Navin in Japan to resolve tea issues

Plantation Industries Minister Navin Dissanayake is currently in Japan to find solutions to the problems faced in exporting Sri Lankan tea to Japan due to its residue levels. Japan has introduced a set of revise

Govt. to bring amendments to new IRA in six weeks

Sri Lanka plans to bring several amendments to the new Inland Revenue Act (IRA) within next six weeks, following the emergence of several discrepancies during the implementation of the act, Finance and Mass Media Minister Mangala Samaraweera said.

Ranil tells State banks to look at business plans, not assets

State banks should change its stance specially when it comes to lending, and thereby should stop focusing on the assets which an entrepreneur possesses but instead should look at the viability of the project presented by him/her,” Prime Minister Ranil Wickremesinghe said yesterday.  Wickremesinghe expressed this sentiment

Sri Lanka to revise fuel prices every month

Sri Lanka is to adjust fuel prices every month to reflect the world market prices of fuel through the announced “fuel pricing formula”.  Addressing a m

US firms here concerned by policy instability, report says

Sri Lanka scores low on providing a conducive business environment for US companies operating in the country owing to policy instability while conditions for attracting For

HSBC says multilateral trading system would survive US-China trade war

HSBC, the market leader in global trade finance, expressed confidence that the World Trade Organisation’s (WTO) rule-based multilateral trading system is likely to survive the current trade war between the US and China with some changes. 

Declining ethics, morals blamed for businesses going behind politicos

The decline of ethics and morals in Sri Lanka’s business community has led businesses to heavily depend on excessive lobbying to politicians to gain “favour and unfair advantage” over the competitors, a leading shipping and logistics industry figure lamented. 

National Export Strategy gets Cabinet approval

Sri Lanka’s Cabinet of Ministers has approved the National Export Strategy (NES)—a five-year strategy aimed at increasing exports and generating enhanced revenue for Sri Lanka’s small and medium enterprises and exporters, a communiqué by the Export Development Board (EDB) said.  The EDB, Sri Lanka’s apex body for export promotion, said the implementation of the NES would increase Sri Lanka’s export revenu

Central Bank says relationship between credit and economic growth weakening

The Central Bank has urged the government to put more weight on factor market reforms, improving investment climate and capitalising the country’s geographical location through trade policy in order to boost future economic growth, as the relationship between credit growth and economic expansion is on a weakening trend, while the loosening of monet

CB stands pat, says low rates will support growth

The Central Bank left its key policy rates unchanged as expected yesterday, saying a low rates environment and stabilising inflation will support an economy in the face of a fragile rupee currency.

Treasury Secy. reveals shocking state of State-owned enterprises

Successive Sri Lankan governments have pumped in a colossal Rs.1, 150 billion for the upkeep of the strategically-important State-owned Enterprises (SOEs) up to 2017, the Finance and Mass Media Ministry Secretary Dr.R.H.S. Samaratunga said.  He said this during a conference held for the chairmen

Dhammika proposes govt. to re-evaluate investment policies

The government may need to re-evaluate the effectiveness of the recently introduced targeted capital allowances under the new Inland Revenue Act that replaced the tax holidays to attract both local and foreign investments, Vallibel One PLC Chairman and business tycoon Dhammika Perera said. 

Sri Lanka’s external debt stock rises to US$ 31.6bn by end of April

Sri Lanka’s total outstanding external debt stock has increased by 23.3 percent year-on-year (YoY) to US $ 31.6 billion at the end of April this year, compared to US $ 25.61 billion at the end of April 2017, according to 2018 Mid-Year Fiscal Position Report of the Finance and Mass Media Ministry.  The overall outstanding 

CPC introduces low-emission Euro 4 fuel to Sri Lanka

Ceylon Petroleum Corporation (CPC) yesterday unveiled the country’s first Euro-spec fuel dispenser and launched European Emission Standard Euro 4 fuel, at a launch ceremony held at C.F. De Mel & Sons Filling Station, in Colombo 2.

