U.S. GSP to become active from April 22

The re-authorised US GSP will become active for Lankan exporters from April 22, according to a communiqué by Sri Lanka’s Industry and Commerce Ministry. 

Coca-Cola commits US $ 50mn to Sri Lanka over next 5 years

The Coca-Cola Company President/CEO James Quincey who met Prime Minister Ranil Wickremesinghe during his maiden visit to Sri Lanka recently has made a US $ 50 million commitment to 

Malik narrates Sri Lanka’s economic reorientation story to German industrialists

Development Strategies and International Trade Minister Malik Samarawickrama said that the government has taken numerous initiatives to stabilise and reorient the economy, from a growth model that was heavily dependent on debt-fuelled public spending, to one driven more by the private sector, trade and foreign direct investment (FDI).

Achieving Rs.20bn via Debt Repayment Levy at proposed rate unrealistic: banker

The Sri Lankan government may need to increase the rate to be charged under the proposed Debt Payment Levy many fold, in order to meet the revenue target expected from it, according to a banker. The 2018 budget presented last November proposed to charge 0.02 percent per cash transaction done via financial institutions through the Debt Repayment Levy. 

Rupee firms on exporter dollar sales

REUTERS: The Sri Lankan rupee closed 0.26 percent stronger yesterday as exporter dollar sales and inward remittances surpassed importer demand for the US currency, dealers said.

Atlas acquisition improves Hemas Holdings’ defensive cash flow: Fitch

The acquisition of Atlas Axillia (Private) Limited (Atlas) has improved the business risk profile of Hemas Holdings PLC as the new entity will improve the group’s defensive cash flow when the other key units such as FMCG and leisure have slowed down, according to Fitch Ratings. 

Top bankers say finding true independent directors challenging

The challenge in finding true independent directors with diverse skill sets for banks surfaced at a recently held top-level meeting of the stakeholders in the banking sector, in Colombo. 

Slovak automotive industry expresses interest in Lankan rubber tyres

Slovakia, the world’s highest per capita car producer, is keen on importing Sri Lankan rubber tyres for the Slovakian automotive manufacturing industry, according to a communiqué from the local Industry and Commerce Ministry.

Japan’s ORIX divests LOLC stake to Ishara for Rs.12.8bn

Japanese financial services major, ORIX Corporation, yesterday exited the Sri Lankan market with the sale of its 30 percent stake in Lanka ORIX Leasing Company PLC (LOLC) to the leasing company’s local promoter and its Deputy Chairman Ishara Nanayakkara, in a whopping Rs.12.8 billion deal.

Learning to tackle digital challenges

Digital transformation has generated a fierce debate among policymakers, economists and business leaders about the societal impact it would make, specifically on jobs. According to a global survey, about 80 percent of current jobs globally are tipped to get transformed in the coming years. 

No-confidence motion against Ranil will create further chaos

Mahinda Rajapaksa-backed joint opposition yesterday submitted a no-confidence motion against Prime Minister Ranil Wickremesinghe to the speaker. The motion against Wickremesinghe, according newspapers, contains charges of economic mismanagement by him during the last three years.

Govt. goes for US $ 1bn foreign currency term financing facility

The Sri Lankan government will be raising US$ 1 billion via a foreign currency term financing facility (FTFF) denominated in US dollars, Japanese yen or euro from domestic and international banks and investment banks in order to finance expenditure approved in the 2018 budget.

Atlas acquisition improves Hemas’ defensive cash flow: Fitch

The acquisition of Atlas Axillia (Private) Limited (Atlas) has improved the business risk profile of Hemas Holdings PLC as the new entity will improve the group’s defensive cash flow when the other key units such as FMCG and leisure have slowed down, according to Fitch Ratings. 

United Motors divests stake in TVS Lanka for Rs.1bn

United Motors Lanka PLC (UML) yesterday announced that it sold its entire stake in TVS Lanka (Private) Limited to the TVS parent company in India for Rs. 1 billion. In a filing to the Colombo Stock Exchange, UML said it sold 17.5 million shares in TVS Lanka, representing a 50 percent stake, to TV Sundaram Iyengar and Sons (Private) Limited, which is the holding company for TVS.

