Asian markets head for positive end to volatile week

Asian markets built on the previous day’s gains and headed into the weekend on a positive note yesterday as traders were buoyed by news that Donald Trump’s tax cuts had moved a step closer. House Republicans pushed through a landmark overhaul of the tax system on Thursday, providing the 

Shangri-La Colombo opens!

The Shangri-La Hotel in Colombo was ceremoniously opened yesterday by President Maithripala Sirisena, Prime Minister Ranil Wickremesinghe, other ministers and officials from Shangri-La.

Sri Lanka likely to overshoot budget deficit continuously till 2020

Sri Lanka’s economy is heading towards a tumultuous ride in the next three years as widespread policy uncertainty and macroeconomic imbalances will slowdown the economy, push up prices and scare away the investors.   

Mahinda at loggerheads with Mangala over shipping industry liberalization

Ports and Shipping Minister Mahinda Samarasinghe said he was broadsided by Finance Minister Mangala Samaraweera’s budget proposal to liberalize foreign ownership in the shipping and freight forwarding industries, which Samarasinghe said that he would not allow to take place unless foreigners invest heavily.

Govt. to set up Rs.15bn credit scheme for small biz

The government will allocate Rs.15 billion under the Budget 2018 to create a credit scheme for small businesses in targeted sectors, Finance and Mass Media Minister Mangala Samaraweera said.

No rate volatility next year as govt. better prepared to tackle debt: CB

Market interest rates are unlikely to experience volatility through public debt-servicing requirements, as the Central Bank the government are better prepared to manage domestic and foreign debt next year with the planned implementation of the Liability Management Act and the buffers being built up by the state from borrowings and income from asset sales.

Sri Lanka-Singapore final FTA discussions tomorrow: Malik

Sri Lanka is hoping to have the final discussions on the Free Trade Agreement (FTA) with Singapore today and tomorrow, and the agreement will be ready by January, according to International Trade and Development Strategies Minister Malik Samarawickrama.

Miss no opportunity from Budget 2018: CCC Chief

The ‘Designer Budget’ presented by the new Finance and Mass Media Minister Mangala Samaraweera is said to have a number of blessings in disguise for which the country’s leading business chamber urged its community to thoroughly analyse the proposal so that no opportunity is missed.

Mangala Presents A Futuristic Budget!

Finance and Mass Media Minister Mangala Samaraweera’s self-titled ‘Designer Budget’ fitted slimly around the government’s Vision 2025 plan to harness the potential of a maritime trading economy through talent development, empowerment, entrepreneurship and widespread market liberalization, tempered only by increased environmental protection.

Pre-budget bonanza!

The Finance and Mass Media Ministry yesterday issued another pre-budget bonanza, this time to boost consumption with a cut in indirect taxes on several essential goods, which would cost the government Rs.1.5 billion in monthly expenditure, ahead of the local government elections in January.

Central Bank keeps policy rates steady

The Central Bank of Sri Lanka yesterday decided to keep its monetary policy stance unchanged during the seventh monetary policy review for 2017, with hopes that the higher than expected inflation and credit growth will moderate in the coming months. 

SL to lead creating Indian Ocean’s rules-based order: Harsha

Sri Lanka is attempting to host a conference next year in an attempt to become the leader in creating a rules-based order in the Indian Ocean, according to National Policies and Economic Affairs Deputy Minister Dr. Harsha de Silva.

Stricter visa controls needed to evade anti-globalization impact: Former envoy

As the anti-globalization movement continues internationally, Sri Lanka must form stricter controls on immigration, and communicate this to the public to avoid further local unrest, according to Former Sri Lankan Diplomat Sarala Fernando.

SL slips one spot in latest WB doing business ranking

Sri Lanka’s ease of doing business ranking slipped one notch to the 111th place from last year, according to the World Bank’s ‘Doing Business 2018’ index, which measures the ease of doing business in 190 countries.

Integrated risk management key to success of SL’s new growth model: WB

To sustain growth, job creation and poverty reduction, Sri Lanka needs to move to a more private investment, tradable sector-led growth model, says the latest Sri Lanka Development Update, the World Bank’s half-yearly flagship report on the country’s economy, future outlook and policy priorities.  It recognizes Vision 2025 as a road map that outlines such a shift.

