LVL Energy Fund announces Rs.1.2bn IPO to fund expansions

Leading energy company and a subsidiary of Lanka Ventures, the LVL Energy Fund, Limited officially announced a Rs.1.2 billion Initial Public Offering (IPO) yesterday to fund its strategic expansion and growth in the renewable energy sector.

Tower tax could result in exit of major foreign investors: operators

The implementation of the budget proposal to slap every cellular tower in the country with a levy of Rs.200,000 per month—payable by mobile operators—could result in the possible exit of the major foreign investors from the local telecommunication market, the industry warns. 

Govt. to launch probe on Treasury bond issues between 2008-2014 period: PM

Prime Minister Ranil Wickremesinghe yesterday told Parliament that the government will launch a fresh investigation into the Treasury bond issues between 2008-2014 period, once all the activities of the Presidential Committee of Inquiry, which was appointed to investigate into the alleged bond market malpractices post-2015, is concluded. 

Apparel industry lowers export target over delays in regaining GSP Plus

The apparel industry has set its sights lower for the medium term with a US $ 8 billion annual export target to be reached by 2022 over the delays in regaining the duty free access to the European Union (EU) via GSP Plus and due to the economic and political uncertainties in key Sri Lankan export markets.

President against shipping industry liberalisation: minister

Ports and Shipping Minister Mahinda Samarasinghe yesterday told Parliament that President Maithripala Sirisena and the Sri Lanka Freedom Party (SLFP) strongly oppose the move to liberalise the shipping and freight forwarding industries, which was proposed in the Budget 2018.

Higher oil bill overshadows strong growth in exports

Despite a double-digit growth in exports revenue, surpassing the US $ 1 billion mark, Sri Lanka’s trade deficit in September widened due to higher fuel and rice imports, the data released by the Central Bank showed.

Sri Lanka’s FTA hype likened to treating one’s neck for stiff ankle

At a time when calls for more Free Trade Agreements (FTAs) are echoing from all corners, a recent study by a top academic says that bilateral trade pacts are not the answer for the country’s ailing exports, and attempts towards such is a waste of time and resources for nothing in return. 

Sounds of Christmas by Cotton Collection

The 24th of November saw the grand launch of Cotton Collection Christmas 10 campaign ‘Sounds of Christmas’ at their flagship store at No.143 Dharmapala Mawatha, 

Singer Life Style Fiesta 2017

Singer Life Style Fiesta, the flagship event of Singer Sri Lanka opened yesterday at the BMICH. This year’s theme of the exhibition is ‘Live out Your Dream’, and the event will showcase more than 90 new products of different brand categories.      Pic by Kithsiri de Mel

Trade deficit with India no big deal: economist

Despite the hue and cry made by the public and a certain section of the business community on Sri Lanka’s trade deficit with its neighbouring giant, a top economist asserted such arguments do not show the real picture of the situation at hand and said one should not pay much attention to it. 

Sri Lanka borrows US $ 350mn from ADB for roads, wind power park

The Finance and Mass Media Ministry yesterday entered into two loan agreements with the Asian Development Bank (ADB) to borrow US $ 150 million for the development of 3400 kilometres (km) of rural roadways and US $ 200 million for the implementation of a 100 megawatt (MW) wind power generation project.

PM says outlook revision by S&P testament to govt.’s economic mgt.

Prime Minister Ranil Wickremesinghe on Monday night hailed the upward revision of Sri Lanka’s credit outlook to ‘Stable’ from ‘Negative’ by the international credit rating agency Standard and Poor’s (S&P) and the affirmation of ‘B+/B’ rating.

Govt. may change industry structure if proposed generation plans fail: PUCSL

The Public Utilities Commission of Sri Lanka (PUCSL) recently recommended the government to consider changing the structure of the power industry, if the Ceylon Electricity Board (CEB) cannot bring the procurement process for the planned power plants to normalcy, to avoid a possible power crisis and Rs.50.8 billion in losses. 

H’tota industrial zone will have same ownership structure as of port: Malik

The proposed Chinese industrial zone that will feed in business to the Hambantota port will have a similar ownership structure to that of the port and the discussions on the agreement are expected to finish by the end of this year, according to Development Strategies and International Trade Minister Malik Samarawickrama.

