dailymirror.lk http://dailymirror.lk/RSS_Feeds/business-main The only Sri Lankan newspaper with round the clock news updates - Dailymirror Online Edition en-us rangazone.r@gmail.com Copyright 2019 Rupee falls on importer dollar demand; stocks post 8-week closing low http://www.dailymirror.lk/161433/Rupee-falls-on-importer-dollar-demand-stocks-post-week-closing-low http://www.dailymirror.lk/161433/Rupee-falls-on-importer-dollar-demand-stocks-post-week-closing-low (Colombo) REUTERS: Sri Lanka’s rupee closed weaker yesterday due to dollar demand from importers, while stocks fell to an eight-week closing low amid concerns over debt repayment by the government. The rupee closed at 18

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Wed, 23 Jan 2019 10:32:49 +0000
New entity to handle Port City land sales http://www.dailymirror.lk/161356/New-entity-to-handle-Port-City-land-sales http://www.dailymirror.lk/161356/New-entity-to-handle-Port-City-land-sales

A new procurement and regulatory entity is to be established within next three to six months to conduct land sales, handle regulation and development activities of Colombo Port City (CPC), a top government official told Mirror Business.
 

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Tue, 22 Jan 2019 00:00:05 +0000
Sri Lanka sees unexpected population growth amid upturn in fertility rates http://www.dailymirror.lk/161339/Sri-Lanka-sees-unexpected-population-growth-amid-upturn-in-fertility-rates http://www.dailymirror.lk/161339/Sri-Lanka-sees-unexpected-population-growth-amid-upturn-in-fertility-rates Sri Lanka is set to face higher demand for housing, health, food, education, employment, energy, water, transportation and infrastructure amid unexpected growth in population driven by a significant upturn in recent fertility rates and anticipated inward migration. 
Participating in t

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Mon, 21 Jan 2019 11:07:23 +0000
EDEX Expo 2019 http://www.dailymirror.lk/161289/EDEX-Expo- http://www.dailymirror.lk/161289/EDEX-Expo- Sri Lanka’s premier and largest education exhibition and job fair “EDEX Expo” opened at the BMICH yesterday. Minister of City Planning, Water Supply and Higher Education Rauff Hakeem ceremoniously declared the event open as Chief Guest. 

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Sat, 19 Jan 2019 00:20:58 +0000
Sri Lanka signs US $ 455mn ADB loan agreements http://www.dailymirror.lk/161242/Sri-Lanka-signs-US-mn-ADB-loan-agreements- http://www.dailymirror.lk/161242/Sri-Lanka-signs-US-mn-ADB-loan-agreements- President Maithripala Sirisena, who is currently on an official visit to Philippines, yesterday signed three loan agreements totaling US $ 455 million with the Asian Development Bank (ADB) for projects in higher education and transport as well as technical assistance loan for the 
urban sector.

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Fri, 18 Jan 2019 10:13:27 +0000
IMF to send team here next month to resume loan talks http://www.dailymirror.lk/161192/IMF-to-send-team-here-next-month-to-resume-loan-talks http://www.dailymirror.lk/161192/IMF-to-send-team-here-next-month-to-resume-loan-talks The International Monetary Fund (IMF) has said it “remains ready to support” Sri Lanka in its efforts to boost the economy and would send a team to Colombo next month to resume discussions on the stalled loan programme.
 

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Thu, 17 Jan 2019 10:35:24 +0000
Electronic pre-booking service launched to tackle over-visitation to national parks http://www.dailymirror.lk/161131/Electronic-pre-booking-service-launched-to-tackle-over-visitation-to-national-parks http://www.dailymirror.lk/161131/Electronic-pre-booking-service-launched-to-tackle-over-visitation-to-national-parks

Sri Lanka’s Department of Wildlife Conservation (DWC) is to expedite the implementation of the strategic plan to tackle the over-visitation to Yala National Park and other national wildlife parks, while enhancing the quality of visitor experience. Despite two strategic plans being launched in 2015 and 2016 by DWC under the instructions of the then Tour

