Author: lbostgadmin
Now Uber Eats Delivery through push cycles in Sri Lanka
Uber Eats in Sri Lanka has reiterated its commitment to the market by dialing up support to Courier partners on its platform during the current challenging times. To soften the impact of the ongoing economic crisis, the company has announced initiatives that will help create new earning opportunities and provide a cushion to courier partners. […]
Opinion: Entrepreneurship is Key to Improving Economy
By M. Rizwan Muzzammil Why Economics? It is a reality of life that all resources, be it land, labour, or capital, are scarce. This is why economizing is necessary. In Sri Lanka, the shortage of goods and services is in fact indicative of a general shortage of resources in the economy. To address this problem […]
Tax reforms at a glance: To be introduced in the immediate & near term
Cabinet nod has been received to instruct the legal draftsmen to prepare necessary bills to amend the following Acts with a view to increasing government revenue. Inland Revenue Act, No. 24 of 2017 Value Added Tax Act, No. 14 of 2002 Telecommunication Levy Act No21 of 2011 Betting and Gaming Levy Act, No.40 of […]
CCPI based headline inflation increased to 39-pct in May; food inflation at 57-pct: CBSL
Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index increased to 39.1% in May 2022 from 29.8% in April 2022 driven by the monthly increases in both Food and Non-Food categories. Subsequently, Food inflation (Y-o-Y) increased to 57.4% in May 2022 from 46.6% in April 2022, while Non-Food inflation […]
None of the loans discussed recently in public forums have been written off: People’s Bank
In view of the recent discussions in several public forums relating to the Non-Performing Assets (‘NPA’) portfolio of People’s Bank, the Bank has issued a media release setting out the following matters of fact: • NPAs are loans whose interest and/ or principal have not been duly serviced for a stipulated time period. A mere […]
SL CB reassures commitment to ensuring the availability of forex banking system for essential foods
The Ministry of Finance issued Import Control Regulations on Payment Terms No.07 of 2022, dated 06 May 2022, and to be effective from 20 May 2022, by restricting the use of Open Account Payment Terms or Consignment Account Terms, subject to conditions, when importing goods to Sri Lanka. This measure complements the various other measures […]
World Bank Country Director for Sri Lanka rejects numbers
The World Bank Country Director for Sri Lanka, Faris H. Hadad-Zervos in a tweet has rejected the numbers mentioned in a statement issued by the Ministry of Foreign Affairs. According to the Ministry of Foreign Affairs, the World Bank Country Manager in Colombo, Chiyo Kanda, had said that the World Bank will disburse approximately USD […]
World Bank to disburse around USD 700Mn to Sri Lanka within next few months
The World Bank Country Manager in Colombo, Chiyo Kanda, called on the Minister of Foreign Affairs Prof. G.L. Peiris at the Ministry of Foreign Affairs on 27 May, 2022. Minister Peiris sought assistance from the World Bank until long term assistance materializes through the IMF, other international institutions and donor countries. The Minister highlighted the […]
Aitken Spence creates history by recording its highest ever profit of Rs 14.2 bn for 2021/2022
The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 14.2 billion for the twelve months ended 31st March 2022 compared to the loss reported before tax of Rs. 2.8 billion last year. This performance was driven by the Group’ diverse presence in eight countries spanning sixteen segments of operation. The diversity […]
Will provide full support to conduct duties independently, President says at meeting with CB Governor
President Gotabaya Rajapaksa had a meeting today (28) with the Governor of the Central Bank, Dr.P. Nandalal Weerasinghe and Monetary Board member Sanjeeva Jayawardena PC and fully assured them that the Governor and the Monetary Board has his fullest and unqualified assurance of freedom to discharge their functions independently and without any extraneous constraints. At […]
Opinion: Debunking the great misconceptions of marketing
By Thanzyl Thajudeen For long, marketing has been narrowly misunderstood with numerous other terms. And the sole responsibility for this lies in the hand of marketers such as ourselves. This is because we haven’t really taken a bigger stance on putting our efforts in advocating or addressing the many false ideologies or misconceptions held by […]
Fitch Downgrades Singer Finance, Places Four Sri Lankan Finance & Leasing Companies on RWN
Fitch Ratings has downgraded Singer Finance (Lanka) PLC’s (SFL) National Long-Term Rating to ‘A-(lka)’ from ‘A(lka)’ and placed the rating on Rating Watch Negative (RWN). We have also placed the National Long-Term Ratings of three other Fitch-rated Sri Lankan finance and leasing companies (FLCs) – Abans Finance PLC (AF), AMW Capital Leasing and Finance PLC […]