Entire public sector going through restructuring process under new govt. -Susil

Sri Lanka’s entire public sector is going through a restructuring process under the new government led by President Gotabaya Rajapaksa, a government minister said.

Govt. to reduce duty on wheat flour imports

The government will reduce duty on wheat flour imports for a limited period in order to ease the cost of living amid a hike in rice prices, Cabinet Spokesperson Dr. Ramesh Pathirana said.

Treasury approves State-sector employee bonuses

The Treasury has approved bonus payment for the year 2019 for the employees of State-owned statutory bodies and fully State-owned companies.

Shares snap six-day losing streak, rupee ends firmer

(Colombo) REUTERS: Sri Lankan shares gained for the first time in seven sessions yesterday, helped by large-cap LOLC Holdings Plc, while the rupee ended higher.

Sri Lanka’s need for data scientists

In 2012, the Harvard Business Review named being a ‘data scientist’ the “The Sexiest Job of the 21st Century”. If that is not appealing enough, it is estimated that by 2020, there will be 40 trillion gigabytes (40 zettabytes) of data created.

Shifting narrative on trade policy: From int’l to domestic

The multilateral trading system and the liberal order on which it is founded are under immense strain. A toxic mix of populist appeals to protectionism and the invocation of national security concerns is disrupting and weakening the global value chains that have underpinned growth in international trade since 1970s.

Climate strike

Climate-strike is the latest addition to the Collins Dictionary. Witnessing frequent, extreme weather disasters around the world combined with youth generated mass protests demanding immediate action by Governments, uphold climate change as one of the most intriguing topics of 2019 and over the past decade. Disastrous weather events causing national emergencies

SL’s lax rules breed corruption at all levels, says CA Sri Lanka chief

Sri Lanka’s existing laws dating back over two decades lack teeth to crack down on rampant bribery and corruption, which has gripped every facet of the Sri Lankan society and even to make little progress in curbin

Top Lankan businesses pledge support to tackle high malnutrition

The Scaling Up Nutrition Business Network (SUN BN), led by the United Nations World Food Programme (WFP), recently brought together 30 leading Sri Lankan businesses to pledge their support for three important agendas—improving workplace health and nutrition efforts, producing healthy food and promoting healthy food consumption. A global network spanning 41 coun

Sri Lanka’s foreign policy in new Rajapaksa era

The return of the Rajapaksa family to the leadership of Sri Lanka raises questions about how the country’s foreign policy approaches to India, China and the United States may change. Media reporting immediately after the November 16 election expressed apprehension about Sri Lanka returning to China’s orbit after a presidential campaign marked by strong anti-US sentiment. Now that the Rajapaksas have reclaimed both the presidency and prime minis

SL in high human development category, says UNDP’s latest report

Sri Lanka’s Human Development Index (HDI) value for 2018 is 0.780— which puts the country in the high human development category— positioning it at 71 out of 189 countries and territories, according to the 2019 Human Development Report released by the United Nations Development Programme (UNDP). Launched this Tuesday, at an event held at the United Nations Compound in Colombo, the report titled ‘Beyond Income, Beyond Averages, Beyond Today: Ineq

LOLC to sell stake in Cambodia’s Prasac Microfinance

LOLC Holdings PLC plans to sell its stake in a microfinance outfit in Cambodia to use the proceeds to fund acquisitions of microfinance firms in emerging markets such as Brazil and India, a Bloomberg news report said.

Enterprise software giant SAP plans huge thrust on Lankan SME mid-market

Following are the excerpts from an interview Mirror Business conducted with Sajith Simon, SAP Head – General Business, India Subcontinent, at SAP India (Pvt.) Ltd, on the enterprise software giant’s operations in Sri Lanka and its future plans for the market. SAP entered the Sri Lankan market about 20 years ago and since then has a strong customer base in multiple sectors including apparel, manufacturing, automotive and agro-processing.

