Import tax makes vehicles unaffordable for middle class

The government’s decision to maintain a 200% tax on vehicle imports represents a policy failure in terms of meeting the needs of middle-income citizens seeking to affordably purchase a vehicle, according to Co-President of the Vehicle Importers Association of Lanka (VIAL), K. Deekiriwewa.

JKH posts Rs.2.4bn net for July - Sept quarter

John Keells Holdings (JKH), the largest company listed in the Colombo Stock Exchange (CSE) in terms of market capitalization, has recorded a net profit of Rs.2.4 billion for the September quarter (2Q13), up by 59 percent Year-on-Year, the interim accounts released to the CSE showed.

Supermarket tax hike to impact 3 listed operators

The tax extensions on supermarkets and large scale trading operations proposed in the Budget 2013 are likely to negatively impact listed entities with retail arms, CT Smith Stockbrokers, a stockbroker with a predominantly foreign clientele said in a post-budget report.

Seasons of an investor’s life

An investor’s life is not static. Assuming that you get income from sources other than your investments - like employment or your own business - this income will change as you age. Generally speaking, your income should increase as you get older.

Kaizen - Japanese strategy of continuous business improvement

In Japanese, Kaizen means ‘improvement’ or ‘change for the better’. It refers to philosophy or practices that focus upon continuous improvement of processes in manufacturing, engineering and business management.

Plantation sector boosts Sunshine Holdings profits

Sunshine Holdings PLC, backed by the plantation sector performance, posted a profit of Rs 98.3 million for the quarter ended 30th September 2012, improving drastically over a loss of Rs 5.57 million during the same period last year.

Higher finance costs, lack of capital gains affect Hayleys’ bottom line

Higher finance costs, rupee depreciation and lack of one-off gains originating from sale of holdings in subsidiaries during the first half of the financial year 2012/13 have adversely impacted the profitability of Hayleys PLC, a diversified blue chip listed on the Colombo Stock Exchange.

Building a business in the new normal

Ever heard of the new normal? Hurricanes, storms, tsunamis and power outages – the new normal reflects what used to be known as anything but...

Budget 2013 eyes growth, tariffs to protect industry

Sri Lanka is aiming to accelerate the pace of economic expansion to 7 percent with its 2013 budget, government officials said, by pumping in money for post-war infrastructure projects, while raising import tariffs to protect local industries.

Combank’s 9-month net up 25% to Rs.7.6bn

Sri Lanka’s Commercial Bank PLC’s consolidated net profit for the nine months ended September 30, 2012 rose 25 percent year-on-year to Rs.7.6 billion, while net profit for the September quarter (3Q12) stood at Rs.2.3 billion, up 11.55 percent YoY, the interim financial accounts showed.

Foreign firms operated during wartime to be honoured

Global Commerce Excellence Awards 2012, which is to be held shortly, will honour the international businesses that helped to run the Sri Lankan economy and create jobs against all odds, during the terror period of the LTTE.

Qatar Airways Launches Latest Global Sale at Midnight

Doha, QATAR – Qatar Airways is offering customers in Qatar and around the world great savings to more than 100 destinations during its latest three-day global sale starting at midnight.

Buy tickets for Cricket Matches on your Mobitel phone – for the First Time in Sri Lanka

For the first time in Sri Lanka, Mobitel gives you the opportunity to purchase tickets for cricket matches via your Mobitel phone. This special service, offered via the National Mobile Service Provider’s mTicketing platform, is available by simply dialing 365 from any Mobitel connection.

Lanka’s internet and email subscribers grow

The number of internet and email subscribers in Sri Lanka increased by 77.3% Year-on-Year (YOY) during the second quarter of this year reaching approximately 1.15 million subscribers according to the latest economic indicators report from the Central Bank of Sri Lanka.

Long term T-bill yields up

Treasuries yields rose on long term bills during today's auction while yields on short term bills remain flat, the Public Debt Department of the Central Bank said.

Reviving growth- Let policymakers be serious

The challenge for Sri Lanka is to develop a policy framework that would stabilize the economy, boost investment and growth and earn rather than borrow reserves. All shades of political opinion are now focused on these issues.

Elephant House net declines 4%; Keells Super still in red

John Keells group's, Ceylon Cold Stores, popularly known as Elephant House, saw a 4 percent year-on-year (YoY) decline in net profits to Rs.179.3 million for the September quarter (2Q13), with its Keells Super supermarket chain still in the red, the interim financial accounts released to the Colombo Stock Exchange showed

Sri Lanka amongst ideal frontier markets - HSBC

Sri Lanka was highlighted alongside the frontier markets Vietnam and Bangladesh, as being ideal investments for foreign investors with a high risk appetite seeking to diversify their equity portfolios, in an equity strategy report from HSBC.

September trade gap narrows significantly

Sri Lanka’s September trade gap narrowed as significantly as 43.3 percent yearon-year (YoY) to US$ 513.1 million, while the cumulative trade gap for the period from January to September narrowed 0.3 percent to US$ 6.7 billion.

Lankan Angel Network launched

The Lankan Angel Network (LAN), the first of its kind in Sri Lanka is launched with the purpose of bringing together the Sri Lankan investor and mentor community and to scale the startup ecosystem.

How to benefit from market cycles when investing in stock market

Stock markets around the world follow cycles, just like business cycles. As investors, it is vital we understand this fact and invest accordingly. In general, there are ‘Presidential cycles’ (Yes! It is a well-accepted term in the US), Elliot waves and Kondrateiv cycles.

Winning over competition – Sun Tsu style

If you ask a dozen successful Chinese entrepreneurs to name the best business book ever, chances are such ten will say, The Art of War. It was written by a Chinese general named Sun Tzu more than 2,500 years ago, possibly in the sixth century BC.

New vehicle registrations slump 39% in August

New motor vehicle registration during the month of August fell 38.7 percent Year-on-Year (YoY) to 27, 766 amidst import duty increase on motor vehicles, the official data issued by the Central Bank showed.

Mobitel opens second Contact Centre in Mullativu

In its continuous mission to lead Sri Lanka’s ICT transformation across the island, the National Mobile Service Provider, Sri Lanka Telecom Mobitel opened its second regional contact centre in Mullaitivu recently.

Treasury Official Says: Too Much Transparency

Addressing a forum and panel discussion on the topic of ‘Capital Markets, Integrity and Development’ organized by the European Chamber of Commerce of Sri Lanka, Dr Batagoda voiced his opinion on the right of information in Sri Lanka.

G20 leaders begin talks to tackle eurozone crisis

G20 finance chiefs yesterday began two days of talks aimed at quelling fears of a global economic downturn amid a persistent Eurozone debt crisis and a looming fiscal crunch in the United States.

SLTPB participates in World Travel Mart

World Travel Market (WTM), the leading global event of Travel and Tourism Trade, is scheduled to kick off today (November 5) at the Excel Exhibition Hall, London.

Avirate opens at UB City Mall Bangalore

Avirate, a truly Sri Lankan brand is not only expanding locally, but internationally as well. They are proud to announce that they have expanded in India as of recent in UB City Bangalore, India’s first Luxury Mall.

Tea industry in doldrums

The Planters Association of Ceylon (PA) yesterday said that the cost of production in Sri Lanka’s historic tea industry has sky rocketed with labour costs accounting for the largest component in the production process.

Economy to grow 6-6.5% next 10 years - RAM

Sri Lanka’s economy has been forecast to grow at 6.0%-6.5% on average for the remainder of this decade, according to a report from RAM Ratings (Lanka) Ltd.