Wary of China, Germany plans rapid state intervention to protect key industries

(Berlin) REUTERS: Germany set out plans yesterday to create a government committee to step in quickly to protect companies against foreign takeovers, a sign of concern about China and others acquiring its technology. The finalised industrial strategy outlined by Economy Minister Peter Altmaier is also intended to prevent the erosion of Germany’s manufacturing base, on which much of its wealth is built.

Shares end at 17-month high; rupee slips

(Colombo) REUTERS: Sri Lankan shares closed at a 17-month high yesterday, helped by positive sentiment surrounding tax cuts by the country’s new government, while the rupee ended a tad weaker. The government said on Wedne

Brent oil prices weaken ahead of OPEC+ meeting

(London) REUTERS: Oil prices dipped yesterday in muted activity because of the U.S. Thanksgiving holiday while OPEC watchers expect an extension to a pact to throttle oil output but no deeper cuts to be agr

India’s economic growth slows to 4.5% in July-Sept.

(New Delhi) REUTERS: India’s annual economic growth slowed to 4.5 percent in the July-September quarter, its weakest pace since 2013, making an interest rate cut more likely when the central bank meets next week. The gross do

John Keells Properties promotes two upcoming projects to foreign investors, diaspora

John Keells Properties has successfully concluded a series of international roadshows to promote its two upcoming residential projects, TRI-ZEN and Cinnamon Life, among foreign investors and Sri Lankan’s living overseas.

Moody’s says tax cuts credit negative

International rating agency, Moody’s Investors Service, yesterday said the sweeping tax cuts announced by Sri Lanka’s new government headed by President Gotabaya Rajapaksa is credit negative amid increased risks stemming from potentially weak government revenue and low debt affordability.

Six-member committee appointed to select bosses for State enterprises

The President’s Media Division yesterday said a six-member committee headed by former Secretary to the Cabinet of Ministers Sumith Abeysinghe has been appointed to select suitable professionals to lead State enterprises and regulatory and statutory bodies.

Hoteliers welcome export status to tourism industry

Sri Lanka’s hospitality industry yesterday welcomed the Cabinet decision to recognise the industry under exports while calling for a complete revamp of the country’s tourism office to launch the long-delayed tourism promotional campaigns to support the recovery of the industry after Easter attacks.

India considers commissions cap for Uber, Ola, unsettling industry

NEW DELHI (Reuters) - India plans to cap the commissions app-based taxi aggregators such as Uber and home-grown Ola earn on rides to a maximum 10 percent of the total fare, according to a draft proposal seen by Reuters, a move industry experts warned would hit revenue and operations.

Effective tax rate on banks and finance firms down by 9%

The overall effective tax rate on banking and finance companies will be reduced by 9 percent to 43 percent from 52 percent with the removal of Debt Repayment Levy and Nation Building Tax (NBT), according to Colombo-based equities broker, SC Securities.

Shares, rupee gain after tax cuts; policy rates awaited

(Colombo) REUTERS: Sri Lankan shares and rupee ended higher yesterday, a day after the government said it has decided to reduce value-added tax to 8 percent from 15 percent with effect from December 1, along with plans to abolish some other taxes as well.

Fitch expects Lion beer sales to increase by 12% amid strong demand

Fitch Ratings expects Lion Brewery (Ceylon) PLC sales to increase by 12 percent in FY20 driven by relatively resilient demand for strong beer among local consumers, even though weak tourist arrivals are likely to impact mild beer sales.

ICIMOD Nepal determined to assist ‘mountain people’ in HKH region

Accounting to 0.03 percent of the world’s land mass, Nepal is situated at a very important location, bordering India and China.

The man who saved a Spanish island from over-development

Roadside billboards and high-rise hotels are banned on Spain’s holiday island of Lanzarote - a legacy of visionary artist Caesar Manrique, whose birth a century ago is being celebrated this year.

