SL’s e-commerce environment among best in SA: Survey

In a survey to find out if an enabling environment is available for cross-border e-commerce sales, Sri Lanka leads South Asia in most rankings, almost on par with India in certain areas, but the region la

TFC says interested investments at early stage

Troubled finance firm, The Finance Company PLC (TFC), which has been issued a notice of cancellation of licence by the Central Bank, yesterday said there were inquires from interested parties considering making an investment in the firm, albeit such are at early stage.

SL gets US $ 25mn WB loan to improve public sector efficiency

The World Bank (WB) has approved a US $ 25 million loan to the Government of Sri Lanka (GOSL) to improve the transparency and efficiency of core government and public financial management functions. The Public Sector Effi

New national development bank in the offing

The government will establish a new national development bank under its emergency relief package to provide concessionary rate loans to encourage identified sectors ranging from import-export trade, construction, small and medium enterprises (SMEs) and agriculture.

Cinnamon Hakuraa Huraa Maldives reopens

Cinnamon Hotels and Resorts has completed its third and final hotel opening for 2019 with the reopening of Cinnamon Hakuraa Huraa Maldives on Monday following refurbishments.

US cautions citizens travelling to Sri Lanka during holidays

The United States embassy in Colombo yesterday cautioned US citizens hoping to visit Sri Lanka during the upcoming holidays.

Softlogic Finance Rs.602mn rights issue fully subscribed

Softlogic Finance PLC successfully raised Rs.602 million of new equity by way of a rights issue in the proportion of 12 new shares for every 23 shares held at an issue price of Rs.17 per share, creating 35,440,896 new shares increasing the total number of shares in issue from 67,928,384 shares to 103,369,280 shares.

Dialog forms new unit for network related biz activities

Dialog Axiata PLC yesterday in a stock exchange filing announced the incorporation of Dialog Network Services Limited as a fully owned subsidiary to house the group’s network related business activities.

Singapore-based Zilingo acquires Sri Lanka’s nCinga for US$15.5mn

Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software-as-a-service (SaaS) firm nCinga Innovations for US$15.5 million in cash and stock, which is being dubbed as the third-largest tech exit in Sri Lanka.

Services reach 16-month high; manufacturing expands at slower pace in Nov.

Sri Lanka’s manufacturing activities expanded at a slower pace in November while activities in the services sector reached a 16-month high with expectations over a greater stability in the political front.

Unilever lowers sales forecast on South Asia slowdown

(The Hauge) AFP: Anglo-Dutch consumer giant Unilever, the maker of Magnum ice cream and Dove soap, warned Tuesday that sales will grow below expectations for 2019, due largely to a slowdown in South Asia.

Gender dimension of remittances to Sri Lanka: Who remits more?

Remittances are often considered a stable and reliable source of development financing. In 2018, remittances to Sri Lanka totalled to US $ 7.015 billion. At macro level, the contribution of remittances to the Sri Lankan economy is immense.

Do we need a new rule book for app-based services?

The whole issue of Uber and the recent reports on mainstream and social media on assaults by Uber drivers on unsuspecting passengers has spread across the world – from the USA, India and now to Sri Lanka. The recent assault of a passenger by an Uber tuk-tuk driver here at home, has generated a lot of talk on social media, spurring investigative journalists from mainstream to look at the various aspects of app-based taxi services. Not so much the

Advantis Bunkering to supply low-sulphur marine fuel

Advantis Bunkering, the bunker supply arm of transportation and logistics giant Hayleys Advantis Limited, has commenced offering IMO2020 grade very low sulphur fuel oil (VLSFO) in Sri Lanka, becoming the first Sri Lankan company to offer this new grade of fuel.

Further easing of interest rates likely: ICRA Lanka

Expectations run high on further easing of interest rates in December and in the months that follow, as the lending rate caps take effect and the recent sweeping tax cuts factor into the real economy.