Trouble continues to brew in Ceylon Tea cup

Ceylon tea continues to face major hurdles this year due to ad-hoc policies pursued by the State, government-red-tape, irresponsible actions of certain stakeholders and volatile conditions of key export markets, the umbrella organisation of Ceylon Tea, the Colombo Tea Traders’ Association (CTTA) highlighted.  Addressing the 124th AGM of (CTTA) last week, CT

PM highlights need to transform SL’s foreign finance to investments

Delivering the keynote address at the Saman Kelegama Memorial Conference yesterday, Prime Minister Ranil Wickremesinghe noted that Sri Lanka has to address weaknesses in trade competitiveness, eliminate trade barriers, tackle anti-dumping legislation, and help domestic industries become competitive. 

A bird’s-eye view of the Chinese-funded Colombo Port City

A bird’s-eye view of the Chinese-funded Colombo Port City, which is under construction. An explosive New York Times new report this week shed light on alleged Chinese involvement in Sri Lanka’s domestic politics, and the International Monetary Fund last week cautioned Sri Lanka to handle Chinese-funded mega projects with care

Construction activity shrinks but still beats agri sector in size

Tower cranes and giant caterpillars moving busily at multiple construction sites is the first sign of a fast-moving economy.

Ceylinco Insurance marks index entry

Ceylinco Insurance PLC yesterday marked its inclusion in the S&P Sri Lanka 20 Index as part of the June 2018 mid-year rebalance of the index with a bell ringing ceremony on the trading floor of the Colombo Stock Exchange (CSE). 

SL can’t afford another round of flawed policies: CB Governor

Sri Lanka will no longer be able to finance the repeating cycles of flawed economic policies as the country’s access to concessionary loans has become “very limited”, given its lower middle-income status.

Female entrepreneurs in the limelight

Prime Minister Ranil Wickremesinghe handing over a loan under the ‘Entrepreneurs Paradise Loan Scheme’ to a female entrepreneur in the presence of Public Enterprise Development Minister Lakshman Kiriella at the BMICH, last Friday 

SL becoming competitive economy despite political uncertainties

Sri Lanka is fast becoming a competitive economy regardless of the uncertain political climate that may persist, Megapolis and Western Development Minister Patali Champika Ranawaka said. 

One Galle Face celebrates completion of tower structure

Redefining Colombo’s business workspace, the prestigious internationally developed and managed mixed-use development project by the Shangri-La Group, yesterday celebrated the topping-out of the One Galle Face Tower on schedule. 

CM Port pays final tranche of H’tota port deal

China Merchant Port Holdings Limited (CM Port) yesterday released the final tranche of the Hambantota port lease payment, the Sri Lanka Ports Authority (SLPA) said.

FTA negotiations moving ahead despite setbacks: Malik

Despite setbacks, Sri Lanka is determined to conclude negotiations on the Economic and Technology Co-operation Agreement (ETCA) with India at the end of this year to reach a final agreement, while

Tourism industry moves to promote career prospects at school level

Sri Lanka’s tourism sector that is gathering steam to become the top revenue earner for the country saw its potential and opportunity showcased to state school principals yesterday, which was an effort taken by the key stakeholders to fuel the sector with the much-needed human resources.

Banking sector loans pick up pace

Sri Lanka’s banking sector loans accelerated during the last three months as people continued to borrow more for consumption defying higher interest rates, SMEs for their working capital and some corporates to complete their mega expansion projects. 

Over 100, 000 new job openings in hospitality sector, says Tourism Minister

New investments in the hotel sector amounting to US $ 2.8 billion will require thousands of newly trained workers in the next couple of years. This was revealed by Minister of Tourism Development and Christian Religious Affairs, John Amaratunga at the 39th Graduation Ceremony of the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) which was held at the BMICH this week.

Sri Lanka-Finland economic ties get big boost

Enhancing economic corporation, the Government of Sri Lanka yesterday signed three memorandums of understanding (MoUs) with the Government of Finland, on digitalization, health and education sectors in addition to two private sector agreements on higher education and fertiliser.

Sri Lanka and Finland economic ties get big boost

Enhancing economic corporation, the Government of Sri Lanka yesterday signed three memorandums of understanding (MoUs) with the Government of Finland, on digitalization, health and education sectors i