Category: Industry
Sri Lanka tea exports up in Nov 2019
Jan 02, 2020 (LBO) – Sri Lanka tea exports for November 2019 totalled 21.9 M/kgs, showing a marginal gain of 0.6 M/kgs vis-à-vis 21.3 M/kgs of November 2018, a new report showed. Packeted tea has shown a growth YOY, whilst bulk tea has remained static, Forbes and Walker Tea Brokers said in their monthly report. […]
Inland Revenue Dept. issues the list of VAT registration deactivated persons
Jan 01, 2020 (LBO) – Sri Lanka’s Inland Revenue Department has published the complete list of persons & businesses whose taxable supply has never exceeded 75 million rupees for any taxable period ended prior to 31 December 2019. Such inactivated persons are not permitted to collect VAT on the supplies made on or after today […]
CICT ends 2019 with 2.9mn TEUs, 40-pct of Colombo Port’s volume
Dec 31, 2019 (LBO) – Colombo International Container Terminals (CICT) has announced it handled a total of 2.9 million TEUs in 2019, achieving an 8.6 percent increase in its throughput and accounting for 40 percent of the volume of the Port of Colombo in the 12 months ending 31st December 2019. The Company, which manages […]
ISM APAC appoints its first Sri Lankan Managing Director
ISM APAC, the regional arm of Netherlands based e-commerce company ISM e-Group, marked the dawn of a new era as it announced the appointment of its first Sri Lankan Managing Director, Priyantha Bethmage as the two Dutch General Managers of the company bid farewell. With its head office located in IT Park Orion City in […]
Loud music not allowed in buses from tomorrow: Transport Ministry
Dec 31, 2019 (LBO) – Sri Lanka’s Transport Ministry says that it will not allow loud music in buses from 01 January 2020 and advises passengers to use the hotline 1955 to lodge any complaint regarding the matter. According to the Ministry, a collection of 1,000 classical audio songs and high-quality music videos will be […]
ICICI Bank & Axis Bank to close down business operations in Sri Lanka
Dec 31, 2019 (LBO) – Sri Lanka’s Central Bank has permitted Axis Bank Ltd and ICICI Bank Ltd to close down their business operations in Sri Lanka, subject to certain conditions, at the request of their parent banks. Accordingly, these two banks are currently not permitted to carry on banking business, including accepting deposits from […]
President to explore possibility of gathering personal info under one data center
President Gotabaya Rajapaksa has paid his attention to bring all personal information such as National Identity Cards, driving licenses, immigration and emigration documents, registration of births and deaths under one data collection center. This will be instrumental in reducing time, effort and money spent on such services at present said President Rajapaksa during a discussion […]
Weekly AWPR declines to single-digit levels after April 2016: Central Bank
Dec 30, 2019 (LBO) – Sri Lanka’s Central Bank says that the weekly Average Weighted Prime Lending Rate (AWPR) has declined to single-digit levels by 27 December 2019, the first time since 29 April 2016. According to the Central Bank, the overall weekly AWPR has declined by 230 basis points from 12.24 percent as at […]
Singapore’s Perennial to launch USD250mn mixed development project in Sri Lanka
Dec 29, 2019 (LBO) – Integrated real estate and healthcare company headquartered and listed in Singapore, Perennial Real Estate Holdings Limited is to launch a 250 million dollar mixed development project in Sri Lanka shortly. This foreign investment project will see the construction of a 30-storey commercial tower inclusive of 700 new residencies and have […]
Business Excellence program
A training on Business Excellence will be conducted at the Mövenpick Hotel on the 10th of January 2020. The session will cover the areas of time management, good governance, work place ethics, workplace communications – all aimed at creating cohesive teams to increase the productivity in the organization. The session will be conducted by Nirmalan […]
New Chairman appointed to Lanka Electricity Company
Dec 24, 2019 (LBO) – Sri Lanka’s Power and Energy Minister Mahinda Amaraweera has appointed Attorney-at-Law Athula Priyadharshana De Silva as the new Chairman of Lanka Electricity Company (LECO). LECO has generated a revenue of over 3,000 million rupees this year and it has around 500,000 customers and over 1,500 employees. After taking over as […]
Fitch revises Outlook on Sri Lanka Telecom to Negative; affirms at AA+
Dec 23, 2019 (LBO) – Fitch Ratings has revised the Outlook on Sri Lanka Telecom PLC’s (SLT) National Long-Term Rating to Negative from Stable and affirmed the rating at ‘AA+(lka)’. They have also affirmed the National Ratings on SLT’s outstanding senior unsecured debentures at ‘AA+(lka)’. The rating action follows Fitch’s revision of the Outlook on […]