NDB Bank PLC and DFCC Bank PLC which were supposed to merge under the Central Bank’s financial sector consolidation plan are now awaiting the results of an evaluation conducted by a committee appointed by Prime Minister Ranil Wickramasinghe.
Diversified Japanese conglomerate Belluna Co. Ltd has partnered with Asia Capital PLC to bring one of the largest private sector foreign direct investments (FDIs) from Japan worth over US $ 100 million into the leisure industry of Sri Lanka.
Sri Lanka’s premier connectivity provider, Dialog Axiata PLC, clinched two Global awards at the Mobile World Congress (MWC) held in Barcelona Spain. The lineup of Global Award winners and nominees featured the world’s leading mobile operators, innovators and solutions providers.
A new risk management unit has been set up by the Central Bank to outline proper rules and regulations that would ensure risks are minimized in the process of managing the Employees’Provident Fund (EPF).The unit has been established on the instructions of Central Bank Governor, Arjuna Mahendran in a bid to avoid explicit conflict of interest, when the EPF invests in banks’ shares, which are regulated by the Central Bank.
By Indika Sakalasooriya alling himself the “chap who is running the policy shop,” Policy Planning and Economic Affairs Deputy Minister Dr. Harsha de Silva said his government’s objective was to create a capital market where people from rural areas could trade in John Keells shares.
The picture shows a group of tourists enjoying the ruins of Anuradhapura. Tourist arrivals to Sri Lanka during January rose 6.6 percent year-on-year (YoY) to 156,246 visitors, helped by increased arrivals from the countries in the Western European and South Asian regions.
The Colombo Municipal Council (CMC) has begun placing boards in front of eateries which have been certified by them, to indicate to the public that eating at such eateries is safe. CMC Chief Medical officer Dr. Ruwan Wijayamuni is seen placing the first board at an eatery in Grand Pass
A fruit vendor waits to sell pineapple in Galle Face. The new government will seek loans exceeding US $ 4 billion from international lenders, including the International Monetary Fund (IMF), as it “restructures” expensive debt owed to China, Finance Minister Ravi Karunanayake said (AFP)
The five mobile service providers in the country gathered for a crisis meeting last Friday, to discuss possible actions to avert impacts of the farreaching tax proposals of the new government on the sector.Mirror Business learns that the possibility of taking legal action was also discussed, among others, if the government went ahead with enacting laws demanding celcos to pay the 25 percent reload tax.
The apparel industry will be in for a shock in the near future, and all stakeholders would be in safe hands only if they change their mindsets and focus on disruptive concepts, according to a highly regarded figure in the industry.
A leading retailer in the country said it was “engaging” the new government over the higher taxes the sector was slapped with.“If we are to contribute towards the development of the agriculture and rural sector to create sustainable jobs, the government has to revisit the VAT impacts towards organised trade,” Cargills Ceylon Deputy Chairman and Group CEO Ranjit Page said.
Sri Lanka sealed a nuclear energy agreement with India yesterday.Under the deal, India will help Sri Lanka build its nuclear energy infrastructure, including training of personnel, the Indian Foreign Ministry said. Later, India could also sell light small-scale nuclear reactors to Sri Lanka, which wants to establish 600 MW of nuclear capacity by 2030, a Sri Lankan official and an Indian analyst said.
Top economists in the country slammed the new regime’s interim budget for political indecisiveness and failing to rectify past economic missteps, during a post-budget seminar organized by the Sri Lanka Economic Association (SLEA) and the University of Colombo recently.
The public sector salary increase, fuel price cut and a number of other concessions given in the revised budget of the new government may revive inflation amid the expected boost in consumption, Moody's Investor services cautioned in a brief comment, yesterday.
A group of leading young experts from the Information Communication Technology (ICT) sector have collaborated to create Saviman, a platform which would allow non-profit organizations and social enterprises to ask for technological solutions in using ICT to take their projects to new heights.
Despite the retrospective taxes proposed in the revised budget of the new government, the second in command of Sri Lanka’s economy said that the government will have minimum interference in free markets going forward while enhancing social welfare, adopting the Germanmodel of Social Market Economy. “We believe, like everyone here, that markets are the most efficient way to allocate resources.
The Employees’ Provident Fund (EPF), the largest state-run private sector pension fund may divest its holdings in commercial banks and certain other companies trading in the Colombo Stock Exchange, newly appointed Central Bank Governor Arjuna Mahendran told a recent forum.
Right-wing United National Party (UNP) led government of President Maithripala Sirisena yesterday presented a revised budget, making the previous regime’s last budget, perceived a highly populist one targeting an impending presidential election, look extremely bad.
Major reforms for the country’s maritime policy were called for to take advantage of its geographical location and new portrelated infrastructure, during the 12th P.B. Karandawela Memorial Lecture organised by the Chartered Institute of Logistics and Transport (CILT) this week. “The maritime industry is at a critical juncture.
The monetary board under the stewardship of new Central Bank Governor Arjuna Mahendran decided to maintain key policy rates unchanged for the twelfth straight month as widely expected, and shattered hopes of the banks which were eagerly awaiting a scrapping of the two tier Standing Deposit Facility Rate.The new monetary board considered the current accommodative monetary policy largely appropriate given the benign price pressures and the economic
Canada issues travel advisory over serious risk in Arugam Bay
More countries issue travel advisories
Sri Lanka Tourism invites global travellers for upcoming season
Russian embassy urges citizens to stay vigilant in Arugam Bay
US Embassy issues travel warning for Arugam Bay
Immigration authorities to crack down on overstaying Russians, Israelis
Sri Lanka may face another economic turmoil: Sajith