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Colombo bourse swung between gains and losses on Thursday and close in positive territory amid the further decline in Treasury bills in yesterday’s auction. The benchmark All Share Price index advanced 20.61 points or 0.29% to end at 7,212.90 while S&P SL 20 index marginally gained 0.56 points (+0.01%) to end at 4,059.54.

Full Article Saturday, 09 May 2015 00:00

The Government last week said it would provide the promised guaranteed prices only to producers meeting the quality requiment. In this regard the government has allocated Rs.690 million per month to provide subsidies to tea smallholders to keep in line with the promised amount of Rs.80 as guaranteed price per kilogram of tea leaves. Hence according to industry stakeholders, at least...

Full Article Saturday, 09 May 2015 00:00

The Central Bank says it would continue to conduct inflation expectation surveys and even considers publishing the results on a regular basis in order to avoid building up of adverse inflation expectations among the general public and to guide the monetary policy formulation and conduct. The Central Bank commenced conducting inflation expectation surveys on a regular basis since...

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Full Article Saturday, 09 May 2015 00:00

Sri Lanka was in no rush to float an international sovereign bond, as domestic borrowing rates are now low, Central Bank Governor Arjuna Mahendran said.
“I don’t want to jump into the bond right now because if you really look at dollar borrowing rates, even if the rupee depreciates, it means that we are paying more rupees to service...

Full Article Saturday, 09 May 2015 00:00

The Board of Investment (BoI) is in the process of formulating a fresh policy for investment in Sri Lanka which is expected to be completed next month, BoI Chairman, Upul Jayasuriya said recently. According to Jayasuriya, the policy would identify the sectors that needed to be promoted in Sri Lanka while also focusing on new ventures that could attract foreign...

Full Article Saturday, 09 May 2015 00:00

The Central Bank of Sri Lanka says that the special interest schemes introduced by the government in order to address the difficulties faced by senior citizens would only provide a temporary relief and therefore long-term solutions would need to be implemented in order to mitigate the impact of low interest rates environment.

Full Article Saturday, 09 May 2015 00:00

In response to the lead story published by The Nation Gain last week titled ‘Construction Jobs at Stake’, the Chairman & Managing Director of Maga Engineering (Pvt) Ltd, M. G. Kularatne sent us the following reply. Re: Article titled ‘Construction Jobs at Stake’ published in The Nation newspaper on Saturday, 02 May 2015
We write with reference to the article titled “Construction Jobs...

 

Full Article Saturday, 09 May 2015 00:00

The Central Bank of Sri Lanka last week commenced operations of its newly constructed Regional Office in Ariviyal Nagar, Kilinochchi. The Kilinochchi Regional Office was declared open by Minister of Resettlement, Reconstruction and Hindu Affairs D M Swaminathan and Deputy Minister of Policy Planning, Economic Affairs, Child, Youth & Cultural Affairs Dr. Harsha De Silva, on the invitation of the...

Full Article Saturday, 09 May 2015 00:00

Central Depository Systems (Pvt) Ltd (CDS) a fully owned subsidiary of the Colombo Stock Exchange (CSE) will host the 17th Annual Cross Training Seminar of the Asia-Pacific Central Securities Depository Group (ACG) in Colombo on May 12th and 13th. This will be the first time the CDS will host the Cross Training Seminar.
The ACG Cross Training Seminar...

 

Full Article Saturday, 09 May 2015 00:00

Ceylon Tobacco Company PLC (CTC) opened trading on the Colombo Stock Exchange (CSE) last Monday (05). This event was yet another in a series of Market Opening Ceremonies, featuring the companies from the S&P SL20 index.  “Investing in the Stock Market is a risky business, but you can get a high return if you understand what you are doing...

Full Article Saturday, 09 May 2015 00:00

ACAP profits up
AMW Capital Leasing and Finance Plc has recorded a net profit of Rs. 66.2 million for the three month ended 31st March 2015, a 22% growth from the corresponding period of last year. Net interest income grew 22% to Rs. 183.2 million while general administration costs rose 36% to Rs. 58.4million.

