Cabinet approval only for fuel pricing mechanism: Arjuna

Petroleum Resources Development Minister Arjuna Ranatunga this week told reporters that the Cabinet approval has only been granted for a fuel pricing mechanism and not for a formula, as claimed by the Finance and Mass Media Ministry.

Rupee edges up on late exporter conversions

REUTERS: The Sri Lankan rupee ended marginally firmer yesterday on late exporter dollar conversions, but traders expect the currency to be under pressure from a possible slump in the country’s top agriculture export, tea, due to heavy rains.

Cabinet paper to further liberalise lubricant industry in 3 weeks

The Petroleum Resources Development Ministry is planning to present a Cabinet paper within the next two to three weeks on the third round of liberalisation of Sri Lanka’s lubricant industry, based on a 2016 budget proposal, Petroleum Resources Development Upali Marasinghe told journalists, this week. 

Countermeasures

The Yahapalana types, who have been in slumber for far too long by not talking about what they have achieved during the last couple of years, have finally woken up to the reality of working together.

Impending showdown

A newly appointed adviser type to the presiding type is hell bent on becoming the key economic man in the country. A state ministering type is said to be of the opinion that the advisor type influenced the presiding type to use Machiavellian tactics to take the bank that is central and a regulatory body out of the prime ministering type.

Surreptitious move

Apparently, the financing type is not happy with how the paradise nation’s currency has been behaving of late and he has found fault with the bank that is central for that. They say a surreptitious move is afoot to appoint an official type close to the financing type currently serving him to the bank that is central and get rid of the current soft-spoken but stern type, who brought back integrity to the bank after the worst scandal in the b

Japan’s Indo-Pacific strategy: The importance of Sri Lanka

Reacting to an increasingly assertive China, Japanese Prime Minister Shinzo Abe has looked to expand his country’s influence in the Indo-Pacific. Trips to Pakistan, Sri Lanka and the Maldives in January 2018 culminated in Abe and Sri Lankan President Maithripala Sirisena holding further talks in Tokyo during March, where the pair focused on issues of economic and maritime co-operation, security and regional order.

Colombo’s wetlands float to top of flood prevention plan

Thomson Reuters Foundation: On the surface, Sri Lanka’s capital Colombo looks like any other fast-growing South Asian city, with buildings stretching as far as the eye can see and skyscrapers rearing up along its coast.

Hospitalized

A ministering type, who was at the centre of gravity, who was given a portfolio that is a money spinner, much to his delight, has been recouping in a hospital last few weeks. We hear the ministering type, who could not resist the Bradby encounter, had worsened his situation by taking the long ride to the hill country. The man is scheduled to be out of action for some time and now the hunt is on for an acting type. Sin men...

Advertising type

Three important diplomatic stations have not been filled for the last three months. The foreign ministering type is happily playing ball without making any effort to fill these vacancies. We hear an advertising guy is tipped to be sent to Old Blighty but unfortunately the presiding type has also found a choice of his own. So, the battle goes on. Hmm…

The ‘real’ truth about investments

Everyone wants definitive answers or the ‘the truth’. This is especially the case in the investment world, where people are vying to make correct predictions about the future. We all prefer to listen to people who appear confident about the outlook. Yet, research suggests these are the very same people we should be sceptical about. This is because the apparently ‘confident’ forecasters are less willing to embrace that they

Government targets US $ 2.7bn FDI this year: Malik

The government’s target is to attract foreign direct investment (FDI) worth US $ 2.7 billion this year, Development Strategies and International Trade Minister Malik Samarawickama told Parliament yesterday.

Tourism and power sectors boost Aitken Spence March performance

Tourism and power generation segments boosted Aitken Spence PLC’s profits while the group’s key maritime and logistics sector remained steady as the diversified conglomerate reported a significantly better financial performance for the period ended March, 2018. 

Sunshine’s Rs.775mn private placement inadequate for rating upgrade: Fitch

Sunshine Holdings PLC’s (A-(lka)/Stable) plan to bring in new equity worth Rs.775 million from a private placement of shares should help the company deleverage and strengthen its balance sheet, Fitc

Look at debt repayments too before judging foreign reserves, CB tells Cabraal

Responding to former Central Bank Governor Ajith Nivard Cabraal’s claim that govt.’s net borrowings equal to foreign reserves, the Central Bank yesterday without any reference to Cabra

Kerosene sales down 400% with price hike: Minister

Kerosene sales have declined by a whopping 400 percent since the removal of the kerosene subsidy this month, indicating large scale abuse of kerosene for adulteration of more expensive distillates and greater industrial use of the fuel, Petroleum Resources Development Minister Arjuna Ranatunga announced yesterday.

