Trade gap widens in May despite export growth

Sri Lanka’s trade deficit in May widened to US$ 885.6 million 2017 from US$ 809.7 million a year ago as for the third consecutive month, exports growth was overshadowed by a higher import bill.

Thailand’s Rojana to set up industrial zone in Kalutara next year: Sujeewa

The work on the proposed industrial zone in Kalutara by the Thai-based company, Rojana, on a 1000-acre land, which will have about 200 factories, is likely to start by next year in October, International Trade State Minister Sujeewa Senasinghe said. 

Colombo Suburban Railway Project not realistic: expert

The government could be following in the footsteps of its predecessors in project development, as the US$ 2 billion Colombo Suburban Railway Project aiming to modernize and electrify railroads under the grand Megapolis Plan has only taken into account an overly optimistic scenario, an expert warned.

PM says will sign Hambantota port deal with China today

Sri Lanka will finally sign a US$1.1 billion deal today to lease the southern Hambantota port to China, after several months of delay caused by local protests and claims by opposing politicians that this would threaten national security.

Finance income boosts JKH 1Q as key business hit by poor consumer demand

The interim results released by John Keells Holdings PLC (JKH) for the June quarter proved that even the country’s largest conglomerate in terms of market value is not immune to the headwinds in the economy.

SL shouldn’t “overhype” potential trade gains: economist

A senior economist this week voiced concerns over the country’s trade strategy saying that Sri Lanka should not “overhype” the potential gains from trade but should cautiously explore the ways of integrating with the global economy. 

CB Governor urges private sector to look at bigger picture

As Sri Lanka stands at crossroads, thirsty for improved economic progress and prosperity, the country’s Central Bank chief yesterday requested the private sector to take the lead in moving forward the island nation’s debt-ridden economy. 

New tax bill aims to widen tax net, cut indirect taxes: FinMin

Sri Lanka’s new tax bill, demanded by the International Monetary Fund (IMF) as a condition for a third tranche of aid disbursed this week, would seek to ensure that all citizens pay direct taxes and cut indirect taxes, top Finance Ministry officials said.

PM to take decision on SriLankan Airlines restructuring in 2 months

The Prime Minister Ranil Wickremesinghe will soon take a decision on the restructuring of the state-run national carrier SriLankan Airlines over the next couple of months, following the submission of recommendations by a Cabinet committee this week, amid efforts to find a partner to manage the debt-ridden and loss-making airline. 

Lanka Livestock ‘17’ Expo

‘Lanka Livestock ‘17’, Sri Lanka’s biggest feed, livestock, and animal health expo was inaugurated under the patronage of Prime Minister Ranil Wickremesinghe on Thursday at SLECC, Colombo.

SL Customs becomes fully automated with new online payment platform

Sri Lanka Customs yesterday moved a step forward and became a fully-automated agency with the much-anticipated online payment platform going live.

SL Customs’ new online payment platform goes live today

The local trade and business landscape will see greater transparency with the implementation of a fully-fledged online payment platform for Sri Lanka Customs that will be launched today.

IMF says another round of interest rate hike ‘‘desirable’’

The International Monetary Fund (IMF) yesterday said another round of interest rate hike would be “desirable” to rein in inflation and private credit as its Executive Board completed the second review of Sri Lanka’s economic performance under a US $ 1.5 billion three-year  extended arrangement.

Money laundering and terrorist financing: SL not completely out of woods, says FinMin

While Sri Lanka has made considerable progress in thwarting money laundering and terrorist financing over the past two years, more needs to be done to improve the situation, Finance and Mass Media Minister Mangala Samaraweera said yesterday.

Hayleys Advantis Maldivian joint venture buys two new landing craft

Hayleys Advantis has further solidified its position in the Maldives with the addition of two new landing craft that will further expand the range of services offered by their subsidiary, Total Transport Solutions Maldives (Pvt) Limited (TTS). 

Aadhayam trade fair

Aadhayam 2017, a national trade fair organized by the United Nations Development Programme (UNDP) Sri Lanka opended at the Bandaranaike Memorial International Conference Hall (Colombo) yesterday. 

Revival of brass industry

A man polishes a traditional brass lamp at a workshop in Colombo. Such items are now very much in demand due to the increasing number of tourists visiting Sri Lanka  (Reuters photo)

Central Bank Governor Indrajit Coomaraswamy presents Finance Minister Mangala Samaraweera the commem

Central Bank Governor Indrajit Coomaraswamy presents Finance Minister Mangala Samaraweera the commemorative coin

FinMin says new revenue bill to simplify tax system

Finance and Mass Media Minister Mangala Samaraweera during a discussion with representatives of trade unions of the Inland Revenue Department (IRD) stated that the main objective of the new Inland Revenue Bill was to simplify the tax system in the country in order to create an investor-friendly environment to attract investments. 

Tourist arrivals to Maldives flat in May

The tourist arrivals to the Maldives edged up 0.3 percent year-on-year (YoY) to 93,491 visitors in May with weak arrivals from China and Europe but somewhat being compensated by the increased arrivals from South and Southeast Asia. 

Bugs on the beach!

The Volkswagen Beetle Owners’ Club along with Mount Lavinia Hotel held ‘The Volkswagen Beetle Parade and Exhibition’ in Colombo yesterday.

G20 Summit

Participants of the G20 Summit in Hamburg, Northern Germany posing for a family photo yesterday. 

ADB to double multi sectoral assistance to Sri Lanka up to US$ 1 bn

The Asian Development Bank (ADB) will be doubling its multi sectoral assistance to Sri Lanka up to US$ 1 billion from this year as a result of the merger of its two main windows of financing. 

Japanese giant Mitsui to relaunch Lankan operations

Japanese conglomerate, Mitsui & Co., Ltd is poised to relaunch its activities in Sri Lanka by opening up an office at the World Trade Centre in Colombo.

Billionaire Saudi Prince Alwaleed Bin Talal in town

A special meeting was held between Prince Alwaleed Bin Talal Abdulaziz Al Saud of Saudi Arabia and Foreign Minister Ravi Karunanayake yesterday afternoon. 

Protest against new revenue bill

A protest organised by the Inland Revenue Trade Join Front was held yesterday in front of the department premises against the new Inland Revenue Bill. 

Minister vows to fast-track East Container Terminal

The government will fast-track the delayed development work on the East Container Terminal (ECT) of the Colombo port, Ports and Shipping Minister Mahinda Samarasinghe told an audience of logistics and transport professionals in Colombo, last Friday. 

Hotel Show Colombo 2017

Hotel Show Colombo 2017, one of the leading specialized trade shows for the hotel, restaurant and food service sectors was inaugurated by Minister of Tourism Development and Christian Religious  Affairs, 

World Bank forecasts 5.2% budget deficit for this year

The World Bank is expecting Sri Lanka’s budget deficit to run up to 5.2 percent of the Gross Domestic Product (GDP) this year compared to the more ambitious 4.7 percent of GDP projection of the government, although the development lender placed its faith in Sri Lanka achieving its long-term deficit targets.

Central Bank cuts growth but says fundamentals strong

The prolonged drought and recent floods appear to have taken a toll on the country’s economy as the Central Bank last week said it would cut the growth of the economy at least by a half a percentage for 2017.