Wednesday , December 13 2017
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Sri Lanka

Sri Lanka parliament backs tax exemptions for port deal with Chinese

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COLOMBO: Sri Lanka’s parliament approved a raft of tax concessions for a Chinese-led joint venture which will handle the southern port of Hambantota under a $1.1 billion deal that has sparked public anger and concerns in India and elsewhere. The deal, signed in July, leases the port to a Chinese firm for 99 years and the tax concessions include an ... Read More »

Sri Lanka willing to source demand for oil derivatives from Iran


COLOMBO: Sri Lanka is willing to source its demand for oil derivatives from Iran, Sri Lankan ambassador in Tehran said on Sunday, according to the Financial Tribune. “There is a lucrative market for oil products in Sri Lanka and the National Iranian Oil Company can play an active role in marketing and selling such commodities,” Sharif Anis was also quoted as ... Read More »

Customs seize illegal cigarettes worth Rs. 80 m

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COLOMBO: Sri Lanka Customs during a raid conducted Friday has discovered a container of illegally imported cigarettes from the Orugodawatta Container Yard. The stock of cigarettes illegal imported from Dubai is estimated to worth Rs. 80 million. The stock of foreign cigarettes estimated to be about 1.6 million has been brought in a 20-foot container and hidden in gas ovens. ... Read More »

Sri Lanka needs more taxes to cover SOE losses, energy pricing to help: IMF

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COLOMBO: Sri Lanka is on track to collect more taxes from a new income tax law, but losses at state enterprises and debt servicing requires even better budgets, the International Monetary Fund has said. Sri Lanka’s high debt burden, large gross financing needs, and weak financial performance of state-owned enterprises increases the importance of further fiscal consolidation.,” IMF Deputy Managing ... Read More »

Sri Lanka doubles insurance payout for CIFL depositors


COLOMBO: Sri Lanka’s central bank has doubled the compensation payable to depositors of Central Investments and Finance PLC (CIFL), which failed owing to fraud, with no investor being found yet to pump in Rs. 3 billion to revive the finance company. The central bank’s Department of Supervision of Non-Bank Financial Institutions said every effort will be made to take legal ... Read More »

Ceylinco Life’s 9 month PBT up 53% to Rs. 2.5Bn


COLOMBO: Ceylinco Life has reported exceptionally strong profit growth for the nine months ending 30th September 2017, with pre-tax profit up 53 per cent to Rs 2.5 billion and net profit growing 47 per cent to Rs 2 billion. Sri Lanka’s life insurance leader has recorded net income of Rs 18.7 billion for the period, an increase of 11 per cent, ... Read More »

Trade deficit widens in Sri Lanka despite increased exports


COLOMBO: Sri Lanka’s trade deficit continued to widen in the first nine months of the year, despite an increase in exports, the Sunday Times’ economic column noted. Last year the trade deficit over the first nine months was US$ 6.1 billion, rising to US$ 6.8 billion this year. The deficit was expected to fall this year as export figures increased by ... Read More »

Fourth EU, Sri Lanka dialogue on investment and trade strengthens economic ties


COLOMBO: Colombo The Ministry of Development Strategies and International Trade and the Board of Investment of Sri Lanka conducted for the fourth time a dialogue with the European Union Embassy and embassies of representative countries of the Union. The European Union delegation was led by Ambassador of the European Union to Sri Lanka Tung-Lai Margue, who was assisted by representatives ... Read More »

Sri Lankan rupee ends weaker on importer dollar demand

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COLOMBO: The Sri Lankan rupee closed slightly weaker on Tuesday, as dollar demand from importers outpaced inflows of the U.S. currency from inward remittances, dealers said. The spot rupee closed at 153.73/80 per dollar, compared with Monday’s close of 153.63/70. “Today, there were demand (for dollars) from a foreign bank for a construction-related demand and also we saw some demand ... Read More »

Sri Lanka arrests 22 trying to go to Australia by boat


COLOMBO:  Sri Lankan police said Monday that they have arrested 22 people who were attempting to illegally migrate to Australia by boat. The suspects were arrested on a tip Sunday at the coastal town of Puttalam, about 120 kilometers (74 miles) north of the capital, Colombo, police spokesman Ruwan Gunasekara’s office said. They were to appear in court on Monday. Sri Lankan ... Read More »

