Advocata welcomes new selection committee for State enterprises

Advocata Institute in a statement welcomed the newly appointed selection board for screening appointments of State-owned enterprises (SOEs).

THASL welcomes govt’s tax bonanza

The Hotel Association of Sri Lanka (THASL) welcomes government’s latest tax bonanza and commends it for implementing election pledges speedily.

The Finance saga: Investor submits fraudulent documents

The Central Bank (CB) had received fraudulent financial documents from an investor who was looking to restructure the troubled finance firm, The Finance Co. (TFC) as the firm’s licence is due to expire by end of this month.

New govt. delays Samurai bond issue

The new government has delayed Sri Lanka’s maiden US$ 500 million (60 billion yen) 10-year Samurai bond issuance, which was scheduled this month.

CRIB to release credit scores from January onwards

Sri Lanka’s Credit Information Bureau (CRIB) plans to release credit scores of banked citizens from January onwards.

Suspension on primary dealer NatWealth Securities lifted

The Monetary Board of the Central Bank of Sri Lanka has decided to revoke the suspension of licensed primary dealer NatWealth Securities Limited.

Do Sri Lankan leaders have courage to implement US $ 5bn deal to kick-start our economy?

Today, the world over, airports, ports, roads, power plants, railways, etc. are being operated by the private sector and/or through public-private partnerships.

SA’s opportunity for economic independence

Even in today’s glum economic climate, the average American is seven times as prosperous as the average Mexican, about 20 times as prosperous as the average person of sub-Saharan Africa and about 40 times as prosperous as the average citizen of an African country like Mali, Ethiopia or Sierra Leone.

Gautam Buddha International Airport to commence operations in mid-2020

Lumbini, the Mecca of Buddhist pilgrims, is a frequently visited pilgrimage site as it signifies the birthplace of Gautama Buddha. While the site attracts close to 1.5 million tourists all year round, just last year, it has been frequented by approximately 59,959 Sri Lankans. With an objective to make things more convenient, the government of Nepal in collaboration with the Asian Development Bank (ADB) is looking forward to commence operations at

Carlos Slim Helu proved firm and patient optimism always yields success

Carlos Slim Helu is a multi-billionaire investor and philanthropist. He has been given the title the wealthiest man in the world by the Forbes magazine numerous times and currently owns well over 200 businesses worldwide.

Investment Promotions State Minister assumes duties

Keheliya Rambukwella yesterday assumed duties as Investment Promotion State Minister, at the ministry premises at the World Trade Centre, in the presence of International Relations State Minister Susil Premajayantha and Industrial Export and Investment Promotion Ministry Secretary Mapa Pathirana.

Policy rates kept steady amid fiscal developments

As expected, the Central Bank (CB) maintained policy rates at current levels, mainly due to the recent developments on the fiscal front, which includes the recently introduced fiscal stimulus by the new government. “Even before the fiscal stimulus package, which came in couple of days ago, there were certain fiscal measures, including pending salary hike, which argues some degree of caution in loosening

SLCSMI hopeful of a better future for MSMEs

Sri Lanka Chamber of Small and Medium Industries (SLCSMI) President Rohan De Silva on behalf of all the members of the chamber conveyed his heartiest congratulations to President Gotabaya Rajapaksa on his be

Asia markets end week with losses as dealers await trade progress

(HONG KONG) AFP: Asian markets fell yesterday as investors wound down for the end of the month, while awaiting news of progress on China-US trade talks but with optimism tainted by the row over Hong Kong. Donald Trump’s decision to

Wary of China, Germany plans rapid state intervention to protect key industries

(Berlin) REUTERS: Germany set out plans yesterday to create a government committee to step in quickly to protect companies against foreign takeovers, a sign of concern about China and others acquiring its technology. The finalised industrial strategy outlined by Economy Minister Peter Altmaier is also intended to prevent the erosion of Germany’s manufacturing base, on which much of its wealth is built.

