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‘s headline inflation increased to 7.6-pct in October
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index, increased to 7.6 percent in October 2021 from 5.7 percent in September 2021 driven by monthly increases of prices of items in both Food and Non-food categories. Subsequently, Food inflation (Y-o-Y) increased to 12.8 percent in October 2021 from 10.0 […]
Sri Lanka’s latest venture into cement manufacturing connects with Hambantota Port
An agreement was signed between Hambantota International Port Group (HIPG) and Lanwa Sanstha Cement Corporation Pvt. Ltd. to establish a conveyor belt and two ship unloaders within the port premises to handle and deliver raw materials required for their cement manufacturing plant at the Mirijjawila BOI zone. The agreement was formalized by CEO of HIPG, […]
China National Vehicles Import & Export Co. Ltd, to invest in Vehicle Plant in Sri Lanka
The Vice President of China National Machinery Import and Export Corp, Wu Yi, called on the Ambassador of Sri Lanka to China Dr. Palitha Kohona, 26 October 2021, at the Embassy to explore the possibility of establishing a vehicle plant in Sri Lanka. They plan to produce and promote the MG, Chery, and Proton brands […]
CBSL issues new rules on export proceeds conversion; applicable for both goods & services
The Monetary Board of the Central Bank has issued new rules, in respect of repatriation of export proceeds into Sri Lanka and conversion of such export proceeds to Sri Lanka Rupees, repealing the existing rules. The new rules are applicable for both exporters of goods and services in Sri Lanka. The new Rules require exporters […]
‘s vaccine certificates now recognised on entry to the UK
From Monday 1 November, eligible travellers from Sri Lanka with appropriate proof of vaccination will qualify under the fully vaccinated rules for travel to the UK. To be treated as fully vaccinated, travellers must be able to prove that they have been fully vaccinated at least 14 days before arrival, with a vaccine recognised by […]
‘s Bank; legal orders delay LC payment, says bank
The Economic and Commercial Counselor of the Embassy of the People’s Republic of China in Sri Lanka has blacklisted the People’s Bank for not effecting the payments in lieu of a Letter of Credit issued by the bank. Releasing a statement, the bank, however, said that they are bound by an enjoining order issued by […]
CA Sri Lanka launches virtual career guidance sessions to reconnect with students
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) recently launched a virtual career guidance session aimed at reconnecting with lapsed students. The session titled “Reset – Refresh – Renew” targeted CA students who dropped out mid-way during the programme. During the highly interactive session, students were educated on the importance of […]
”s rating to Caa2; CBSL questions timing & subjectivity
Moody’s Investors Service (“Moody’s”) has downgraded the Government of Sri Lanka’s long-term foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa1 under review for downgrade. The outlook is stable. “The decision to downgrade the ratings is driven by Moody’s assessment that the absence of comprehensive financing to meet the government’s forthcoming significant […]
Intl Arbitration Centre to be developed as Intl Commercial Dispute Resolution Centre for Port City
A Memorandum of Understanding between the Ministry of Justice and the Colombo Port City Economic Commission was signed on Wednesday at the Ministry of Justice, with a view to developing the Sri Lanka International Arbitration Centre as an International Commercial Dispute Resolution Centre for the Colombo Port City. Development of the Sri Lanka International Arbitration […]
Virtusa introduces new senior leaders
Virtusa Corporation, a global provider of digital strategy, digital engineering and IT services and solutions that help clients change and disrupt markets through innovation engineering, recently announced several key leadership appointments. The announcements extend Virtusa’s leadership, vision, and reputation as a top employer. Virtusa has a long heritage of providing deep digital engineering skills and […]