Massive increase in tax revenues from budget 2016

?Just less than three weeks to a much-expected budget, Finance Minister Ravi Karunanayake yesterday said the country’s fiscal front is at a crucial point and hinted a massive increase in tax revenue to the government in the forthcoming budget. 

Thai-SL biz forum explores ways to enhance bilateral trade & investment

President Maithripala Sirisena told the Thailand - Sri Lanka Business Forum in Bangkok yesterday that the proposed sectors for future investment in Sri Lanka includes tourism, high tech manufacturing for export, infrastructure, telecom...

Sri Lanka Telecom opens trading at CSE

Sri Lanka Telecom PLC (SLT) opened trading on the Colombo Stock Exchange (CSE) yesterday. This event was yet another in a series of Market Opening Ceremonies, featuring the companies from the S&P SL20 Index. 

Reforms key to Sri Lanka becoming major export destination: President

The country’s economy will require major reforms to strengthen local industries and enter export markets, President Maithripala Sirisena said at the Sri Lanka Economic Association Annual Sessions last week.

Art of living

Sri Lanka’s premier kedella exhibition, the ‘Art of living 2015’ kick started at the BMICH yesterday.  The 3-day event ends tomorrow. Pic by Kithsiri de Mel

Rubber subsidy cut to worsen industry woes

Rubber industry heads yesterday expressed fresh concerns on the government’s move to scrap the guaranteed subsidy scheme for smallholders and warns its impact, though not immediate, will be felt in the medium term.

Sri Lanka sells US $ 1.5bn, 10-year sovereign bond at 6.85% yield

REUTERS: Sri Lanka paid less than it had expected to borrow US $ 1.5 billion via a 10-year sovereign bond on Tuesday, with strong orders helping bring down the yield on the issue to 6.85 percent from initial guidance of around 7 percent.

Sri Lanka opts for another dollar bond to cut fiscal deficit

Sri Lanka, for the second time this year and ninth time since 2007, is tapping the international market place to prop up the country’s weak finances with a benchmark sovereign bond issue up to US $ 1 billion. 

Coconut Research Institute gets new Chairman

Jayantha Jayewardene has been appointed as the new Chairman of the Coconut Research Institute (CRI). 

ECD project receives US $ 50 mn from World Bank

?The Sri Lankan government’s “Early Childhood Development Project” has received financial assistance from World Bank’s International Development Association (IDA).

Mv. Sima Giselle calls at Colombo Port

SIMATECH Shipping LLC, the world’s 27th largest carrier (Alphaliner – October 2015 ranking) celebrated its brand new Mv. Sima Giselle maiden port call on October 19th at the Jaya Container Terminal (JCT) of Sri Lanka Ports Authority (SLPA).

Hastily drafted tech pact with India to be reviewed: Harsha

A committee has been appointed to look into the hurriedly conceptualized ‘Broader Economic Technology Partnership’ with India. “Now with India, the Prime Minister had discussions, and we have a small committee that will look into perhaps a Broader Economic 

Dialog Axiata and BoI sign Rs.24.6bn investment agreement

Total investment by largest FDI in Sri Lanka to reach US $ 1.96bn Dialog Axiata PLC, the largest foreign direct investor (FDI) operating under the aegis of the Board of Investment (BoI) of Sri Lanka, 

Stronger interaction between institutions, processes, & outcomes a must for policy reforms: IPS

As Sri Lanka paves its way towards greater economic progress, agenda setting for reforms must begin with attempts to strengthen interactions between institutions, policy processes, and policy outcomes, revealed a top report launched by the Institute of Policy Studies (IPS) yesterday.

New investment policy before 2016

Board of Investment (BoI) Chairman Upul Jayasuriya said they are now in the process of designing a new investment policy focusing mainly on setting up a large number of economic development zones around the country with the intention of generating employment opportunities.

90% LTV from today; Ravi K instructs CB

?In an interesting turn of events, Finance Minister Ravi Karunanayake has sent formal instructions to the Central Bank asking the monetary authority to revise the vehicle financing Loan-To-Value (LTV) up to 90 percent from the current 70 percent with effect from today. 

HOTEL, HOSPITALITY & FOOD ASIA EXPO

?South Asia’s International Food, Hotel Supplies & Services Expo kick started at the Sri Lanka Exhibition & Convention Centre (SLECC) yesterday.

Foreign Ministry Taskforce to take Sri Lanka to the world

After an exhaustive 14 years of wait, the local business landscape yesterday saw the revival of inter-agency collaboration, with the country’s Foreign Ministry having established a ‘Taskforce For Economic Diplomacy’ in its effort to strengthen the nation’s ties with the world.

Will China’s role as biggest lender continue?

The Chinese-funded Lotus Tower, destined to be South Asia’s tallest building, is seen under construction in the heart of the capital Colombo yesterday.

Singapore unveils public transport future

?REUTERS: Singapore unveiled its public transport future yesterday, and it was a vision of passengers commuting in driverless buses along roads and freeways populated by platoons of autonomous trucks following a single driver.

Fonterra launches liquid milk product under Anchor brand

Global dairy giant Fonterra officially launched its UHT processed liquid milk product in Sri Lanka under its leading brand Anchor yesterday, at a new milk chilling centre in Gampaha.

Laugfs acquires control of B’desh LPG operator for US $ 18.75mn

Sri Lanka’s only privately owned liquefied petroleum gas (LPG) operator Laugfs Gas PLC has acquired a 69 percent stake in Bangladeshi LPG company Petredec Elpiji Ltd (PEL) at an investment of US $ 18.75 million. 

Popular tourist attraction

Artists from most parts of the country display their collection at the annual Open Air Art Festival taking place down Green Path in Colombo these days.

Techno 2015 exhibition

The National Engineering and Technology Exhibition, Techno-2015 organized by the Institution of Engineers Sri Lanka kicked off yesterday at the BMICH.  The three-day exhibition features the widest range of engineering and technology products and services. Pix by Kithsiri de Mel 

Experts call for national pension policy framework

The Sri Lankan government must work towards creating a national pension policy framework to ensure financial security for the rapidly ageing population of the country, experts told a National Pensioners Day Symposium organized by the Department of Pensions yesterday. 

SME and large company finances should come under same laws: expert

Small and medium enterprise (SME) finances should come under the same laws governing larger companies, the head of the global body for professional accountants told Mirror Business during a brief interview in Colombo. 

Terrorism impact on economy long-term: Study

A study facilitated by international credit rating agency, Moody’s Investors Service has established that terrorist attacks significantly weaken economic activity and its effects on the economy are long lasting.

Sri Lanka to apply for GSP Plus end of this year: Harsha

Deputy Foreign Minister Dr. Harsha de Silva said that the government would be forwarding the formal application to regain the GSP Plus preferential trade facility from the European Union (EU) by the end of this year in the backdrop of recent international developments.

Laugfs acquires second LPG ship for US $ 6mn

Laugfs Maritime Services (Pvt) Limited, the fully owned logistic arm of Laugfs Gas PLC, recently announced the acquisition of their second LPG ship to provide logistic support for the growing LPG demand in the country.

‘Adyapana 2015’ kick starts

Sri Lanka’s most focused higher education & career exhibition, Adyapana 2015, organized for the 10th successive year, opened at the BMICH yesterday.  This year, there are over 100 exhibition stalls displaying and informing the general public of various courses,