Economic liberalization programme to go unhindered: Mangala

Finance and Mass Media Minister Mangala Samaraweera yesterday vowed that the government’s economic liberalization programme will press ahead undeterred and the delayed shipping industry liberalization is ve

Holistic approach for smooth debt management urged

Sri Lanka needs a strong medium-term debt management strategy, with a target to reduce its outstanding debt stock to 60 percent of GDP by 2030 with a long-term vision of bringing down the debt to GDP ratio to below 50 percent, according to former Central Bank Deputy Governor and Deputy Secretary General of National Economic Council (NEC), C.J.P. Siriwardana. While acknowledgin

Red clay roofing tile industry urges govt. to relax excessive red tape blocking raw material sourcin

Sri Lanka’s red clay roofing tile industry recently urged the government to reduce excessive regulations and procedures in place with regard to sourcing their main raw material—clay— which has hiked the cost production, driving over 200 clay roofing tile plants out of business.   “The number of act

KKS port area to be made vibrant economic hub: PM

Prime Minister Ranil Wickremesinghe said step would be taken to develop a vibrant economic hub around the Kankesanthurai harbour that would be transformed into a commercial port with Indian assistance.

Hutch signs BOI agreement to invest US $ 115mn

Hutchison Telecommunications Lanka (Pvt) Ltd (Hutch) signed a supplementary agreement with the Board of Investments (BOI) to invest US $ 115 million to roll out its islandwide 4G network and supp

The introduction of 15 % VAT on residential apartment sales is going to have a major impact – Mr. Pr

In  a recent interview done with one of the key industry opinion leaders, The Director/ Group CEO of Overseas Realty (Ceylon) PLC Mr. Pravir Samarasinghe shared his views regarding the boom in Sri Lanka’s Apartment and Construction Industry and the VAT policy which will be introduced on Apartment Sales from 01st April 2019.

Govt. to spend extra Rs.1.2bn on plantation sector worker wages

The government yesterday said it would contribute Rs.50 to the daily wage of every tea plantation worker, for a period of one year, which can only be described as a desperate measure to end the protracted plantation sector daily wage issue.

Sri Lanka advertises for hangmen

Sri  Lanka  began advertising for hangmen this week, as the President Maithripala Sirisena pushes ahead with a hardline policy modeled on the Philippines, to combat drug trafficking. The photo shows a 

Hayleys bounces back in 3Q with strong sectoral contributions

Diversified conglomerate Hayleys PLC with an asset base of Rs.233 billion, bounced back strongly during the quarter ended December 31, 2018 (3Q18), after recording losses for two consecutive quarters, the interim financial accounts released to the Colombo bourse showed. 

Sri Lanka urged to develop own narrative of China’s BRI

Sri Lanka needs to develop its own narrative of China’s Belt and Road Initiative (BRI), which is neither over-shadowed by reports from Western media nor reports circulated from China, wh

Kishu Gomes promises 3 mn tourist arrivals this year

The newly appointed Chairman of the Sri Lanka Tourism Promotion Bureau (SLTPB) and Sri Lanka Tourism Development Authority (SLTDA), Kishu Gomes yesterday promised to bring in a minimum of three million tourists to the island this year, capitalising on his over three decade experience at United States-based multinational corporations. 

Changes to income tax regime require appointment of tax ombudsman urgently

Sri Lanka requires an immediate appointment of a tax ombudsman, asserted a leading lawyer in the country, as the need for such a post is felt now than ever before due to the changes in the income tax regime and the implementation of the Revenue Administration Management Information  System (RAMIS).

Removal of Charles aimed at crushing “port mafia”: Mangala

Finance and Mass Media Minister Mangala Samaraweera yesterday defended his earlier decision to appoint the retired navy official Rear Admiral Dr. Shemal Fernando as 

Customs TU action cripples Colombo business

Food importers and wholesalers shut their shops in the capital city yesterday, demanding the government to resolve trade union action by Customs officials. Picture shows a labourer sleeping on a cart in a street in Pettah without any work. However, following discussions with the Finance Minister and the President last night, Custom trade unions had called-off all trade union action

