment promotion bureau, the Board of Investment (BoI), said it would expect at least US $ 2.0 billion worth of foreign direct investments (FDIs) in 2014 from the Commonwealth Heads of Gover nment Meeting (CHOGM) alone.

Cairn in discussion with govt. to commercialise Dorado well

Cairn India is currently in discussions with the Sri Lankan government to commercialize the Dorado well in the Mannar Basin, probably including a pipeline from the well to Norochcholai.

Indian expert urges to use satellite technology for development

Satellite imaging technology has several potential public sector applications that could help the development process of any country, according to India’s National Remote Sensing Centre Deputy Director Dr. P.G. Diwakar.

Indian pharma giant in licencing agreement with local firm

Local pharmaceutical manufacturer, Lina Manufacturing Private Limited, a subsidiary of Akbar Brothers, has offered to manufacture respiratory care products for the Indian multinational pharmaceutical giant, Ranbaxy Laboratories Limited, under a licencing agreement, according to a top official.

August exports up; trade deficit narrows

Sri Lanka’s trade deficit in August contracted 24.2 percent amid earnings from exports rising 10.7 percent year-on-year (YoY) to US $ 917.8 million. The import expenditure during the month fell 7.7 percent to US $ 1.61 billion.

IFC invests US $ 136mn FY13; doubles investment portfolio

International Finance Corporation (IFC), a member of t he World Bank Group, has invested US $ 136 million in Sri Lanka in the fiscal year 2013 to promote inclusive growth and job creation, the organisation said in a statement yesterday .

Marketing cess on tea finally to be utilized

The Sri Lanka Tea Board will be releasing part of its Rs.3.5 billion marketing cess fund in order to launch an aggressive promotional campaign for Ceylon tea in key markets, according to Plantations Minister Mahinda Samarasinghe.