Kimarli Fernando appointed as Tourism chief

Corporate leader Kimarli Fernando has been appointed as Chairperson of the Sri Lanka Tourism Development Authority (SLTDA), Sri Lanka Tourism Promotion Bureau (SLTPB) and Sri Lanka Convention Bureau (SLCB).

COSMI hails banning of spice re-exports

Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) yesterday hailed the government’s recent decision to block the re-export of minor export crops.

Ashok Pathirage appointed as SriLankan Chairman

Dynamic business leader Ashok Pathirage has been appointed as the new Chairman of the national carrier SriLankan Airlines.

UL adds 18 more destinations via codeshare with Qatar Airways

SriLankan Airlines said it is adding 18 more new cities in Europe, North America, South America and the Middle East through the expansion of its codeshare agreement with its oneworld partner Qatar Airways, bringing its global route network to 127 destinations in 56 countries.

Lanka Ceramic to invest Rs.200mn to make mosaic tiles for export

Lanka Tiles PLC is to invest Rs.200 million to manufacture porcelain mosaic tiles for export market with foreign collaboration.

Govt. opens up wheat flour import market with lower tax

The government has removed the consolidated tax of Rs.36 per kg of imported wheat flour and replaced it with the Special Commodity Levy (SCL) of Rs.8 per kg.

When tea and sympathy not enough, a living wage for Sri Lanka’s plantation workers

Tea is one of Sri Lanka’s major export commodities; it sustains the livelihoods of the majority of the estate population in Sri Lanka. Furthermore, it contributes 10 percent to the agricultural gross domestic product and 12 percent to the value of total exports of the country.

The sustainability challenge of China’s BRI

China is focusing on its commitment to the Belt and Road Initiative (BRI) at the expense of long-term sustainability. In the early stages of BRI, an overriding concern with commitment set off what Yuen Yuen Ang calls a Maoist mass campaign to promote the BRI ‘with frenzied enthusiasm and little coordination’. All provincial governments rolled out their local plans to support the central directive while Chinese companies rushed to justify their pr

NTB structures US$ 33.5mn syndicated loan for Maldivian resort project

Nations Trust Bank PLC (NTB) has successfully concluded a landmark US$ 33.5 million syndicated term loan facility for Bayswater Maldives (Private) Limited, a joint venture between Sanken Overseas (Private) Limited, Singapore Hospitality Holdings (Pte) Limited and HIMA Holdings (Private) Limited. 

Government unveils policy framework for next 5 years

The new government of President Gotabaya Rajapaksa has unveiled its National Policy Framework (NPF) themed ‘Vistas of Prosperity and Splendour’ to achieve US$ 6500 per capita income with an economic growth of 6.5 percent per annum under stable macro-economic fundamentals over the next five years, largely by focusing on supporting domestic industries.

UltraTech reduces cement prices to effect tax benefit

UltraTech Cement Lanka (Pvt) Ltd. has reduced the prices of its cement with effect from December 1 passing on the benefits of the reduction in Value Added Tax (VAT) and the removal of Nation Building Tax (NBT) to customers.

Relatively low duty on luxury goods helping Sri Lanka’s potential in retail tourism

Sri Lanka’s relatively low duty structure on luxury goods such as wrist watches are supporting the country to position itself as a regional retail hub by attracting high-end tourists from the region, competing with international retail hubs such as Dubai and Singapore.

Lanka Securities Kosala new CSBA President

Lanka Securities’ chief Kosala Gamage has been appointed the new President of Colombo Stockbrokers Association (CSBA) at the Association’s Annual General Meeting (AGM) held on December 5.

JKH likely to delay scheduled closure of Crescat mall

John Keels Holdings (JKH) is likely to postpone the earlier scheduled closure of the Crescat Boulevard, one of the oldest shopping malls in the country adjacent to Colombo’s Cinnamon Grand hotel, next February.

October trade gap narrows amid decline in imports; exports down marginally

Sri Lanka’s trade deficit contracted in the month of October and also during the first 10 months of 2019 amid slight gain in export income and considerable decline in import expenditure, according to the external trade data released by the Central Bank.