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Sri Lankan rupee weaker; remittances prevent steeper fall
Oct 31, 2016 (Reuters) – The Sri Lankan rupee traded weaker on Monday due to importer dollar demand, but the month-end inward remittances capped the fall, dealers said. Rupee forwards were active, with one-week forwards trading slightly weaker at 148.30/40 per dollar compared with Friday’s close of 148.25/30. “The month-end inward remittances are there, but […]
South Asia Textiles embarks on USD3mn expansion
Nov 01, 2016 (LBO) – Textile manufacturer South Asia Textiles says it will extend its one billion rupee expansion program with a three million dollar investment in state-of-the-art technology. “Some of the machinery to be introduced will be the aerodynamic Air-Flow textile dye machines with absolute minimal usage of water, a continuous washer which saves […]
Opinion: No room should be left to ‘distort’ freight market in Sri Lanka
By Dinesh De Silva The impact of shipping surcharges including terminal handling charges have been battering the Import and Export industry from 1991 to 2004. Import Export trade knowing the effects on their respective business and keeping the end consumer in mind lobbied with every government from the inception, highlighting the unfair trading practices that […]
Sri Lanka seeks to boost capital markets, draw FDI : OBG
Oct 31, 2016 (LBO) – Government commitments to step up privatisation, repair its balance sheet and encourage more listings should help broaden the base of Sri Lanka’s capital markets and draw stronger flows of foreign direct investment (FDI) into the economy, the Oxford Business Group said. In April the Sri Lankan government brokered a $1.5bn […]
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Oct 31, 2016 (LBO) – Sri Lanka’s Value Added Tax (VAT) hike 15 percent from 11 percent will make the island credit positive as it will facilitate fiscal consolidation by strengthening low revenue-to GDP ratio, Moody’s Investors Service said. “The government originally implemented the VAT hike in May, but retracted it in July after a […]
SriLankan Airlines named Best Full Service Airline in Central & South Asia
(PRESS RELEASE) – Colombo, October 28, 2016: SriLankan Airlines emphasized its positioning as an airline of choice among discerning global travelers by winning the “Best Full Service Airline in Central and South Asia” at the Future Travel Experience Asia Awards 2016 in Singapore for the second consecutive year. Ajith Dias, Chairman of SriLankan Airlines, said: […]
Excerpts of Sri Lanka COPE recommendations on bond issue
Oct 31, 2016 (LBO) – Sri Lanka’s Committee on Public Enterprises has made several recommendations to Parliament on last year’s controversial bond issue. Excerpts of the recommendations, as published by the Sunday Times, are the following: Evidence has been placed before the COPE, which gives rise to reasonable suspicion that former CB Governor Arjuna Mahendran […]
Huawei launches Experience Store in Colombo, Plans to grow distribution
(PRESS RELEASE) – Huawei opened a brand new Experience Store in Colombo at Liberty Plaza Ground Floor adding another chapter to its expansion drive in Sri Lanka. The Experience Store is designed, with interactive areas where consumers can decide on their favourite Huawei smartphones, tablets and other devices. The opening of the new Experience Store […]
Government will bring a people’s Budget: Ravi Karunanayake
Oct 31, 2016 (LBO) – Sri Lanka’s budget for 2017 on Nov 10 will be a people’s budget as it would incorporate ideas proposed from all corners of the country, the Finance Minister said in a statement. “The Ministry of Finance has already received over 2200 proposals from the people. This also includes proposals from […]