Bilateral trade between SL - China tops US$ 2.6bn

Bilateral trade between Sri Lanka and China topped US$ 2.67 billion in 2012, increasing by 19.5 percent from 2011, the Industry and Commerce Ministry said in a statement

Motor vehicle registrations dip in February

Registrations of brand new and pre-owned vehicles plunged 44.9 percent Year-on-Year (YoY) to 23,544 registrations during the month of February, according to information analyzed by the local equities brokerage, J.B. Securities (Pvt) Ltd.

Brazil, China to ink deal on trade in national currency

Brazil hopes to sign a bilateral accord with China to promote trade in their national currencies at next week’s BRICS summit of the world’s five emerging powers, Trade and Industry Minister Fernando Pimentel said.

Treasury continues to default Central Bank

The Treasury has blatantly and repeatedly violated section 89 of the Monetary Law Act over the last decade, failing to settle the loans temporary obtained from the Central Bank (CB), an Opposition Party legislator alleged.

PUCSL receives around 100 public responses to electricity hike

Country’s sole power regulator has so far received around hundred responses from the public with regard to the call for written submissions on the proposed electricity tariff revision, likely to come in to effect by end of April.

Tea exports drop first two months

Exports of Sri Lankan Tea dipped by 2.97 percent Year-on-Year (YoY) between January and February of this year to 43.9 million kilograms (kg) according to data analyzed by Ceylon Tea Brokers PLC.

Private power producers in for rude shock

The Independent Power Producers (IPPs) engaged in thermal power generation using furnace oil and diesel in Sri Lanka are likely to suffer a severe blow with the authorities resorting not to renew the power purchase agreements (PPAs) entered into with them.

Colombo will regain garden city of the East status: Gotabaya

Colombo will regain its reputation as the garden city of the East through the government’s on-going urban renewal projects, according to Secretary to the Ministry of Defence and Urban Development, Gotabaya Rajapaksa.

Tax-free zone at Mattala airport

Sri Lanka is turning its newest international airport opening Monday into a tax-free zone to attract aviation-related industries, a top official said.

US sends warning signals to Lankan exporters on software piracy

With United States-sponsored resolution on alleged human rights violations against Sri Lanka forth coming (March 22) in Geneva, the largest US importer of Sri Lankan apparels has sent a warning signal to local exporters who fail to comply with genuine software in international trade.

PUCSL to regulate petro prices by end 2013

Amidst wide-ranging consultations to revise electricity prices by the Public Utilities Commission of Sri Lanka (PUCSL), the next most challenging task of the regulator appears to be fixing prices from petroleum profits, probably from the third quarter of this year, Mirror Business learns.

January tourist arrivals up 13.4%

Sri Lanka’s tourist arrivals rose 13.4 percent yearon-year (YoY) to 97,411 in January, the unusually delayed data issued by the Sri Lanka Tourism Development Authority showed.

S’pore firm to set up PET packaging plant at H’tota Port

Hambana Petro Chemical Ltd (HPL), a firm owned by Peak Energy (Pte) Ltd of Singapore has recently signed agreements with the Sri Lanka Ports Authority (SLPA) to set up a plant to produce thermoplastic polymer resin at the Magam Ruhunupura Mahinda Rajapaksa Port (MRMR Port) in Hambantota.

Lanka among top boozing nations

High spirited Sri Lankans who crushed a so-called unbeatable terrorist outfit in 2009 has now set another world record by placing the country among the top boozing nations in the world, a study carried out by a local research firm showed.

New motor vehicle registration plunges 24% in 2012

Sri Lanka’s new motor vehicle registrations dipped 24.4 percent Year-on-Year (YoY) to 128, 126 units in 2012 amid higher import duties and slow economic growth.

Lanka could cut carbon emissions by 19% via green power

Sri Lanka could slash its greenhouse gas (GHG) emissions by 19 percent of projected levels in 2020 at little or no long-term cost using an array of green power options, a new study from the Asian Development Bank (ADB) showed.

H’tota Port turnover target feasible: SLPA

The Magampura Mahinda Rajapaksa Port is expected to generate turnover of up to Rs. 3.5 billion by the end of this year, according to Chairman Sri Lanka Ports Authority, Dr. Priyath Bandu Wickrama.

Rishad clears tea barriers in Iraq

A detained consignment of more than 100 Ceylon tea containers valued at US $ 13 million has started arriving to the Iraqi market following bilateral trade actions by Iraqi and Sri Lankan governments.

Citizens say biggest concern is ‘economy’

The state of Sri Lanka’s economy has become the clear major concern for citizens between the ages of 20 and 45 over the next six months, according to the results of a poll conducted by Nielsen Sri Lanka.

Impending plantation worker wage hike threatens industry viability- Kelany Valley Chairman

The impending wage negotiations for plantation sector workers which are expected by mid-2013, coupled with recently imposed cess on exports of bulk tea, which led to much controversy, are expected to have a negative impact on the tea sector, which managed to show a slight improvement in 2012, according to a head of a leading plantation company.

FTZ apparel sector picking up - Trade unions

Free trade zone trade unions warned of dire consequences for apparel sector workers if the government continues deviating investor attention to other sectors.

CEB projects Rs.94bn loss this year

The Ceylon Electricity Board (CEB) has projected an operational loss of Rs.94 billion for the year 2013, which should be ultimately financed by the country’s Treasury, a Colombo-based think tank noted.

Consumer electronics imports decline in 2012- Analysis

Growth in imports of consumer electronics and home appliances in terms of both volume and value slowed down over 2012, as compared with unprecedented high levels of imports in 2011, according to a statistical analysis by the Ceylon Chamber of Commerce (CCC).

Mixed forecast for Lankan sovereign debt performance

The announcement of the failure to agree on a new follow-up funding package by the International Monetary Fund (IMF) has led to a slide in investor sentiments and country’s sovereign bond prices from 1 to 1.25 points, according to a US banking giant.

Economy to rebound; average inflation to hit 8.8% - Report

Economic growth will rebound to 7.2% whilst inflation will remain in the high-single digits by the end of 2013, according to a report from CT Smith Stockbrokers (Pvt) Ltd (CTS).

Fully cost-based pricing possible only by 2017: Expert

A fully cost reflective electricity pricing formula in Sri Lanka can only be possible by 2017, following the expected breaking even of the electricity sector in 2016 , a leading energy sector consultant said told a recent forum.

Remittance-dependent Lanka has ignored migrant worker rights: IMADR Chief

A majority of participants in an open forum called for restrictions on migration to countries which do not have strong bi-lateral agreements with Sri Lanka with regards to the safety and protection of rights of Sri Lankan migrant workers.

Banks seen raising funds for government

The Sri Lankan government appears to be using both state and private sector banks to raise funds on its behalf to fulfill funding needs, without directly accessing international capital markets.

Foreign holdings in govt. securities exceed limit

Foreign holdings of Sri Lankan government securities have exceeded the Central Bank’s maximum limit of 12.5 percent of total outstanding Treasury bills and bonds, the monetary authority’s latest data showed on Thursday.

Plantation wage hike fears looming

A plantation sector wage hike is expected by mid-2013 as the two-year collective agreement, which was struck between the Regional Plantation Companies and the Lankan estate sector labour unions back in early 2011, is reaching expiration.