Kerosene sales have declined by a whopping 400 percent since the removal of the kerosene subsidy this month, indicating large scale abuse of kerosene for adulteration of more expensive distillates and greater industrial use of the fuel, Petroleum Res

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.

Sri Lanka’s Cabinet recently voted to introduce standard or plain packaging to tobacco products with the objective of reducing the appeal of smoking. Australia and the United Kingdom are two countrie

The media in Sri Lanka has often misrepresented the cigarette industry and cigarette taxes in favour of the monopoly producer Ceylon Tobacco Company (CTC). In June 2017, Verité Research (VR) published an Insight titled ‘Who’s respo

Teejay Lanka, one of the region’s largest textile manufacturers, has announced a doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US $ 15 million (approx. Rs.2.3 billion at cur

Former Central Bank Governor Ajith Nivard Cabraal yesterday charged that the net borrowings by the present government almost equal the country’s current foreign reserve stock and hence, hinted that the pressure on the rupee is not unwarranted a

Baur & Co. (Pvt.) Ltd has announced the appointment of Rolf Blaser as the company’s CEO/Managing Director with effect from October 1, 2018. 

On or around May 16, 2018, pursuant to an application made by two directors of Global Grange Lanka (Pvt.) Limited, namely Raj Matharu and Harpal Matharu, the Commercial High Court of Colombo granted interim orders restraining the company and its othe

The Hindu: It’s Goa’s loss and Sri Lanka’s gain as far as Telugu tourist flow to the island nation is concerned. More and more Casino-bound tourists from the Telugu States of Andhra Pradesh and Telangana are flying to Sri Lanka.

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,

Many advanced nations from Singapore to the US have open policies that allow people to migrate easily, bringing knowledge and skills to transform economies and create new jobs, a top Harvard economist said.

It was good news for the country on Monday when China approved a US $ 1 billion loan to revive a long-delayed expressway in central Sri Lanka. The construction of the first phase of the road linking the capital Colombo with the hill resort of Kandy h

REUTERS: Sri Lankan fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company said on Friday.

The reversal of the government’s lopsided tax policy on beer and the recovery of operations from the production halt caused by floods helped Lion Brewery (Ceylon) PLC (LION) to return to profit as the lower tax on beer pulled more people into m

Hayleys group company, Dipped Products PLC (DIPD) posted higher revenues as the non-medical glove maker ventured into new markets while the group’s plantation segment rebounded strongly. But the profit for the latest quarter came down due to hi

Consultant Physician Prof. Arjuna de Silva and private sector professional Johann Wijesinghe have been appointed to the board of ailing SriLankan Airlines, which is currently undergoing a three-year restructuring programme under a new director board.

Sri Lanka’s Fairway Waste Management (Pvt) Ltd. is likely to receive a US$ 7 million financing facility from the International Finance Corporation (IFC), the private sector funding arm of the World Bank Group, for a waste-to-energy project.

The Central Bank of Sri Lanka said yesterday the payment for deposit

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

The LB Big Wheels Motor Show 2018, organised by the Vehicle Importers 

The BOI organized an interactive meeting at the Biyagama Export Processing Zone (BEPZ) where the keynote speaker was Development Strategies and International Trade Minister Malik Samarawickrama.  

REUTERS: China denied yesterday that it had offered a package to slash the U.S. trade deficit by up to US$200 billion, hours after it dropped 

REUTERS: Sri Lankan shares rose to a two-week closing high yesterday, led by diversified and banking stocks, but trading was thin as investors waited for more clarity on the political and economic front. 

REUTERS: The Sri Lankan rupee gained further yesterday due to dollar selling by exporters and a state bank, days after the central bank said underlying fundamentals do not warrant the current downward pressure on the currency. 

Stressing the need for better management of systems and processes at the Katunayake Bandaranaike International Airport, the Sri Lanka Association of Inbound Tour Operators (SLAITO) President Harith Perera said Sri Lanka should move faster on adopting

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 reve

REUTERS: Brent oil prices rose yesterday and were set for a sixth straight week of gains, boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions, as Saudi Arabia moved to assuage supply concerns

REUTERS: Asian stocks were steady yesterday amid caution over developments in U.S.-China trade negotiations, while the dollar perched near a five-month peak after the benchmark U.S. Treasury yield hit its highest in seven years.

Sri Lanka aims to double its dairy production by enhancing the small and medium dairy farmers’ productivity and competitiveness through a US $14.1 million project funded by the United States Department of Agriculture (USDA). 

REUTERS: The Sri Lankan rupee ended firmer yesterday in dull trade due to dollar selling by a state bank, a day after the central bank said underlying fundamentals do not warrant the current downward pressure on the currency.