Tourist arrivals record significant pick up in Nov; but still down 9.5% YoY

Sri Lanka has been able to significantly minimize the hit on tourist arrivals in the month of November following Easter Sunday attacks in April, which dealt a crippling blow to the country’s booming tourism industry.

Orient Finance to raise Rs.507mn via rights issue

Orient Finance PLC, a unit of Janashakthi group, yesterday announced plans for Rs.506.6 million rights in order to raise money to meet regulatory capital requirements. To this end, the company plans to issue 35.2 million new ordinary voting shares in the proportion of one new share for every five shares held at Rs.14.40 per share. The stated capital of the company at September 30, 2019 was Rs.1.92 billion. Janashakthi PLC owns 91.42 percent of Or

Fiscal stimulus presents “incredibly difficult balancing act” to govt.:WB

Sri Lanka’s new government will have to undergo an “incredibly difficult balancing act” to incorporate the recently introduced economic stimulus package to the system without undermining fiscal and debt sustainability in a global environment, where investors and lenders have become extremely sensitive towards uncertainty, a top economist at the World Bank said.

ESG factors vital determinants of investment decisions: CSE Chairman

With environment, social and governance (ESG) factors becoming vital determinants of investment decisions, it is crucial for Sri Lanka’s listed firms to effectively measure and communicate ESG performance and impacts to their stakeholders.

INSEE Cement to pass on tax relief benefit to customers

INSEE Cement Sri Lanka yesterday said that it would be passing on the tax reduction benefits to its consumers and industrial customers.

Govt. raises excise duties on fags to maintain overall taxes

The government has increased excise taxes to maintain the overall taxes on cigarettes, effective from December 1, following the reduction in the Value-Added Tax (VAT) and abolishing of the Nation Building Tax (NBT).

Ceylon Chamber optimistic that tax cuts will stimulate growth

The Ceylon Chamber of Commerce (CCC), the country’s premier representative of the private sector, yesterday said it is optimistic that the revisions of taxes and levies announced by the new government would stimulate the economy.

Shares fall to near one-week low; rupee gains

(Colombo) REUTERS: Sri Lankan shares dipped yesterday, weighed down by consumer staple companies and as foreign selling dented sentiment, while the rupee ended stronger.

Newest instrument of the bond scam cover up saga: The forensic audit

In its series of recommendations from page 911 to page 922 of its report, the Presidential Commission to Inquire into the Bond Scam (Bond Commission) has, inter alia, recommended as follows:

Poor nations pay price

We believe that climate change is one of the greatest threats that we, as Sri Lankans, will face in the future. Therefore, we intend to provide our readers with local and international content with the objective to educate and inspire. We would also like to learn from our valued readers about any ongoing initiatives in making Sri Lanka a more sustainable nation.

Stocks marginally down on budget deficit concerns

Colombo bourse indices edged down marginally after hitting a 17-month high on Monday on concerns stemming from the likelihood of a significantly widened budget deficit for this year. The benchmark All Share Price Index closed 0.24 points down at 6214. 99 while the more liquid S&P SL20 closed 0.13 percent or 3.86 percent down at 3049.48. The market turnover

HSBC and IUCN join hands to develop low carbon strategy for local apparel industry

Sri Lanka’s largest international bank, HSBC Sri Lanka and International Union for Conservation of Nature (IUCN) have joined hands to develop a cohesive low carbon development transition strategy for the local apparel industry. The strategy aims to drive Sri Lanka’s apparel industry’s transition into a low carbon development to support the industry to embrace the global mandate of ‘responsible fashion’. “The apparel industry is a critical

Tax cuts could cost Rs500bn: Rambukwella

ECONOMYNEXT: Sri Lanka’s tax cuts could cost around Rs.500 to 550 billion a year, but will boost economic growth and future tax revenues, State Minister for Investment Promotion Keheliya Rambukwella said. “According to our calculation, we may lose about Rs.550 billion,” Minister Rambukwella told reporters in Colombo. Rambukwella said Sri Lanka’s tax collections were about Rs. 1 trillion in 2014, with which they ran the economy, which was more tha

NYSE seeks to let direct listings raise capital in IPO alternative

NEW YORK (Reuters) - The New York Stock Exchange (NYSE) said yesterday it had filed with the U.S. Securities and Exchange Commission to allow companies going public to raise capital through a direct listing, instead of an initial public offering. This new hybrid model c

Lankan insurers’ regulatory capital position drops with IFRS 16 adoption: Fitch

Sri Lankan insurers’ risk-based capitalisation (RBC) ratios have fallen with the adoption of new accounting standards for lease contracts; SLFRS 16, the local equivalent of IFRS 16, Fitch Ratings says.

