A passenger drone Volocopter 2x is on display

A passenger drone Volocopter 2x is on display

Unit rate-based duty failed to achieve government revenue targets: CMTA

The unit rate-based duty scheme on vehicle imports has failed to realise the government revenue targets while causing additional foreign exchange outflows from the country.

Asian markets stagger into weekend as G7 approaches

Asian markets retreated yesterday at the end of a broadly positive week, with traders turning their attention to a Group of Seven summit that could see world leaders clash with Donald Trump over his latest tariff provocations.

Doha Bank to play key role in attracting Qatari investments to Sri Lanka

Doha Bank, the third largest conventional bank in Qatar yesterday inaugurated its representative office at World Trade Centre (WTC) in Colombo, becoming the first Gulf bank to be launched in the country. The bank is said to be aiming to promote bi-lateral trade and investments between the two countries while mulling over a potential FTA between Sri Lanka and Qatar. 

PM identifies ICT industry as savior to help realise national export targets

The country’s budding ICT sector was yesterday looked up to by the government to help reach national export targets in the medium term and was urged to boost its efforts to ensure not only its progression, but also the industries it supports.

‘The One’ project ready to showcase tallest skyscraper in South Asia

One Transworks Square (Pvt) Ltd together with Zhong Tian Ding Hui (ZTDH) Company yesterday announced that it is ready to transform Colombo’s skyscape with South Asia’s tallest building, rising to a height of 376 meters in 92 floors by 2021. 

HNB arranges Rs.5.4bn syndicated loan to fund ODEL Mall

Hatton National Bank PLC (HNB), Sri Lanka’s second largest private sector lender by assets, yesterday announced a breakthrough partnership with popular retail department store, ODEL to lead the syndication of a Rs.5.4 billion loan to fuel the expansion of its flagship store at Alexandra Place, Colombo 7.  

CB targets to end 2018 with US $ 9.5bn in foreign reserves

Sri Lanka will end 2018 with gross official reserves of US $9.5 billion while further cutting its exposure to short-term swaps by another US $700-800 million, Central Bank Governor Dr. Indrajit 

Culinary Art Food Expo 2018 opens

The Chefs’ Guild of Lanka unveiled the 18th edition of Culinary Art Food Expo (CAFE) 2018 yesterday at the BMICH Colombo with Tourism Development Minister John Amaratunga as Chief Gust.

Sri Lanka-China free trade talks hit major hurdles

Talks between China and Sri Lanka for a free trade agreement have hit major hurdles, mainly because Beijing doesn’t agree to Colombo’s demand for a review of the deal after 10 years, Sri Lanka’s top negotiator said.

Lankan banks sit on Rs.19bn capital hole as sector braces for BASEL III

The Sri Lankan banks satisfy many of the key matrices such as growth, profits, efficiency and asset quality against most regional peers but the sector is in deep thirst for fresh capital as the banks brace for full implementation of BASEL III as early as in few months. 

Nordic interest on Lankan stocks growing, says CSE

The Colombo Stock Exchange (CSE) yesterday said investment flows from the Scandinavian region to Sri L

Sri Lanka to amend archaic customs law to enable paperless trade

Sri Lanka is to amend the archaic customs law shortly to facilitate paperless trade and pre-arrival clearances at the Customs, Sri Lanka Customs Director General and National Trade Facilitation Committee Chairman P.S.M. Charles said.

Sri Lanka mostly at risk from rupee depreciation: Moody’s

Sri Lanka stands mostly at risk among frontier markets from a persistent rupee depreciation against the U.S. dollar as it will present fiscal troubles from bloating debt servicing needs, Moody’s Investors Service said in a special report on impact on Asia Pacific (APAC) sovereigns from currency depreciation. 

UniCredit Bank provides Rs. 900 mn loan to improve university medical facilities

The Sri Lankan government has identified the importance of having competent human capital to compete with the rapidly changing global economy as the country is geared to take off and advance as a fast growing middle-income country. 

FinMin says will reduce VAT by 2.5% in 2020 to ease tax burden on poor

Finance and Mass Media Minister Mangala Samaraweera has pledged to reduce the Value Added Tax (VAT) by 2.5 percent in 2020 to relieve the country’s poor people from the tax burden.

