Category: General Services
President appoints tech-studded ICTA board to drive digital Sri Lanka
Dec 20, 2019 (LBO) – In line with his vision for a Sri Lanka driven by technology, President Gotabaya Rajapaksa has appointed a tech-studded board for the Information and Communication Technology Agency of Sri Lanka (ICTA). Steering the board as Chairman is Jayantha De Silva, Co-Founder of IFS Sri Lanka, the country’s first FDI-funded technology […]
Opinion: Gender dimension of remittances to Sri Lanka: Who remits more?
Bilesha Weeraratne Remittances are often considered a stable and a reliable source of development financing. In 2018, remittances to Sri Lanka totaled to USD 7.015 billion. At the macro level, the contribution of remittances to the Sri Lankan economy is immense. In 2018, remittances accounted for 7.8 % of the GDP, and could cover 59% […]
Singapore fashion platform buys Lankan software firm nCinga for USD15.5mn
Dec 17, 2019 (LBO) – Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software-as-a-service (SaaS) firm nCinga Innovations for 15.5 million dollars in cash and stock, marking one of the largest tech exits in Sri Lanka in recent times, foreign media reported. nCinga, which is backed by Sri Lanka and Singapore-based venture capital firm BOV […]
Sri Lanka economy boosted after election by local investor activity: ICRA
Dec17, 2019 (LBO) – Sri Lanka’s overview activities in the economy improved post presidential election driven by positive sentiments from the local investors, a rating agency said. “Bourse saw gains especially in manufacturing, trading, power & energy, and beverage, food, & tobacco sectors,” ICRA Lanka Limited, subsidiary of ICRA limited, a group company of Moody’s […]
Tax reduction allows Sri Lankan traders to import wheat flour instead of wheat grain
Dec 16, 2019 (LBO) – Sri Lanka’s government has removed the consolidated Tax of 36 rupees per kilogram of imported wheat flour and replaced it with the Special Commodity Levy (SCL) of 8 rupees per kilogram. This Special Commodity Levy will come into effect from December 14th through a special Gazette notification issued by Prime […]
Sri Lanka to review process adopted to revise original scope of Colombo Financial City
Dec 12, 2019 (LBO) – Sri Lanka’s cabinet nod has been received to appoint an expert committee to look into the process adopted by the previous government to revise the original scope of the Colombo Financial City. With the help of external consultants and the Legal Draftsman, a Bill has already been drafted to establish […]
The new oil of the 21st century: Sri Lanka’s need for data scientists
Malitha Goonaratne In 2012, the Harvard Business Review named being a ‘data scientist’ the “The Sexiest Job of the 21st Century”. If that is not appealing enough, it is estimated that by 2020, there will be 40 trillion gigabytes (40 zettabytes) of data created. In comparison, in 2018 there were 18 trillion gigabytes (18 zettabytes) […]
Mark Mobius says Sri Lanka has foreign investors appeal for tourism, fin-tech and real estate
Dec 11, 2019 (LBO) – Emerging markets investor, Dr. Mark Mobius highlighting Sri Lanka’s strengths said he sees immense growth potential in the island as the economy has with regards to foreign investor appeal. Admitting that while Sri Lanka’s agri-based economy has always held global interest -especially with tea as its strongest brand and commodity- […]
Chinese delegation to Sri Lanka inks SME pacts, clinches many B2Bs
Dec 10, 2019 (LBO) – Facilitated by Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI), the high powered Chinese team moved on 9 December for closer B2B and technological ties with leading Sri Lankan industrialists and SMEs by inking two landmark Cooperation Agreements with COSMI. “Our Mianyan is an important pivot city on […]
Google’s Womenwill to host International Women’s Day event “SheLeads”
Dec 09, 2019 (LBO) – Womenwill is a Google initiative to create economic opportunity for women everywhere so that they can grow and succeed. Helping women make the most of technology to build skills, get inspired, and connect with each other through training, events, and advocacy, Womenwill aims to drive conversations promoting gender equality to […]
Ceylon Chamber optimistic that recent tax revisions will stimulate growth
Dec 04, 2019 (LBO) – The Ceylon Chamber of Commerce says they are optimistic that the revisions in taxes and levies announced by the government will stimulate the economy. The slew of tax proposals put forward as part of the stimulus package will revive economic growth and activity in the short-term, the Chamber said in […]
‘ regulatory capital positions drop on IFRS 16 adoption: Fitch
Dec 03, 2019 (LBO) – Sri Lankan insurers’ risk-based capitalisation (RBC) ratios have fallen with the adoption of new accounting standards for lease contracts; SLFRS 16, the local equivalent of IFRS 16, Fitch Ratings says. This is because right-of-use (RoU) assets recognised under SLFRS 16 are currently inadmissible under Sri Lanka’s RBC regime and are […]