Development Strategies Ministry holds trade discussion

A lecture and discussion on “Trade theory and Global Experience on Trade Protection; its Benefits and Limitations” was held at the Sri Lanka Export Development Board recently with the participation of Professor Robert Lawrence, Professor of International Trade and Investment, Harvard Kennedy School of Harward University. 

CB to call proposals for forensic audit on past bond, EPF dealings

The Central Bank will be calling for proposals from major audit firms to conduct an internationally-led forensic audit into treasury bonds issuances and the Employees’ Provident Fund (EPF) investment decisions during former Central Bank Governor Ajith Nivard Cabraal’s tenure, as recommended in the recent Presidential Commission of Inquiry (PCoI) report.

Tariffs, wrong way to raise revenue: Harvard academic

Making a strong case for free cross-border trade, Harvard Kennedy School’s Professor Robert Lawrence, delivering a lecture in Colombo last week, highlighted that tariffs are the wrong way to raise revenue for a government.   

Election outcome weighs on investor sentiment

The Colombo bourse’s indices ended yesterday’s trading in the red territory with the outcome of Saturday’s local government election weighing on the investor sentiment.

Will lotus bud derail Sri Lanka’s economic reform agenda ?

The local government election upset for the incumbent coalition could spell doom for the country’s economic reform agenda if Former President Mahinda Rajapaksa loyalist faction’s Sri Lanka Podujana Peramuna (SLPP) pushes its advantage in parliament, and the government may have to sacrifice some of its long-delayed reforms to maintain power.

China’s factory inflation eases

People select vegetables at a supermarket in Fuyang, in eastern China’s Anhui province. China’s factory inflation eased to a 14-month low in January while consumer prices grew at their slowest rate in six months, official data showed yesterday (AFP)

Web-based single window for biz registration from this April

A Memorandum of Understanding (MOU) has been signed between the Department of the Registrar of Companies and the Department of Labour to share information between the two departments for the establishment of a web-based single window for business registration.

Sri Lanka, Czech Republic sign pact for mutual cooperation

The Development Strategies and International Trade Ministry of Sri Lanka and Industry and Trade Ministry of the Czech Republic entered into an agreement of mutual cooperation yesterday.

Online license issuing system goes live to accelerate import/export procedures

The Information and Communication Technology Agency of Sri Lanka (ICTA) in collaboration with the Import and Export Control Department (IECD) has developed an online license issuing and debiting system to further simplify and accelerate import/export procedures. 

South Korea appeals court frees Samsung heir

AFP: A South Korean appeals court yesterday upheld Samsung heir Lee Jae-Yong’s bribery conviction but cut his prison sentence to a suspended term, ordering his immediate release.

Bribery, corruption, fraud biggest barriers to economic independence: President

President Maithripala Sirisena said yesterday the fight against corruption is the self-defence of the nation and stressed that it has become one of the main impediments to the progress towards prosperity, which is the aspiration of all citizens.

Germany’s Allianz acquires Janashakthi’s general insurance business for Rs.16.4bn

Germany’s Allianz S.E., the world’s leading insurance firm, this week fully acquired the Janashakthi Insurance PLC’s general insurance business for Rs.16.4 billion, eyeing a top spot in Sri Lanka non-life insurance landscape.

The Central Bank of Sri Lanka issued a circulation standard commemorative currency note

The Central Bank of Sri Lanka issued a circulation standard commemorative currency note in the denomination of Rs. 1000 to mark the 70th Independence celebration in the country. The currency note was officially presented to the Finance and Mass Media Minister Mangala Samaraweera by the Central Bank Governor Dr. Indrajit Coomaraswamy on Tuesday.

X30 Asia Cup 2018 takes local motorsports to a new level

ThisJanuary the local karting scene was taken to an international level as the first ever X30 Asia Cup was held at the Sri Lanka Karting Circuit in Bandaragama. The event was organized by the David Pieris Racing & Leisure (Private) Limited and kicked off an enthralling start to Asia’s Karting season.

Sri Lanka’s budget transparency improves in 2017

Sri Lanka improved its budget transparency last year compared to two years ago under the Open Budget Survey, although it ranked the second lowest among its South Asian peers, according to Verite Research (Pvt) Ltd.