Asian markets head for positive end to volatile week

Asian markets built on the previous day’s gains and headed into the weekend on a positive note yesterday as traders were buoyed by news that Donald Trump’s tax cuts had moved a step closer. House Republicans pushed through a landmark overhaul of the tax system on Thursday, providing the 

Shangri-La Colombo opens!

The Shangri-La Hotel in Colombo was ceremoniously opened yesterday by President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe, other ministers and officials from Shangri-La.

Sri Lanka likely to overshoot budget deficit continuously till 2020

Sri Lanka’s economy is heading towards a tumultuous ride in the next three years as widespread policy uncertainty and macroeconomic imbalances will slowdown the economy, push up prices and scare away the investors.   

Mahinda at loggerheads with Mangala over shipping industry liberalization

Ports and Shipping Minister Mahinda Samarasinghe said he was broadsided by Finance Minister Mangala Samaraweera’s budget proposal to liberalize foreign ownership in the shipping and freight forwarding industries, which Samarasinghe said that he would not allow to take place unless foreigners invest heavily.

Govt. to set up Rs.15bn credit scheme for small biz

The government will allocate Rs.15 billion under the Budget 2018 to create a credit scheme for small businesses in targeted sectors, Finance and Mass Media Minister Mangala Samaraweera said.

No rate volatility next year as govt. better prepared to tackle debt: CB

Market interest rates are unlikely to experience volatility through public debt-servicing requirements, as the Central Bank the government are better prepared to manage domestic and foreign debt next year with the planned implementation of the Liability Management Act and the buffers being built up by the state from borrowings and income from asset sales.

Sri Lanka-Singapore final FTA discussions tomorrow: Malik

Sri Lanka is hoping to have the final discussions on the Free Trade Agreement (FTA) with Singapore today and tomorrow, and the agreement will be ready by January, according to International Trade and Development Strategies Minister Malik Samarawickrama.

Miss no opportunity from Budget 2018: CCC Chief

The ‘Designer Budget’ presented by the new Finance and Mass Media Minister Mangala Samaraweera is said to have a number of blessings in disguise for which the country’s leading business chamber urged its community to thoroughly analyse the proposal so that no opportunity is missed.

Mangala Presents A Futuristic Budget!

Finance and Mass Media Minister Mangala Samaraweera’s self-titled ‘Designer Budget’ fitted slimly around the government’s Vision 2025 plan to harness the potential of a maritime trading economy through talent development, empowerment, entrepreneurship and widespread market liberalization, tempered only by increased environmental protection.

Pre-budget bonanza!

The Finance and Mass Media Ministry yesterday issued another pre-budget bonanza, this time to boost consumption with a cut in indirect taxes on several essential goods, which would cost the government Rs.1.5 billion in monthly expenditure, ahead of the local government elections in January.

Central Bank keeps policy rates steady

The Central Bank of Sri Lanka yesterday decided to keep its monetary policy stance unchanged during the seventh monetary policy review for 2017, with hopes that the higher than expected inflation and credit growth will moderate in the coming months. 

SL to lead creating Indian Ocean’s rules-based order: Harsha

Sri Lanka is attempting to host a conference next year in an attempt to become the leader in creating a rules-based order in the Indian Ocean, according to National Policies and Economic Affairs Deputy Minister Dr. Harsha de Silva.

Stricter visa controls needed to evade anti-globalization impact: Former envoy

As the anti-globalization movement continues internationally, Sri Lanka must form stricter controls on immigration, and communicate this to the public to avoid further local unrest, according to Former Sri Lankan Diplomat Sarala Fernando.

SL slips one spot in latest WB doing business ranking

Sri Lanka’s ease of doing business ranking slipped one notch to the 111th place from last year, according to the World Bank’s ‘Doing Business 2018’ index, which measures the ease of doing business in 190 countries.

Integrated risk management key to success of SL’s new growth model: WB

To sustain growth, job creation and poverty reduction, Sri Lanka needs to move to a more private investment, tradable sector-led growth model, says the latest Sri Lanka Development Update, the World Bank’s half-yearly flagship report on the country’s economy, future outlook and policy priorities.  It recognizes Vision 2025 as a road map that outlines such a shift.

Qatar shows interest in SL’s tourism, power and agri sectors

The oil rich Gulf state Qatar has expressed interest in investing Sri Lanka’s tourism, power and agriculture sectors.