Asia and Pacific will struggle more than before to escape poverty: ADB

Several nations in Asia and the Pacific would struggle more than before to escape poverty, as the outbreak of the COVID-19 pandemic has created a setback of about two years, a report by the Asian Development Bank (ADB) said.

Govt. slaps import ban on wide range of goods

President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister, yesterday issued.....

‘Bad bank’ mooted to deal with tourism industry debt

The Sri Lanka tourism authorities, led by Tourism Minister Harin Fernando, are actively contemplating on setting up what is called a ‘bad bank’ to restructure the debt of the crisis-hit tourism sector, Mirror Business learns.

CB says conversion rule removal subject to service exporters bringing in additional proceeds

The Central Bank (CB) this week stressed that lifting of the forced conversion rule on service export receipts is subject to service exporters bringing additional export proceeds to the country.

CB optimistic of wrapping up IMF staff-level deal towards end of this month

The Central Bank (CB) is optimistic of wrapping up the much-anticipated staff-level agreement with the International Monetary Fund (IMF) for a bailout package during the upcoming staff team visit scheduled for end of this month.

Prez reignites domestic debt restructuring fears

Reigniting fears over a potential local debt restructuring, President Ranil Wickremesinghe this week warned that Sri Lanka’s International Sovereign Bond (ISB) holders may push the government to restructure the domestic debt,

Sri Lanka to benefit from UK’s new trading scheme

Sri Lankan exporters falling under select categories will be able to further benefit from trading with the United Kingdom as the independent trading nation yesterday announced its decision to cut import taxes on several products from some of the world’s poorest nations.

Total SOE losses in first 4 months of 2022 surpass annual losses in 2021

The cumulative losses of 52 key state-owned enterprises (SOEs) during the first four months of 2022 topped the total annual loss recorded in 2021, with Ceylon Petroleum Corporation (CPC) contributing 73 percent of the total SOE losses, driven by foreign exchange losses.

January-July remittance income plummets 50%

Despite various incentive schemes introduced by the authorities to attract more worker remittances to the country via formal channels, such incomes continue to fall,

Tourist arrivals from August 1 – 11 cross 16,000 mark

Tourist arrivals for the first 11 days of August crossed the 16,000 mark, showing signs of a slight improvement in terms of the rate of arrivals....

Industries unhappy with massive electricity tariff hike

The free trade zone manufacturers yesterday called out the Public Utilities Commission of Sri Lanka (PUCSL) for being unjust towards industries by imposing a massive electricity tariff hike this week, a move that worsens the financial stress of the businesses during the current economic turmoil.

Colombo port’s June transshipment volumes drop amid social unrest

Transshipment container volumes at the Port of Colombo in June took a blow from the political crisis and social unrest that prevailed in the country, which raised law and order concerns among main shipping lines.

Hoteliers say electricity tariff hike unfair given their meagre revenue

Sri Lanka’s hospitality sector yesterday said the electricity tariff hike announced this week would further hurt the tourism industry, as it is not in a position to bear any further pain with the current meagre revenue.

Govt. struggling to settle Rs.100bn owed to contractors of road development projects

Following the suspension of financing of road development projects by foreign development agencies and current fiscal constraints, the government is struggling to settle the arrears of about Rs.100 billion owed to contractors and their sub-contractors.

Cabinet nod to amend law to allow night work for women

The Cabinet nod has been granted to amend Shop and Office Employees (Regulation of Employment and Remuneration) Act No.19 of 1954, to remove the archaic restrictive legal provisions on night work for women.

PUCSL approves 75% average electricity tariff hike

The Public Utilities Commission of Sri Lanka yesterday announced its decision to allow the Ceylon Electricity Board (CEB) to revise upwards....

Govt. to regulate three-wheeler industry under NTC

As the three-wheeler passengers face unfair and exorbitant fares, the government is looking to expedite plans to regulate the three-wheeler....

SL to teach Japanese at school level targeting job opportunities in Japan

Targeting employment opportunities in Japan, Sri Lanka will begin to teach Japanese and English languages at the school level, under the technical subject stream.

Cost-reflective water tariffs in the offing

The Cabinet of Ministers has approved a proposal to revise the water and sewage charges to reflect the operational costs of the National....

Dialog profitability impacted by massive forex losses

Dialog Axiata PLC, Sri Lanka’s market leader in mobile telephony services, saw its June quarter (2Q22) and first half (1H22) profitability....

PUCSL approves 75% average electricity tariff hike

The Public Utilities Commission of Sri Lanka yesterday announced its decision to allow the Ceylon Electricity Board (CEB) to revise upwards the overall electricity tariff by an average 75 percent, which would come to effect from today.

Domestic debt restructure could stoke fresh banking crisis, expert warns

Sri Lanka could stoke another crisis if the authorities chose to restructure the rupee-denominated domestic debt, as it could have severe implications on the country’s banking sector, thereby endangering the entire financial system, a top asset manager in the country said.

Domestic debt restructuring under consideration despite consequences: Prez

Despite possible widespread economic consequences including threats to the stability of the financial sector,

South Asia can have integration in dancing & cooking, but not trade, quips Prez RW

Strengthening trade relations with the world is essential for countries to fulfil their economic aspirations, however, efforts will have to be made by individual countries to strengthen ties as within the South Asian region and trade integration will not happen, said President Ranil Wickremesinghe.

Government lifts import ban on glyphosate

The Finance Ministry has lifted the import ban on the popular weedicide glyphosate with effect from August 5 while allowing glyphosate imports into the country subject to import control license....

Domestic debt restructuring under consideration despite consequences: Prez

Despite possible widespread economic consequences including threats to the stability of the financial sector, President Ranil Wickremesinghe fears that the government may have to consider potential....

Poultry and dairy industries on the verge of collapse: SLVA

Sri Lanka’s self-developed poultry and dairy industries are on the verge of collapse amid rising input costs and shortages of animal and veterinary medicines along with the fuel shortage....

Tourism Ministry appoints 22-member advisory committee to revive sector

The Tourism Ministry announced the appointment of a 22-member committee to provide expert advice in helping the crisis-struck industry to move towards a path of revival. The newly.....

Sunshine Holdings records solid gains in 1Q despite challenges

Diversified conglomerate Sunshine Holdings PLC continued to demonstrate resilience amidst prevailing macro-economic conditions, reporting an impressive topline and bottom line growth for the quarter....

Accounting professionals must actively engage in electricity sector costing exercise: CMA

The Institute of Certified Management Accountants of Sri Lanka (CMA) stated that the accounting professional can aid in costing the products and services in the electricity industry so that the country’s energy....