CB expects slowdown in vehicle imports due to fuel price hike, rupee depreciation

The Central Bank expects a slowdown in motor vehicle imports to the country with the recent hike in fuel prices and depreciation of the rupee.

Govt. responds to Sri Lanka-Singapore FTA detractors

In response to concerns raised by some professional associations last week concerning the Sri Lanka-Singapore Free Trade Agreement (SLSFTA), the Development Strategies and International Trade Ministry in a detailed response said the movement of natural persons from Singapore has not been opened except for intra-corporate transferees in senior management and business visitors linked to investments.

CB Governor says one quarter of population still trapped in poverty

Sri Lanka needs to promote rural entrepreneurship in a holistic manner to uplift over one quarter of the population trapped in poverty with daily earnings below Rs.400, despite the lowest ever absolute poverty figures reported in the country recently, according to the Central Bank Governor 

US sanctions against Iran to affect oil supply balance: Fitch

The reinstatement of US sanctions against Iran announced on May 8 and the resulting potential sustained loss of Iranian exports increase the chances of the global oil supply-demand balance remaining in deficit in 2018-2019, Fitch Ratings says. 

Lankan shares close little changed, but post third weekly fall

REUTERS: Sri Lankan shares closed little changed yesterday as most investors stayed on the sidelines to see the real impact of a hike in fuel prices, brokers said. State-run fuel retailer Ceylon Petroleum Corp (CPC) raised retail prices for gasoline and diesel from Thursday midnight in response to rising oil prices. The Colombo stock index fell for a fif

Malaysia’s Mahathir to appoint adviser to recover 1MDB funds - sources

REUTERS: Malaysia’s newly-elected Prime Minister Mahathir Mohamad plans to appoint a finance ministry adviser who will oversee efforts to recover billions of dollars allegedly stolen from state fund 1

World stocks set for best week since March

REUTERS: World shares rose yesterday as investor appetite for risky assets got a boost from soft U.S. inflation numbers, helping soothe worries that the Federal Reserve might step up the pace of its rate hikes.

Asian Development Bank provides US$ 100 mn additional funding to enhance job skills

The Asian Development Bank (ADB) and the Government of Sri Lanka signed a US$100 million loan agreement as additional financing for the government’s efforts to develop skills to meet labour demands, support economic

Apparel industry sourcing expo opens

The 8th AISEX and FASE apparel industry sourcing expo opened at the BMICH on Thursday. Picture shows Industry and Commerce Minister Rishad Bathiudeen inspecting some items on display. Chairman of Sri Lanka Apparel Institute Prof. Lakdas Fernando is also present. Pic by Kithsiri de Mel

Central Bank keeps policy interest rates steady

The Monetary Board of the Central Bank of Sri Lanka yesterday kept policy interest rates steady despite a sharp increase in credit to the private sector, which the Central Bank Governor identified 

Japanese auto delegation due here to discuss duty anomalies

A 40-member Japanese delegation is slated to visit Sri Lanka in October this year, in order to look at the possibilities of streamlining the automobile industry that is being currently impacted by the Treasury’s ad-hoc tax policies.

Govt. to set up 3 LNG power plants in Hambantota with China, India and Japan

Sri Lanka is to establish three Liquefied Natural Gas (LNG) power plants in the Hambantota area with Chinese, Indian and Japanese government assistance. A proposal to this end presented by Power and Renewable Ener

EU provides Rs.810mn to modernise Sri Lanka’s agri sector

The European Union (EU) has launched a Rs.810 million project to support the modernisation of Sri Lanka’s agriculture sector.  The project ‘Support to the modernisation of the agriculture sector in Sri Lanka’ will be implemented by Ecorys. 

Commercial High Court summons Adamexpo’s ex-Company Secretary

The Commercial High Court of Colombo issued summons on former Company Secretary of Adamexpo Ltd., Dilanka Mendis for alleged offence of contempt. High Court Judge Ruwan Fernando issued the summons pursuant to the petition filed by Dr. Ai Asger Shabbir Gulamhussein.

Rupee hits record closing low; CB intervenes

REUTERS: The Sri Lankan rupee closed marginally weaker yesterday and ended at a record closing low, prompting the Central Bank to sell dollars to support the domestic currency, dealers said.

