Rising oil prices, vehicle imports send July import bill higher, trade deficit wider

Sri Lanka’s merchandize trade deficit continued to expand as the fuel bill rose significantly amid increasing world oil prices and the import of personal vehicles, which more than doubled in July.    

Corrupt bureaucrats, uncompetitive local industries blocking trade liberalisation

The largely uncompetitive local industries and corrupt bureaucrats are exploiting the public perception to delay trade liberalisation and the necessary reforms for their personal gains, as the government and academics have so far failed to engage the public in a policy dialogue to properly communicate the benefits of free trade. 

Palm oil industry rejects vilification of crop as baseless and unscientific

The vilification of oil palm in Sri Lanka on the grounds of the crop’s purported adverse impact on the environment is completely unjustifiable, given that the extent of land under oil palm is just 1.1 percent of the extent under traditional crops – tea, rubber and coconut – an industry body has stated.  

Rupee depreciation shows abdication of vital statutory duty by CB, Govt.

As per the Monetary Law Act (MLA), it is a statutory duty of the Central Bank is to maintain “economic and price stability”. In so doing, the MLA requires the Monetary Board “to maintain the international stability of the Sri Lanka rupee”. Towards that end, the Monetary Board has to maintain an international reserve, which has to be “adequate to meet any foreseeable deficits in the International Balance of Payments&r

Rupee hits record low for 4th session; stocks gain

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a fourth straight session yesterday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a fourth consecutive session to a more than two-week closing high.  

Potential of Indian Ocean – Historical antecedents, present strategic importance

It  was reported in the local  news media  on October 7,  2018 that Sri Lanka will host a regional conference on the future of the Indian Ocean on October 11, 2018, which is expected to bring together countries that surround the this great body of water where Sri Lanka holds a  pivotal location.  

CEOs should lead, promote openness, retain humility: N-able Chief

Be it chief executives, managing directors or heads of organisations or departments, instead of managing, one should always focus on leading their organisations with a sense of openness and retaining humility, N-able Managing Director and Chief Executive Peter D’Almeida said.  Delivering the inaugural speech o

Banking sector asset quality hits new low

Sri Lanka’s banking sector asset quality fell to a new low in August after the non-performing loans increased, providing clear evidence that businesses and consumers continue to struggle in servicing t

SL retains 16th place in UNCTAD’s Liner Shipping Connectivity Index

Sri Lanka held on to the 16th best connected trading nation to others by sea status in 2018, according to the United Nations Conference on Trade and Development (UNCTAD)’s latest

Advocata says price controls on water bottles carry serious unintended consequences

The recent price controls slapped on bottled water could lower the quality of the water being sold at the market place and limit the choice the customers previously had, Advocata, a Colombo-based think tank that promotes free market ideas said in a statement.  In an extraordinary gazette notific

SL and B’desh to sign Coastal Shipping Agreement shortly

Sri Lanka and Bangladesh have finalised the much awaited Coastal Shipping Agreement, and it will be signed shortly, Development Strategies and International Trade Minister Malik Samarawickrama told a recent forum in Colombo.  The agreement will a

Malik claims CCEM was a ‘consultative process’

Development Strategies and International Trade Minister Malik Samarawickrama yesterday in statement averred that the now scrapped Cabinet Committee on Economic Management (CCEM) headed by Prime Minister Ranil Wickremesinghe was “thoroughly a consultative process.”   Referring to recent new

JLL Lanka hails deregulation of real estate market as boost for foreign investment

Real estate consultancy JLL Lanka this week commended the passing of the recent legislation pertaining to foreign ownership of land in Sri Lanka, noting that the move will

BOI terminates agreement with WCC to build Asia’s tallest building

The Board of Investment (BOI) has terminated the agreement with World Capital Centre (WCC) to build the Asia’s tallest building in Colombo with a US$ 2.4 billion investment.

IMF calls for more action in Pakistan, but no word on bailout

ISLAMABAD (AFP) - The International Monetary Fund has called on Pakistan’s new government to act fast to stabilise its teetering economy, warning growth will likely slow and inflation rise, but made no mention of a new bailout deal.

