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SriLankan stops serving cashews after Presidential disapproval

Views - 319 Thursday, 13 September 2018 00:00

AFP: SriLankan Airlines has said that it had stopped serving cashews, after President Maithripala Sirisena flew into a rage over cashew nuts served to him on a flight to Colombo. An Airline spokesman said it has responded by clearing its stock of cas


Shares fall to 2-week low on foreign selling

Views - 183 Thursday, 13 September 2018 00:00

Reuters: Shares fell for a third straight session on Wednesday and marked a two-week closing low as foreign investors sold blue-chips after a research report said the country was facing risk of an exchange rate crisis. Analysts said investors were w


Rupee hits fresh low; ends steady

Views - 268 Thursday, 13 September 2018 00:00

Reuters: The rupee hit a fresh low on Wednesday before ending steady as late dollar sales by banks outpaced demand for the greenback from importers early in the day. However, the unit was still under downward pressure due to global strengthening of t


Govt. focused on fair and non-distortive taxes

Views - 299 Wednesday, 12 September 2018 00:00

Finance Minister says tax incentives given to strategic industries but in a rules-based manner Finance Minister Mangala Samaraweera yesterday said that the Government was focused on promoting fair, convenient and non-distortive taxes targeted at


Counter Terrorism Act gets Cabinet nod

Views - 228 Wednesday, 12 September 2018 00:00

Cabinet yesterday approved the much-awaited Counter Terrorism Bill - which will replace the current Prevention of Terrorism Act (PTA) once it is passed into law - subject to amendments, the Department of Information confirmed. Foreign Minister Thi


Rupee ends steady amid downward pressure

Views - 187 Wednesday, 12 September 2018 00:00

Reuters: The rupee ended steady on Tuesday as importer dollar demand offset greenback sales by banks, but the unit was still under downward pressure due to global strengthening of the US currency, traders said. Emerging market currencies remained und


Shares end flat in lacklustre trade

Views - 137 Wednesday, 12 September 2018 00:00

Reuters: Shares closed flat on Tuesday, near a more than one-week closing low, with beverage and manufacturing shares witnessing mild selling, a day after fuel prices were hiked for the third time in four months. Sri Lankan fuel retailers raised gaso


NDB shareholders approve Rs.6.2 b rights issue

Views - 362 Wednesday, 12 September 2018 00:00

The Shareholders of NDB has approved a capital raising of over Rs. 6.2 billion via a Rights Issue at an Extraordinary General Meeting (EGM) held at the NDB-EDB Tower, a company said in a statement yesterday. The funds to be raised are primarily to


‘Island Escapes’ launched to entice tourists during lean months

Views - 914 Wednesday, 12 September 2018 00:00

Sri Lanka Tourism, in collaboration with industry stakeholders, yesterday launched ‘Island Escapes’, a new travel campaign to promote the country as a year-round destination to boost arrivals


Shares slip to 1-week closing low on foreign selling

Views - 166 Tuesday, 11 September 2018 00:00

Reuters: Shares fell to one-week closing low on Monday as foreign investors sold blue chips such as conglomerate John Keells Holdings Plc. The Colombo stock index ended 0.35% weaker at 6,096.54, its lowest close since 3 September. It rose 0.6% last w


Rupee falls on importer dollar demand, dollar strength

Views - 326 Tuesday, 11 September 2018 00:00

Reuters: The Sri Lankan rupee ended weaker yesterday as importer dollar demand surpassed greenback sales by banks and the US currency strengthened globally, dealers said. The dollar traded higher against a basket of currencies amid fears of a potenti


Special counter for VAT refund at BIA

Views - 248 Tuesday, 11 September 2018 00:00

Sri Lanka has introduced a procedure for repayment of 15% VAT to tourists upon their departure for goods purchased by them during their stay in Sri Lanka, which will be implemented from today. A special counter will be opened at the departure termina


VAT on apartments from 1 April 2019

Views - 1075 Tuesday, 11 September 2018 00:00

The Finance Ministry yesterday said that 15% VAT would only be imposed on apartments from 1 April 2019 and ruled out any policy inconsistency on behalf of the Government. The confusion of dates was due to a technical error in the initial document th


SriLankan Catering posts Rs. 3.9 b net profit

Views - 832 Tuesday, 11 September 2018 00:00

SriLankan Catering Ltd. has recorded a steady financial performance for the financial year ended 31 March with a 26% year-on-year growth in operating profits from Rs. 3.03 billion to Rs. 3.81 billion. Its unaudited financial statements also showed t


CPC at sea over oil spill losses

Views - 792 Tuesday, 11 September 2018 00:00

By Charumini de Silva As clean-up efforts continued into a third day, the Ceylon Petroleum Corporation (CPC) yesterday said they were yet to calculate projected losses from the oil spill, but ruled out any fuel shortages as a result of the leak. C


Joint feasibility study on FTA with Bangladesh

Views - 775 Monday, 10 September 2018 01:45

The Government will continue to steam ahead on trade deal negotiations with the next round of discussions with Thailand in two weeks and a joint feasibility study for a Free Trade Agreement (FTA) with Bangladesh set to kick off, a top official said r


Colombo Port tops global rankings with fastest growth in 1H

Views - 1427 Monday, 10 September 2018 01:43

The Port of Colombo has been ranked as the world’s fastest growing port from among the top 30 container ports for the first half of 2018. In container handling, the Port of Colombo recorded a 15.6% growth for the first half of 2018 according to Al


