Saturday , November 17 2018
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Sri Lanka

Sri Lanka Presidents explains reasons for dissolving parliament

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Colombo : Sri Lanka’s president Maithripala Sirisena said the main reason to dissolve Parliament last Friday night was claims of parliamentarians being bought over. In an address to the nation late Sunday night President Sirisena said, all of you will acknowledge what a tragical situation in politics when the value of the Members of Parliament, who were elected to represent ... Read More »

China as Sri Lanka’s ‘friendly neighbour’ is bad news for India

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Colombo : A major political crisis is underway in Sri Lanka following President Maithripala Sirisena sacking Prime Minister Ranil Wickremesinghe, replacing him with former President Mahinda Rajapaksa and finally the dissolution of parliament. Multiple petitions were filed before the country’s Supreme Court challenging the constitutional validity of Sirisena’s actions. On Tuesday, Sri Lanka’s apex court overturned Sirisena’s decision to dissolve ... Read More »

Customs seize foreign currency worth almost Rs 11 million at BIA

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Colombo : A Sri Lankan passenger was detained at the Bandaranaike International Airport (BIA) in Katunayake while attempting to smuggle foreign currency worth nearly Rs 11 million out of the country, Sri Lankan Customs said. The 58-year-old from Negombo was preparing to board a flight to Singapore at 3.30 a.m. this morning (09) when he was apprehended by the officers ... Read More »

Singapore-Based Canopy Opens Swiss Office

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Switzerland : Financial data company Canopy appointed a business development manager to lead the expansion in Europe. He is based in Switzerland and responsible for new markets. Sinan Biren 160Sinan Biren (pictured left) is the new business development leader for Europe, Canopy said in a memo on Monday. Based in Switzerland he will be responsible for setting up the company’s ... Read More »

Sri Lanka’s Hambantota port gets new gear for heavy load handling

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Colombo : Sri Lanka’s Chinese-run Hambantota port on the south coast has got new equipment designed to haul heavy cargo that will improve efficiencies, a statement said. The Hambantota International Port Group (HIPG), which operates the port, made an investment of over 600,000 US dollars to further develop the operations of the Hambantota port. The new equipment includes the purchase ... Read More »

Customs nab two Sri Lankans smuggling illegal cigarettes

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Colombo: Sri Lanka Customs officials have arrested two Sri Lankan passengers at the Katunayake Airport yesterday (31) for attempting to illegally bring a stock of cigarettes into the country from Singapore. Customs Spokesman Sunil Jayaratne said the two suspects are businessmen aged 30 and 33 years old and are residents of Boralesgamuwa. The stock of 14,500 sticks of cigarettes, packed ... Read More »

Sri Lanka moves up 11 notches in Ease of Doing Business Index 2019

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Nov 02, 2018 (LBO) – Sri Lanka rose 11 notches in the Ease of Doing Business index 2019 being ranked 100 among 190 economies, the World Bank said. Sri Lanka has carried out four reforms which included making dealing with construction permits easier, while the introduction of online systems made it easier to pay taxes. Sri Lanka has also made ... Read More »

Sri Lankan High Commission in UK hosts forum to attract FDI for Western Region Megapolis Master Plan

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Colombo :The High Commission of Sri Lanka in the United Kingdom, along with the British High Commission in Colombo, facilitated an investment promotion event under the auspices of the Minister of Megapolis and Western Development Patali Champika Ranawaka on 18 October at the High Commission premises. The morning session was graced by British Prime Minister’s Trade Envoy for Sri Lanka ... Read More »

Capital city land prices up 16% in 2018 first half

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Colombo: Land prices in Sri Lanka’s capital, Colombo district have risen by a sharp 16.3 percent during the first half of 2018 from the same period in 2017 with the biggest increase seen in the commercial land of the region. The Land Price Index measured bi-annually by the Statistics Department of the Central Bank showed the overall index value rising ... Read More »

Sri Lanka calls for global coalition to tackle rising dollar

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COLOMBO: Sri Lanka on Tuesday called for a “coalition of the willing” to help stabilise free-falling emerging market currencies around the globe, as the beleaguered rupee slumped to fresh lows. The island´s currency bottomed out at a record-low 174.12 rupees to the dollar, resisting a slew of measures by policymakers to arrest its steady decline. The rupee has shed more ... Read More »