Shares end at 17-month high; rupee slips

(Colombo) REUTERS: Sri Lankan shares closed at a 17-month high yesterday, helped by positive sentiment surrounding tax cuts by the country’s new government, while the rupee ended a tad weaker. The government said on Wedne

Brent oil prices weaken ahead of OPEC+ meeting

(London) REUTERS: Oil prices dipped yesterday in muted activity because of the U.S. Thanksgiving holiday while OPEC watchers expect an extension to a pact to throttle oil output but no deeper cuts to be agr

India’s economic growth slows to 4.5% in July-Sept.

(New Delhi) REUTERS: India’s annual economic growth slowed to 4.5 percent in the July-September quarter, its weakest pace since 2013, making an interest rate cut more likely when the central bank meets next week. The gross do

John Keells Properties promotes two upcoming projects to foreign investors, diaspora

John Keells Properties has successfully concluded a series of international roadshows to promote its two upcoming residential projects, TRI-ZEN and Cinnamon Life, among foreign investors and Sri Lankan’s living overseas.

Moody’s says tax cuts credit negative

International rating agency, Moody’s Investors Service, yesterday said the sweeping tax cuts announced by Sri Lanka’s new government headed by President Gotabaya Rajapaksa is credit negative amid increased risks stemming from potentially weak government revenue and low debt affordability.

Six-member committee appointed to select bosses for State enterprises

The President’s Media Division yesterday said a six-member committee headed by former Secretary to the Cabinet of Ministers Sumith Abeysinghe has been appointed to select suitable professionals to lead State enterprises and regulatory and statutory bodies.

Hoteliers welcome export status to tourism industry

Sri Lanka’s hospitality industry yesterday welcomed the Cabinet decision to recognise the industry under exports while calling for a complete revamp of the country’s tourism office to launch the long-delayed tourism promotional campaigns to support the recovery of the industry after Easter attacks.

India considers commissions cap for Uber, Ola, unsettling industry

NEW DELHI (Reuters) - India plans to cap the commissions app-based taxi aggregators such as Uber and home-grown Ola earn on rides to a maximum 10 percent of the total fare, according to a draft proposal seen by Reuters, a move industry experts warned would hit revenue and operations.

Effective tax rate on banks and finance firms down by 9%

The overall effective tax rate on banking and finance companies will be reduced by 9 percent to 43 percent from 52 percent with the removal of Debt Repayment Levy and Nation Building Tax (NBT), according to Colombo-based equities broker, SC Securities.

Shares, rupee gain after tax cuts; policy rates awaited

(Colombo) REUTERS: Sri Lankan shares and rupee ended higher yesterday, a day after the government said it has decided to reduce value-added tax to 8 percent from 15 percent with effect from December 1, along with plans to abolish some other taxes as well.

Fitch expects Lion beer sales to increase by 12% amid strong demand

Fitch Ratings expects Lion Brewery (Ceylon) PLC sales to increase by 12 percent in FY20 driven by relatively resilient demand for strong beer among local consumers, even though weak tourist arrivals are likely to impact mild beer sales.

ICIMOD Nepal determined to assist ‘mountain people’ in HKH region

Accounting to 0.03 percent of the world’s land mass, Nepal is situated at a very important location, bordering India and China.

The man who saved a Spanish island from over-development

Roadside billboards and high-rise hotels are banned on Spain’s holiday island of Lanzarote - a legacy of visionary artist Caesar Manrique, whose birth a century ago is being celebrated this year.

Sweeping tax cuts announced to ignite economy

Sri Lanka’s newly-appointed government yesterday introduced a wide range of tax cuts to support the local businesses and domestic production while revealing plans to discourage agricultural imports to the country with import substitution. The Cabinet o

Sri Lanka secures 2nd place at Asia Pacific ICT Awards 2019

The Sri Lankan delegation secured the second place overall at Asia Pacific ICT Alliance (APICTA) Awards 2019, held from November 19 to 22, 2019, at Ha Long Bay, Vietnam. The APICTA is an alliance of