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Export woes continue

Mirroring lacklustre international commodity prices, Sri Lanka’s trade deficit grew 15.7% to $ 814 million from $ 703 million in May 2015 as exports dropped by 12% reflecting contraction in all major sectors as imports edged up marginally by 0.03% to $1.59 billion, the Central Bank said yesterday in its latest external performance report, which also rounded up the deficit of the first five months to $ 3.4 billion, from $ 3.38 billion the previous year.

President calls for SME support

President Maithripala Sirisena and Finance Minister Ravi Karunanayake share a lighter moment on stage during

the inauguration of the Sri Lanka Economic Summit yesterday.

President Maithripala Sirisena yesterday made an impassioned plea of support for small and medium enterprises as their development would directly improve the livelihoods of middle class Sri Lankans and called on his Finance Minister to create avenues to support private sector investment including providing tax concessions where possible.

Microsoft wins landmark appeal over seizure of foreign emails

Reuters: A federal appeals court on Thursday said the US government cannot force Microsoft Corp and other companies to turn over customer emails stored on servers outside the United States.

The 3-0 decision by the 2nd US Circuit Court of Appeals in Manhattan is a defeat for the US Department of Justice and a victory for privacy advocates and for technology companies offering cloud computing and other services around the world. Circuit Judge Susan Carney said communications held by US service providers on servers outside the United States are beyond the reach of domestic search warrants issued under the Stored Communications Act, a 1986 federal law.

Consumer rights activists want bottled water monitored

By Chamodi Gunawardana

The National Movement for Consumer Rights’ Protection (NMCRP) yesterday urged the Health Ministry and the Sri Lanka Standards Institute (SLSI) to continuously monitor standards of bottled water

It demanded that SLSI should have regular checking for its approved products to inspect whether they are maintaining standards.

Rupee forwards edge down on importer demand

Reuters - Sri Lankan rupee one-week forwards ended slightly weaker on Friday as importer dollar demand surpassed late inward remittances ahead of Ramadan while nervous investors awaited the appointment of a new Central Bank governor, dealers said.

One-week dollar/rupee forwards, which have been acting as a proxy for the spot rupee, ended at 146.40/60 per dollar, weaker than Thursday’s close of 146.00/30.

Korean Residents Association donates relief items for  flood victims

The Korean Residents Association of Lanka on 17 June handed over relief items such as portable mattresses, rice, water, shoes, clothes, personal care products, etc. for the victims of the recent flood disaster in Pahala Bomiriya, Kaduwela. The items were sponsored by the Embassy of the Republic of Korea, Korean companies and residents in Sri Lanka. 

The small village which is surrounded by two streams and is home to 120 residents (37 households) has been seriously affected by 30-foot high flood waters washing away houses.  

Korean Residents Association of Lanka President Kwak Hongkyu (centre) and Consul for the Ambassador of the Republic of Korea to Colombo Lee Jaewoo (right)

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Source: http://www.ft.lk/article/550808/Korean-Residents- Association-donates- relief-items- for- flood-victims#sthash.JiiVV891.dpuf

 

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By Uditha Jayasinghe

Capital Gains tax could be rolled out as early as end July since the Government is looking to fast-track its revenue sources, a top minister said yesterday.

Public Enterprise Development Minister Kabir Hashim insisted the Government would formulate a structure for Capital Gains tax “in about a month” as it looks to speed up the process, which is part of broad tax reforms needed to boost public revenue. Tax reforms is also a crucial part of the International Monetary Fund program with Sri Lanka.

Listed firms 1Q earnings gain 16% to Rs. 61 b

Earnings of listed companies witnessed a sharp growth of 16% in the first quarter of 2016 to Rs. 61 billion as against a 5% improvement in the fourth quarter of last year. 

Capital Alliance Research attributed the “strong growth” due to weaker economic conditions during 1Q2015. Trailing twelve month (TTM) market earnings grew 3.3% year on year (YoY) to Rs.209.2 billion supported by low interest rates and improving disposable incomes driving consumption, compared to 17.1% during the same period last year due to improved economic conditions starting 4Q 2014. 

Japanese firms keen on Sri Lanka’s investment potential

Japan External Trade Organization Chairman and CEO Hiroyuki Ishige

Sri Lankans understand importance of healthy living  more than most Asians, but are not acting on it!

AIA Sri Lanka has released the Sri Lanka results of AIA’s 2016 Healthy Living Index Survey, which is carried out across Asia-Pacific. In the survey an astounding 95% of Sri Lankans acknowledge that there are definitely things they can do to improve their health but only 8% have taken major steps towards healthy living! So, whilst Sri Lankans have a high awareness of the importance of healthy living, we are not really doing much about it!

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