FTA negotiations moving ahead despite setbacks: Malik

Despite setbacks, Sri Lanka is determined to conclude negotiations on the Economic and Technology Co-operation Agreement (ETCA) with India at the end of this year to reach a final agreement, while

EDB says National Export Strategy ready for Cabinet approval

The Sri Lanka Export Development Board (EDB) yesterday said the National Export Strategy (NES) it has designed in collaboration with the export sector stakeholders is ready to be presented to the Cabinet of Minist

Govt. likely to stick with PAB decision on 300MW Kerawalapitiya LNG plant tender

The government has decided to stand by the decision of the Procurement Appeal Board (PAB) and Power and Renewable Energy Ministry to award the tender for 300MW Kerawalapitiya liquefied natural gas (LNG) power plant to the second lowest bidder, GCL Windforce & RenewGen, a highly placed government source told Mirror Business. 

May manufacturing activities expand; services show upturn

Sri Lanka’s manufacturing sector expanded in May following the seasonal contraction observed in April, while the services sector also showed a strong upturn.  According to the Sri Lanka Purchasing Managers’ Index (PMI), compiled by the Central Bank, the manufacturing sector PMI recorded an index value of 60.6 in May, with an increase of 15.1 points 

Economy grows at 3.2% in 1Q18

Sri Lanka’s economic growth in the first quarter of 2018 (1Q18) has been estimated at 3.2 percent, against the 3.3 percent growth recorded for the same period last year, the Department of Census and Statistic (DCS) said, yesterday. 

One-off gains, business growth boost Melstacorp March profit

Profits at Melstacorp PLC surged mostly due to one-off gains amid mixed performance in its business segments as the former Distilleries group is still undergoing a far- reaching restructuring process with buying and shedding entities. 

Tourism industry moves to promote career prospects at school level

Sri Lanka’s tourism sector that is gathering steam to become the top revenue earner for the country saw its potential and opportunity showcased to state school principals yesterday, which was an effort taken by the key stakeholders to fuel the sector with the much-needed human resources.

S&P Sri Lanka 20 index gets new constituents

The Colombo Stock Exchange (CSE) has announced the following changes in the S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2018 mid year index rebalance.

New national procurement guidelines to cut public procurement cost by 10%

Sri Lanka is to replace the 12-year old public procurement guidelines by this August with a new set of guidelines, aiming to enhance transparency, accountability and efficiency of the procurement process, while cutting down related costs by almost 10 percent.

UAE’s Rescom to buy 25,000 MT of ilmenite from Lanka Mineral Sands

Sri Lanka’s State-owned Lanka Mineral Sands Limited is to sell 25, 000 metric tonnes of ilmenite to the United Arab Emirates-based Rescom Mineral  Trading FZE.

Controversy looms over Kerawalapitiya LNG plant tender awarding

The Procurement Appeal Board (PAB) has rejected the 300MW Kerawalapitiya Liquefied Natural Gas (LNG) power plant tender contract to the lowest bidder, Lakdanavi Ltd, a subsidiary of LTL Holdings, and instead recommended the contract to be awarded to the second lowest bidder, GCL Windforce & RenewGen, triggering a potential loss of Rs.42.5 billion to the country over a 20-year period, industry sources told Mirror Business. 

Sri Lanka-Singapore FTA challenged in Supreme Court

President’s Counsel Sanjeeva Jayawardane impugned before the Supreme Court that the Free Trade Agreement (FTA) Sri Lanka has entered into with Singapore is inimical to the interests of Sri Lanka. He lamented that it is totally incompatible with the interests of Sri Lanka and grants totally an unfair and an uneven asymmetric advantage and benefit to Singapore’s interests at the cost of Sri Lanka’s interest.     

Banking sector loans pick up pace

Sri Lanka’s banking sector loans accelerated during the last three months as people continued to borrow more for consumption defying higher interest rates, SMEs for their working capital and some corporates to complete their mega expansion projects. 

US Federal Reserve raises key interest rate, signals more hikes coming

(Washington) AFP: The US Federal Reserve raised the benchmark lending rate on Wednesday for the second time this year, and signaled it will be more aggressive about rate increases in 2018 and 2019 amid “strong” economic growth.