SL-S’pore FTA credit positive for both sovereigns: Moody’s

The Sri Lanka-Singapore Free Trade Agreement (SLSFTA) signed last week is credit positive for both sovereigns and more so for Sri Lanka as the trade pact is expected to enhance cross-border trade of goods and services and would promote foreign direct investments (FDIs) between the two countries, Moody’s Investors Service said. 

BOI says FDI topped US $ 1.6bn in 2017

Foreign Direct Investment (FDI) to Sri Lanka grew to over US$1.63 billion in 2017, doubling from the US$802 million achieved in the previous year, the state-run investment promotion agency said. 

Jaffna International Trade Fair opens

The Jaffna International Trade Fair (JITF 2018), the largest consumer exhibition and trade fair in the fast-growing Northern region opened yesterday, for the 9th consecutive year. Here Primary Industries Minister Daya Gamage and Northern Provincial Council Chief Minister C. V. Vigneswaran taking a look at products on display.

Govt. has no intention to bring bond rogues to book: Cabraal

Former Central Bank Governor Ajith Nivard Cabraal said yesterday the government was taking extreme measures to control the damage caused by the Central Bank (CB) bond scam instead of taking action to bring the culprits to book.

Govt. to set up agency to monitor RPCs

The Plantation Industries Ministry will set up an agency to monitor the 20 regional plantation companies (RPCs) on their tea production operations and financial affairs. “We have to get the processes right. Especially in the RPCs, we have to get some monitoring system in place,” Plantation Industries Minister Navin Dissanayake said yesterday during a media briefing.

Broad trade and investment plan to follow SL-S’pore FTA

In the post-free trade agreement (FTA) era, the Sri Lankan and Singaporean governments now have to create a comprehensive trade and investment plan in a collaborative manner to boost bilateral commerce, according the Singaporean Minister for Trade and Industry (Industry) S. Iswaran.

New twist to Sri Lanka’s impending power crisis

Striking a heavy blow to the aspirations of the Ceylon Electricity Board (CEB) engineers to include coal in Sri Lanka’s future power generation mix, their peers working at the Norochcholai coal power plant have in a petition noted that fly ash from the plant is becoming an unbearable health hazard for the power plant’s employees and nearby villages. 

Hela Clothing ships one millionth garment from Ethiopia

Hela Clothing, one of Sri Lanka’s leading global apparel solutions provider recently produced and shipped their one millionth garment from their factory in Ethiopia. 

EDEX Expo 2018 kicks off

Sri Lanka’s largest education exhibition and job fair, EDEX Expo opened at the BMICH yesterday. The expo which is held for 32nd time was declared open by Prime Minister Ranil Wickremasinghe as Chief Guest. Education Minister Akila Viraj Kariyawasam was also present on the opening day. 

Exports grow 11% in first 11 months of 2017

The exports continued to record a growth momentum for more than eight months in 2017, compared to 2016, except in three instances, the Export Development Board (EDB) said this week.

Serendib Flour Mills to inject over 27mn Swiss francs into business

Serendib Flour Mills (Pvt.) Ltd, the second largest flour mill in Sri Lanka, hopes to further catch up to its competitor over the next three years with foreign direct investment (FDI) exceeding over 27 million Swiss francs. 

India lends US$ 45mn to develop KKS harbour

Export-Import (Exim) Bank of India has extended a US $ 45.27 million credit line to Sri Lanka to upgrade and rehabilitate the Kankesanthurai (KKS) harbour as a commercial port.

Visiting Chinese billionaire pledges US $ 30mn investment in SupremeSAT

Xiaoru Cai, a Forbes-listed young billionaire of mainland China, has signed the partnership agreement and committed to invest US $ 30 million into SupremeSAT, the Sri Lankan satellite company, through his Shenzen-listed company, Tatwah Smartech.

Building higher reserves shouldn’t be done at all costs: IMF

The Central Bank of Sri Lanka must be careful when building up more foreign reserves than planned if they come at the cost of overall macroeconomic performance, according to the International Monetary Fund (IMF).

Pakistan Single Country Exhibition 2018 kicks off

The Pakistan Single Country Exhibition 2018, organised by Trade Development Authority of Pakistan (TDAP) in association with the High Commission of Pakistan in Sri Lanka, kicked off its third edition of the event at the BMICH yesterday.