Gota pledges to enhance political and economic freedom of all citizens

As Sri Lanka celebrated 72 years of Independence from the British colonizers, President Gotabaya Rajapaksa at the official National Independence Day celebration in Colombo, yesterday pledged to assure and enhance the political and economic freedom of all citizens of the island nation.

Economist calls for mix of prudent macro stimulus and pro-growth reforms

Sri Lanka’s policy dilemma has entangled the national economy in a low growth trajectory amid an expanding public debt burden, and reversing this requires a prudent mix of macro stimulus and pro-growth reforms, a top economist in the country asserted.

Pakistan Lifestyle Exhibition

The second exhibition on the lifestyle in Pakistan was inaugurated by Small and Medium Business and Enterprise Development Minister Wimal Weerawansa at the Bandaranaike Memorial International Conference Hall yesterday.

CB targets over 4% growth with surprise rate cut

In an unexpected move, the Central Bank (CB) yesterday slashed policy rates by 50 basis points to facilitate faster decrease in interest rates with the aim of boosting subdued economic growth to over 4 percent this year despite concerns over recent uptick in inflation.

SL advised to further strategise trade policy to boost exports

Sri Lanka must further strategise its trade policy pursuing trade openness, as the country’s trade reaches uncharted territory amid the scheduled expiration of the GSP Plus concession in 2023, Brexit and intensifying competition from other trading nations, which could hinder the access to key export markets, the country’s largest trading partner, the European Union (EU), advised.

Private sector wants govt. to play facilitator to fully harness BRI potential

The majority of Sri Lanka’s private sector wants the government to play a supportive role in facilitating and promoting joint ventures between Chinese and local firms to fully harness China’s benefits of the Belt and Road Initiative (BRI).

Govt. urged to rethink duty structure on vehicle imports

The government has been told to rethink the current tax duty structure on vehicle imports and Luxury Tax, as they have effectively put a lid on vehicle imports in excess of 1,600cc engine capacity.

Sri Lanka braces for Chinese tourist arrival slowdown

Sri Lanka is bracing for a slowdown in Chinese tourist arrivals in the peak season as Chinese authorities have ordered travel agencies to suspend domestic and international tours as an attempt contain the coronavirus outbreak that has killed 56 and sickened hundreds to-date.

Lankan economy could face fresh challenges from Wuhan coronavirus outbreak: Fitch

Sri Lanka could face fresh challenges from the Wuhan coronavirus outbreak, given the limited room the island nation has to relax its fiscal policy in response to a possible downturn in the world economy. “…for sovereigns where medium-term fiscal consolidation is a priority, such as Malaysia and Sri Lanka, there could be less room to relax fiscal policy in response to any downturn,” Fitch said in a statemen

CA Sri Lanka gets new President

Top professional Manil Jayesinghe (center) was yesterday ceremoniously inducted as the 25th President of CA Sri Lanka by Outgoing President Jagath Perera (right) in the presence of the International Federation of Accountants (IFAC) President Dr. In-Ki Joo (left),

New SEC Chair assumes duties

Viraj Dayaratne, PC assumed duties as Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), yesterday.

Global tourism promo campaign finalised to achieve US$ 10bn

Sri Lanka Tourism Promotion Bureau (SLTPB) has finalised a 5-year global promotional campaign targeting eight tier one (primary) source markets and six tier two (emerging) markets to reach the government’s objective of generating US$ 10 billion revenue from tourism by 2025.

Stockbrokers seek government support to revive bourse

The Colombo Stock Brokers Association (CSBA) has requested the government to immediately intervene to revive the activities at the Colombo Stock Exchange (CSE).

MTI releases business review of 2019 and outlook for 2020

For the ninth consecutive year, MTI Consulting (via its Corporate Finance practice), in partnership with Daily FT, Daily Mirror and Sunday Times, has concluded the MTI CEO Business Outlook Study, collectively outlining the Sri Lankan business community’s perception for the state of business in 2020.

Plantation firms to hold crucial talks on wage hike today

Top officials of the Planters’ Association (PA) of Ceylon are scheduled to hold a crucial round of discussions with Plantation Industries and Export Agriculture Minister Dr. Ramesh Pathirana today on the government’s decision to increase the minimum daily wage of plantation labourers to Rs.1, 000, with effect from March 1.

