Oil rises towards US$ 57 on China-US trade talks, OPEC cuts

(London) REUTERS: Oil rose towards US$ 57 a barrel yesterday after China said it would hold talks with the United States to look for solutions to a trade dispute, while signs of lower crude supply also supported prices. The Organization of the Petroleum 

Suspension on Perpetual Treasuries extended by 6 months

The Central Bank has extended the suspension on controversial primary dealer Perpetual Treasuries Limited by six months. “The Monetary Boar

Nestle welcomes Indian court ruling in Maggi case

(Zurich) REUTERS: Food group Nestle said on Thursday a ruling by India’s Supreme Court marked a partial victory in its row with the government over Maggi noodles. Maggi, Nestle India’s single-la

Google moved almost 20 bn euros to Bermuda in 2017

(The Hauge) AFP: US internet giant Google used a legal mechanism to transfer almost 20 billion euros from the Netherlands to Bermuda in 2017 for tax purposes, a Dutch newspaper report said yesterday.

Rupee ends steady near record low

REUTERS - The Sri Lankan rupee ended steady near a record low yesterday, as foreign fund outflows mainly, from government bonds, continued amid dented investor sentiment after a recent political crisis.

SL to sign loan agreement with JICA for light rail

The Cabinet of Ministers has approved a proposal by Finance and Mass Media Minister Mangala Samaraweera to hold negotiations and enter into an agreement with the Japan International Cooperation Agency (JICA) to fund a light rail system. The 17km-long light rail transit system is to be built between Colombo Multimodal Transport Hub and Malabe with a 246, 641 million Japanese yen investment. The proposal in this re

SLTDA and SLTPB get new acting chairmen

The Sri Lanka Tourism Development Authority (SLTDA) and Sri Lanka Tourism Promotion Bureau (SLTPB) have got new acting chairmen as the appointment of permanent chairmen is further delayed as the President has got tough on qualification criteria of new appointments.  As per the instructions of President Maithripala S

CB to get tougher on finance firms

The Central Bank is likely to tighten the regulations on Licensed Finance Companies (LFCs) and Specialised Leasing Companies (SLCs) to ensure higher capital adequacy and loan loss provisioning, im

Three-year comprehensive plan helped Colombo port to make history in 2018: Samarasinghe

Former Port and Shipping Minister Mahinda Samarasinghe says the implementation of the 3-year comprehensive plan during his tenure helped the Port of Colombo achieve a historic handling of seven million containers in 2018. Issuing a statement yesterday Samarasinghe 

NCE highlights exporter woes

While commending the Export Development Board (EDB) for fast tracking initiatives to improve the country’s export income, the National Chamber of Exporters (NCE), pointed out that a number of issues would need to be ironed out to pave the way for the private sector to take a leap further. Calling exporters the lifeline 

Sri Lanka sets US $ 20bn export target for 2019

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

Clash of two titans: What next?

The ideologies of the United National Party (UNP) and Sri Lanka Freedom Party have shaped the political experience of both Maithripala Sirisena and Ranil Wickremasinghe. These ideologies, experiences and struggles for dominance over the other have been the root cause of these recent confrontations.

Investors may be underestimating the political turbulence in Sri Lanka

CNBC: What might seem as a crisis averted in Sri Lanka — is actually far from being over and investors could potentially be underestimating the level of uncertainty in the country, an expert told CNBC.  

Everything you need to know when obtaining a patent

In the rapidly developing world, inventions are like mushrooms blooming overnight in the fields of science and technology. An invention is a practical solution to a problem on the field of technology and it could be in form of a process or a product. Hence, without doubt, it is important that the inventor has his rights in relation to his invention protected from the competitors. So, it is very useful to learn the importance of a patent.  &n

Tourist arrivals grow 10.3% to 2.33mn in 2018

Tourist arrivals to Sri Lanka grew 10.3 percent to 2,333,796 from the previous year with December seeing the arrival of the highest number of tourists for a month despite the political turmoil that rocked the island nation from October 26 to the mid part of December.   

