Investors get early Christmas on trade, Brexit optimism

Christmas came early yesterday as equities and the pound surged on reports China and the US had reached a trade agreement, while British Prime Minister Boris Johnson won a landslide victory that will allow him to push through Brexit. Investors flocked back into stocks around the world on news that Donald Trump had signed off on a long-awaited pact between the world’s economic superpowers that will see the cancellation of fresh US tariffs due at t

Saudi Aramco hits crown prince’s US$ 2 trn goal as shares soar

(Riyadh) AFP: Saudi Aramco soared yesterday above the US $2 trillion valuation target sought by the kingdom’s de facto ruler as the energy giant’s share price surged on its second day of trading.

SL’s lax rules breed corruption at all levels, says CA Sri Lanka chief

Sri Lanka’s existing laws dating back over two decades lack teeth to crack down on rampant bribery and corruption, which has gripped every facet of the Sri Lankan society and even to make little progress in curbin

Dr. Mobius meets Cabraal

Legendary investor and former chief of the Franklin Templeton Emerging Markets Fund, Dr. Mark Mobius, met with Prime Minister’s Senior Advisor on Economic Affairs Ajith Nivard Cabraal, at the Office of the Prime Minister, Temple Trees, yesterday. Discussions centred on attracting equity and fixed market investments into Sri Lanka and about Sri Lanka’s plans to realise the growth potential of the country.

Port City declared open for investment

As fireworks lit up the Colombo skies, Prime Minister Mahinda Rajapaksa on Saturday evening officially opened the Chinese-backed Colombo Port City for investors. The event also marked the addition of 269 hectares of reclaimed land from the sea to Sri Lanka’s land mass.

Shares fall for third session; rupee gains

Sri Lankan shares closed weaker for third straight session yesterday, weighed down by foreign sell-offs and profit-taking, while the rupee ended firmer. The Sri Lank

Tax chief confident of meeting revenue target set for this year

Sri Lanka’s Inland Revenue Department (IRD) is confident of meeting the Rs.800 billion revenue target set for this year while eyeing an increase in corporate tax collections next year to compensate the potential revenue loss from the recently introduced sweeping tax cuts. “At the end

Fiscal stimulus presents “incredibly difficult balancing act” to govt.:WB

Sri Lanka’s new government will have to undergo an “incredibly difficult balancing act” to incorporate the recently introduced economic stimulus package to the system without undermining fiscal and debt sustainability in a global environment, where investors and lenders have become extremely sensitive towards uncertainty, a top economist at the World Bank said.

Stocks marginally down on budget deficit concerns

Colombo bourse indices edged down marginally after hitting a 17-month high on Monday on concerns stemming from the likelihood of a significantly widened budget deficit for this year. The benchmark All Share Price Index closed 0.24 points down at 6214. 99 while the more liquid S&P SL20 closed 0.13 percent or 3.86 percent down at 3049.48. The market turnover

Daraz-Dialog Axiata enter strategic partnership to grow digital commerce in SL

Dialog Axiata Group and Daraz Sri Lanka have entered into a strategic partnership to collaborate on digital commerce.

Central Bank calls for caution handling stimulus package

The recently introduced fiscal stimulus package should be accommodated within a stable framework without comprising Sri Lanka’s fiscal and debt sustainability, the Central Bank (CB) stressed last week.

Policy rates kept steady amid fiscal developments

As expected, the Central Bank (CB) maintained policy rates at current levels, mainly due to the recent developments on the fiscal front, which includes the recently introduced fiscal stimulus by the new government. “Even before the fiscal stimulus package, which came in couple of days ago, there were certain fiscal measures, including pending salary hike, which argues some degree of caution in loosening

John Keells Properties promotes two upcoming projects to foreign investors, diaspora

John Keells Properties has successfully concluded a series of international roadshows to promote its two upcoming residential projects, TRI-ZEN and Cinnamon Life, among foreign investors and Sri Lankan’s living overseas.

Sweeping tax cuts announced to ignite economy

Sri Lanka’s newly-appointed government yesterday introduced a wide range of tax cuts to support the local businesses and domestic production while revealing plans to discourage agricultural imports to the country with import substitution. The Cabinet o

MCC Compact to be launched in SL soon: State Dept. official

The controversial Millennium Challenge Corporation (MCC) Compact, which caused a huge uproar particularly prior to the recently concluded presidential election, would be soon launched in Sri Lanka, according a top US State Department official.

