Advantis Bunkering to supply low-sulphur marine fuel

Advantis Bunkering, the bunker supply arm of transportation and logistics giant Hayleys Advantis Limited, has commenced offering IMO2020 grade very low sulphur fuel oil (VLSFO) in Sri Lanka, becoming the first Sri Lankan company to offer this new grade of fuel.

Further easing of interest rates likely: ICRA Lanka

Expectations run high on further easing of interest rates in December and in the months that follow, as the lending rate caps take effect and the recent sweeping tax cuts factor into the real economy.

Kimarli Fernando appointed as Tourism chief

Corporate leader Kimarli Fernando has been appointed as Chairperson of the Sri Lanka Tourism Development Authority (SLTDA), Sri Lanka Tourism Promotion Bureau (SLTPB) and Sri Lanka Convention Bureau (SLCB).

COSMI hails banning of spice re-exports

Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) yesterday hailed the government’s recent decision to block the re-export of minor export crops.

Ashok Pathirage appointed as SriLankan Chairman

Dynamic business leader Ashok Pathirage has been appointed as the new Chairman of the national carrier SriLankan Airlines.

UL adds 18 more destinations via codeshare with Qatar Airways

SriLankan Airlines said it is adding 18 more new cities in Europe, North America, South America and the Middle East through the expansion of its codeshare agreement with its oneworld partner Qatar Airways, bringing its global route network to 127 destinations in 56 countries.

Lanka Ceramic to invest Rs.200mn to make mosaic tiles for export

Lanka Tiles PLC is to invest Rs.200 million to manufacture porcelain mosaic tiles for export market with foreign collaboration.

Govt. opens up wheat flour import market with lower tax

The government has removed the consolidated tax of Rs.36 per kg of imported wheat flour and replaced it with the Special Commodity Levy (SCL) of Rs.8 per kg.

When tea and sympathy not enough, a living wage for Sri Lanka’s plantation workers

Tea is one of Sri Lanka’s major export commodities; it sustains the livelihoods of the majority of the estate population in Sri Lanka. Furthermore, it contributes 10 percent to the agricultural gross domestic product and 12 percent to the value of total exports of the country.

The sustainability challenge of China’s BRI

China is focusing on its commitment to the Belt and Road Initiative (BRI) at the expense of long-term sustainability. In the early stages of BRI, an overriding concern with commitment set off what Yuen Yuen Ang calls a Maoist mass campaign to promote the BRI ‘with frenzied enthusiasm and little coordination’. All provincial governments rolled out their local plans to support the central directive while Chinese companies rushed to justify their pr

NTB structures US$ 33.5mn syndicated loan for Maldivian resort project

Nations Trust Bank PLC (NTB) has successfully concluded a landmark US$ 33.5 million syndicated term loan facility for Bayswater Maldives (Private) Limited, a joint venture between Sanken Overseas (Private) Limited, Singapore Hospitality Holdings (Pte) Limited and HIMA Holdings (Private) Limited. 

Government unveils policy framework for next 5 years

The new government of President Gotabaya Rajapaksa has unveiled its National Policy Framework (NPF) themed ‘Vistas of Prosperity and Splendour’ to achieve US$ 6500 per capita income with an economic growth of 6.5 percent per annum under stable macro-economic fundamentals over the next five years, largely by focusing on supporting domestic industries.

UltraTech reduces cement prices to effect tax benefit

UltraTech Cement Lanka (Pvt) Ltd. has reduced the prices of its cement with effect from December 1 passing on the benefits of the reduction in Value Added Tax (VAT) and the removal of Nation Building Tax (NBT) to customers.

Relatively low duty on luxury goods helping Sri Lanka’s potential in retail tourism

Sri Lanka’s relatively low duty structure on luxury goods such as wrist watches are supporting the country to position itself as a regional retail hub by attracting high-end tourists from the region, competing with international retail hubs such as Dubai and Singapore.

Lanka Securities Kosala new CSBA President

Lanka Securities’ chief Kosala Gamage has been appointed the new President of Colombo Stockbrokers Association (CSBA) at the Association’s Annual General Meeting (AGM) held on December 5.

JKH likely to delay scheduled closure of Crescat mall

John Keels Holdings (JKH) is likely to postpone the earlier scheduled closure of the Crescat Boulevard, one of the oldest shopping malls in the country adjacent to Colombo’s Cinnamon Grand hotel, next February.

October trade gap narrows amid decline in imports; exports down marginally

Sri Lanka’s trade deficit contracted in the month of October and also during the first 10 months of 2019 amid slight gain in export income and considerable decline in import expenditure, according to the external trade data released by the Central Bank.

