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.

Smarter strategies for sharing South Asia’s rivers

South Asia is facing severe water scarcity. As the region’s population grows and its economies develop, a lack of sustainable water development strategy is leading to increasingly acute water shortages.

Anita Roddick used her business profits to campaign for a better world

Dame Anita Roddick (October 23, 1942 – September 10, 2007) was a British businesswoman, human rights activist and environmental campaigner, best known as the founder of The Body Shop, a cosmetics company producing and retailing natural beauty products that shaped ethical consumerism.

Peace, business and prosperity

Every nation, every community and each individual is facing the social and political impact along with the impact of violence. Interpersonal violence results in medical, policing and judicial costs immediately after the violent incident occurs and it has longer-term implications for productivity and economic activity.

Shares fall for third session; rupee gains

Sri Lankan shares closed weaker for third straight session yesterday, weighed down by foreign sell-offs and profit-taking, while the rupee ended firmer. The Sri Lank

China-built Tesla cars secure new energy vehicle subsidies

BEIJING (Reuters) - Tesla Inc said yesterday its Chinese-built Model 3 cars would receive state subsidies, a move that will help the U.S. electric vehicle maker’s push into the world’s biggest auto market. China’s industry ministry had

OPEC countries seek crude quota compliance

VIENNA (AFP) - OPEC countries were to meet again here yesterday after they failed to agree on output cuts that could stem price pressure from abundant reserves and weak global economic growth. Saudi and Venezuelan oil ministers voiced confi

Travel turmoil grips France as strike enters second day

PARIS (AFP) - Travellers faced a second day of chaos across France yesterday as unions pressed on with a strike aimed at forcing President Emmanuel Macron to abandon pension reforms that brought nearly a million people onto the streets. Dozens of trains, metros and flights were cancelled, many schools were again closed or offering only daycare and four of the country’s eight oil refineries remained blocked, raising the prospect of fuel shortages

Govt. halts imports of spices, small crops and Vesak lanterns

The government has banned the importation of spices and minor crops from midnight Thursday (05) to protect local farmers, a Finance Ministry communiqué said. The importati

Trade hopes lift Asia markets but investors eye deadline

HONG KONG (AFP) - Optimism over the China-US trade talks kept Asian markets buoyant yesterday, with investors betting the two will eventually sign a partial deal, though they remain nervous as next week’s deadline for fresh tariffs draws closer. Sentiment across trading floors has ebbed

Uber reveals thousands of reported sexual assaults in US

SAN FRANCISCO (AFP) - Ridesharing leader Uber, under fire around the world for its safety record, said it had tallied nearly 6,000 sexual assaults in the United States over the past couple of years. That included more t

Financial groups gave US$745 bn for new coal power plants: NGOs

PARIS (AFP) - Financial institutions have chanelled US$745 billion over the past three years to new coal power projects worldwide despite effort to reduce fossil fuel use to fight climate change, a report released this week said. The amount was calculated using data cov

Tax chief confident of meeting revenue target set for this year

Sri Lanka’s Inland Revenue Department (IRD) is confident of meeting the Rs.800 billion revenue target set for this year while eyeing an increase in corporate tax collections next year to compensate the potential revenue loss from the recently introduced sweeping tax cuts. “At the end

Construction sector welcomes permit removal

The construction industry yesterday lauded the government for cancelling the requirement of a permit for the transportation of sand, gravel and clay which only added to red tape and corrupt practices, according to the sector players.

H’tota Port reaches 1mn metric tonnes benchmark for 2019

The Hambantota International Port (HIP) had a busy week with 6 RORO ships calling at the port, discharging 18,288 vehicles of which 16, 830 were for transshipment and 1, 458 were for local agencies. The discharging operations for these vessels were carried out simultaneously. The vessels were from the shipping lines Hoegh, NYK and Glovis—all of which have terminal service agreements (TSA) with HIP. The port recently reached its 1 million metric

Singhe Capital Investment acquires controlling stake in Sinhaputhra Finance

Singhe Capital Investment Limited yesterday acquired the controlling stake in Sinhaputhra Finance Limited PLC (SFL) for Rs.300 million as part of a capital infusion deal involving the Kandy-based finance firm. During early trading

Tourist arrivals record significant pick up in Nov; but still down 9.5% YoY

Sri Lanka has been able to significantly minimize the hit on tourist arrivals in the month of November following Easter Sunday attacks in April, which dealt a crippling blow to the country’s booming tourism industry.