Sri Lanka introduces Business to Consumer direct transaction under E-commerce

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The Ministry of Finance and Mass Media as envisaged in the Budget-2018 by the Minister Mangala Samaraweera has established a regulatory framework enabling the Sri Lankan companies to initiate Business to Consumer (B2C) direct E-Commerce transactions with overseas customers. Sri Lankan Customers do enjoy this B2C e-commerce facility via E-bay and other trading platforms but not vice versa. Accordingly, hereafter ... Read More »

Sri Lanka’s retail king taps Chinese builder to weather currency storm

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COLOMBO: Sri Lankan tycoon Ashok Pathirage remains bullish about his country’s consumer spending prospects, even as it endures a currency sell-off, and he is turning to foreign investors and contractors to build up his retail business. Softlogic Holdings, Pathirage’s hospitals-to-financial services conglomerate, recently began building a luxury shopping mall in Colombo that he hopes will boost the country’s credentials as ... Read More »

Liberalization of shipping sector – Fact or fiction?

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Colombo :Sri Lanka’s Finance Minister Mangala Samaraweera wrapped up the 2018 budget debate promising to end the country’s ‘nanny state’ approach and expressed his determination to press ahead with radical liberalization. He went on to say, “To do this, we must be open to global trade, embrace competition and take on the world and win. Whilst the government will not ... Read More »

Sugar imports suspended temporarily

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Colombo :Sugar Importers’ Association yesterday said that they would have to stop importing sugar temporarily, due to world market and Indian market sugar price hike. Speaking to the Daily Mirror Sugar Importers’ Association member Priyantha Senavirathne said after imposing an extra control price on sugar imports, an extra loss had to be incurred when importing. “The price of a sugar ... Read More »

Sri Lanka dismisses concerns about China’s control of Hambantota

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Sri lanka : maritime-executive.com: Prime Minister Ranil Wickremesinghe has pushed back against US Vice President Mike Pence’s warnings of a Chinese military presence at the Port of Hambantota. State-controlled China Merchants Port Holdings (CM Port) took over the control of the facility on a 99-year lease last year, giving Sri Lanka funds to repay Chinese loans. In a speech last ... Read More »

Sri Lanka rejects US claims, says no Chinese military base at port

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COLOMBO: Sri Lankan Prime Minister Ranil Wickremesinghe has rejected US’ claim that China might set up a “forward military base” at a strategic port it has leased to the communist nation, describing it as “imaginary”. Last year, Colombo had leased the Hambantota port to Beijing for 99 years after it failed to repay a Chinese loan of USD 1.4 billion ... Read More »

Sri Lanka Ports Authority awarded the Prestigious CIO of the Year 2018

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Colombo: Dr. Prasanna Lokuge – Director (Information Systems) of Sri Lanka Ports Authority (SLPA) has been awarded the prestigious CIO of the Year at the ICT Awards 2018 organized by the Computer Society of Sri Lanka (CSSL). The award was presented to Dr. Lokuge, by His Excellency the President Maithripala Sirisena at the inauguration ceremony of the 36th National IT ... Read More »

Indian shipping modernisation threatens Sri Lankan transhipment volumes

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Colombo: The modernisation of Indian ports and liberalisation of regulations could threaten the container transhipment business of Sri Lanka’s Colombo port, according to speakers at maritime industry forums this week. “India used to depend on Sri Lanka for their transhipment cargo but gradual improvements to their port infrastructure have resulted in some shipping lines diverting their ships to Indian ports,” ... Read More »

Sri Lanka ex-president blames government for inflation crisis

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Colombo: Sri lanka former president Mahinda Rajapaksa has accused the current government of mismanaging the country’s finances.The rupee has plummeted against the dollar in recent months, and inflation is at an all-time high. Al Jazeera’s Minelle Fernandez reports from Colombo. Read More »

Sri Lanka hands over Hambantota port to China to pay off loans

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COLOMBO: Hambantota port was signed over to Beijing on a 99-year lease because Sri Lanka cannot repay Chinese loans it took out to build the port in the first place. Under a US$1.1 billion (Dh4bn) deal that the Sri Lankan political opposition and trade unions have called a “sell-out” move, Chinese firms now hold a 70 per cent stake in ... Read More »