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A Plastic Recycling Center Opens in Kaduwela
The Kaduwela Municipal Council opened the first of four Plastic Recycling Centers at 567/3, Yashodara Mawatha, Dedigamuwa as a pilot to improve standards in plastic waste collection and apply environment, health, and safety best practices. The Plastic Recycling Centers, supported under United States Agency for International Development (USAID) Clean Cities Blue Ocean activity will sort, […]
Ceylon Chamber Concerned About Developments in Healthcare Sector
The Ceylon Chamber of Commerce is concerned about recent developments in the healthcare sector, particularly regarding the quality of pharmaceutical products procured for the public healthcare system. While the shortage of essential medicines has stemmed from the economic crisis, it persists due to the lack of a robust and transparent procurement system. We recommend that […]
Cinnamon Air to Launch Scheduled Flights to Jaffna from Colombo
Cinnamon Air, Sri Lanka’s premier domestic airline, recently announced the launch of scheduled flights to Jaffna, which will provide travellers with easy access transport to the most popular city in the northern region of the island along with an exceptional travel experience. Scheduled flights to Jaffna will commence from 16th June 2023, with weekly departures […]
Import Controls in Sri Lanka: Political Preference and Incentive Distortions
Battling an unprecedented economic crisis that overlapped the COVID-19 pandemic, Sri Lanka resorted to strict import controls since early 2020. These measures gradually encompassed 31% of total imports by September 2022, with the intention of reducing foreign exchange leakages on “non-essential” imports. However, the effectiveness and implications of these stringent regulations have raised questions. A […]
Indian Foreign Secretary meets the President
Indian Foreign Secretary Vinay Mohan Kwatra met with President Ranil Wickremesinghe during his official visit to Sri Lanka this morning (11). The meeting took place at the Ministry of Defence and focused on enhancing bilateral relations and working towards future economic and social goals that would benefit both countries’ populations. During the meeting, President Wickremesinghe […]
Silk Route Ventures initiates Sri Lanka’s first fully equipped food factory for culinary entrepreneurs
Understanding that setting up a food factory takes a colossal amount of investment and effort in this highly competitive environment and even more so amidst economic challenges, Silk Route Ventures, a leader in the nation’s agriculture, food and beverage and nutraceuticals segments, now allows culinary entrepreneurs and enthusiasts a launchpad to turn their creative ideas […]
Ceylinco Life marks milestone May with assets topping Rs 200bn & equity crossing Rs 50bn
Sri Lanka’s life insurance market leader Ceylinco Life achieved several noteworthy milestones in financial performance in May this year, emphatically demonstrating the Company’s financial strength. Total assets surpassed the Rs 200 billion mark, growing by 17.9 billion or 9.4 per cent in the five months since 31st December 2022 to reach Rs 209.4 billion as […]
‘s Meta over Instagram’s Threads platform
Twitter threatened to sue Meta over its new Threads platform in a letter sent to the Facebook parent’s CEO Mark Zuckerberg by Twitter’s lawyer Alex Spiro.
Sri Lanka’s Government Debt Plan Tempers Funding Risk for NBFIs: Fitch Ratings
Sri Lanka’s proposed government debt restructuring plan should reduce funding and liquidity risk for non-bank financial institutions (NBFIs), says Fitch Ratings. According to Fitch Ratings, the plan avoids direct impact on the local-currency government debt holdings of NBFIs and commercial banks, easing uncertainty over the entities’ capital, funding and liquidity profiles. Nonetheless, the proposal is […]
Real Estate Agents are Advised to Ramp up Anti-Money Laundering Measures
The Financial Intelligence Unit (FIU) of the Central Bank of Sri Lanka organized an awareness program for the real estate sector on “Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance Obligations and New Developments” on June 26, 2023. Full Statement