Govt. ends involvement in setting transshipment rates

The Department of Foreign Exchange of the Central Bank wants to end its involvement in setting up rates for transshipment containers in accordance with the new Foreign Exchange Act, in the backdrop of government’s decision to liberalize the country’s shipping sector.

Achieving Rs.20bn via Debt Repayment Levy at proposed rate unrealistic: banker

The Sri Lankan government may need to increase the rate to be charged under the proposed Debt Payment Levy manyfold in order to meet the revenue target expected from it, according to a banker.

CB may go easy on capital if banks hit severely by IFRS 9

The Central Bank this week said they could be lenient on higher capital ratios under the new BASEL III rules but the banks need to convey by how much their profits and capital bases may get eroded from the new accounting standard on loan loss provisions. 

Lankan pepper exports to India hit by minimum price

The Spices and Allied Product Producers’ and Traders’ Association (SAPPTA) of Sri Lanka yesterday said that the Indian government’s decision to unilaterally set a minimum import price for pepper imported from Sri Lanka is adversely affecting the Sri Lankan pepper exporters and the spirit of the Indo-Lanka Free Trade Agreement.

EAP Group seals deal to sell key assets to S’pore firm

A deal has been sealed to sell some of the key EAP Group assets to a Singapore-based investment holding company, with Sri Lanka’s Central Bank giving the green light to proceed with the deal, Mirror Business learns.

Alleged bid for shipping monopoly: CA fixes argument for Dec. 4

The Court of Appeal fixed the argument for December 4, 2018, in respect of the writ petition filed by Parliamentarian Vasudeva Nanayakkara, on the alleged shipping monopoly in the country.

German Industry and Commerce delegation in town

A visiting delegation of German Industry and Commerce had a preliminary meeting with Development Strategies and International Trade Minister Malik Samarawickrama at the ministry yesterday, prior to the opening of the delegation office in Sri Lanka. German Ambassador Jorn Rohde also participated in the meeting.  

Oil majors expected here to evaluate Mannar Basin opportunities

A number of leading international petroleum companies will be visiting Sri Lanka in the coming months to evaluate the opportunities for oil and gas exploration in the Mannar Basin, while the Petroleum Resource Development Ministry seeks the cabinet approval for the third round of tenders to develop the offshore blocks next month.

Awareness campaigns with free lunch result in new tax files: Mangala

Building awareness on tax compliance and giving five-star hospitality treatment to the potential taxpayers are paying dividends, with more tax files being opened after Sri Lankans participated in such seminars, according to the Finance Ministry.

HSBC sees increased opportunity in Sri Lanka

HSBC has always been in the forefront of Sri Lanka’s growth story—may it be funding the big infrastructure projects, raising funds for the government in the 

The Finance puts assets up for sale to reverse fortunes

The troubled The Finance Company PLC (TFC) has resorted to dispose its assets and real estate as the company appears to be making a last ditch attempt to revive fortunes.

Serendib Hotels acquires remaining stake in luxury boutique villa operator

Serendib Hotels PLC has consolidated control over its recently acquired luxury boutique villas in down south last week as Hemas group leisure sector company acquired the balance stake in the operating company.  

SEC likely to get brand new commission

A totally fresh commission is likely to be established at the Securities and Exchange Commission (SEC) shortly, following the expiry of the three-year term of the commission led by Chairman Thilak Karunaratne on January 25, this year.

Colombo port ranked 13th best connectivity port in the world

The Colombo port has gained five places in the latest Drewry Port Connectivity Index to be ranked as the 13th best connectivity port.  According to the rankings, the Colombo port is also the best connectivity port in South Asia. 

Consumption expected to pick up second half of this year

The remainder of 2018 and the entirety of 2019 would be positive for consumer markets as the government is likely to introduce fiscal stimulus in the run up to 2020 elections after the battering it took at the local government elections, industry experts opined.

SriLankan Airlines scores hat-trick at Golden City Gate Awards

SriLankan Airlines, the national carrier of Sri Lanka and a member of the oneworld alliance, reaffirming the global appeal and innovativeness of its marketing communication endeavors yet again, has won three awards at the recently held Golden City Gate Awards 2018 at ITB Berlin, the world’s largest tourism trade fair.  The 18th edition of the awards saw a jury of 40 members judging 157 submissions sent by over 30 countries.  &nbs