Sri Lankan shares hit 2-month closing low on foreign selling


COLOMBO, Nov 24 (Reuters) – Sri Lankan shares fell to a near two-month closing low on Friday on foreign selling, while investors waited for clarity on new taxes introduced in the national budget and on key legislations. The Colombo stock index ended 0.66 percent weaker at 6,413.68, its lowest close since Sept. 26. The index fell 1.1 percent during the ... Read More »

Sri Lanka’s bunker fuel sales to drop 30-35%


COLOMBO: Seven weeks after its competitor, India, slashed its goods and services tax on bunker fuel, marine fuel sales at Sri Lanka’s ports are expected to fall 30-35% to usual traded levels, bunker suppliers said this week. Sales of marine fuel at Colombo and Trincomalee had soared to 72,000 mt in August and 85,000 mt in September compared to usual ... Read More »

Sri Lankan shares edge up on large caps


  COLOMBO: Sri Lankan shares ended slightly higher on Wednesday in dull trade, as investors stayed on the sidelines awaiting clarifications on new taxes in the national budget and key legislations unveiled earlier this month, analysts said. The Colombo stock index ended 0.09 percent firmer at 6,464.44. It lost 1 percent last week. Large caps led the gains, with Ceylon ... Read More »

Sri Lanka: Profits in insurance sector decline sharply in 1H


  COLOMBO: The profit before tax of Long Term Insurance Business amounted to LKR738 million (US$4.8 million) for 1H2017, down by 78.5% compared to LKR3,434 million for the corresponding period last year, according to a statement from the Insurance Regulatory Commission of Sri Lanka. The main reason for the plunge was the loss of LKR2,260 million recorded by state-owned Sri ... Read More »

Deal for customs cooperation inked between UAE, Sri Lanka


  COLOMBO: An agreement has been signed between the UAE and Sri Lanka to accelerate customs cooperation and mutual assistance as well as a memorandum of understanding (MoU) to establish a consular committee. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Sri Lankan Foreign Minister Tilak Janaka Marapana, signed the MoU at a meeting ... Read More »

Sri Lanka Navy finds 150 kg stock of abandoned Kerala cannabis in northern seas


  COLOMBO: Sri Lankan Navy personnel have recovered a stock of over 150 kilograms of Kerala cannabis (Ganja) floating in the northern seas yesterday. Naval personnel onboard the Fast Attack Craft P 437 and CG 401 belonging to the Northern Naval Command and Sri Lanka Coast Guard respectively had found 153.1 kg of Kerala cannabis floating in the seas north ... Read More »

Indictments served on four Customs officials in Sri Lanka


  COLOMBO: The Colombo High Court yesterday served indictments on four ex-senior Customs officials in connection with the largest ever recorded bribe nabbed by the Bribery Commission. The Director General of Commission to Investigate Allegations of Bribery or Corruption filed indictments against Assistant Customs Superintendent Upali Gunaratne Perera, Customs Superintendent Wasantha Wimalaweera, Customs Superintendent Upali Wickremasinghe and Customs Superintendent Sudeera ... Read More »

Sri Lankan soldier caught smuggling cannabis on Trinco-bound bus


  COLOMBO: A Sri Lankan soldier was arrested for smuggling cannabis by Vavuniya police on Sunday. Puliyankulam police station’s officer-in-charge said the solider was arrested in the early hours of Sunday morning on a night bus from Jaffna to Trincomalee. The 24-year-old soldier who is based in a camp in Jaffna was in possession of around 2kg of Kerala ganja. ... Read More »

Sri Lanka’s small cars down by half a million rupees


  COLOMBO: The latest duty reduction for small cars will see the prices drop by an average of half a million rupees in the Sri Lankan market, an industry association said Monday. The Vehicle Importers Association of Sri Lanka said the new tariff structure will benefit cars with an engine capacity of less than 1,000 cubic centimetres. “Something like a ... Read More »

Sri Lanka chamber welcomes budget


  COLOMBO: Ceylon Chamber of Commerce, Sri Lanka’s largest business chamber has welcomed a budget for 2018, but asked the government to end the practice  of overnight tax changes. “While we see many proposals complimenting the medium-term vision of the government beyond 2018, it is important that the government does not waver in the near-term from the current fiscal consolidation ... Read More »