Mangala says 49, 000 new tax files opened in April

Sri Lanka’s Inland Revenue Department (IRD) has opened 49,000 new tax files in April with the New Inland Revenue Act coming into force, Finance and Mass Media Minister Mangala Samaraweera revealed yesterday.

Plain packaging, a not so plain problem

Sri Lanka’s Cabinet recently voted to introduce standard or plain packaging to tobacco products with the objective of reducing the appeal of smoking. Australia and the United Kingdom are two countrie

The hidden side of cigarette pricing

The media in Sri Lanka has often misrepresented the cigarette industry and cigarette taxes in favour of the monopoly producer Ceylon Tobacco Company (CTC). In June 2017, Verité Research (VR) published an Insight titled ‘Who’s responsible for ‘Alternative facts on tobacco taxation’. Official statistics published since the article, lend further credence to the analytical inaccuracies highlighted by VR.

Teejay Lanka doubles India plant capacity with US $ 15mn expansion

Teejay Lanka, one of the region’s largest textile manufacturers, has announced a doubling of capacity of its Indian mill, following the completion of an expansion project involving an investment of US $ 15 million (approx. Rs.2.3 billion at current rates).

Govt.’s net borrowings equal to foreign reserves: Cabraal

Former Central Bank Governor Ajith Nivard Cabraal yesterday charged that the net borrowings by the present government almost equal the country’s current foreign reserve stock and hence, hinted that the pressure on the rupee is not unwarranted as the Central Bank says.

Rolf Blaser, new CEO at Baurs

Baur & Co. (Pvt.) Ltd has announced the appointment of Rolf Blaser as the company’s CEO/Managing Director with effect from October 1, 2018. 

Interim orders issued against Global Grange Lanka and directors

On or around May 16, 2018, pursuant to an application made by two directors of Global Grange Lanka (Pvt.) Limited, namely Raj Matharu and Harpal Matharu, the Commercial High Court of Colombo granted interim orders restraining the company and its other directors from preventing Raj and Harpal from acting as directors and also preventing Priya Matharu and Tara Matharu from acting as directors of the said company.

Casino-bound Telugus ditch Goa, fly to Sri Lanka

The Hindu: It’s Goa’s loss and Sri Lanka’s gain as far as Telugu tourist flow to the island nation is concerned. More and more Casino-bound tourists from the Telugu States of Andhra Pradesh and Telangana are flying to Sri Lanka.

Revised National Physical Plan to be approved shortly

Sri Lanka’s revised National Physical Plan for 2018-2050 is expected to be gazetted shortly and the plan proposes to develop Colombo-Trincomalee as the main economic corridor along with three other sub-corridors,

Sri Lanka can create jobs, boost exports, by moving brains: Hausmann

Many advanced nations from Singapore to the US have open policies that allow people to migrate easily, bringing knowledge and skills to transform economies and create new jobs, a top Harvard economist said.

SL–China relations: The Great Silk Road needs to pick up speed

It was good news for the country on Monday when China approved a US $ 1 billion loan to revive a long-delayed expressway in central Sri Lanka. The construction of the first phase of the road linking the capital Colombo with the hill resort of Kandy had been delayed for more than two years due to a lack of foreign funding.

Lanka IOC prepared to set own fuel prices to minimise losses

REUTERS: Sri Lankan fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company said on Friday.

Lion Brewery returns to profit on benign beer tax

The reversal of the government’s lopsided tax policy on beer and the recovery of operations from the production halt caused by floods helped Lion Brewery (Ceylon) PLC (LION) to return to profit as the lower tax on beer pulled more people into mild alcohol from hard liquor and illicit alcoholic beverages.   LION, Sri Lanka’s largest brewery recorded 

Dipped Products top line up on new glove markets, strong plantation results

Hayleys group company, Dipped Products PLC (DIPD) posted higher revenues as the non-medical glove maker ventured into new markets while the group’s plantation segment rebounded strongly. But the profit for the latest quarter came down due to higher direct and indirect costs.  Releasing its interim accounts for the quarter ended in March 31, 2018 (4Q18), DIPD reported consolidated revenue of Rs.7.1 billion, from Rs.6.6 billion revenue i