CEB and PUCSL call truce but tense over details

Views - 231 Monday, 10 September 2018 01:42

The tussle between the Ceylon Electricity Board (CEB) and the Public Utilities Commission (PUCSL) over the Long-Term Generation Plan drew to an end this week with the licensee showing readiness to work with the regulator on the next plan but objectin


Rs. 12.4 b supplementary estimate presented to P’ment

Views - 263 Saturday, 8 September 2018 00:10

A supplementary allocation of a total of Rs. 12.4 billion was presented to the Parliament yesterday seeking House approval of the expenses incurred during 1 July to 15 August, provisioning 13 differen


Construction of windshield for Norochcholai by July 2019

Views - 185 Saturday, 8 September 2018 00:10

Construction of the windshield at the Norochcholai Lakvijaya power plant is expected to finish by July 2019, establishing a barrier preventing the farmers living in the areas surrounding the power plant from being effected from coal dust and ash.


CB to intervene if rupee moves on speculation

Views - 416 Saturday, 8 September 2018 00:10

Reuters: The Central Bank will intervene in the foreign exchange markets if its rupee currency moves for any reasons other than global trends, the Bank’s Senior Deputy Governor Nandalal Weerasinghe told Reuters on Friday. Currency dealers have


AG advices IGP to institute legal action against Vijayakala

Views - 157 Saturday, 8 September 2018 00:10

Attorney General yesterday advised the Inspector General of Police to take legal action against former State Minister Jaffna District Parliamentarian Vijayakala Maheswaran over a controversial stateme


Sri Lanka’s Most Admired Companies to be unveiled tomorrow

Views - 1130 Saturday, 8 September 2018 00:10

The Most Admired Companies of Sri Lanka have been selected and will be unveiled at the Awards Ceremony on Sunday at Shangri-La, Colombo. The Awards are organised in partnership by the International Chamber of Commerce, Sri Lanka (ICCSL) and the Char


India’s Opposition calls nationwide protests to take on Modi over fuel prices

Views - 230 Saturday, 8 September 2018 00:10

New Delhi (Reuters): India’s opposition will launch nationwide strikes and protests next week over record-high fuel prices, looking to tap rising public anger to hit back at Prime Minister Narendra Modi ahead of a series of elections. Since Modi ca


New US Ambassador to Sri Lanka

Views - 1019 Saturday, 8 September 2018 00:10

Washington, DC: The United States Senate has confirmed President Donald Trump’s nominee Alaina B. Teplitz as Ambassador to Sri Lanka. Teplitz, a member of the Senior Foreign Service, Class of Minister-Counselor, has been confirmed by the Senate to


CSE climbs on foreign buying, post 3rd week of gains

Views - 138 Saturday, 8 September 2018 00:09

Reuters: Shares ended slightly firmer on Friday, boosted by foreign buying, and posted their third straight week of gains. The Colombo stock index ended 0.09% firmer at 6,117.89. The Bourse rose 0.6% during the week. The day’s turnove


UNP gears for next generation of leaders

Views - 211 Friday, 7 September 2018 00:00

By Skandha Gunasekara The United National Party has begun grooming the next generation of leaders to head the Party and meet the challenges ahead, Prime Minister Ranil Wickremesinghe said yesterday. Addressing the UNP 72nd anniversary convention hel


August tourist arrivals up 5%

Views - 403 Friday, 7 September 2018 00:00

Reuters: Tourist arrivals in Sri Lanka rose 4.9% year-on-year in August, government data showed on Thursday. Tourist arrivals for the first eight months of the year rose 12.5% from the same period last year. The Government slashed its target for tour


Swift action needed against corruption: President

Views - 177 Friday, 7 September 2018 00:00

Acknowledging the need to take action against culprits, President Maithripala Sirisena this week said that the current Government has been committed to build a system to boost clean governance free of fraud and corruption. It is the responsibility o


JVP presents 20th A to P’ment

Views - 197 Thursday, 6 September 2018 00:50

By Ashwin Hemmathagama Opposition lawmaker JVP MP Vijitha Herath yesterday moved a private Members’ Bill to amend the Constitution to abolish the Executive Presidency. This will be the 20th Amendment to the Constitution if it receives House approv


Today's Columnists

In the desert of Tamil films, actor Sivaji Ganesan was an oasis

Saturday, 22 September 2018

‘Indian Film,’ first published in 1963 and co-authored by former Columbia University Professor Erik Barnouw and his student Dr. Subrahmanyam Krishnaswamy, is considered a seminal study of the evolution and growth of Indian cinema. The book is cit


Imran may turn blind eye to blasphemy law and persecution of Ahmadiyyas

Saturday, 22 September 2018

There are clear signs that Pakistan’s freshly minted Prime Minister, Imran Khan, will make a sincere effort to reduce corruption and maladministration in the domestic sphere. In foreign affairs he is likely to make a brave attempt to mend fences wi


The rate of exchange, capital flight and the Central Bank

Friday, 21 September 2018

The Central Bank (CBSL) exists for the sole purpose of price stability. Its controls on the financial system and monetary policy exist to maintain price stability. As put forth many times by the Governor, the failing of the CBSL to control inflation


Red flag over the Sri Lankan Navy

Friday, 21 September 2018

Shocking story Rusiripala, a former banker in Sri Lanka, who has taken to writing in Daily FT, is perturbed by the red flag I have raised (Daily FT article 18 September) over the shocking charge that our Navy had operated a ransom gang that had abduc


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