Right strategies, policy reforms key to handling ageing problem: WB

Sri Lanka having reached the advanced stage of a demographic transition, where it now has a fast-growing ageing population, will require increased focus to cater to that group as current measures by the government remain inadequate. Highlighting Sri Lanka’s changing demographics in their latest development report, the World Bank (WB) said the country needs the right strategies and policy reforms to better hand

Move to establish wider shipping and logistics sector chamber opposed

Attempts are said to be underway to thwart a move to establish Sri Lanka’s first shipping and logistics industry chamber under the name National Chamber of Shipping of Sri Lanka, Mirr

Australia targets March signing of stalled Indonesia trade deal

SYDNEY (AFP) - Australia said yesterday a long-awaited trade deal with Indonesia will be signed in March, following months of diplomatic tension over Canberra's contentious plan to move its embassy to Jerusalem. 

KKS port area to be made vibrant economic hub: PM

Prime Minister Ranil Wickremesinghe said step would be taken to develop a vibrant economic hub around the Kankesanthurai harbour that would be transformed into a commercial port with Indian assistance.

US report calls car imports national security threat: sources

NEW YORK (AFP) - A US Commerce Department report has concluded that American auto imports threaten national security, setting the stage for possible tariffs by the White House, two people familiar with the matter said this week. The investigation, ordered by President Donald T

Asian shares drop on trade talks fears, weak US retail

HONG KONG (AFP) - Asian stocks retreated yesterday as the US hailed "productive" trade talks in Beijing despite earlier reports suggesting an impasse, while Wall Street was hit by weak US retail sales. Bourses across the region were already well

Rupee ends weaker on importer dollar demand

(Colombo) REUTERS: Sri Lanka's rupee ended weaker yesterday, as dollar demand from importers weighed on the currency, market sources said.  The stock market also closed weaker at a near four-month low, as foreign investors sold the island nation's risky assets.  The rupee, ended at 178.65/

Alibaba takes stake in Chinese video platform

BEIJING (AFP) - Alibaba has bought an eight percent stake in Chinese online video sharing and entertainment service Bilibili for an undisclosed  amount, state news agency Xinhua reported. 

Ex-Goldman banker facing 1MDB charges agrees to US extradition

 KUALA LUMPUR (AFP) - An ex-Goldman Sachs banker accused of involvement in the multi-billion-dollar 1MDB scandal has agreed to be extradited from Malaysia to the United States to face charges, his lawyers said yesterday.

CB halts The Finance from taking new deposits, issuing loans

The Central Bank suspended the troubled non-banking financial institution The Finance Company (TFC) from taking new deposits and issuing loans with effects from yesterday (15th) as the losses at TFC continued to expand, amplifying the firm’s already severe liquidity issues. 

Tourism leaders rattled by FCID witch hunt

Two private sector tourism leaders, who had been caught up in a legal battle for over two years initiated by the Financial Crimes Investigation Division (FCID), yesterday called for law 

Sri Lanka urged to keep economic reforms on track

The World Bank yesterday tipped Sri Lanka as one of the stronger economies in the South Asian region, but asserted the country is yet to reach its full potential, and will struggle to do s

Hutch signs BOI agreement to invest US $ 115mn

Hutchison Telecommunications Lanka (Pvt) Ltd (Hutch) signed a supplementary agreement with the Board of Investments (BOI) to invest US $ 115 million to roll out its islandwide 4G network and supp

Melstacorp 3Q flat amid pressure on alcobev segment

Profits at Melstacorp PLC remained flat during the quarter ended December 31, 2018 (3Q19) compared to the same period a year ago, as the diversified conglomerate which houses the country’s largest spirits maker is facing prolonged challenges in maintaining the top line.  Melstacorp reporte

Tea exports to China tops 10 mn kgs

Sri Lanka’s tea exports to China surpassed the 10 million kgs mark in 2018 for the first time in history, reaching an all-time high of 10.02 million kgs. However, the growth of tea exports to China slowed down to 1.2 percent last year from a record 30 percent achieved in 2017.  Ceylon Tea exports