H’tota port deal was a mistake: President

Newly-elected President Gotabaya Rajapaksa says he wants to renegotiate the deal with the Chinese on the Hambantota Port, which is strategically located near one of the world’s busiest shipping lanes with tens of thousands ships passing by a year.

Eight new power sets to arrive next month

Sri Lanka’s train service will be further boosted with the arrival of eight new train sets next month.

Sri Lanka’s new leader appoints his PM brother as Finance Minister

COLOMBO (Reuters): Mahinda Rajapaksa, the current Prime Minister, as the interim government’s new Finance Minister, State television showed in a live telecast yesterday.

Sri Lanka’s ruling siblings: New President swears in his brother as PM

(Colombo) REUTERS : Sri Lanka’s newly elected president Gotabaya Rajapaksa yesterday swore in his elder brother, former president Mahinda Rajapaksa, as Prime Minister, cementing the powerful family’s political comeback.

New Treasury Secy. pledges to restore Finance Ministry’s lost honour

The new Treasury Secretary and Finance Ministry Secretary S.R. Attygalle yesterday pledged to rebuild the lost honour and glory of the Treasury, working efficiently and progressively with the newly-elected President Gotabaya Rajapaksa.

SL likely to miss this year’s tea production and export targets

Sri Lanka is likely to miss the tea production and export targets set for the year as tea output sharply declined in October due to extreme weather conditions, although the demand for quality Ceylon Teas continue to rise at the Colombo Tea Auction driven by winter buying.

Indira Malwatte resigns as EDB Chairperson

Indira Malwatte yesterday announced her resignation as the head of the Export Development Board (EDB), ending over a four-year stint.

Bourse set to cruise with Gota’s win

Capital market analysts expect the Colombo bourse to climb upward in the short to medium-term following the fairly convincing win of Sri Lanka Podujana Peramuna (SLPP) presidential candidate Gotabaya Rajapaksa, who appeared to be the preferred choice of the country’s business and investment community.

Securing the largest FDI

Sri Lanka recently secured the largest ever FDI worth US$ 24 billion for the establishment of Hambantota Oil Refinery (Private) Ltd. Picture shows Finance Minister Mangala Samaraweera and Development Strategies and International Trade Minister Malik Samarawickrama extending good wishes to Danny Lee, Director Sugih Energy (PTE) Ltd. BOI Chairman Mangala P.B. Yapa and R.A.D.M. Terrance Sundaram, representative of the Hambantota Oil Refinery (Priva

Singaporean firm to invest US$ 24bn to set up refinery in H’tota

Sri Lanka’s Board of Investment (BOI) has approved US$ 36.4 billion worth foreign direct investment (FDI) projects so far this year including a US$ 24 billion oil refinery and petrochemical complex in H

Labour Dept. to introduce minimum retirement age for private sector employees

The Department of Labour plans to introduce a minimum retirement age for Sri Lanka’s private sector employees after the presidential elections.

China’s Hainan Group to invest US$ 300mn to set up two rubber trade zones

China’s Hainan Rubber Industry Group Co. Ltd has reached an agreement with the Plantation Industries Ministry to invest US$ 300 million to set up specialised free trade zones for rubber-based value-added exports in Kegalle and Kalutara districts next year.

Colombo Port City has potential to become most advanced smart city in Asia: Hans

The Colombo Port City project has the potential to become the most advanced smart city in Asia by attracting tech giants while providing the catalysts for inclusive advancements in digital space across various sectors of the economy, promoting inclusive capitalism.

Sri Lanka’s Santani Resorts & Spa wins big at WTM London

Sri Lanka’s Santani Resorts & Spa has won the Gold Award under ‘Best in Wellness’ category at the International Travel & Tourism Awards (ITTA) 2019 presented by World Travel Market (WTM) London.

Sri Lanka’s Santani Resorts & Spa wins big at WTM London

Sri Lanka’s Santani Resorts & Spa has won the Gold Award under ‘Best in Wellness’ category at the International Travel & Tourism Awards (ITTA) 2019 presented by World Travel Market (WTM) London.