Economic growth in 2018 understated: Central Bank

Sri Lanka’s gross domestic product (GDP) is possibly understated by over 0.5 percent last year as the Department of Census and Statistics (DCS) lacks resources to capture required data to support the new methodology adopted in 2015, according to the country’s central bank.   

Rupee ends near record low

(Colombo) REUTERS: The Sri Lankan rupee ended near record low yesterday due to continued outflows of foreign funds mainly from government bonds, as political uncertainty dented investor sentiment.

Six forensic audits on EPF investments, bond transaction to be completed by year end

The Central Bank plans to complete six forensic audits on the Employees’ Provident Fund’s (EPF) investments in equities and treasury bonds and the operations of a few selected entities regulated and supervised by it, as recommended by the bond commission appointed by the president. 

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. 

Rupee ends slightly firmer on first day of New Year

(Colombo) REUTERS: The Sri Lankan rupee closed slightly firmer yesterday, but trade was thin as many foreign currency traders were on holiday for the New Year. Continued outflows of foreign funds mainly from government bonds due to political uncertainty dented investor sentiment. The currency fell 19 percent in 2018, making it one of the worst performing currencies in Asia, as heavy foreign outflows from

Brace for challenging year: Treasury Secy

Finance and Mass Media and Treasury Secretary Dr. R.H.S. Samaratunga yesterday said the year 2019 will be challenging year for Sri Lanka as the country has to carefully manage its debt position and give priority to maintain fiscal discipline.

Baqian Law Group launched in Colombo to assist Chinese investors in SL

Addressing the language barrier and misunderstandings in connection to the time-consuming legal processes faced by Chinese investors in Sri Lanka, Yunnan Baqian Law Group of China opened Baqian Law Group Lanka (Pvt.) Ltd in Colombo to act as a catalyst to fast track the processing and communication between the investor and releva

Krishan, Gihan assume top leadership roles at JKH

With the retirement of Chairman Susantha Ratnayake on December 31, 2018, after four decades of service at the John Keells group, Sri Lanka’s premier blue chip yesterday announced the appointments of Krishan Balendra and Gihan Cooray as the Chairman and Deputy Chairman of John Keells Holdings PLC (JKH). Balendra was appointed as Deputy Chairman of JKH on January 1, 2018. He was first appointed to JKH board as an Executive Director in Novembe

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.

Automating loan recoveries: A top priority for banks

Many argue that performance of banks is more market-driven. Better performance is no more a choice and it has become mandatory to sustain competiveness by satisfying diverse interests of stakeholders. Lending is a key function of banks and non-bank financial institutions which directly affects performance.   

More than just green bonds – the next leap

As we get into the final lap of bond issuances for the year, it is helpful to take stock of where the green bond markets are and what we could look forward to in 2019 and beyond.   

Dr. Samaratunga returns as Treasury Secretary

Dr. R.H.S. Samaratunga, who has been reappointed as the Secretary to the Treasury and the Ministry of Finance and Mass Media assumed his duties at the Finance Ministry yesterday. Deputy Treasury Secretary A.R. Desapriya, Additional Secretary R. Semasinghe and senior officials of the Treasury and the Finance Ministry were present at the occasion

South Asia’s first 5G pilot transmission goes live

Dialog Axiata yesterday announced a major step forward in Sri Lanka’s 5G journey with the commissioning of South Asia’s first fully-functional and standards compliant 5G transmission using commercial grade base stations and end user devices.   

Hotels Association poised to make major economic contribution

The hotel industry remains the only industry in the country which has the potential to turn around the sluggish economy. We eagerly look forward to the opportunity of partnering with the government in taking Sri Lanka’s economy to new levels, with proper incentives and conditions in place similar to those in other countries in the region, The Hotels Association of Sri Lanka (THASL), said in a year-end statement yesterday.  

Denmark’s Vestas bags order to install Sri Lanka’s first large scale wind power plant

Danish wind turbine manufacturer seller, installer, and servicer Vestas Wind Systems A/S has won the tender to install Sri Lanka first large scale wind power plant—the 104 megawatt (MW) Mannar Power Project.