Banning oil palm cultivation: Throwing baby away with bathwater?

It is very unfortunate that the government has decided to stop the expansion of cultivation of oil palm without considering in depth, the merits and demerits. Totally banning the globally most widely used weed killer, glyphosate in 2015, was a similar folly of the previous regime, overlooking the views of the scientists and government high officials and largely on a highly erroneous scientific hypothesis that it was a causal factor in the Rajarat

Azim Hashim Premji: Extraordinary compassionate Indian entrepreneur

Azim Hashim Premji (born July 24, 1945) is an Indian business tycoon, investor, engineer and philanthropist. He is popularly known as the Czar of the Indian IT industry.

Investors get early Christmas on trade, Brexit optimism

Christmas came early yesterday as equities and the pound surged on reports China and the US had reached a trade agreement, while British Prime Minister Boris Johnson won a landslide victory that will allow him to push through Brexit. Investors flocked back into stocks around the world on news that Donald Trump had signed off on a long-awaited pact between the world’s economic superpowers that will see the cancellation of fresh US tariffs due at t

US on verge of landmark China trade deal: Trump

WASHINGTON (AFP) - The United States was poised to announce a historic trade deal with China, days before new tariffs are due to kick in between the world’s two largest economies, easing a commercial dispute that has roiled markets for almost two years. Reports that Washington and Beijing had struck a bargain at last -- subject to approval by US President Donald Trump - sent US stocks sailing to their first record closes of December. “Getting Ver

Boeing acknowledges 737 MAX won’t fly until 2020

WASHINGTON (AFP) - Chastised by the top US aviation regulator, Boeing on Thursday at last acknowledged that its 727 MAX aircraft will not return to the skies until next year. Steve Dickson, head of the Federal Aviation Administration, met Thursday with Boeing chief Dennis Muilenburg to express concerns the company is rushing to get the jets back in the air, the agency said.

High profile delegation from Holland in Sri Lanka on familiarization visit

A delegation from the Vereniging van Kleinschalige Reisorganisaties (VVKR); Small & Medium Tour Operators Association in The Netherlands arrived in Sri Lanka on December 02nd, on an invitation from Sri Lanka Tourism. Upon their arrival, they were given a warm welcome amidst a distinguished gathering, and also had the opportunity of witnessing a cultural performance. The delegation was in Sri Lanka till December 08.

Microsoft unveils Xbox Series X as console war heats up

LOS ANGELES (AFP) - Microsoft has unveiled a name and look for its new gaming console, the Xbox Series X, promising a still-more immersive experience as it fends off threats from streaming and rival Sony. The US company in June p

Mexico ratifies modified N. American trade deal

MEXICO CITY (AFP) - The Mexican Senate ratified the modified North American free trade agreement with the United States and Canada on Thursday after more than two years of arduous negotiations.

Germany’s Delivery Hero gobbles up South Korean food app Woowa

FRANKFURT AM MAIN (AFP) - German takeaway giant Delivery Hero yesterday said it had agreed to buy South Korea’s largest food delivery app Woowa in a 3.6 billion euro (US$ 4 billion) deal aimed at beefing up its

Japan business confidence drops for 4th straight quarter: survey

TOKYO (AFP) - Confidence among Japan’s biggest manufacturers has s lipped for the fourth straight quarter, a key survey showed yesterday, reflecting lingering worries over the US-China trade war. The Bank of Japan’s December Tankan business survey - a quarterly poll of about 10,000 companies showed a reading of 0 among major manufacturers, a worse-than-expected fall from +5 in the previous quarter. The

EU extends Russia’s economic sanctions by six months

BRUSSELS (AFP) - European Union leaders on Thursday extended punishing economic sanctions against Russia over the conflict in Ukraine for another six months, senior EU officials said. The move comes days after a four-way summit in Paris between Ukraine, Russia, France and Germany failed to yield a major breakthrough in solving the five-year conflict. The sanctions, which target whole sectors o

Saudi Aramco hits crown prince’s US$ 2 trn goal as shares soar

(Riyadh) AFP: Saudi Aramco soared yesterday above the US $2 trillion valuation target sought by the kingdom’s de facto ruler as the energy giant’s share price surged on its second day of trading.

Government exempts PAL on capital goods eyeing growth

The government has effected further changes to taxes and levies as the Finance Minister had ordered the exemption of Ports and Airports Development Levy—which is often referred to as the PAL—on a range of imported capital goods in a bid to provide the much-needed fillip to the construction and export-oriented manufacturing and services sectors.