Lion Brewery urges govt. to restore 12% concessionary tax rate on exports

Sri Lanka’s largest brewery, Lion Brewery (Ceylon) PLC, has urged the government to restore the concessionary rate of income tax on its export profits.

Will Asia grow old before it becomes rich?

Asian countries have traditionally enjoyed large demographic dividends—i.e. increases in labour supply and savings—that have boosted economic growth. But this decade, the share of working-age population, most notably in the People’s Republic of China (PRC) and Republic of Korea, has started to shrink, following in Japan’s demographic footsteps.

CPC introduces low-emission Euro 4 fuel to Sri Lanka

Ceylon Petroleum Corporation (CPC) yesterday unveiled the country’s first Euro-spec fuel dispenser and launched European Emission Standard Euro 4 fuel, at a launch ceremony held at C.F. De Mel & Sons Filling Station, in Colombo 2.

Rupee edges lower on thin importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee closed slightly weaker yesterday in dull trade as thin dollar demand from importers and banks outpaced little inflows from inward remittances, dealers said. The rupee ended at 158.35/45 per dollar, compared with Friday’s close of 158.20/35.

Estimating cyber risk for financial sector

Cyber risk has emerged as a significant threat to the financial system. An International Monetary Fund (IMF) staff modelling exercise estimates that the average annual losses to financial institutions from cyberattacks could reach a few hundred billion dollars a year, eroding bank profits and potentially threatening financial stability.

What kind of ‘liberals’ are these?

On June 19, Advocata Institute and Echelon Magazine’s Think series hosted Singaporean economist Razeen Sally at the Sri Lanka Foundation Institute to speak on ‘Capitalism in Asia and what it means for Sri Lanka’. 

Sri Lanka running out of input-led ‘perspiration’ growth in a changing Asia: Razeen Sally

Shortages of labour, land and an ageing population mean that Sri Lanka’s opportunities for rapid catch-up growth are diminishing and institutional transformation is needed for innovation and output-led growth, a top economist has said.

Ascot to raise Rs.633mn via rights issue

Property development and hospitality holding company Ascot Holdings PLC is to raise Rs.632.8 million through a rights issue, subject to shareholder and stock exchange approval, the company announced last Friday.

June inflation surges on higher food prices, transport costs

Sri Lanka’s general prices accelerated in June on the back of higher food prices and transport costs resulting from the fuel price hike in May, as policymakers battle reining in escalating cost of living. 

Laugfs Gas cries foul over LPG price reduction

Laugfs Gas PLC, the second largest distributor of liquid petroleum gas (LPG) or cooking gas in Sri Lanka yesterday cried foul over the “baseless” price reduction of 12.5 kg LPG cylinder, which came into effec

April trade deficit widens amid import binge

Sri Lanka’s merchandise trade deficit worsened during April as the consumption-hungry nation imported record-high consumption goods and personal vehicles, while exports languished.  

Trouble continues to brew in Ceylon Tea cup

Ceylon tea continues to face major hurdles this year due to ad-hoc policies pursued by the State, government-red-tape, irresponsible actions of certain stakeholders and volatile conditions of key export markets, the umbrella organisation of Ceylon Tea, the Colombo Tea Traders’ Association (CTTA) highlighted.  Addressing the 124th AGM of (CTTA) last week, CT

China’s Xiaomi raises US $4.72bn after pricing HK IPO at bottom of range

(Hong Kong) REUTERS: China’s Xiaomi Corp priced its Hong Kong initial public offering (IPO) at the bottom of an indicative range, raising US$4.72 billion in the world’s biggest tech float in four years, people close to the transaction said yesterday.

CCC says political uncertainty hurt biz last year; commends consistent policies

he Ceylon Chamber of Commerce (CCC), the apex body representing the country’s private sector emphasised that business confidence had been adversely impacted by political uncertainty last year, but commended the government for its more consistent policies in the recent past.

Construction sector continues to weigh heavily on economy despite setback: Rishad

Sri Lanka’s construction sector is increasingly played by foreign investments (FDI), rather than locally generated funds. The main reason for this is the sector’s annual output value now totalling to a huge US$3 billion without even adding values of mega projects such as the Colombo Port City or Hambantota Port related constructions.

