Central Bank calls for caution handling stimulus package

The recently introduced fiscal stimulus package should be accommodated within a stable framework without comprising Sri Lanka’s fiscal and debt sustainability, the Central Bank (CB) stressed last week.

Policy rates kept steady amid fiscal developments

As expected, the Central Bank (CB) maintained policy rates at current levels, mainly due to the recent developments on the fiscal front, which includes the recently introduced fiscal stimulus by the new government. “Even before the fiscal stimulus package, which came in couple of days ago, there were certain fiscal measures, including pending salary hike, which argues some degree of caution in loosening

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.

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

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.

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.

Eight new power sets to arrive next month

Sri Lanka’s train service will be further boosted with the arrival of eight new train sets next month.

Sri Lanka’s new leader appoints his PM brother as Finance Minister

COLOMBO (Reuters): Mahinda Rajapaksa, the current Prime Minister, as the interim government’s new Finance Minister, State television showed in a live telecast yesterday.

Sri Lanka’s ruling siblings: New President swears in his brother as PM

(Colombo) REUTERS : Sri Lanka’s newly elected president Gotabaya Rajapaksa yesterday swore in his elder brother, former president Mahinda Rajapaksa, as Prime Minister, cementing the powerful family’s political comeback.

New Treasury Secy. pledges to restore Finance Ministry’s lost honour

The new Treasury Secretary and Finance Ministry Secretary S.R. Attygalle yesterday pledged to rebuild the lost honour and glory of the Treasury, working efficiently and progressively with the newly-elected President Gotabaya Rajapaksa.

SL likely to miss this year’s tea production and export targets

Sri Lanka is likely to miss the tea production and export targets set for the year as tea output sharply declined in October due to extreme weather conditions, although the demand for quality Ceylon Teas continue to rise at the Colombo Tea Auction driven by winter buying.

Indira Malwatte resigns as EDB Chairperson

Indira Malwatte yesterday announced her resignation as the head of the Export Development Board (EDB), ending over a four-year stint.

Bourse set to cruise with Gota’s win

Capital market analysts expect the Colombo bourse to climb upward in the short to medium-term following the fairly convincing win of Sri Lanka Podujana Peramuna (SLPP) presidential candidate Gotabaya Rajapaksa, who appeared to be the preferred choice of the country’s business and investment community.

Securing the largest FDI

Sri Lanka recently secured the largest ever FDI worth US$ 24 billion for the establishment of Hambantota Oil Refinery (Private) Ltd. Picture shows Finance Minister Mangala Samaraweera and Development Strategies and International Trade Minister Malik Samarawickrama extending good wishes to Danny Lee, Director Sugih Energy (PTE) Ltd. BOI Chairman Mangala P.B. Yapa and R.A.D.M. Terrance Sundaram, representative of the Hambantota Oil Refinery (Priva

Singaporean firm to invest US$ 24bn to set up refinery in H’tota

Sri Lanka’s Board of Investment (BOI) has approved US$ 36.4 billion worth foreign direct investment (FDI) projects so far this year including a US$ 24 billion oil refinery and petrochemical complex in H

Labour Dept. to introduce minimum retirement age for private sector employees

The Department of Labour plans to introduce a minimum retirement age for Sri Lanka’s private sector employees after the presidential elections.

China’s Hainan Group to invest US$ 300mn to set up two rubber trade zones

China’s Hainan Rubber Industry Group Co. Ltd has reached an agreement with the Plantation Industries Ministry to invest US$ 300 million to set up specialised free trade zones for rubber-based value-added exports in Kegalle and Kalutara districts next year.

Colombo Port City has potential to become most advanced smart city in Asia: Hans

The Colombo Port City project has the potential to become the most advanced smart city in Asia by attracting tech giants while providing the catalysts for inclusive advancements in digital space across various sectors of the economy, promoting inclusive capitalism.

Sri Lanka’s Santani Resorts & Spa wins big at WTM London

Sri Lanka’s Santani Resorts & Spa has won the Gold Award under ‘Best in Wellness’ category at the International Travel & Tourism Awards (ITTA) 2019 presented by World Travel Market (WTM) London.

Sri Lanka’s Santani Resorts & Spa wins big at WTM London

Sri Lanka’s Santani Resorts & Spa has won the Gold Award under ‘Best in Wellness’ category at the International Travel & Tourism Awards (ITTA) 2019 presented by World Travel Market (WTM) London.

Air quality in Colombo worsens

Mist-like conditions prevailed in Colombo both on Tuesday and Wednesday with the air quality in Sri Lanka’s capital recording unhealthy values. According to the National Building Research Organisation (NBRO), a sharp increase in dust particles has caused the deterioration in air quality. Currently, New Delhi is experiencing a toxic haze, forcing residents to remain indoors

Election pledges threaten fiscal targets under IMF

Sri Lanka’s two top presidential candidates are offering election giveaways, from free housing to sanitary pads for women as well as big tax cuts that officials and a credit rating agency are warning would push the country deeper into debt.

Crucial policy decisions vital to harness power of Colombo Port City

Healthy IMF relationship urged to avert Greek-style collapse

Although Sri Lanka’s ongoing programme with the International Monetary Fund (IMF) is reaching its final stages, the country’s next government will have to maintain a healthy relationship with the multilateral lender to avert risking a Greek-style austerity scenario, according to the Central Bank Governor Dr. Indrajit Coomaraswamy.

Shares post 10-month closing high; rupee edges down

Sri Lankan shares rose yesterday in high turnover and closed at their highest in 10 months, as investors took positions two weeks ahead of presidential polls, analysts said. Sajith Premadasa, the Housing Minister and one of the two presidential front-runners, on Thursday announced his election manifesto, which is seen by analysts as a ‘broader policy framework’.

HSBC eyes even bigger slice of SL’s trade finance pie

Sri Lanka’s largest international bank, HSBC Sri Lanka, yesterday said it financed over 80, 000 trade transactions to the tune of US$ 2.3 billion, last year, and is investing to transform the country’s trade finance landscape by digitizing it.

HSBC eyes even bigger slice of SL’s trade finance pie

Sri Lanka’s largest international bank, HSBC Sri Lanka, yesterday said it financed over 80, 000 trade transactions to the tune of US$ 2.3 billion, last year, and is investing to transform the country’s trade finance landscape by digitizing it. “Over the last twelve mo

FinMin says can amend MCC projects even after agreement signing

The Sri Lankan government will retain the option to amend the identified projects in the US $ 480 million Millennium Challenge Corporation (MCC) Compact even after the signing of the agreement, the Finance Ministry said.

Government targets Rs.48bn from Luxury Tax revision on vehicles

The government has revised the Luxury Tax formula on vehicles by resorting to calculate the tax based on the manufacturing cost or the cost, insurance and freight (CIF) value of a vehicle, instead

Increased efforts on marketing urged to link SMEs with supply chains