Chinese loans not main source of debt trap, says think tank

Sri Lanka getting caught in a debt trap and finding itself in a precarious position has less to do with its borrowings from China but more to do with its participation in international bond market activities, according to Colombo-based economic think tank  Verité Research.

China looking to set up FTZ in Sri Lanka for rubber exports

China is looking to set up a specialised free trade zone for rubber-based value added exports in Sri Lanka by partnering with private sector rubber manufactures, exporters and planters includ

Sri Lanka suffers US $ 500mn foreign outflow in 4Q

Sri Lanka witnessed foreign outflows to the tune of US $ 500 million during the final quarter of 2018, the government revealed yesterday. As per the data presented by Economic Affairs Non Cabinet Minister Dr. Harsha de Silva and Finance State Minister Eran Wickramaratne, US $ 490 million worth outflows was recorded from government securitie

Dudley Sirisena announces plans to launch anti-corruption movement under President’s leadership

The brother of President Maithripala Sirisena and Araliya Group of Companies Chairman Dudley Sirisena yesterday announced his plans to launch an anti-corruption organisation by joining hands with scholars, professionals, media and business community aiming to put a stop to corrupt activities carried out by politicians and officials and to direct the government on the path of good governance to accelerate the development work in the country. 

Port tariff hike put on hold following ministry secy.’s meeting with industry

The controversial tariff revision by the Sri Lanka Ports Authority (SLPA), which rattled exporters and importers alike, has been suspended after the industry lobbied against the move, Mirror Business learns. The decision to suspend the higher tarif

Cigarette smuggling costs Sri Lanka Rs.18bn in tax revenue in 2017

The government may have lost Rs.18 billion in cigarette tax revenue as a record 583 million illicit cigarettes were estimated to have smuggled into Sri Lanka in 2017, driven by the high taxes on legal cigarettes and the absence of a proper mechanism in place to combat the illicit cigarette inflows, according to a latest research report on Sri Lanka’s illicit cigarette market.   

Bingumal becomes first local CEO to head Standard Chartered Sri Lanka

Standard Chartered last Friday announced the appointment of its first Sri Lankan Chief Executive Officer (CEO), Bingumal Thewarathanthri with effect from January 1, 2019.

Sri Lanka to borrow US$ 1.85 bn from Japan for light rail project

The Japan International Cooperation Agency (JICA) has agreed to lend US $ 1.85 billion to Sri Lanka to build a light rail transit (LRT) service between Colombo Fort and Malambe to ease the cong

Sri Lanka sets US $ 20bn export target for 2019

The Export Development Board (EDB) has set an ambitious target of fetching US$ 20 billion through merchandise and services exports in 2019, a goal that has been set following the export revenue movin

Govt. mulls extending IMF loan programme by another year

Sri Lanka may consider extending the ongoing three-year International Monetary Fund (IMF) loan programme by another year amid sovereign rating downgrades and pressure on foreign reserves. 

Sri Lanka to review feasibility studies of all proposed FTAs

The Development Strategies and International Trade Ministry has decided to review all feasibility studies carried out for proposed Free Trade Agreements (FTAs) with the assistance of experts in international trade at the Department of Commerce (DoC), following heavy criticism levelled at the Sri Lanka-Singapore Free Trade Agreement signed last year.

Colombo port handles record-breaking 7mn TEUs in 2018

The Port of Colombo yesterday handled the seven millionth twenty-foot equivalent container unit (TEU) for 2018, which is a first in the port’s history.  

Fascinating way to welcome 2019!

A man applies colour to a haircut with the number ‘2019’, depicted to welcome the New Year at a salon  in Ahmedabad, India (REUTERS)

Central Bank holds policy rates steady

The Monetary Board of the Central Bank of Sri Lanka (CBSL) at the last policy review of the year decided to maintain policy interest rates at their current levels, as the private sector credit growth keeps accelerating and pressure on external reserves continues despite the economy performing below its potential.   

Tea production, exports dip in November

Tea exports fell by 8.6 percent in November while tea production recorded a marginal decline overshadowed by unfavourable weather conditions and production disruptions due to trade union actions in the estates managed by Regional Plantation Companies (RPCs).  According to the Sri Lanka Tea Board (SLTB), tea export volumes dropped by two million kilogrammes (M/kg) to 21 M/kg in November, while tea production fell by a marginal 0.2 M/Kg or 0.

