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 

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,

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.

Merchandise exports grow moderately in 1H

Sri Lanka’s merchandise exports grew moderately in the first half of the year, at 5.3 percent year-on-year (YoY) to reach US $ 5.63 billion, compared to US $ 5.34 billion recorded for the same period, last year, the provisional data from the Export Development Board showed. 

Central Bank sees 2018 economic growth at 4%

The Central Bank has revised down the economic growth forecast for this year to 4 percent from the initial growth forecast of 5 - 5.5 percent at the beginning of the year, as the economic 

Central Bank keeps policy rates steady

The Monetary Board of the Central Bank of Sri Lanka yesterday decided to maintain policy interest rates at their current levels amidst monetary policy tightening in the United States and othe

Amendments to Microfinance Act to rein in loan sharks

Finance and Mass Media Minister Mangala Samaraweera yesterday vowed to bring in new amendments to the Microfinance Act of 2016 before the next budget, to resolve the rural indebtedness, which has become “a national tragedy”, caused by certain errant microfinance companies. 

SLIC to regain market leadership through 3-yr strategy

Sri Lanka Insurance Corporation (SLIC) launches a fresh attempt to regain the market leadership in Sri Lanka’s insurance industry by implementing a three-year strategic plan partnering with a consultancy firm, aligned with fast-tracked branch expansions and modernisation of SLIC operations. 

UL completes acquisition of final Airbus Neo aircraft

SriLankan Airlines yesterday welcomed its newest and final addition to the Airbus A321 Neo fleet. The aircraft arrived from Hamburg via Abu Dhabi on July 29, 2018.

Depressed consumer demand hampers John Keells first quarter

John Keells Holdings PLC (JKH), Sri Lanka’s highest valued business conglomerate, could not escape from the dampened economic activities in the country, as the group performance was hampered by its key consumer business segments.

John tells city hotels to re-commence night clubs to retain tourists in Colombo

Sri Lanka’s Tourism and Christian Religious Affairs Minister John Amaratunga this week called the “grumbling Colombo hoteliers” to re-commence night club operations to retain more tourists in Colombo.

Lankan banks told to be ruthless with borrowers if NPLs continue to rise

The Sri Lankan banks may still be far from a full-blown non-performing loan (NPL) crisis. But cracks are appearing in the asset quality with the rise in sour loans, hindering the banking sector’s future growth prospects.  

Sri Lanka’s maritime sector master plan nears completion

Sri Lanka’s maritime sector master plan, developed by Maritime and Transport Business Solutions (MTBS), a consultancy firm from the Netherlands, and funded by the Asian Development Bank (ADB) is nearing completion, according to Ports and Shipping Minister Mahinda Samarasinghe.

China’s Xi offers fresh US $ 295mn grant to Sri Lanka

Chinese President Xi Jinping has offered Sri Lanka a fresh grant of two billion yuan (US $ 295 million), as Beijing looks to expand its influence in the tiny island country off India’s southern tip.

Export growth outpaces imports in May

Sri Lanka’s deficit in the trade account has been on a continuous expansion, but the pace at which it grew during the month of May decelerated after many months, as the country’s goods exports grew faster than its imports bill. 

Hotel Show Colombo 2018

The 20th edition of the Hotel Show Colombo 2018 – organized by the Ceylon Hotel School Graduates Association (CHSGA) together with event partner CDC Events, was opened by Prime Minister Ranil Wickremesinghe at the BMICH yesterday. Picture shows Tourism Minister John Amaratunga making inquiries about some products on display. 

Sri Lanka unveils 5-year National Export Strategy

Sri Lanka yesterday unveiled the five-year National Export Strategy (NES), a blueprint for achieving US $28 billion in exports by 2022, aiming to facilitate a sustainable transition to a higher middle-income country. 

State-run Lanka Sathosa expects to return to black this year

Lanka Sathosa will return to profits this year amid the cost-cutting initiatives and focus on high-yielding grocery sales, according to the head of Sri Lanka’s state-run supermarket chain.

Navin in Japan to resolve tea issues

Plantation Industries Minister Navin Dissanayake is currently in Japan to find solutions to the problems faced in exporting Sri Lankan tea to Japan due to its residue levels. Japan has introduced a set of revise

Govt. to bring amendments to new IRA in six weeks

Sri Lanka plans to bring several amendments to the new Inland Revenue Act (IRA) within next six weeks, following the emergence of several discrepancies during the implementation of the act, Finance and Mass Media Minister Mangala Samaraweera said.

Ranil tells State banks to look at business plans, not assets

State banks should change its stance specially when it comes to lending, and thereby should stop focusing on the assets which an entrepreneur possesses but instead should look at the viability of the project presented by him/her,” Prime Minister Ranil Wickremesinghe said yesterday.  Wickremesinghe expressed this sentiment

Sri Lanka to revise fuel prices every month

Sri Lanka is to adjust fuel prices every month to reflect the world market prices of fuel through the announced “fuel pricing formula”.  Addressing a m

US firms here concerned by policy instability, report says

Sri Lanka scores low on providing a conducive business environment for US companies operating in the country owing to policy instability while conditions for attracting For

HSBC says multilateral trading system would survive US-China trade war

HSBC, the market leader in global trade finance, expressed confidence that the World Trade Organisation’s (WTO) rule-based multilateral trading system is likely to survive the current trade war between the US and China with some changes. 

Declining ethics, morals blamed for businesses going behind politicos

The decline of ethics and morals in Sri Lanka’s business community has led businesses to heavily depend on excessive lobbying to politicians to gain “favour and unfair advantage” over the competitors, a leading shipping and logistics industry figure lamented. 

National Export Strategy gets Cabinet approval

Sri Lanka’s Cabinet of Ministers has approved the National Export Strategy (NES)—a five-year strategy aimed at increasing exports and generating enhanced revenue for Sri Lanka’s small and medium enterprises and exporters, a communiqué by the Export Development Board (EDB) said.  The EDB, Sri Lanka’s apex body for export promotion, said the implementation of the NES would increase Sri Lanka’s export revenu

Central Bank says relationship between credit and economic growth weakening

The Central Bank has urged the government to put more weight on factor market reforms, improving investment climate and capitalising the country’s geographical location through trade policy in order to boost future economic growth, as the relationship between credit growth and economic expansion is on a weakening trend, while the loosening of monet

CB stands pat, says low rates will support growth

The Central Bank left its key policy rates unchanged as expected yesterday, saying a low rates environment and stabilising inflation will support an economy in the face of a fragile rupee currency.

Treasury Secy. reveals shocking state of State-owned enterprises

Successive Sri Lankan governments have pumped in a colossal Rs.1, 150 billion for the upkeep of the strategically-important State-owned Enterprises (SOEs) up to 2017, the Finance and Mass Media Ministry Secretary Dr.R.H.S. Samaratunga said.  He said this during a conference held for the chairmen

Dhammika proposes govt. to re-evaluate investment policies

The government may need to re-evaluate the effectiveness of the recently introduced targeted capital allowances under the new Inland Revenue Act that replaced the tax holidays to attract both local and foreign investments, Vallibel One PLC Chairman and business tycoon Dhammika Perera said.