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HEADLINES - 8th November 2018


Central Bank releases step by step guide to doing business in Sri Lanka – LBO

The Eighth edition of “A Step by Step Guide to Doing Business in Sri Lanka” has been published by the Central Bank. The guide has been categorized under three main chapters; ‘Starting a Business’, ‘During the Business’ and ‘Other Activities’, contains useful information for the business community, potential entrepreneurs, foreign investors and investment promotion agencies.


CB appoints new Deputy Governors – DailyFT

The Monetary Board, with the concurrence of the Finance Minister, has promoted Assistant Governors S. R. Attygalle and H. A. Karunaratne to the post of Deputy Governor of the Central Bank (CBSL) with effect from 31 October 2018.


CB denies irresponsible money printing – DailyFT

Central Bank yesterday denied reports that it was engaged in excessive printing of money. See CB Clarification here.


‘Cinnamon Life’super structure ready by April 2019 – Daily News

The construction of “Cinnamon Life” is progressing with encouraging momentum according to John Keells. The super structure of all buildings in the development is expected to be completed by April 2019.


Professionals say Colombo risks becoming a “ghost city” if their advice not sought – Daily Mirror

Colombo’s booming real estate market risks turning Sri Lanka’s capital city into a “ghost town” as there may not be an effective demand to satisfy the increase in supply as many developers and policymakers are reluctant to utilise professional services. “Today, we see a lot of half-completed buildings. We have to make sure that these are marketable. As chartered surveyors, we should be able to advise the policymakers how to create effective demand to satisfy the current supply, otherwise we will have a ghost town in Colombo,” Royal Institution of Chartered Surveyors (RICS) Sri Lanka Chairman Sunil Fernando said.


2.5M tourist arrivals target 615K more arrivals to go October posts lowest growth – Ceylon Today

Sri Lanka needs to attract little under 615,000 tourists during the next two months to achieve the Government’s target of 2.5 million visitors to the country, as Sri Lanka welcomed more than 1.88 million travellers during the first ten months of this year.


Lanka looks to raise port charges – Ceylon Today

Sri Lanka is looking to raise charges and get more revenue from port services, Ports and Shipping Minister Mahinda Samarasinghe said.  "Without compromising competition we will revise charges," he told reporters in Colombo.


Bio-energy project gets Cabinet nod First step to reduce importation of petroleum and coal – Ceylon Today

The Cabinet yesterday approved the ‘Bio Energy 2022’ project, which will promote Local Energy Sources. This will act as the first step to reduce importation of fossil fuels, such as coal and crude oil, into the country.  Through the promotion of local energy sources, the Government expects to reduce foreign exchange spent on importation of fossil fuel.


Funding SL not withdrawn due to HR concerns: UK – Daily Mirror

The British Government had not withdrawn any funding to Sri Lanka due to human rights concerns between 2016-2019, State Minister for Asia and the Pacific Mark Field has said. In response to a question by Shadow Foreign SecretaryEmily Thornberry on Monday, the State Minister said they were committed to supporting the rebuilding of Sri Lanka following its long civil conflict.


Rupee falls on uncertainty amid foreign outflow; stocks down – Daily Mirror

(Colombo) REUTERS: The Sri Lankan rupee ended weaker yesterday as outflows from government securities and stocks due to political uncertainty raised dollar demand.


Stock market dip persists – DailyFT

The decline of the Colombo stock market continued owing to negative sentiments as investors lost confidence amidst the deteriorating political scenario. Acuity Stock Brokers said the Bourse ended on a negative note as the ASPI decreased by 1.24%, or 74.88 points, to close at 5,987.21 points, while the S&P SL20 Index also decreased by 2.51%, or 79.94 points, to close at 3,110.64.


Weekly averages increase across board – DailyFT

The weekly Treasury bill weighted averages were seen increasing across the board yesterday, following the rejection of all bids the previous week, with the 364-day bill recording a sharp increase of 50 basis points to a 77-week high of 10.89%. The 91-day bill which was accepted after a lapse of two week’s saw its weighted average increase by 17 basis points to 9.65% while the 182-day bill which was offered after two weeks recorded a weighted average of 9.99% against its previous of 9.75%.  The total offered amount of Rs. 16 billion was almost fully accepted across all three maturities with a total bids to offer ratio of 1.66:1. 


In setback for Trump, Democrats seize US House control – DailyFT

Washington (Reuters): Democrats rode a wave of dissatisfaction with President Donald Trump to win control of the US House of Representatives on Tuesday, giving them the opportunity to block Trump’s agenda and open his administration to intense scrutiny. In midterm elections two years after he won the White House, Trump and his fellow Republicans expanded their majority in the US Senate following a divisive campaign marked by fierce clashes over race, immigration and other cultural issues. But with his party losing its majority in the House, the results represented a bitter setback for Trump after a campaign that became a referendum on his leadership. With some races still undecided, Democrats appeared headed to a gain of more than 30 seats, well beyond the 23 they needed to claim their first majority in the 435-member House in eight years.


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