IEA says calm in oil markets could be short-lived

(Moscow) REUTERS: Oil markets have entered a brief period of calm but a storm might be looming later this year when new U.S. sanctions are poised to slash supplies of Iranian oil, the Inte

Rupee skids in line with other emerging-market currencies

(Colombo) REUTERS: The Sri Lankan rupee edged down yesterday, in line with other emerging-market currencies, mainly due to global concerns, dealers said. The rupee, which hit an intraday low of 160.10 per dollar, ended at 160.00/10, compared with Thursday’s close of 159.95/160.10. It hit a record low of 160.17 on June 20 and has declined 4.2 percent so far this year.

Minister Samaraweera invites Rotary Club to partner with Finance Ministry

Dushan Soza, District Governor of the Rotary Club and its past District Governor Senake Amerasinghe called on the Minister of Finance & Mass Media, Mangala Samaraweera at the Finance Ministry yesterday. 

JICA discusses Greater Kandy Urban Development Plan at seminar

The Urban Development Authority (UDA) of Sri Lanka and Japan International Cooperation Agency (JICA) have been working together since February 2017 to formulate the urban development vision, plan and design guidelines with the objective of realizing Kandy’s unique socio-economic potential while preserving its ancient heritage.

Volumes at CTC continue to pick up during 2Q

Volumes continued to pick up at Sri Lanka’s monopoly cigarette player, Ceylon Tobacco PLC (CTC), with the company generating higher revenues and profits for shareholders and taxes for the gov

KPMG bullish about Sri Lanka’s luxury real estate market

KMPG Sri Lanka remains bullish on Sri Lanka’s luxury real estate market as population growth, fast urbanisation, increasing housing requirement, surge in tourism and growth in household and per 

Singer Sri Lanka ups sales and profits with recovery in rural economy

Singer Sri Lanka PLC reported modest growth in revenues and profits for the quarter ended on June 30, 2018 (1Q19) as the consumer durables retailer saw a rebound in business in all its segments, as the rural agricultural economy is seen recovering from last year’s crop losses.  Singer reported Rs.15

Haycarb June profits hit by charcoal shortage

Hayleys group’s coconut-shell based activated carbon manufacturer, Haycarb PLC, saw its June quarter (1Q19) earnings declining amid shortages and price escalations of coconut shell-bas

Sri Lanka strengthens core FTA negotiation team

The Cabinet of Ministers this week approved a Cabinet proposal presented by Development Strategies and International Trade Minister Malik Samarawickrama to institutionally strengthen Sri Lanka’s main trade negotiation team, with the addition of Central Bank Senior Deputy Governor Dr. P. Nandalal Weerasinghe and experts from technical committees, bri

Rupee edges down on importer dollar demand

(Colombo) REUTERS: The Sri Lankan rupee closed marginally weaker yesterday on importer dollar demand, while dealers expect the local currency to stabilise around the current level in the short term.

H’tota port control to revert to Sri Lanka after 80-years for one dollar

ECONOMYNEXT: Sri Lanka can regain a majority stake in the terminal company at Hambantota port from China after 80-years for one dollar and the port will pay standard royalties on containers and bulk cargo after 25-ye

New regulatory framework proposed for zero duty gold imports for exports

The Sri Lanka Gem and Jewellery Association (SLGJA) is proposing a regulatory framework to enhance the accountability in order to allow importation of gold bullion at zero duty for direct and indirect jewellery exports, while warning that the current 15 percent import duty on gold imports could adversely affect the earnings from the tourism industry. 

SL to develop 6 milk processing centres with French funding

Sri Lanka is to develop six milk processing centres under the financial assistance from Natixis Investment Bank of France.

Two tourists enjoying the scenic beauty from the top of the famous Sigiriya rock fort

Two tourists enjoying the scenic beauty from the top of the famous Sigiriya rock fort,

Cabinet nod for Kandy airport feasibility study

The Cabinet of Ministers has given its approval to conduct a feasibility study to construct a domestic airport in the Digana, Maberiyathenna area.

