The Monetary Board of the Central Bank yesterday slapped banks with administrative measures to reduce the notable spread between market deposit rates and lending rates despite the substantial easing in the policy interest rates.
Sri Lanka will come out of the crisis situation it is faced with now, as it has the key requisites to steer the economy towards revival, according to former Bank of Thailand Governor Dr. Veerathai Santiprabhob.
The 100 MW solar power generation project undertaken by the consortium comprising WindForce PLC, Lakdhanavi, and Singapore’s The Blue Circle, is set to become a significant milestone in Sri Lanka’s power sector as it aims to establish benchmark pricing for upcoming power generation ventures conducted by the private sector.
Sri Lanka’s overall inflation rate, as measured by the National Consumer Price Index (NCPI), experienced a significant decline in July, dropping to 4.6 percent on a year-on-year (YoY) basis, against 10.8 percent in June.
Transshipment container volumes at the Port of Colombo rebounded in the first half of the year, ending the nearly one-year declining trend, as main shipping lines restoring services back from alternative routes on renewed confidence on the stability of country.
As Sri Lanka strives to improve its revenue collection, especially in terms of tax, the required efforts have been rolled out to amend the Inland Revenue Ordinance, the Sectoral Oversight Committee on National Economic and Physical Planning said.
Skytanking Holding GmbH Managing Director Amir Ibrahim and the team met with the Chairman and officials of the BOI, Airport and Aviation to discuss potential opportunities for investment in Sri Lanka. Skytanking provides aviation fuelling services including into-plane fuelling, aviation fuel storage and hydrant management, investment in aviation fuel facilities at airports and engineering. Founded in 1998, the company is a subsidiary of Prime Fli
Amid the current human capital shortage, in particular the science, technology, engineering and mathematics (STEM) graduates increasingly looking to migrate, the government said it has plans to establish a number of new universities and vocational training centres with greater participation of the private sector on an urgent basis.
Improved prospects for the tea industry in the second half of 2023 (2H23) largely depend on how soon the Sri Lankan rupee would stabilise, Forbes & Walker Tea Brokers said. It noted that unless the remunerative rupee tea prices are achieved, farmer profits would be negated. This in turn would result in a lack of inputs and diminishing crops that certainly would be disastrous for an already ailing industry.
Blue-chip conglomerate Aitken Spence has entered into an agreement with the Board of Investment (BOI) to kick off operations of two garment factories that halted operations recently, due to reduced orders. The BOI announced in a statement to the media that following its intervention, Aitken Spence is pumping in an investment of about US $ 3.6 million in the first phase to re-establish the two factories that are located in the Koggala Investment P
The Colombo Stock Exchange maintained its upward momentum for the fifth consecutive session yesterday as foreign investors made significant contributions, resulting in the highest net foreign inflow to the market in recent times.
Pursuant to the demise of MJF Holdings Founder and Chairman Merrill J. Fernando, his two sons, Malik J. Fernando and Dilhan C. Fernando, wish to express their deep appreciation to the overwhelming number of people who joined them in their grief and in laying their beloved father to rest. They reaffirm their commitment to building on the formidable legacy that Merrill J. Fernando built in tea and leisure, with kindness to people and nature. MJF
In line with the government’s policy to focus on private sector-driven growth towards a strong export-oriented economy, a high-powered five-member committee comprising of well-known corporate leaders have been appointed to draft a new investment policy for the country.
Inflation in the Colombo district retreated to what once appeared to be an elusive mid-single digit level in July, as food prices declined from a year ago, while the non-food prices eased to just above 10 percent, ending nearly two-year long price spiral, which pushed most Sri Lankans into once-in-a-generation cost of living crisis. The inflation measured by the Colombo Consumer Price Index dropped to 6.3 percent in the twelve months through
Sri Lanka will be seeking a minimum six-fold increase in duty free access for its ready-made apparel products from India with no fabric sourcing conditions under the proposed Economic and Technology Co-operation Agreement (ETCA)
The negotiations for the proposed China-Sri Lanka Free Trade Agreement (FTA) are expected to resume within the next one to two months after a six-year hiatus. “We are waiting for official communication from China on dates for the next round of FTA negotiations,” Sri Lanka’s International Trade Office Chief Negotiator K.J. Weerasinghe told a seminar organised by the National Chamber of Exporters, in Colombo, yesterday. Speaking to Mirror Business
The Export Development Board (EDB) yesterday said Sri Lanka’s gem and jewellery sector is under serious threat, due to a surge in foreign traders’ involvement in key gem markets without the required licences, threatening the sector’s integrity and sustainability.
Tourist arrivals surpass 63,000 in first half of October
EDB gets new chief
Colombo welcomes Cinnamon Life
New Board of Directors appointed for SriLankan Airlines
Easter attack: controversy swirls further high
Catholic Church rebuffs Gammanpila’s allegations
Easter Sunday attack: Ravi Seneviratne’s name implicated
SL unveils new ’P’ series passport with enhanced security features