Industrial production slows by 0.7% in April

The Index of Industrial Production (IIP), which measures the volume of industrial production, has decreased slightly by 0.7 percent in April compared to the corresponding month of the previous year, the Census and Statistics Department (DCS) Director General A.J. Satharasinghe said. He attributed the change to th

Institute of Policy Studies of Sri Lanka  highlights need for strong IP policy for Sri Lanka

The protection for Intellectual Property (IP) is vital to support growth and stimulate innovation in developing countries, provided that they are implemented at the right time, and Sri Lanka is at the right st

Finance companies to face tougher capital requirements from July

If there was any leniency enjoyed by the Sri Lanka’s finance companies on their capital and disclosure requirements thus far, such will end soon as the sector is set to come under a BASEL-like regulatory framework

Rupee plunges to record low on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee touched a fresh low yesterday on dollar demand from importers, just days after it slipped to a record low, but a late bout of selling of the U.S. currency by exporters helped cut losses, dealers said.

No Mirror Business on Saturday

There will be no Mirror Business tomorrow in view of today’s Public and Bank holiday. The next issue will be on Monday (18).

Over 100, 000 new job openings in hospitality sector, says Tourism Minister

New investments in the hotel sector amounting to US $ 2.8 billion will require thousands of newly trained workers in the next couple of years. This was revealed by Minister of Tourism Development and Christian Religious Affairs, John Amaratunga at the 39th Graduation Ceremony of the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) which was held at the BMICH this week.

Govt. mulls slapping new import tax on sanitaryware imports

Attention has been drawn to introduce an import tax on imported sanitaryware products as a measure to protect the local manufacturers of such products, a statement from the Presidential Media Division said.

Do we need gender quotas? Problem or solution?

In Sri Lanka we take pride in our women. Girls are educated on par with boys. Women are welcome in most careers and the pathway up in terms of promotions and achievements is open. 

China-SL construction chambers join forces to undertake development projects

The Chamber of Construction Industry of Sri Lanka (CCISL), as the apex representative body of all those engaged in the construction sector, has entered into a historic memorandum of understanding (MoU) with the China International Construction Association (CHINCA), which is the sole representative body of all Chinese construction companies. 

Sampath Bank to launch SL’s first-ever blockchain-based banking product

Sri Lanka’s third largest private lender by assets, Sampath Bank PLC, which was recently included in the MSCI Frontier Market 100 Index, says the bank is ready to launch the first-ever blockchain-based product in Sri Lanka, this year. 

Stocks near 6-month closing low on foreign selling

(Colombo) REUTERS:  Sri Lankan shares ended lower for a sixth straight session yesterday to hit their lowest closing in nearly six months, as foreign investors sold banking shares such as Commercial Bank of Ceylon PLC.

Ambeon Group launched to take on techno-centric business world of tomorrow

In a strategic move to reposition the entity to represent the Group’s business vision and take on the dynamic, technocentric business world of tomorrow, Taprobane Group announced the transformation of the Group including the name change to Ambeon. 

Nobel Prize-winning economist warns FTAs can be “job killers”

In an interview recorded for an upcoming documentary by award-winning filmmaker Bryan Bruce, Nobel Prize-winning economist, Professor Joseph Stiglitz says, “New Zealand should have taken much more time over getting into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to shape a fairer agreement, now that the USA has gone.”

Sri Lanka-Finland economic ties get big boost

Enhancing economic corporation, the Government of Sri Lanka yesterday signed three memorandums of understanding (MoUs) with the Government of Finland, on digitalization, health and education sectors in addition to two private sector agreements on higher education and fertiliser.

Sri Lanka–Singapore FTA: An agreement between a giant and a child

A giant entered into an agreement with a child! It happened on January 23, 2018, in Sri Lanka. The true parties were Singapore (giant) and Sri Lanka (child). Why? Both are not of ‘equal status’ to create economic relations. The difference is not pertaining to their respective economic powers but their legal and regulatory frameworks. 

Productivity in public sector: Will it ever improve?

Governments grapple with the issue of having in place appropriate sets of human resource practices to push public servants to perform and for an emerging island nation such as Sri Lanka, the battle remains a hard one, where victory seems to be farfetched.