Mangala says 49, 000 new tax files opened in April

Sri Lanka’s Inland Revenue Department (IRD) has opened 49,000 new tax files in April with the New Inland Revenue Act coming into force, Finance and Mass Media Minister Mangala Samaraweera revealed yesterday.

Revised National Physical Plan to be approved shortly

Sri Lanka’s revised National Physical Plan for 2018-2050 is expected to be gazetted shortly and the plan proposes to develop Colombo-Trincomalee as the main economic corridor along with three other sub-corridors,

ADB lends US $ 210mn to end water scarcity in Sri Lanka’s dry zone

The Asian Development Bank (ADB) and the Sri Lankan government signed a US $210 million second tranche loan agreement for the Mahaweli Water Security Investment Programme to assist Sri Lanka complete its on

China claims Sri Lanka hub in Silk Road strategy

China hinted Sri Lanka’s growing importance in its ambitious US$500 billion One Belt One Road (OBOR) initiative claiming Sri Lanka is a ‘hub’ in its OBOR strategy.  Sri Lanka meanwhile stressed of its own role in OBOR, and revealed that the Colombo Port City project despite the 25-year long timeline, is ‘progressing at great speed’.

Sri Lanka open for investors from all Asian countries: Malik

Balancing diplomatic relations and being open to all countries for investment has been a key achievement of the current government, remarked Development Strategies and International Trade Minister Malik Samarawickrama at a forum in Colombo yesterday.

Professionals want Parliament to ratify Sri Lanka-S’pore FTA

Professionals led by Sri Lanka Engineers Association (SLEA) and United Professional Movement (UPM) and backed by the Organisation of Professional Associations of Sri Lanka (OPA) and the influential government Medical Officers’ Association (GMOA) yesterday threatened with trade union actions if the government fails to ratify the Singapore Sri Lanka FTA (SLSFTA) in Parliament with 2/3 majority as it poses serious challenges to national securi

Sri Lanka expresses interest to establish direct banking links with Iran

Sri Lanka has expressed interest in establishing direct banking links with Iran. President Maithripala Sirisena, who this week completed a two-day official visit to Iran, had expressed this during the bilateral discussions with Iranian President Hassan Rouhani. 

CB Governor says one quarter of population still trapped in poverty

Sri Lanka needs to promote rural entrepreneurship in a holistic manner to uplift over one quarter of the population trapped in poverty with daily earnings below Rs.400, despite the lowest ever absolute poverty figures reported in the country recently, according to the Central Bank Governor 

Central Bank keeps policy interest rates steady

The Monetary Board of the Central Bank of Sri Lanka yesterday kept policy interest rates steady despite a sharp increase in credit to the private sector, which the Central Bank Governor identified 

Govt. announces formula to re-price fuel every two months

Sri Lanka yesterday introduced the much-talked-about automatic fuel pricing mechanism, removing the heavy subsidies that drained cash from the government coffers.

SL insists on removal of non-trade barriers before ETCA

The Sri Lankan free trade agreement (FTA) negotiators want India to implement interim remedies for the non-trade barriers that exist in the current Indo-Lanka Free Trade Agreement (ISFTA) prior to the signing of the Economic and Technology Co-operation Agreement (ETCA), in order to build up the confidence on the ETCA among Sri Lankan stakeholders. 

Feb. trade gap widens as imports race and exports languish

Sri Lanka’s trade gap widened considerably to US $ 1.06 billion in February from US $ 743 million a year earlier, while the cumulative gap for the first two months of the year expanded to US $ 2.1 billion from US $ 1.68 billion during the same period, last year.  

Navin calls to end populist govt. intervention in rubber industry

Plantation Industries Minister Navin Dissanayake yesterday asserted that the populist government interventions in Sri Lanka’s rubber industry have indirectly led to subsidization of big businesses as well as to corruption, 

Sancharaka Udawa 2018

The 8th edition of the tourism and travel fair ‘Sancharaka Udawa’ was inaugurated by Tourism Minister John Amaratunga at the BMICH yesterday.  The two-day event which is being organized by Sri Lanka Association