China and Singapore to invest US $ 1.1bn in cement and steel plants

Sri Lanka moves closer to secure US $ 1.1 billion investments from Singapore and Chinese investors to set up a steel plant and cement plant as the government focuses on regaining the investor confidence that derailed during the political crisis.   Development Strategies

JKH records growth in 3Q despite challenging operating conditions

Challenging operating conditions and weak consumer sentiment continued to weigh on the performance of Sri Lanka’s premier blue chip John Keells Holdings PLC during the December quarter (3Q19), despite the positive performance of some the group’s business segments, the interim financial accounts released to the Colombo b

Developing human resources SL’s best bet to move forward

Sri Lanka must prioritize developing its human resources with continuous investments over hard infrastructure developments, to move forward with the increasing competition in the South Asian region, which is overshadowed by economies with large populations, according to the country’s junior finance minister. 

PM rains on John’s parade

Tourism Development, Wildlife & Christian Religious Affairs Minister John Amaratunga faced an embarrassing situation yesterday when he was compelled to postpone the appo

CB cuts foreign holding in G-Secs to limit hot money stock

Sri Lanka’s Central Bank has cut foreign investor threshold in purchasing government securities (G-secs) in a bid to increase the quality of the country’s foreign reserves and significantly reduce the a

Footwear and Leather Fair 2019

The 11th Footwear & Leather Fair opened at the BMICH yesterday. The events brings together exhibitors comprising manufacturers, suppliers and exporters who specialize in products like travel goods, footwear, leather goods, raw materials, machineries, chemicals, components and accessories and other services related to the sector. Picture shows former Export Development Board (EDB) Chief Indira Malwatte making inquiries about certain products o

Tea industry eyes ambitious production target this year

Sri Lanka’s tea industry is eying an ambitious production target of 320 million kgs this year, despite ending the previous year on a grim note as tea output in 2018 fell to 303 million kgs from 307 million kgs in 201

SriLankan loses Rs.40bn in 9 months

The losses at the national carrier, SriLankan Airlines, widened during the nine months ended December 31, 2018, despite the gains at the top line level, due to currency depreciation and higher oil prices, the airline said yesterday in a statement.   

Rupee falls on importer dollar demand; stocks post 8-week closing low

(Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday due to dollar demand from importers, while stocks fell to an eight-week closing low amid concerns over debt repayment by the government. The rupee closed at 18

New entity to handle Port City land sales

A new procurement and regulatory entity is to be established within next three to six months to conduct land sales, handle regulation and development activities of Colombo Port City (CPC), a top government official told Mirror Business.  

Sri Lanka sees unexpected population growth amid upturn in fertility rates

Sri Lanka is set to face higher demand for housing, health, food, education, employment, energy, water, transportation and infrastructure amid unexpected growth in population driven by a significant upturn in recent fertility rates and anticipated inward migration.  Participating in t

EDEX Expo 2019

Sri Lanka’s premier and largest education exhibition and job fair “EDEX Expo” opened at the BMICH yesterday. Minister of City Planning, Water Supply and Higher Education Rauff Hakeem ceremoniously declared the event open as Chief Guest. 

Sri Lanka signs US $ 455mn ADB loan agreements

President Maithripala Sirisena, who is currently on an official visit to Philippines, yesterday signed three loan agreements totaling US $ 455 million with the Asian Development Bank (ADB) for projects in higher education and transport as well as technical assistance loan for the  urban sector.

IMF to send team here next month to resume loan talks

The International Monetary Fund (IMF) has said it “remains ready to support” Sri Lanka in its efforts to boost the economy and would send a team to Colombo next month to resume discussions on the stalled loan programme.  

Electronic pre-booking service launched to tackle over-visitation to national parks

Sri Lanka’s Department of Wildlife Conservation (DWC) is to expedite the implementation of the strategic plan to tackle the over-visitation to Yala National Park and other national wildlife parks, while enhancing the quality of visitor experience. Despite two strategic plans being launched in 2015 and 2016 by DWC under the instructions of the then Tour

Sri Lanka targets to double number of Indian tourist arrivals to 1mn this year

Sri Lanka Tourism sets an ambitious target to attract one million tourist arrivals from the country’s largest tourist source market, India this year, by more than doubling over the 2018 Indi