Luxury tax to hinder govt.’s plan to collect Rs.48bn from vehicle imports: VIASL

The proposed luxury tax on vehicles will hinder the government’s ambitious target of collecting Rs.48 billion in revenue from duties, as the proposed tax would lead to drastic decline in vehicle imports to the country,

SLASSCOM-Norway to collaborate on ICT development, start-up initiatives

The Sri Lanka Association of Software and Services Companies (SLASSCOM) and Norwegian Foreign Affairs Ministry expressed their intent to further collaborate in developing the information and communication technology (ICT) sector for sustainable employment generation in the future and to bring about innovation through knowledge transfer programmes. A letter of intent in this regard was signed by Norweg

Spending-heavy Budget 2019 targets elections

Finance Minister Mangala Samaraweera yesterday walked a tightrope presenting his second budget, trying his best to balance people’s aspirations in the backdrop of impending elections while proposing

Govt. urged to deal with ineffective SOE director boards

The country’s Finance Ministry should be empowered to deal with the ineffective director boards of the loss-making state-owned enterprises (SOEs), as notions of privatisation or public-private partnerships (PPPs) seem unrealistic, given the current political environment, according to National Agency for Public-Private Partnership Chairman Thilan Wijesinghe.

Adding final touches to Budget 2019

Finance Minister Mangala Samaraweera is seen in deep conversation with Treasury Secretary Dr. R.H.S. Samaratunga, as he was adding the final touches to Budget 2019, at his private residence ‘Rainbow End’, in Gorakana, Panadura, on Saturday. Samaraweera is expected to commence the budget speech at 1:30 p.m., on Tuesday, in Parliament

‘Medicare 2019’

The 10th edition of Sri Lanka’s only healthcare exhibition, ‘Medicare 2019’ opened at the Sirimavo Bandaranaike Memorial Exhibition Hall yesterday, under the patronage of Health Minister Dr. Rajitha Senaratne. Large crowds were seen making maximum use of the free medical services available on the opening day.

Maersk to expand container handling operations in Sri Lanka

Maersk A/S has announced plans to expand container handling operations at the Colombo Port. The announcement followed talks between Maersk Chief Executive Officer Soren Skou and President Maithripala Sirisena at the Presidential secretariat on Thursday. Maersk’s business partner, South Asia getaway Terminal (Pvt) Ltd. (SAGT) is said to be holding discussions with the Ports and Shipping Ministry and Sri Lanka Ports Authority (SLPA) regarding the e

SL to promote trade, tourism at Expo 2020 Dubai

Sri Lanka will make its debut at the upcoming Expo 2020 Dubai, with the aim of further promoting Sri Lanka as a tourist destination, facilitating international trade and attracting investors to the country.

SL Tourism eying 30-min programme on CNN Business Traveller with Quest

Sri Lanka Tourism is eying a 30-minute segment on the CNN Business Traveller programme hosted by Richard Quest to attract high-net-worth business and leisure tourists to Sri Lanka. A Sri Lanka Tourism Promotion Bureau (SLTPB) official said they are considering a proposal to obtain a 30-minute segment on the CNN Business Traveller programme rather than launching another media campaign to promote Sri Lanka tourism on CNN.

SL recalibrates borrowing strategy towards ISBs

Sri Lanka has recalibrated its borrowing strategy back to dollar denominated international sovereign bonds (ISBs) with the country’s yield curve normalising to below pre-political crisis level. “The yields have

So Sri Lanka IRONMAN 70.3 Colombo Expo launched

The much anticipated So Sri Lanka IRONMAN 70.3 Colombo Expo will showcase a range of health and wellness products from across the world, and is held from February 21st to the 24th, at the Shangri-La Hotel Colombo, Lotus Ballroom. The timings for the Expo would be Thurs

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