Qatar shows interest in SL’s tourism, power and agri sectors

The oil rich Gulf state Qatar has expressed interest in investing Sri Lanka’s tourism, power and agriculture sectors.

Mangala promises SME support package in his “designer budget”

The 2018 budget will feature significant support for small and medium enterprises (SMEs) to compete in global markets, according to Finance and Mass Media Minister Mangala Samaraweera, whose ministry in an earlier occasion said Samaraweera would

Let market forces to modernize agriculture, industry: PM

Sri Lanka’s top policy markers recently outlined the need to open the country’s agriculture and industry sectors to market forces in order to enhance the economy’s competitiveness and reorganize labour markets.

Oil markets tighten; Brent approaches US $ 60 per barrel

Oil prices held steady yesterday, with Brent crude hovering near US $ 60 a barrel, buoyed by comments from Saudi Arabia’s Crown Prince backing the extension of OPEC-led output cuts. International benchmark Brent crude futures LCOc1 were up 3 cents, or 0.05 percent, at US $ 59.33 a barrel at 0648 GMT.

Harsha slams CEB

The top management of the Ceylon Electricity Board (CEB) will be dealt with appropriately for not facing the public and explaining why it is not responsibly discharging its duties to ensure energy security in Sri Lanka in an efficient manner, a visibly-irate National Policies and Economic Affairs Minister Dr. Harsha de Silva told a forum in Colombo, yesterday.

Port City steaming ahead!

The 269-hectare sea reclamation project by China Harbour Engineering Corporation extending Galle Face sea front has reached the halfway mark. The project is expected to be completed by mid-2019. The picture shows two dredgers at work

CB pushes for severing link between fiscal policy and elections

Sri Lanka’s Central Bank is currently working towards breaking the trend of the country’s economic agenda being hijacked by electionsor other such political developments, by making an attempt to institutionalize the various frameworks for macroeconomic policy formulation. 

Hoteliers say attracting right talent becoming increasingly challenging

On the eve before the staging of the first edition of the ‘Rising Star Awards’ to recognize outstanding young talent in the hospitality industry, the head of The Hotels Association of Sri Lanka (THASL) urged the government to take a closer look at the challenges faced by the hotel industry in attracting talent.

Govt. needs to grow a backbone: tea exporters

An increasing number of Sri Lankan tea exporters are setting up tea processing facilities outside Sri Lanka, as the government doesn’t have a “backbone” to implement its own policy of creating a tea hub in the country due to influence from protectionist lobbies, the country’s tea exporters said.

Colombo’s inaugural international shopping festival opens to public

The Colombo International Shopping Festival 2017, organized by the Tourism Development and Christian Religious Affairs Ministry in collaboration with the Sri Lanka Tourism Promotion Bureau and Sri Lanka Retailer’s Association opened its doors to the public yesterday.

SL’s remittance woes heighten in August

Workers’ remittances, the key foreign exchange earner of the dollar-hungry nation, suffered a major setback this August, delivering a severe blow to the US $ 81 billion economy already grappling with massive debt load and outstretched current account deficit.  

Sagala says FDIs will cross US $ 1bn mark this year

  Law and Order and Southern Development Minister Sagala Ratnayaka this week said the government had strengthened the brand – Sri Lanka by establishing freedom, democracy and good governance and is seeing an upswing in the foreign direct investment (FDI) flows into the country.

JBIC assures support for SL’s economic programme

Japan Bank for International Cooperation (JBIC) reiterated their support for Sri Lanka’s economic programme during a meeting with Minister of Finance and Media Mangala Samaraweera.

SriLankan, a hopeless case even with a management change: Eran

Finance State Minister Eran Wickramaratne lashed out at the national carrier, SriLankan Airlines, at a recent forum in Colombo, saying that the airline has no business proposition even with a change in the management.  

SL reviews progress of US$ 700mn grant with Millennium Challenge Corporation

Finance and Mass Media Minister Mangala Samaraweera met with Millennium Challenge Corporation’s (MCC) Regional Deputy Vice President for Europe, Asia, Pacific and Latin America, Fatema. Z. Sumar to review the progress of its 5-year ‘Grant Compact’ to Sri Lanka.