Rupee ends lower on high dollar demand

(Colombo) REUTERS:  Sri Lanka’s rupee ended tad weaker yesterday led by higher importer dollar demand, market sources said.  The stock market closed steady in dull trade, but foreign investors bought into the island nation’s risky assets for the second straight session.  The rupee, ended at 178.50/

The introduction of 15 % VAT on residential apartment sales is going to have a major impact – Mr. Pr

In  a recent interview done with one of the key industry opinion leaders, The Director/ Group CEO of Overseas Realty (Ceylon) PLC Mr. Pravir Samarasinghe shared his views regarding the boom in Sri Lanka’s Apartment and Construction Industry and the VAT policy which will be introduced on Apartment Sales from 01st April 2019.

The tax collector and rights of the taxed

Following is the third part of the full speech made by Dr. K. Kanag-Isvaran, President’s Counsel, at the 22nd Annual  Oration on Taxation, organised by the Institute of Chartered Accountants of Sri Lanka.

Migration in Asia: Where is everybody going?

The US government recently endured a month-long partial shutdown due to a partisan dispute over funding to build a wall on the country’s southern border with Mexico. While those on both sides of the issue were digging in their heels, I got to thinking about migration trends in Asia.  

ADB to pump in US $ 145mn to local university system to nurture technology-oriented graduates

The Asian Development Bank (ADB) and four Sri Lankan universities yesterday signed project agreements totalling US $ 145 million, under the ADB-funded Science and Technology Human Resources Development project, to foster science and technology in Sri Lanka’s higher education.     

Sri Lanka’s largest brewer urges government to plug tax revenue leakages

Sri Lanka’s largest brewer has urged the government to come up with a foolproof mechanism to eliminate the tax revenue leakages stemming from non-declaration of full production volumes by spirits makers.  

New directors elected to CSE board

The Colombo Stock Exchange (CSE) yesterday announced the appointment of Dimuthu Sanjaya Abeyesekera and Murtaza Jafferjee as Directors of the CSE board with effect from February 1, 2019.   

Consumer and healthcare sectors lift Sunshine 3Q profits

The strong performance of the consumer, healthcare and energy sectors offset the negative results from the tea plantation business at Sunshine Holdings PLC, paving the way for the diversified conglomerate to pull off a robust performance for the quarter ended December 2018 (3Q19).   

MTD Walkers enjoined from transferring shares

The Colombo Commercial High Court has issued enjoining orders on MTD Walkers PLC restraining it from transferring its shares in the name of third parties or interfering with its shares in any other manner, until February 20. 

Rupee ends weaker on high dollar demand

(Colombo) REUTERS: Sri Lanka’s rupee ended tad weaker yesterday, as importer dollar demand surpassed the exporter greenback sales, market sources said.

Govt. to spend extra Rs.1.2bn on plantation sector worker wages

The government yesterday said it would contribute Rs.50 to the daily wage of every tea plantation worker, for a period of one year, which can only be described as a desperate measure to end the protracted plantation sector daily wage issue.

World Bank South Asia Vice President in town

The World Bank Vice President for the South Asia region, Hartwig Schafer is currently in town on his first visit to Sri Lanka to gain a better understanding of the country’s development priorities and as to how the bank can continue to support its critical reform agenda.  “Sri Lanka has made good progress in reducing poverty and ranks the highest in South Asia in terms of human capital development” said Schafer.  &ldqu

Access Engineering set to secure largest overseas project

Access Engineering PLC is en route to secure its largest construction contract outside Sri Lanka worth of 14 million euros to design and construct substructures for a Spanish-funded steel overp

Tipping the balance: Are worker remittances to SL really as large as we think?

Worker remittances constitute an important component in the balance of payments (BoP) accounts in Sri Lanka. In 2017, foreign exchange earnings fr

Mirror Biz Toon