Govt. likely to raise some taxes to balance loss of revenue from stimulus package

The government may raise some taxes to compensate the loss of tax revenue stemming from the sweeping tax cuts announced about three weeks ago aiming to stimulate economic growth, according to ICRA Lanka, the local arm of credit rating agency Moody’s Investors Service. “Reduction in tax revenue is highly unlikely to be compensated by raising non-tax revenue in the short-run. Therefore, we expect the government may consider raising some taxes to co

Only 3% have tertiary education in SL’s agri sector: survey

In what could be termed as a crucial finding, only 3 percent of the population involved in Sri Lanka’s agricultural sector have a degree-level education or any form of tertiary education and the majority in the trade has completed schooling only up to the 10th Grade. At the bottom end, 4 percent of the population in agriculture had no form of schooling while 19 percent had passed up to Grade 6 and a further 46 percent had passed up to the 10th G

Dr. Mobius meets Cabraal

Legendary investor and former chief of the Franklin Templeton Emerging Markets Fund, Dr. Mark Mobius, met with Prime Minister’s Senior Advisor on Economic Affairs Ajith Nivard Cabraal, at the Office of the Prime Minister, Temple Trees, yesterday. Discussions centred on attracting equity and fixed market investments into Sri Lanka and about Sri Lanka’s plans to realise the growth potential of the country.

reporting mechanism key to fighting graft, says TISL

Transparency International Sri Lanka (TISL) yesterday revealed that while efforts are being taken to curb corruption in Sri Lanka, the lack of awareness on the mechanism to report the same remains a major obstacle to development and requires urgent attention.

One-day trading suspension imposed on Bartleet Religare Securities

The Colombo Stock Exchange (CSE) has suspended the trading activities of equities broker Bartleet Religare Securities (Pvt.) Ltd (BMS), for one day.

Shares fall for 4th straight session

(Colombo) REUTERS: Sri Lankan shares closed weaker for the fourth straight session yesterday, weighed down by foreign sell-offs and profit-taking in construction shares, while the rupee ended steady.

ComBank launches pre-paid cards with online top-up facility

Commercial Bank of Ceylon has launched pre-paid cards that can be topped up with funds online and can be used for different or specific purposes while allowing its users to better manage spending and enjoy minimal exposure to risk.

Oil falls 1% as weak China exports highlight trade war impact

(London) REUTERS: Oil prices fell yesterday after data showed Chinese exports declined for a fourth straight month, sending jitters through a market already concerned about damage to global demand by the trade war between Washington and Beijing.

Hong Kong braces for wave of store closures after protests

(Hong Kong) REUTERS: More than one in 10 retailers in Hong Kong could close down in the next six months as social unrest and sometimes violent protests deter tourists, threatening the survival of smaller operators, the city’s main retailing group said yesterday.

The role of taxes in tobacco control: Has Sri Lanka got it right?

The recent hike in cigarette excise taxes to compensate for the reduction in value added taxes (VAT) is commendable, not only because this keeps government revenue from cigarettes unchanged, but also because it prevents a drop in the price of cigarettes, which can increase tobacco prevalence and related harm.

Opportunities for scaling up climate finance in Sri Lanka

The National Consultation on Climate Finance Mechanisms for Financial Institutions in Sri Lanka organized by ICC Sri Lanka together with UNESCAP brought together professionals from several sectors to discuss pressing issues in promoting climate-resilient investment from the private sector.

Port City declared open for investment

As fireworks lit up the Colombo skies, Prime Minister Mahinda Rajapaksa on Saturday evening officially opened the Chinese-backed Colombo Port City for investors. The event also marked the addition of 269 hectares of reclaimed land from the sea to Sri Lanka’s land mass.

CB says deposit insurance scheme not for investors of debentures, commercial papers

The Central Bank said the investors of promissory notes, commercial papers and debentures do not get the protection under its deposit insurance scheme and informed the public to exercise extreme care and be vigilant when investing their money in such instruments offered by various institutions.

Seylan Bank’s Rs.4.39bn rights issue fully subscribed

Seylan Bank PLC closed its rights issue of new ordinary voting shares and new ordinary non-voting shares to its shareholders on November 29, and the issue was fully subscribed by its shareholders.

Maldives seeks to restructure China debt after years of heavy borrowing

(Colombo) AFP: The Maldives is seeking a ‘diplomatic’ solution to restructure its Chinese debt as the small but strategically located atoll nation struggles with repayments, the foreign ministry has said.

Moneylenders to be brought under regulatory oversight

A new law is being drafted to license, regulate and supervise moneylenders and for the protection of borrowers as various unscrupulous parties are found to be exploiting the hapless consumers, the Central Bank said.

US opposition pushes trade court to brink of collapse

(Geneva) AFP: The World Trade Organization’s capacity to settle international disputes, a core function throughout the body’s 25-year history, is on the brink of collapse following relentless US opposition.