Latest Economy News

 Industry legend Prema Cooray, veteran Ministry Secretary Dr. Prathap Ramanujam and tourism industry leader Abbas Esufally join growing dissent over scrapping of existing Act of 2005 Cooray insists new Tourism Act was unwarranted and putting private sector representation out of key agencies is unjustifiable and highly detrimental Stresses 2005 Act inspired by … [Read more...] about Chorus against new Tourism Act grows

Prime Minister Mahinda Rajapaksa addressing the Parliament yesterday   In special statement to P’ment, PM says legal action being pursued against suspects Accuses previous Govt. of criminal neglect Says some are still spreading lies and trying to shift blame  Condoles with families of victims and wishes injured speedy recovery Prime Minister Mahinda Rajapaksa yesterday … [Read more...] about PM vows to bring Easter Sunday attackers to book

 Erratic behaviour of dollar exchange rate sparks concerns among businesses Banks quoting different rates ranging from Rs. 206 to Rs. 208 per dollar adds further confusion Dr. Harsha puts quantum of yesterday’s depreciation at Rs. 14; says it was unprecedented  Raises concern in Parliament after State Minister Cabraal’s tweets claiming rupee has strengthened Telegraphic … [Read more...] about Slippery rupee sends ripples through financial markets, Parliament

Prelates get briefing on Port City On the instructions of President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa, State Minister of Finance Ajith Nivard Cabraal yesterday visited the Asgiriya Chapter, the Malwathu Chapter and the Chief Prelates of the Amarapura and Ramanna Maha Nikayas and briefed them on the relevant Draft Commission Bill on the Port City … [Read more...] about SC begins hearing Port City petitions

SJB MP Dr. Harsha de Silva along with the party’s main organiser Ajith P. Perera at the media briefing yesterday – Pic by Lasantha Perera Opines credible legislation and financial regulatory framework needed to attract leading banks and investors to Port City  Questions why clauses relating to parliamentary oversight in draft Port City Bill were dropped Argues … [Read more...] about Harsha exposes flaws in new Govt.’s plans for Port City

Govt. bills Port City as much-needed catalyst to boost growth  Venture needed now given pandemic impact and debt to GDP hitting 98%, says State Minister  Contends legal framework will make SL globally competitive, unblock red tape and attract FDIs Insists President, Cabinet and Parliament will have sufficient oversight  Confident SC will find Bill not in contravention of … [Read more...] about Port City will be ‘turning point’ for SL: Cabraal

  Multiple petitions filed against proposed Port City Commission Bill  Five-judge Bench appointed to take up petitions  Petitioners include Opposition politicians, BASL, and civil society Petitions say Bill in contravention of multiple clauses in the Constitution  Appeal for SC to require two-thirds majority and referendum to pass the Bill Others also called for Bill … [Read more...] about Petitions pile up against Port City Bill

THASL Vice President and CCTH President M. Shanthikumar SLAITO President Thilak Weerasinghe SLAITO past President Devindre Senaratne Alleges move is destructive whilst industry still struggling from double whammy of Easter Sunday attacks and COVID-19 pandemic Fumes against throwing out private sector representation in Boards of three entities – Tourism Development Authority, … [Read more...] about Private sector opposes changing Tourism Act

 The Central Bank took measures yesterday to change the amount of foreign exchange that exporters have to convert to rupees Changes earlier conversion of 25% to 10%  Conversions must be within 30 days and via a licensed bank  Move comes as reserves dip to $ 4.1 b  Rupee hits new low of Rs. 203.59  Govt. officials seek forex support from multiple countries By Uditha … [Read more...] about CB revamps export forex earnings conversion to 10%