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Wed, 16 Jan 2019 09:53:49 +0000
Sri Lanka targets to double number of Indian tourist arrivals to 1mn this year http://www.dailymirror.lk/161074/Sri-Lanka-targets-to-double-number-of-Indian-tourist-arrivals-to-mn-this-year- http://www.dailymirror.lk/161074/Sri-Lanka-targets-to-double-number-of-Indian-tourist-arrivals-to-mn-this-year- Sri Lanka Tourism sets an ambitious target to attract one million tourist arrivals from the country’s largest tourist source market, India this year, by more than doubling over the 2018 Indi

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Tue, 15 Jan 2019 00:10:49 +0000
Chinese loans not main source of debt trap, says think tank http://www.dailymirror.lk/161047/Chinese-loans-not-main-source-of-debt-trap-says-think-tank http://www.dailymirror.lk/161047/Chinese-loans-not-main-source-of-debt-trap-says-think-tank Sri Lanka getting caught in a debt trap and finding itself in a precarious position has less to do with its borrowings from China but more to do with its participation in international bond market activities, according to Colombo-based economic think tank 
Verité Research.

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Mon, 14 Jan 2019 10:05:26 +0000
China looking to set up FTZ in Sri Lanka for rubber exports http://www.dailymirror.lk/160992/China-looking-to-set-up-FTZ-in-Sri-Lanka-for-rubber-exports- http://www.dailymirror.lk/160992/China-looking-to-set-up-FTZ-in-Sri-Lanka-for-rubber-exports- China is looking to set up a specialised free trade zone for rubber-based value added exports in Sri Lanka by partnering with private sector rubber manufactures, exporters and planters includ

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Sat, 12 Jan 2019 00:10:26 +0000
Sri Lanka suffers US $ 500mn foreign outflow in 4Q http://www.dailymirror.lk/160954/Sri-Lanka-suffers-US-mn-foreign-outflow-in-Q http://www.dailymirror.lk/160954/Sri-Lanka-suffers-US-mn-foreign-outflow-in-Q Sri Lanka witnessed foreign outflows to the tune of US $ 500 million during the final quarter of 2018, the government revealed yesterday. As per the data presented by Economic Affairs Non Cabinet Minister Dr. Harsha de Silva and Finance State Minister Eran Wickramaratne, US $ 490 million worth outflows was recorded from government securitie

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Fri, 11 Jan 2019 10:11:44 +0000
Dudley Sirisena announces plans to launch anti-corruption movement under President’s leadership http://www.dailymirror.lk/160899/Dudley-Sirisena-announces-plans-to-launch-anti-corruption-movement-under-President-s-leadership- http://www.dailymirror.lk/160899/Dudley-Sirisena-announces-plans-to-launch-anti-corruption-movement-under-President-s-leadership- The brother of President Maithripala Sirisena and Araliya Group of Companies Chairman Dudley Sirisena yesterday announced his plans to launch an anti-corruption organisation by joining hands with scholars, professionals, media and business community aiming to put a stop to corrupt activities carried out by politicians and officials and to direct the government on the path of good governance to accelerate the development work in the country.  

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Thu, 10 Jan 2019 10:34:03 +0000
Port tariff hike put on hold following ministry secy.’s meeting with industry http://www.dailymirror.lk/160850/Port-tariff-hike-put-on-hold-following-ministry-secy-s-meeting-with-industry- http://www.dailymirror.lk/160850/Port-tariff-hike-put-on-hold-following-ministry-secy-s-meeting-with-industry-

The controversial tariff revision by the Sri Lanka Ports Authority (SLPA), which rattled exporters and importers alike, has been suspended after the industry lobbied against the move, Mirror Business learns.
The decision to suspend the higher tarif