Greece’s long-term debt prospects ‘uncertain’: IMF

ATHENS (AFP):  Greece’s long-term debt prospects are uncertain, the International Monetary Fund said yesterday, questioning the country’s ability to maintain high budget surpluses to 2060 under a recent eurozone deal.

SL expects to wrap up US$1.7bn LRT project finance by November

ECONOMYNEXT: Sri Lanka is expecting to wrap up financing for a 1.7 billion US dollar light rail transit project for the capital Colombo by November 2018, for construction to begin by 2020, officials said.

China unveils easing of investment curbs as trade war looms

BEIJING (AFP):  China has announced sectors of the economy where it will ease foreign investment rules, with leaders stepping up efforts to portray the country as opening up as they prepare for a possible trade war with the United States.

Asian markets mostly up at end of a painful quarter

HONG KONG (AFP): Asian markets mostly rose yesterday, bringing an end to a tumultuous quarter that has seen sharp losses around the world, with China-US trade tensions showing no sign of calming.

PM highlights need to transform SL’s foreign finance to investments

Delivering the keynote address at the Saman Kelegama Memorial Conference yesterday, Prime Minister Ranil Wickremesinghe noted that Sri Lanka has to address weaknesses in trade competitiveness, eliminate trade barriers, tackle anti-dumping legislation, and help domestic industries become competitive. 

A bird’s-eye view of the Chinese-funded Colombo Port City

A bird’s-eye view of the Chinese-funded Colombo Port City, which is under construction. An explosive New York Times new report this week shed light on alleged Chinese involvement in Sri Lanka’s domestic politics, and the International Monetary Fund last week cautioned Sri Lanka to handle Chinese-funded mega projects with care

WB says SL’s outlook will remain stable provided govt.’s commitment to reform agenda

Sri Lanka’s economic growth is expected to rebound this year to around 4.3 percent in the medium term, the World Bank (WB) said yesterday, while giving the island nation a stable outlook provided that the government maintains momentum in its reform agenda.

Sri Lanka among most vulnerable economies that strengthens dollar

As appreciating U.S. dollar is testing the resilience of many emerging and frontier markets this year, Sri Lanka stands among the most vulnerable economies for the dollar’s rising phenomenon, 

CB Governor defends his most senior official

Defending his senior-most official, the Central Bank Governor Dr. Indrajit  Coomaraswamy yesterday dismissed the allegations levelled against Senior Deputy Governor Dr. Nandalal Weerasinghe by former Finance Minister Ravi Karunanayake. 

Bad loan provisions hamper Cargills Bank March profits

The hefty provisions made against possible bad loans eroded an otherwise good performance at Cargills Bank, as the lender increased its top line and expanded its loan book during the first three months of the year. 

Shares extend fall to near 15-month closing low

(Colombo) REUTERS: Sri Lankan shares declined for a fourth straight session yesterday and posted their lowest close in nearly 15 months, as foreign investors continued to offload th

Sri Lanka sleepwalking into a Rajapaksa dynasty: Prof. Sally

Sri Lanka is sleepwalking into a Rajapaksa dynasty characterized by illiberal democracy, state-dominated inefficient capitalism and ethnic chauvinism, after a failed test of good governance by an unholy coalition of left and right wing parties for three years, according to Prof. Razeen Sally, Chairman of Colombo-based think tank, the Institute of Policy Studies (IPS).

Research recommends govt. to revisit 2020 tobacco cultivation ban

A recent research has recommended the government to have a relook at the proposed tobacco cultivation ban by 2020, with a four-year phase-out period and financial assistance to tobacco farmers to diversify into other crops, as the employment of over 500,000 stakeholders in three tobacco value chains in the country, is at jeopardy.

SEC clears Rs.667.5mn Anilana private placement deal

The Securities and Exchange Commission (SEC) has cleared a private placement deal the troubled Anilana Hotels & Properties PLC was trying to enter into with Singapore-based Somap International Private Limited, since last year.

SLANA says Ceylon Shipping Corporation can be reignited by transforming it to regional NVOCC

The Sri Lanka Association of NVOCC Agents (SLANA) this week urged the government to convert Ceylon Shipping Corporation (CSC) to a strong regional non-vessel operating common carrier (NVOCC) operator and remove excess regulations to revive the national carrier to become a sustainable operator.