SL’s merchandise exports to pick up in 2019: UNESCAP

Sri Lanka’s merchandise export earnings are likely to accelerate to 6.3 percent year-on-year (YoY) next year, while the growth of cost of merchandise imports is set to decelerate to 6.6 percent YoY, easing off the pressure on balance of payment, according to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).   

Trade deficit soars on higher vehicle, fuel imports

Sri Lanka’s trade deficit hit US $ 903 million in October expanding from US $ 752 million recorded in the same month in 2017, as the country’s import bill rose significantly compared to languishing exports. 

Seasonal shopping

With Christmas round the corner, shopping hype has gained momentum with an array of goods for the festive season. Here some shoppers selecting Christmas decors in one of the streets in Colombo. 

Colombo on the way to become Tuk capital of Uber universe: official

Colombo has become the fastest growing market for UberTuk product and is on the way to become the Tuk capital of Uber universe, a top Uber official said. “Today, the growth of UberTuk p

US-based LeapFrog invests US $ 12mn in Softlogic Life

LeapFrog Investments, a US-based private investment firm that invests in high-growth financial services and healthcare companies in emerging markets, yesterday bought a 19 percent stake in Sri Lanka’s Softlogic Life Insurance PLC, investing US $ 12 million (Rs.2.2 billion).  

Sri Lanka seeks to strengthen settlement infrastructure with China

Sri Lanka’s Central Depository Systems (Pvt) Ltd (CDS) and China Securities Depository and Clearing Corporation Limited (CSDC) recently committed towards pursuing a cooperative relationship in the areas of securities clearing and depository.  This commitment was formalized with the signing of a MoU between the tw

Philippines’ Catriona Gray wins fourth Miss Universe crown

(Bangkok) REUTERS: Catriona Gray from the Philippines was crowned Miss Universe yesterday, the fourth time the Southeast Asian country has won the international beauty pageant.

Ranil returns as PM; crisis nears end

(Colombo) REUTERS: Ranil Wickremesinghe was sworn in as Sri Lanka’s Prime Minister yesterday, making remarkable comeback weeks after being ousted by President Maithripala Sirisena under controversial circumstances. Wickremesinghe’s reinstateme

EU Summit on Brexit deal

British Prime Minister Theresa May arriving in Brussels yesterday during the second day of a European Summit aimed at discussing the Brexit deal, the long-term budget and the single market. EU leaders were to approve a modest list of euro single currency reforms yesterday that are a far cry from the vast overhaul to the European project sought by France. (AFP)

New IFC report reveals Lankan firms offering childcare support gain significant business benefits 

Businesses in Sri Lanka that offer childcare support to their employees can gain a significant positive impact on recruitment, retention and productivity of workers, especially women, according to a new report released by the International Finance Corporation (IFC) in collaboration with the United Nations Children’s Fund (UNICEF).

Hutch announces plans to invest US $ 200mn following merger with Etisalat

Hutch Telecommunications Lanka (Pvt.) Ltd plans to invest in excess of US $ 200 million over the next five years following its recent merger with Etisalat Lanka (Pvt.) Ltd to roll out a nationwide 4G net

Tea output, export income targets hit by worker strike

The umbrella organisation of the regional plantation companies (RPCs), the Planters’ Association of Ceylon (PA), yesterday cautioned that this year’s tea output would fall below 300 million kilos while the tea export income would fall below US $ 1.5 billion, due to the ongoing estate workers’ strike launched by trade unions, demanding to double the basic daily wage of estate workers.

Tea output, export income targets hit by worker strike

The umbrella organisation of the regional plantation companies (RPCs), the Planters’ Association of Ceylon (PA), yesterday cautioned that this year’s tea output would fall below 300 million kilos while the tea export income would fall below US $ 1.5 billion, due to the ongoing estate workers’ strike launched by trade unions, demanding to double the basic daily wage of estate workers. Sri Lanka was earlier targeting a tea 

President softens stance on banning state events at private hotels

President Maithripala Sirisena appears to have softened his decision to ban state entities holding official ceremonies, meetings and various programmes at private hotels, which was announced by the President’s Media Division (PMD) last week.  

Tourism officials say committed for industry growth despite challenges

Officials at the Tourism and Wildlife Ministry is committed to achieving key objectives of the Sri Lanka Tourism Strategic Plan 2017–2020 despite the present challenges, said Secretary to the Minis