Government to expand public sector with 150, 000 new recruitments

The government plans to expand the public sector further with 150,000 persons this year, recruiting 53,000 graduates and 100,000 school leavers or dropouts.

Sunshine Healthcare: Trailblazing with a ray of sunshine

Embarking on a journey towards a brighter tomorrow four decades ago, diversified conglomerate Sunshine Holdings today stands tall and is ahead of the game due to its consistent efforts on creating a healthier Sri Lanka. The entity, starting off as a small retail shop in the city of Gampola in 1967,

New SEC Chair assumes duties

Viraj Dayaratne, PC assumed duties as Chairman of the Securities and Exchange Commission of Sri Lanka (SEC), yesterday.

Income tax bonanza for sin industries

The tax changes included in the Inland Revenue (Amendment) Bill propose to make major revisions to Sri Lanka’s corporate tax structure and interestingly, to substantially reduce the income tax rate on the so-called sin industries.

Rohan Fernando appointed as SLT Chairman

A veteran tea exporter and the founder of the Heladiv Tea brand, Rohan Fernando was appointed as the new Chairman of Sri Lanka Telecom (SLT), on Tuesday.

CB Governor blames liberalisation agenda for current state of economy

The newly-appointed Central Bank (CB) Governor Prof. W.D. Lakshman blames the country’s liberalisation policy package for the current state of the economy. “From late 1970s onwards, we were implementing a socio-economic policy model involving an increase in the liberalisation of markets with globalisation.

UL mulls resuming services to European destinations with subsidies from tourism authorities

SriLankan Airlines is considering a proposal to resume direct fights to Paris, Rome and Frankfurt, within few months, with subsidies from the country’s tourism authorities, to attract more Western European tourists to the island nation.

National inflation spikes to 6.2% in December

Sri Lanka’s countrywide inflation measured by the year-on-year (YoY) change in the National Consumer Price Index (NCPI) spiked to 6.2 percent in December 2019, from 4.1 percent in November, amid higher food prices and low base effect.

Norwegian envoy to open SL’s first floating solar plant in Kilinochchi

Norwegian Ambassador to Sri Lanka Trine Jøranli Eskedal will open Sri Lanka’s first floating solar plant in Kilinochchi, tomorrow.

Global tourism promo campaign finalised to achieve US$ 10bn

Sri Lanka Tourism Promotion Bureau (SLTPB) has finalised a 5-year global promotional campaign targeting eight tier one (primary) source markets and six tier two (emerging) markets to reach the government’s objective of generating US$ 10 billion revenue from tourism by 2025.

Viraj Dayaratne to assume duties as SEC Chairman

Additional Solicitor General Viraj Dayaratne is set to assume duties as the Chairman of Securities and Exchange Commission (SEC) of Sri Lanka this week, Mirror Business learns.

Apparel export earnings hit record US$ 5.3bn mark

Sri Lanka earned record US$ 5.3 billion with a 5.1 percent year-on-year (YoY) increase in apparel export earnings for 2019 despite slight decline in export earrings in December, according to Joint Apparel Association Forum (JAAF) data.

First 2020 monetary policy review on January 30

The first monetary policy review of 2020 will be announced on January 30 at 7.30 a.m., the Central Bank said yesterday.

IFAC President in town

Signaling a fresh boost to the ties enjoyed between the global organisation for the accountancy profession and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the incumbent President of the International Federation of Accountants (IFAC), Dr. In-Ki Joo arrived in Sri Lanka, on a two-day official visit following an invitation extended to him by CA Sri Lanka. 

Cabinet approves amendments to IRA to incorporate tax cuts

Sri Lanka’s Cabinet of Ministers has approved the proposed amendments to the Inland Revenue Act (IRA) presented by Prime Minister and Finance Minister Mahinda Rajapaksa to give effect to the tax cuts announced in November.