Global CIMA Centenary

The Chartered Institute of Management Accountants (CIMA) President Amal Ratnayake (center) yesterday took part in the Bell Ringing Ceremony at the CSE to commemorate the Global CIMA Centenary

Plantation firms rattled by govt.’s wage hike decision

Sri Lanka’s Regional Plantation Companies (RPCs) were in for a rude shock this week when the government announced its decision to increase the minimum daily wage of plantation labourers to Rs.1,000, with effect from March 1, this year.

Port City marketing campaign likely after May

The government plans to commence a joint marketing campaign to promote the investment opportunities of Colombo Port City with the project company, CHEC Port City Colombo, subsequent to enacting a comprehensive legal framework after May this year.

World Bank fails to foresee SL’s growth beyond 3.3% this year

Issuing by far the worst economic outlook for Sri Lanka this year, the World Bank last week said the country could entangle in a toxic mix of elevated fiscal deficit and debt, and the economy would struggle to break the 4.0 percent growth mark during next three years.

Poultry industry charges import ban only helps maize mafia, not farmers

The government’s decision to ban the importation of maize has met with resistance from the local poultry industry stakeholders as they asserted the move would only help feed the “maize mafia” that over the years has capitalised on the lack of timely availability of the crop, to manipulate the prices.

CNN Business Traveller to air Sri Lanka documentary today

CNN’s foremost international business correspondent and presenter Richard Quest will feature Sri Lanka in the newest edition of CNN Business Traveller from today.

CB to introduce cost-reflective benchmark interest rate for banks

The Central Bank (CB) plans to introduce a task force to introduce a cost-reflective benchmark interest rate for the banking sector, which reflects the actual cost of funds, in order to overcome the deficiencies in the current benchmark interest rates.

Forensic audit- a sham to save bond scammers: Cabraal

In what appears to be the sharpest rebuke levelled against the Central Bank bond scam so far, Senior Economic Advisor to the Prime Minister, Ajith Nivard Cabraal, who is also an ex-Centr

Brent jumps US$ 3 after U.S. kills Iran’s Soleimani

Oil prices jumped more than US$ 3 yesterday after a U.S. air strike in Baghdad ordered by President Donald Trump killed the head of Iran’s elite Quds Force, sparking concerns for an escalation of regional tensions and disruption to crude supplies. Brent crude rose a

Govt. says ready to service record Rs.2tn debt due this year

The new government of President Gotabaya Rajapaksa is prepared to meet the record Rs.2 trillion debt service obligations including Rs.1.1 trillion worth of foreign debt service obligation for this year.

Apparel industry eyes 6% export growth in 2020

Sri Lanka’s apparel industry targets a 6 percent year-on-year (YoY) growth in exports for this year, moving ahead with plans to set up a 200-acre fabric park with foreign investments in collaboration with the Board of Investment (BOI) in the Eastern province, eyeing to attract large-scale orders by reducing lead times with locally-sourced fabrics.

CICT ends 2019 with 2.9mn TEUs; 40% of Colombo Port’s volume

The Colombo International Container Terminals (CICT) announced that it handled a total of 2.9 million TEUs in 2019, achieving an 8.6 percent increase in its throughput, accounting for 40 percent of the volume of the Port of Colombo in the 12 months ending 31st December 2019.

Super-luxury Marella Discovery calls on Colombo Port

Boosting the revival of the tourism industry in Sri Lanka, Aitken Spence Maritime-facilitated Marella Cruises sailed its largest super-luxury cruise ship, Marella Discovery of the Marella fleet, to the Port of Colombo.

CB forecasts growth to pick up to 4-4.5% next year

The Central Bank (CB) has forecast 4 to 4.5 percent economic growth and below 4 percent inflation for next year, backed by the new government’s economic revival programme while meeting estimated US$ 4.8 billion external debt servicing for the year.

Central Bank keeps policy rates unchanged

The Monetary Board of the Central Bank (CB) at the last policy review of the year decided to maintain policy interest rates at their current levels, awaiting the President Gotabaya Rajapaksa’s policy statement on 3rd January 2020, which is expected to provide further clarity to the broad economic policy framework as well as the fiscal policy direction for the medium term. Accordin