Pressure on President Rodrigo Duterte as Philippine inflation jumps

MANILA (AFP) - Philippine inflation jumped to an almost 10-year high in September, data showed yesterday, putting pressure on President Rodrigo Duterte to act as the cost of food and fuel hit the country’s poor in the pocket.

BOI says corruption has nothing to do with derailing rail deal

The Board of Investment (BOI) yesterday denied corruption allegations relating to the 488 million euro mega integrated high-speed train manufacturing plant project’s approval process, 

Lankan entrepreneurs struggling without skills, biz education: Rishad

Despite playing a huge role in the country’s economy, Sri Lankan entrepreneurs and SMEs are struggling to advance their business capacities due to lack of skills and relevant business education. 

Rupee hits record low on importer dollar demand

COLOMBO (Reuters) - The Sri Lankan rupee hit a record low for a third straight session yesterday due to dollar demand from importers and foreign banks amid outflows from govern

SriLankan named most punctual global airline in September

SriLankan has achieved the remarkable feat of being named the world’s most punctual airline in the month of September 2018 in the key categories of ‘Global Airlines’ and ‘Major Airlines’, by the flight data analysis company Flightstats.com.

Marmite maker Unilever axes move from London to Rotterdam

THE HAGUE (AFP) - Anglo-Dutch consumer giant Unilever, maker of iconic products like Marmite, yesterday ditched its post-Brexit plan to move its main headquarters from London to Rotterdam after a revolt by shareholders.

Toyota announces new recall of 2.4 million hybrid cars

TOKYO (AFP) -  Japanese car giant Toyota said yesterday it is recalling more than 2.4 million hybrid cars over a fault that could cause crashes, just a month after another recall affecting hybrids.

Melstacorp eyeing healthcare and non-alcobev acquisitions

Diversified conglomerate, Melstacorp PLC could be looking to acquire targets as the group sits on a large cash pile while generating a robust free cash flow, and its current debt stays conveniently serviceable, says Fitch Ratings.  

Improved Qatar visa process for migrant workers

The Government of Qatar will soon be simplifying the migrant work visa application process that will expedite the visa processing for Sri Lankan migrant workers.  This service, which will first be introduced in Sri Lanka and then rolled out in other key South Asian cities, will be made available through Qatar Visa Centres, which is directly supervised by the Q

Unilever, UNGC and UNDP convene 2nd Annual PPP Forum in Colombo

Unilever Sri Lanka together with the United Nations Global Compact (UNGC) Sri Lanka and United Nations Development Programme (UNDP) convened the second Annual Private-Public Partnership (PPP) Forum in Colombo recently. 

September tourist arrivals up 2.8%

Tourist arrivals grew only 2.8 percent to 149, 087 in September, the lowest growth recorded so far this year, amid a sizeable drop in tourists from Middle East, the data released by the Sri Lanka Tourism Development Authority (SLTDA) showed.

Brand new car importers call for registration of vehicle importers

The Ceylon Motor Traders Association (CMTA), an industry Association consisting of local agents for global automotive manufacturers, yesterday proposed to the government to implement a scheme to re

Sri Lanka to liberalise multi-country consolidation operations shortly

The Ministry of Finance and Mass Media is likely to issue a gazette shortly opening up the less than container load (LCL) business, allowing multi-country consolidation (MCC) and entrepot trade to all players, which is seen as a vital step towards the realisation of Sri Lanka’s aspiration to become a maritime hub in the Indian Ocean. 

Rupee hits record low on importer dollar demand; stocks extend gains

(Colombo) REUTERS: The Sri Lankan rupee hit a record low for a second straight session yesterday due to dollar demand from importers and foreign banks amid outflows from government securities, while stocks rose for a second consecutive session.

Laugfs Gas to begin commercial operations of LPG storage terminal at Hambantota port next month

Laugfs Gas, a pioneer in Sri Lanka’s power and energy sector, is set to open its LPG storage complex established at the Hambantota port for commercial operations this November.