UNP Leader Ranil Wickremesinghe says that a local government body managed by the opposition could be effective in development work although the central government is under a different party. Wickremesinghe made this comment at an election rally in Nuwara Eliya referring to the effective work carried out by the Nuwara Eliya Municipal Council. He has [...]
The government is looking at re-commencing operations at the Kankasanthurai (KKS) cement factory with private sector investments by next year after the current renovation work ends. The State Resources and Investment Promotions Ministry is to commence looking for a private sector investor soon. The Sri Lanka Cement Corporation has already commenced restoration work on restoring [...]
The government says that the Paddy Marketing Board (PMB) has purchased over 75,000 metric tons of paddy this Yala season. Cooperative and Internal Trade Minister Johnston Fernando has said that the PMB has therefore achieved its target in paddy purchasing. The Minister has said that the PMB has so far purchased 76,000 metric tons of [...]
The reactivation of the US GSP programme which enables concessionary duties on exports to the USA was approved by Congress this month, but also needs the greenlight from the Senate which is pending. Ms. Maytree Pereira, Director, PricewaterhouseCoopers LLP USA, speaking at a seminar in Colombo on Thursday said that due to next year’s Presidential [...]
Key Economic Learnings USA and EU will get out of their current economic crises within the next few years, therefore it would be imprudent if Sri Lanka (SL) loses sight of those markets, its biggest foreign consumer base, was the message given out by three economists at a seminar last Friday The topic of the [...]
Central Bank of Sri Lanka last week depreciated the exchange rate (ER) by 20 Sri Lanka cents (SLc) to Rs. 110.30 for a unit sale of a US dollar ($) in inter-bank spot trading due to demand for $s emanating in the market. On Wednesday they depreciated it by 10 SLc to Rs. 110/20 and [...]
A picture emerges from the WikiLeaks cables of a Sri Lanka where all is not as it seems. Mahinda Rajapaksa, contrary, to his caricature as a Sinhala extremist, emerges as a relative moderate, even in the eyes of an Archbishop. The cables also reveal broad awareness of human rights violations within the government and of [...]
US Customs law is so democratic that duties are charged on the FOB values of the good imported minus third party commissions. Institute of Chartered Accountants of Sri Lanka (ICASL) President and PricewaterhouseCoopers Partner Sujeewa Mudalige however told this reporter that other than top garment exporters most other exporters are ignorant about this accounting arrangement. [...]
Due to the crisis in the West (Sri Lanka’s (SL’s) largest export market), the island might find it difficult to keep its export growth momentum, an economist warned. Ms. Gayathri Gunaruwan, Chief Economist, Ceylon Chamber of Commerce, speaking at a pre-budget seminar in Colombo on Wednesday said that those economies are going to consume less, [...]
Government of Sri Lanka’s (GoSL’s)/Central Bank of Sri Lanka’s (CBSL’s) exchange rate (ER) policy came under flak by a banker on Tuesday. He said CBSL by selling the ER at a discount was fuelling consumption led credit growth. “When CBSL could earn Rs. 110/50 for a US dollar ($) they are selling the same at [...]
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