Professionals say govt. rushed into Singapore FTA

The top professional bodies representing engineers, architects, town planners and quantity surveyors and other related professions this week charged that the government has rushed into signing the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) without having proper legal frameworks in place to ensure job security of local professionals and the possible entry of under-qualified overseas professionals.

NDB March net profit up on higher margins; loan growth moderates

National Development Bank PLC (NDB) reported higher profits for the January – March quarter (1Q18) as the bank was seen pricing its loans higher as the loan book growth moderated amid general slowdown in private sector credit.

Mangala confirms Ranel Wijesinha new SEC Chiarman

Finance and Mass Media Minister Mangala Samaraweera responding to a media query yesterday confirmed that top professional Ranel T. Wijesinha will be appointed as the new Securities and Exchange Commission (SEC) Chairman.

Govt. announces formula to re-price fuel every two months

Sri Lanka yesterday introduced the much-talked-about automatic fuel pricing mechanism, removing the heavy subsidies that drained cash from the government coffers.

Cabinet nod to lift ban on glyphosate for 36 months

The Cabinet of Ministers yesterday approved the proposal presented by Plantation Industries Minister Navin Dissanayake to lift the ban on the glyphosate weedicide for the tea and rubber industries for a period of 36 months.

Stocks end flat near 4-week low; lenders gain

REUTERS: Sri Lankan shares ended little changed yesterday, at a near four-week low, as losses in shares of beverage companies outweighed gains in bank stocks even as many investors continued to stay on the sidelines looking for fresh cues.

Lanka IOC losses narrow in March on higher sales, lower costs

Lanka IOC PLC (LIOC) saw its losses narrowing during the quarter ended March 31, 2018 (4Q18), due to the strong increase in sales while the company committed to keep its costs in check as the oil prices in the global market made notable gains during the previous 12 months.

Teejay Lanka extends positive profit momentum to March

Teejay Lanka PLC managed to report a slight increase in the bottom line for the final quarter ended in March 2018, as the weft knitted fabric maker continued its positive march in quarterly earnings it set out in the December quarter.  

Central Bank seen keeping rates steady on Friday

REUTERS: Sri Lanka’s Central Bank is expected to keep key interest rates unchanged at its policy review announcement on Friday, after unexpectedly cutting a key rate by 25 basis points in April to help bolster economic growth that has slipped to a 16-year low.

Carson group private equity arm writes off Rs.52.4mn as two investments go bust

Guardian Capital Partners PLC, the specialized private equity investment arm of the Carson group, has incurred an impairment loss of Rs.52.4 million for the financial year ended March 31, 2018 (FY17/18), with two of the start-up companies the firm had made investments going bust.

Why trade arrangements are important for Sri Lanka

Despite all the negative rhetoric about trade agreements, trade arrangements encourage the free flow of goods and services between the members. These agreements, which can be bilateral or multilateral, reduce or eliminate trade barriers such as tariffs and quotas. As such, they lead to the creation of new markets for businesses, facilitate the production of high-quality goods and enhance economic growth.

Navigating the shift to a clean energy future

The relative abundance and modular nature of solar and wind are driving the shift to renewables. Multiple trends are driving the transformation of global energy systems. One of them is electricity networks, including “the digitization of everything and the electrification of everything”, decentralization, decarbonization and deregulation.

SL insists on removal of non-trade barriers before ETCA

The Sri Lankan free trade agreement (FTA) negotiators want India to implement interim remedies for the non-trade barriers that exist in the current Indo-Lanka Free Trade Agreement (ISFTA) prior to the signing of the Economic and Technology Co-operation Agreement (ETCA), in order to build up the confidence on the ETCA among Sri Lankan stakeholders. 

Lessons to learn from wildlife conservation in India

Recently, I visited one of the most visited national parks in India, famed for its vast number of flora and fauna, the Bandhavgarh National Park. It is one of the most popular national parks in India, located in the Umaria District of Madhya Pradesh.

Top African safari operator keen on investing in SL

Luxury African safari operator andBeyond is likely to make some large-scale investments in Sri Lanka in the next two years, giving new impetus to the island nation’s wildlife tourism, Mirror Business learns.