China lowers import tariffs on more than 850 products next month

Beijing will lower import tariffs on more than 850 products including frozen pork from next month, the Finance Ministry has said last month, as authorities battle a severe shortage of the meat staple, French news agency, AFP has stated. AFP has reported that China’s pig industry has been hammered by African swine fever, which has led to the culling of more than a million animals, according to official statistics, and caused the price of pork to double. Monday’s announcement said tariffs on frozen pork will drop from 12 percent to eight percent from January 1. The move does not appear…

Prime Minister Ranil Wickremesinghe says it is necessary to take a massive leap forward based on successful reforms to embark on a rapid development trajectory through a digital economy geared towards exports.

The Premier held a particular discussion at Temple Trees with the representatives of the Sri Lankan Chamber of Commerce on the Chamber’s series of proposals to develop the local economy. …

Prime Group of Sri Lanka has reportedly introduced ‘Prime Hot Deals,’ which is the country’s first-ever real estate e-commerce website. The website was launched last Tuesday (6) with the aim of revolutionising Sri Lanka’s real estate sector. Imagine being able to view and walk through a preferred property via a 360° virtual view and booking it online without moving an inch? Online clientele also get greater discounts when they browse, view and reserve the property of their choice online, as a result of the technology that Prime Group uses in this brand new venture, the local media has reported. Thus…

The Central Bank of Sri Lanka has reportedly stated that the country’s manufacturing and services sectors have recorded a growth in March 2019 from a month earlier ahead of the seasonal demand for the traditional Sinhala and Tamil New Year. The Sri Lanka Purchasing Managers’ Index (PMI) for manufacturing has grown to 66.9 points in March from 50.6 points in February, reaching a 46-month high, with growth across all sub-indices, reports state. An index value of over 50 indicates a growth over the previous month. “The increase of PMI in March was largely attributable to increase in New Orders in…

Sri Lanka’s Hambantota International Port (HIP) has reportedly awarded a tender to Sinopec Fuel Oil Sales Co. Ltd. for oil trading works and the operation and maintenance of their oil tank terminal along with associated facilities. According to reports, bunkering being an important part of the marine services portfolio offered by HIP, the oil tank terminal in partnership with Sinopec Fuel Oil Sales Co. Ltd., will provide high grades of marine fuels compliant with the IMO 2020 Low Sulphur Rule as well as other ancillary facilities to marine liners calling and passing through Hambantota. “The partnership with Sinopec, who are…

The government of Sri Lanka has reportedly stated that bus fares which were raised by state regulation three times this year have come down by 6 percent after a fuel prices were cut by 17.9 percent. However, the minimum bus fare has recorded a 33 percent increase over the year. Since May when fuel prices were raised by a formula, bus fares were raised twice amid allegations that a part of the price increase was politically motivated. Nevertheless, since the introduction of the monthly fuel price formula, Lanka Auto Diesel has fallen from a peak of Rs. 123 a litre…

Sri Lanka Telecom (SLT), the national ICT solutions provider in Sri Lanka, has recently announced a partnership with global electronic payments facilitator, Master card, to steer the adoption of electronic payments in Sri Lanka. A report in the local newspapers stated that under this partnership, Master card cardholders will receive a cash back reward of Rs.100 on each SLT bill payment of more than Rs.1,000 made using a Master card credit or debit card issued in Sri Lanka, for up to three bill payments within a month. Accordingly, payments can be made at all SLT Teleshop and authorised collection centres…

Hayleys Advantis Ltd of Sri Lanka has reportedly ceremonially unveiled Sri Lanka’s largest distribution hub — Advantis 3PL Plus Logistics City — in Kotugoda, Ja-ela. This is part of the company’s strategic capacity building and expansion efforts aimed at serving its clients better through greater efficiencies and economies of scale. “The move bodes well for the nation’s vision of establishing Sri Lanka as a key logistics hub in the South Asian region,” Hayleys Advantis has said in a media release. With the first phase of development now complete, this new facility adds 335,000 sq. ft. of space with 38,000 pallet…