Postponement of local govt. polls identified as primary reason for construction sector slowdown

Leading cement manufacturer, Tokyo Cement PLC, has identified the long delay in holding local government polls as the primary reason for the major slowdown experienced by the country’s construction sector, in addition to the negative effects from bad weather and rupee depreciation. 

Broader policies to enhance social health, revenues and combat tobacco abuse

Last week’s excise increase on cigarettes demonstrate the government’s continued commitment to controlling smoking-related harm, whilst ensuring a steady inflow of revenue to state coffers from smokers. 

Remembering a management sage: Three years later

Time has passed by. Three years have gone after the sad demise of my mentor. A lot has been said by now about this legendary marketing sage, since his untimely departure in August 2015. 

Port City land reclamation to conclude by June next year

The land reclamation of Colombo Port City (CPC) is scheduled to be completed by June next year as the land filling is nearing 90 percent completion while the breakwater construction is expected to restart in September-October this year, following the monsoon season.  

Strengthen board at CSE empowering SMEs in economy

A country can be truly developed only by producing quality goods and services, which would be sold at higher prices locally as well as globally, beating the competition. The main problem identified in developing economies like ours has been how to increase the production, given the limited capital and poor technology. 

Mines Bureau to map radioactive minerals in Sri Lanka – A critical review

A news item under the above heading in Daily Mirror on July 27, 2018 has reported that the Geological Survey and Mines Bureau (GSMB) is to launch a systematic field investigation under the “guidance” of the present chairman whom I believe is not a professional geologist. With due respects to this officer, I would like to categorically state that this effort of the GSMB is definitely an exercise of “reinventing the wheel”.

Govt. should take a cue from Trump economics

Trump victory in 2016 was powered by economically downtrodden voters who were driven by their fears of insecurity about their and their children’s economic future. For those people after several years, America’s economy is finally showing great promise to them. 

Order on interim relief fixed for Sept.07

The order on the interim reliefs sought by the petitioners at the Ceylon & Foreign Trades PLC (CFT) case was fixed for September 7, 2018 by the Commercial High Court judge Ruwan Fernando.

Rupee edges down on importer dollar demand

COLOMBO (Reuters): The Sri Lankan rupee ended marginally weaker yesterday as demand for the U.S. dollar from foreign banks surpassed mild inward remittances, traders said.

New regulatory framework proposed for zero duty gold imports for exports

Sri Lanka Gem and Jewellery Association (SLGJA) is proposing a regulatory framework to enhance accountability in order to allow importation of gold bullion at zero duty for direct and indirect Jewellery exports while warning that the current 15 percent import duty on gold imports could adversely affect earnings from the tourism industry. 

July tourist arrivals up 6 %

Buoyed by higher tourist arrivals from India and Europe, Sri Lanka’s total tourist arrivals during the month of July rose 6 percent year-on-year (YoY) to 205,482 the data released by the country’s tourism office showed.

CIC cuts losses during June quarter

CIC Holdings PLC (CIC) slashed losses during the quarter ended June 30, 2018 (1Q19) as the diversified conglomerate known for its crop and industrial solutions is recalibrating its different busi

Trump warns world against business with Iran as sanctions return

AFP: US President Donald Trump warned countries against doing business with Iran yesterday as he hailed the ‘most biting sanctions ever imposed’, triggering a mix of anger, fear and defiance in Tehran.

Ceylon & Foreign Trades Plc shareholders go to Court over malpractice

The minority shareholders of Ceylon & Foreign Trades Plc have filed a case at the Commercial High Court of Colombo for oppression and mismanagement of the company affairs by Director-Executive Chairman Ali Asger Shabbir Gulamhusein in concert with Director Malayandi Jeyapragash, Auditor A.I. Macan Marker and Co. Charted Accountants and secretarial company Adam Corporate Secretarial Ltd. which is owned and controlled by Ali Gulamhusein.

Higher loan loss provisions hamper NTB 2Q

The higher loan loss provisions hit Nations Trust Bank PLC’s (NTB) profits although the bank managed to record a decent growth in new loans amid some solid growth in new deposits.