Sweeping tax cuts announced to ignite economy

Sri Lanka’s newly-appointed government yesterday introduced a wide range of tax cuts to support the local businesses and domestic production while revealing plans to discourage agricultural imports to the country with import substitution. The Cabinet o

Sri Lanka secures 2nd place at Asia Pacific ICT Awards 2019

The Sri Lankan delegation secured the second place overall at Asia Pacific ICT Alliance (APICTA) Awards 2019, held from November 19 to 22, 2019, at Ha Long Bay, Vietnam. The APICTA is an alliance of

Cheap labour hinders investments in high-tech in SL: industrialist

The appetite for investments in technology and automation is lacking in Sri Lanka because it still has relatively cheap labour compared to some of the regional peers, according to an industrialist. MAS Kreeda CEO/Managing Director Sarinda Unamboowe said technology investments in Sri Lanka have longer payback periods compared to countries such as China and as a result, such investments have been regularl

CCC’s Best Corporate Citizen Sustainability Awards today

Recognising companies for sustainability and corporate excellence, Best Corporate Citizen Sustainability (BCCS) Awards 2019 will be held this evening at Cinnamon Grand, Colombo. Hosted by the Ceylon Chamber of Commerce (CCC) for the 16th consecutive year, the objective of the awards is to recognise the importance of corporate sustainability in Sri Lanka and encourage businesses to adopt best practices when creating goods and providing services.

Central Bank says not informed of anyone keen to invest in TFC

The Central Bank yesterday said it had not been submitted any information regarding any potential investors who were considering investments in the troubled The Finance Company PLC (TFC).

EOIs called from professionals to be considered to head state enterprises

The Presidential Secretariat yesterday invited experienced professionals to submit expressions of interest (EOIs) to be considered for appointment as chairpersons and board members of state-owned enterprises, regulatory bodies and other statutory institutions. A public notice published in y

MCC Compact to be launched in SL soon: State Dept. official

The controversial Millennium Challenge Corporation (MCC) Compact, which caused a huge uproar particularly prior to the recently concluded presidential election, would be soon launched in Sri Lanka, according a top US State Department official.

NDBIB rings success with Rs.2.8bn IPO in Maldives

NDB Investment Bank (NDBIB), acting as the sole financial advisor and manager, has successfully completed the initial public offering (IPO) of Maldives Islamic Bank PLC (MIB), the only fully-fledged Islamic Bank in the archipelago.

Fitch doubtful new govt. would adopt cost-reflective tariff structure for electricity

Fitch Ratings is of the view that the new government will not adopt a cost-reflective tariff structure for electricity ahead of the key elections scheduled for next year.

Shares edge up, rupee falls; new leader’s policy direction awaited

(Colombo) REUTERS: Sri Lankan shares recovered yesterday from a more than one-week closing low in the previous session, as investors picked up beverage and manufacturing shares.

ACL Cables to acquire 51% of Cable Solutions for Rs.481mn

ACL Cables PLC yesterday said it entered into a sales and purchase agreement to acquire 51 percent of Cable Solutions (Pvt) Ltd for Rs.480.7 million subject to conditions.

Uber loses London licence due to safety risk

(London) AFP: London’s transport authority on Monday refused to renew an operating licence for ride-hailing giant Uber -- and blamed “unacceptable” safety risks for passengers.

Helping Sri Lankan workers in South Korea to save better

Sunil has been employed in South Korea for the last three and a half years, working for a small and medium enterprise (SME) manufacturing automobile parts, in the industrial town of Ansan, in the outskirts of Seoul. He earns KRW 2.5 million or Rs.400,000 a month with overtime and night-shift allowances – a sizable income back in Sri Lanka. Having married a year ago, he came to Korea intending to earn as much as possible within a short time. He ho

H’tota port deal was a mistake: President

Newly-elected President Gotabaya Rajapaksa says he wants to renegotiate the deal with the Chinese on the Hambantota Port, which is strategically located near one of the world’s busiest shipping lanes with tens of thousands ships passing by a year.

Govt. to make new laws to protect public officials from prosecution

The new government under President Gotabaya Rajapaksa will come up with new laws to clear public officials from prosecution due to the lapses made by them while executing decisions made in good faith to carry out government policy, Prime Minister and Finance Minister Mahinda Rajapaksa said.

MAC Holdings to begin freeport operations with US $ 5mn investment

Sri Lanka’s MAC Holdings plans to venture into freeport operations by investing over US $ 5 million to set up a freeport facility in the Katunayake Free Trade Zone, adjoining Bandaranaike International Airport.