Full Article Saturday, 09 May 2015 00:00

Sri Lanka’s tourist arrivals rose 8.5 percent to 122,217 in April 2015 from a year earlier with a surge in tourist arrivals from China and cumulative for the first four months stands at 601,055 with a growth of 12.2 percent, statistics released by the State Tourism Promotion office revealed.
Arrivals from China, the second biggest market rose by 81.8 percent to 66,925 in Jan -April from 36,803 the year earlier.
For the month of April, the arrival of Chinese visitors increased 72.3 percent to 13,790 from 8,005 in the same month 2014.

Full Article Saturday, 09 May 2015 00:00

IFC, a member of the World Bank Group, has partnered with the Sri Lanka Institute of Directors (SLID) to promote improved corporate and ethical business practices for small businesses in Eastern Sri Lanka. The initiative is part of the European Union Support to District Development Program (EU-SDDP), funded by the EU and implemented by 5 UN agencies and IFC.  

Full Article Saturday, 09 May 2015 00:00

The Colombo Municipal Council (CMC) decides to extend the e-Service – Online Tax Payment System.
Accordingly, five kiosks with facilities for online payment are expected to be set up within the Colombo Municipal Council limits.
This will enable even taxpayers who do not possess internet facilities of their own, to make their tax remittances to the CMC online.
The ICT Agency of Sri Lanka (ICTA) had taken steps to introduce the Online Tax Payment System to the Colombo Municipal Council in 2014.

Full Article Saturday, 09 May 2015 00:00

Sri Lanka-Rwanda Business Forum, which is organized by the Ceylon Chamber of Commerce, will be held on May 28, 2015 with the participation of a high-powered business delegation from Rwanda. The event, which is organized in association with the Rwanda Private Sector Federation, the High Commission of Rwanda in India and the Honorary Consulate General of Rwanda in Sri Lanka...

 

Full Article Saturday, 09 May 2015 00:00

Nawaloka Petroleum (Pvt) Ltd, a company set up under the umbrella of Nawaloka Holdings to engage in the business of petroleum and allied products, is the sole importer/distributor of Total Oil India Pvt. Ltd, a subsidiary of Total, France. The Chairman and Board of Directors of Nawaloka Petroleum comprise Chairman Jayantha Dharmadasa, while Harshith Dharmadasa, Anisha Dharmadasa, and Ananda Jayasekara...

Full Article Saturday, 09 May 2015 00:00

Ceylon Leather Products Plc (CLPL) said Wednesday that the company has lost over Rs.24 million due to a fraud by some employees at its tannery. Following the findings, the company has lodged a complaint with the Criminal Investigations Department (CID) appertain to the matter and the investigations are being progressed currently, Ceylon Leather Products said.  The management has also taken...

Full Article Saturday, 09 May 2015 00:00

JAKARTA, Indonesia — Indonesia’s economic growth in the first quarter slumped to its weakest annual pace since 2009, hit by soft global demand and a collapse in commodities, underscoring the challenge facing President Joko Widodo as he strives to revive Southeast Asia’s biggest economy. Gross domestic product (GDP) rose 4.71 percent in January-March from a year ago, below the market’s median forecast of 4.95...

Full Article Saturday, 09 May 2015 00:00

On April 29, 2015, the Executive Board of the International Monetary Fund (IMF) concluded the third Post-Program Monitoring (PPM) discussion with Sri Lanka.
Recent macroeconomic performance has generally been strong but risks appear to be on the rise. Real GDP growth registered 7.4 percent in 2014. Growth was broad-based, with the exception of agriculture which suffered from drought early in...

Full Article Saturday, 09 May 2015 00:00

China is helping its Asian neighbors stay out of the global currency wars. Policy makers in the world’s biggest exporter have resisted weakening the yuan as economic growth slows, seeing exchange-rate stability as key to winning global reserve-currency status from the International Monetary Fund this year. That, in turn, has reduced pressure on China’s regional export rivals to keep their...

Full Article Saturday, 09 May 2015 00:00
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