Category: Trade
Sri Lanka’s Port City developer withdraws compensation claims
Aug 02, 2016 (LBO) – Sri Lanka’s port city developer CHEC Port City Colombo, who is handling the project for the Chinese investor, China Communications Construction, has agreed to withdraw all compensation claims for losses incurred due to the suspension of the project. However, the cabinet has approved allocation of 2 hectares to them, without […]
We need to position our country: Harsha de Silva
Aug 02, 2016 (LBO) – Sri Lanka’s deputy minister of foreign affairs says that as a nation we need to ease rules and attract investment and build confidence on the global platform. “The wide global audience has not received the Sri Lankan message that we are ready for investment,” Harsha de Silva, deputy foreign affairs minister […]
China special investment zone to create 1mn jobs in Hambantota
Jul 26, 2016 (LBO) – The Chinese government has requested for 15,000 acres of land in Hambantota for a special economic zone that will create around one million job in this area, the Minister of Development Strategies and International Trade said Tuesday. “Apart from the Chinese Free Trade Agreement, Chinese officials are also in discussions […]
Malik assures ETCA and other FTAs won’t impact local jobs
Jul 26, 2016 (LBO) – Sri Lanka is currently at the formulating stage of Free Trade Agreements with China and Singapore and an “Economic Technology Cooperation Agreement” with India but these agreements will not lead to locals losing jobs, a minister said. “The government will not consider Mode 4 of the general trade agreement on […]
Sri Lanka’s Ceylon Cold Stores net up 56-pct in June quarter
July 22, 2016 (LBO) – Profits at Sri Lanka’s Ceylon Cold Stores, which has interests in consumer goods and retailing, surged 56 percent to 855 million rupees in the June 2016 quarter from a year earlier as revenues rose 30 percent. Ceylon Cold Stores is a top producer of carbonated drinks, ice cream and has […]
Sri Lanka imposes maximum price for 16 essential items
July 14, 2016 (LBO) – The controlled prices of 16 essential items were announced by the Minister of Industry and Commerce Rishad Bathiudeen today morning. The Gazette is expected tomorrow and the maximum retail prices will be effective immediately. The Items are: 1. Chicken Rs 410 per Kilo, Rs 495 per Kilo (skinless) 2. Red […]
‘s cabinet approval
July 13, 2016 (LBO) – Sri Lanka’s Cabinet has approved the introduction of a National Payment Platform (NPP) to facilitate digital commerce and online transactions, a post-cabinet statement said. The Information and Communication Technology Agency (ICTA) has been directed to implement the NPP, with the Central Bank of Sri Lanka facilitating its implementation With NPP, […]
Maximum retail prices of VAT excluded essential goods to be re-gazetted
July 08, 2016 (LBO) – Sri Lanka’s cabinet is scheduled to meet next Tuesday to decide on the maximum retail prices of VAT excluded essential goods, Minister of Industry and Commerce said. Minister Bathiudeen, addressing the Parliament today, said VAT is applied to certain commodities, though no VAT component is applied for essential food items. […]
Motor car registrations down sharply from Sept peak: JB Securities
July 05, 2016 (LBO) – Motor car registrations in Sri Lanka recorded 3,657 units in May, slightly down from 3,664 units in April, but significantly lower than a peak 14,544 registrations last September, data from JB Securities shows Premium cars, three wheelers, two wheelers and mini trucks, however, showed an increase in May over April. […]
Consumer authority conducts over 10,000 raids, collects Rs48mn fines
July 04, 2016 (LBO) – Sri Lanka’s Consumer Affairs Authority has conducted more than 10,000 raids in the first half of this year, latest data showed. As per the data submitted by Ministry of Industry and Commerce for July 2016, the authority has conducted 10,146 raids from January to June this year showing a marginal decline […]
Sri Lanka’s first National Coop Policy & Coop Act in the offing
As Sri Lanka’s third economic force reported total value close to $ 3 Bn, it is set to enter the next stage of development with a variety of support measures from the government –including a National Cooperative Act, a Coop policy and the third cooperative university in South Asia set up in Sri Lanka. “We […]
Sri Lanka Ports Authority profit rises along with debt
July 04, 2016 (LBO) – Sri Lanka Ports Authority boosted profits by 43.7 percent to 4.6 billion rupees before tax, during the first four months of the year, the mid-year fiscal report of the Finance Ministry said. Revenue increased by 8.5 percent to 14 billion rupees during this period. However, outstanding borrowings increased, and SLPA […]