Orient Finance to raise Rs.507mn via rights issue

Orient Finance PLC, a unit of Janashakthi group, yesterday announced plans for Rs.506.6 million rights in order to raise money to meet regulatory capital requirements. To this end, the company plans to issue 35.2 million new ordinary voting shares in the proportion of one new share for every five shares held at Rs.14.40 per share. The stated capital of the company at September 30, 2019 was Rs.1.92 billion. Janashakthi PLC owns 91.42 percent of Or

Fiscal stimulus presents “incredibly difficult balancing act” to govt.:WB

Sri Lanka’s new government will have to undergo an “incredibly difficult balancing act” to incorporate the recently introduced economic stimulus package to the system without undermining fiscal and debt sustainability in a global environment, where investors and lenders have become extremely sensitive towards uncertainty, a top economist at the World Bank said.

ESG factors vital determinants of investment decisions: CSE Chairman

With environment, social and governance (ESG) factors becoming vital determinants of investment decisions, it is crucial for Sri Lanka’s listed firms to effectively measure and communicate ESG performance and impacts to their stakeholders.

INSEE Cement to pass on tax relief benefit to customers

INSEE Cement Sri Lanka yesterday said that it would be passing on the tax reduction benefits to its consumers and industrial customers.

Govt. raises excise duties on fags to maintain overall taxes

The government has increased excise taxes to maintain the overall taxes on cigarettes, effective from December 1, following the reduction in the Value-Added Tax (VAT) and abolishing of the Nation Building Tax (NBT).

Ceylon Chamber optimistic that tax cuts will stimulate growth

The Ceylon Chamber of Commerce (CCC), the country’s premier representative of the private sector, yesterday said it is optimistic that the revisions of taxes and levies announced by the new government would stimulate the economy.

Shares fall to near one-week low; rupee gains

(Colombo) REUTERS: Sri Lankan shares dipped yesterday, weighed down by consumer staple companies and as foreign selling dented sentiment, while the rupee ended stronger.

Newest instrument of the bond scam cover up saga: The forensic audit

In its series of recommendations from page 911 to page 922 of its report, the Presidential Commission to Inquire into the Bond Scam (Bond Commission) has, inter alia, recommended as follows:

Poor nations pay price

We believe that climate change is one of the greatest threats that we, as Sri Lankans, will face in the future. Therefore, we intend to provide our readers with local and international content with the objective to educate and inspire. We would also like to learn from our valued readers about any ongoing initiatives in making Sri Lanka a more sustainable nation.

Stocks marginally down on budget deficit concerns

Colombo bourse indices edged down marginally after hitting a 17-month high on Monday on concerns stemming from the likelihood of a significantly widened budget deficit for this year. The benchmark All Share Price Index closed 0.24 points down at 6214. 99 while the more liquid S&P SL20 closed 0.13 percent or 3.86 percent down at 3049.48. The market turnover

HSBC and IUCN join hands to develop low carbon strategy for local apparel industry

Sri Lanka’s largest international bank, HSBC Sri Lanka and International Union for Conservation of Nature (IUCN) have joined hands to develop a cohesive low carbon development transition strategy for the local apparel industry. The strategy aims to drive Sri Lanka’s apparel industry’s transition into a low carbon development to support the industry to embrace the global mandate of ‘responsible fashion’. “The apparel industry is a critical

Tax cuts could cost Rs500bn: Rambukwella

ECONOMYNEXT: Sri Lanka’s tax cuts could cost around Rs.500 to 550 billion a year, but will boost economic growth and future tax revenues, State Minister for Investment Promotion Keheliya Rambukwella said. “According to our calculation, we may lose about Rs.550 billion,” Minister Rambukwella told reporters in Colombo. Rambukwella said Sri Lanka’s tax collections were about Rs. 1 trillion in 2014, with which they ran the economy, which was more tha

NYSE seeks to let direct listings raise capital in IPO alternative

NEW YORK (Reuters) - The New York Stock Exchange (NYSE) said yesterday it had filed with the U.S. Securities and Exchange Commission to allow companies going public to raise capital through a direct listing, instead of an initial public offering. This new hybrid model c