Daraz-Dialog Axiata enter strategic partnership to grow digital commerce in SL

Dialog Axiata Group and Daraz Sri Lanka have entered into a strategic partnership to collaborate on digital commerce.

Budget deficit likely to hit 7% this year: FinMin

The Finance Ministry yesterday said this year’s budget deficit is likely to settle around 7 percent of gross domestic product (GDP) due to significant dip in revenue amid slow growth and increase in election-related spending.

Govt. to provide immediate debt relief to struggling biz, microfinance borrowers

The government plans to provide immediate debt relief to the struggling small and medium-sized enterprises (SMEs), microfinance borrowers and to the borrowers in the agricultural sector.

Cinnamon Life to host exclusive forum with Mark Mobius

Colombo’s upcoming major mixed development, Cinnamon Life, yesterday announced the visit of the legendary emerging market investment pioneer, Dr. Mark Mobius, for an exclusive breakfast forum hosted by the premier lifestyle brand.

Agri industry urges govt. to remove bottlenecks to boost exports

Sri Lanka’s fruit and vegetable producers, processors and exporters recently urged the government to enact the long-delayed Plant Varieties Protection Bill, commonly known as plant breeder’s rights law, to boost fruit and vegetable exports by attracting investments into research and development of new plant materials and | seed varieties.

Lankaputhra Development Bank’s licence cancelled following merger

The Monetary Board of the Central Bank has granted the approval to cancel the licence issued to Lankaputhra Development Bank Limited (LDBL), with effect from April 1, 2019, with the completion of the merger of LDBL with Pradeshiya Sanwardhana Bank (PSB), as proposed in the government budget 2016.

Shares steady at 17-mth high on tax-cut optimism; rupee slips

(Colombo) REUTERS: Sri Lankan shares closed nearly unchanged yesterday, steadying at a 17-month high hit in the previous session, as positive sentiment surrounding tax cuts by the country’s new government continued to cheer investors, while the rupee ended weaker.

CMTA clarifies on Audi duty fraud

The Ceylon Motor Traders Association (CMTA) yesterday confirmed that the sole authorised dealer for Audi in Sri Lanka, Drive One (Pvt.) Ltd, was not in any way involved in the alleged duty fraud that has cost the government a large sum of money.

INSEE Cement takes giant step to bring innovation to industry

The leading provider of cement in the country, INSEE Cement Sri Lanka, has created a commendable milestone in its corporate journey by introducing an i2i (innovation to industry) open collaboration space to upgrade the national construction industry.

Grit Property to hold workshop on Australian property investment and migration

Grit Property Group, a reputed global commercial and residential real estate investment and management firm, will be hosting a property investment and migration workshop targeting individuals, families, investors and companies wishing to diversify their investments in Australia.

Reinventing self-contained urban living experience

An increasing number of families are now opting to move to luxury apartments in search of a self-contained environment with easy access to essential facilities like quality schools, hospitals and the airport.

Possible agriculture sector adaptations to climate change impacts

This is in response to the suggestion made by Daily Mirror to its readers to participate in finding solutions to climate change related problems.

Healthcare in the Fourth Industrial Revolution

The healthcare systems of many countries face considerable challenges in dealing with demographic transformations, and to cater to the consequent emerging health care needs.

Central Bank calls for caution handling stimulus package

The recently introduced fiscal stimulus package should be accommodated within a stable framework without comprising Sri Lanka’s fiscal and debt sustainability, the Central Bank (CB) stressed last week.

Aitken Spence adjudged Best Corporate Citizen 2019

Aitken Spence PLC emerged victorious at the highly competitive Best Corporate Citizen Sustainability Award (BCCS) 2019, an award ceremony hosted by the Ceylon Chamber of Commerce in order to acknowledge and celebrate sustainability initiatives undertaken by the country’s corporate citizens.