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Wed, 09 Jan 2019 10:07:00 +0000
Cigarette smuggling costs Sri Lanka Rs.18bn in tax revenue in 2017 http://www.dailymirror.lk/160779/Cigarette-smuggling-costs-Sri-Lanka-Rs-bn-in-tax-revenue-in- http://www.dailymirror.lk/160779/Cigarette-smuggling-costs-Sri-Lanka-Rs-bn-in-tax-revenue-in- The government may have lost Rs.18 billion in cigarette tax revenue as a record 583 million illicit cigarettes were estimated to have smuggled into Sri Lanka in 2017, driven by the high taxes on legal cigarettes and the absence of a proper mechanism in place to combat the illicit cigarette inflows, according to a latest research report on Sri Lanka’s illicit cigarette market. 
 

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Tue, 08 Jan 2019 00:00:31 +0000
Bingumal becomes first local CEO to head Standard Chartered Sri Lanka http://www.dailymirror.lk/160749/Bingumal-becomes-first-local-CEO-to-head-Standard-Chartered-Sri-Lanka- http://www.dailymirror.lk/160749/Bingumal-becomes-first-local-CEO-to-head-Standard-Chartered-Sri-Lanka- Standard Chartered last Friday announced the appointment of its first Sri Lankan Chief Executive Officer (CEO), Bingumal Thewarathanthri with effect from January 1, 2019.

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Mon, 07 Jan 2019 10:39:57 +0000
Sri Lanka to borrow US$ 1.85 bn from Japan for light rail project http://www.dailymirror.lk/160701/Sri-Lanka-to-borrow-US-bn-from-Japan-for-light-rail-project http://www.dailymirror.lk/160701/Sri-Lanka-to-borrow-US-bn-from-Japan-for-light-rail-project
The Japan International Cooperation Agency (JICA) has agreed to lend US $ 1.85 billion to Sri Lanka to build a light rail transit (LRT) service between Colombo Fort and Malambe to ease the cong

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Sat, 05 Jan 2019 00:10:48 +0000
Sri Lanka sets US $ 20bn export target for 2019 http://www.dailymirror.lk/160660/Sri-Lanka-sets-US-bn-export-target-for- http://www.dailymirror.lk/160660/Sri-Lanka-sets-US-bn-export-target-for- The Export Development Board (EDB) has set an ambitious target of fetching US$ 20 billion through merchandise and services exports in 2019, a goal that has been set following the export revenue movin

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Fri, 04 Jan 2019 10:16:28 +0000
Govt. mulls extending IMF loan programme by another year http://www.dailymirror.lk/160614/Govt-mulls-extending-IMF-loan-programme-by-another-year http://www.dailymirror.lk/160614/Govt-mulls-extending-IMF-loan-programme-by-another-year Sri Lanka may consider extending the ongoing three-year International Monetary Fund (IMF) loan programme by another year amid sovereign rating downgrades and pressure on foreign reserves. 

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Thu, 03 Jan 2019 11:46:48 +0000
Sri Lanka to review feasibility studies of all proposed FTAs http://www.dailymirror.lk/160557/Sri-Lanka-to-review-feasibility-studies-of-all-proposed-FTAs http://www.dailymirror.lk/160557/Sri-Lanka-to-review-feasibility-studies-of-all-proposed-FTAs The Development Strategies and International Trade Ministry has decided to review all feasibility studies carried out for proposed Free Trade Agreements (FTAs) with the assistance of experts in international trade at the Department of Commerce (DoC), following heavy criticism levelled at the Sri Lanka-Singapore Free Trade Agreement signed last year.

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Wed, 02 Jan 2019 10:11:20 +0000
Colombo port handles record-breaking 7mn TEUs in 2018 http://www.dailymirror.lk/160505/Colombo-port-handles-record-breaking-mn-TEUs-in- http://www.dailymirror.lk/160505/Colombo-port-handles-record-breaking-mn-TEUs-in- The Port of Colombo yesterday handled the seven millionth twenty-foot equivalent container unit (TEU) for 2018, which is a first in the port’s history.
 

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Tue, 01 Jan 2019 11:50:01 +0000