Uber sells Indian Eats business to Zomato in move to cut losses

(Bengaluru) REUTERSS: Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99 percent stake in the startup backed by China’s Ant Financial.

Forensic audits into Treasury bonds cost Rs.275mn: CB

The Central Bank said yesterday five forensic audits, which have already been completed, into Treasury bond issuances, cost approximately Rs.275 million, contrary to certain media reports.

Tentative stabilisation, sluggish recovery?

In the October World Economic Outlook, we described the global economy as in a synchronised slowdown, with escalating downside risks that could further derail growth. Since then, some risks have partially receded with the announcement of a US-China Phase I trade deal and lower likelihood of a no-deal Brexit. Monetary policy has continued to support growth and buoyant financial conditions. With these developments, there are now tentative signs tha

US-Iran stand off could hurt South Asia

The killing of the second most powerful leader in Iran by the US military a few days back immediately resulted in investors fleeing away from the volatile assets and also helped to destabilise the region once again.

Edex Expo 2020 Kandy leg to commence on 24th Jan ’20, after a successful event in Colombo

’’EDEX Expo 2020, the pioneering and largest higher education exhibition and Job Fair, concluded vibrantly at BMICH this weekend, drawing over 15,000 footfall during three days from Friday to Sunday. It was declared open by His Excellency Eric Lavertu, the Embassador of France, to Sri Lanka and Maldives.

Stockbrokers seek government support to revive bourse

The Colombo Stock Brokers Association (CSBA) has requested the government to immediately intervene to revive the activities at the Colombo Stock Exchange (CSE).

SME debt relief credit negative for banks, sovereign: Moody’s

The one-year debt moratorium announced by the government for the small and medium-sized enterprises (SMEs) is credit negative for the Sri Lankan banks and sovereign as it would undermine the banks’ asset quality and may not support the country’s overall economic growth, according to Moody’s Investors Service.

RPCs told to submit proposals to facilitate wage hike

The Regional Plantation Companies (RPCs) have agreed to consider favourably and to submit their proposals to implement the government’s decision to increase the minimum daily wage of plantation workers to Rs.1,000, with effect from March 1, somewhat backing down from their earlier position to oppose the wage hike.

New Chairman assumes duties at AASL

Upul Dharmadasa has assumed duties as the seventh Chairman of the Civil Aviation Authority of Sri Lanka (AASL).

Tax reversal lifts Tea Smallholder Factories’ 3Q

Tea Smallholder Factories PLC managed to return to profits in the quarter ended December 31, 2019, due to the one-off tax reversal but the operating results of the firm were in the red.

SMEs urged to apply for credit support scheme before 31st

The Finance Ministry yesterday urged the struggling small and medium-sized enterprises (SMEs) to contact their respective banks before 31st of this month to gain access to the announced loan moratorium under the government’s credit support programme.

IMF trims global growth estimates 2020-21 but sees improving outlook

Improving US-China trade tensions have eased uncertainty and the world economy may have hit bottom but a sharp slowdown in India is creating a drag worldwide, the International Monetary Fund (IMF) said yesterday.

MTI releases business review of 2019 and outlook for 2020

For the ninth consecutive year, MTI Consulting (via its Corporate Finance practice), in partnership with Daily FT, Daily Mirror and Sunday Times, has concluded the MTI CEO Business Outlook Study, collectively outlining the Sri Lankan business community’s perception for the state of business in 2020.

Plantation firms to hold crucial talks on wage hike today

Top officials of the Planters’ Association (PA) of Ceylon are scheduled to hold a crucial round of discussions with Plantation Industries and Export Agriculture Minister Dr. Ramesh Pathirana today on the government’s decision to increase the minimum daily wage of plantation labourers to Rs.1, 000, with effect from March 1.

Wages could grow from January as economy starts humming amid benign inflation, says ICRA Lanka

Growth in wages is largely expected to keep pace in 2020 begining January, supported by the re-invigorated economy from expected high private sector credit and benign prices, opined ICRA Lanka.