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Sri Lanka’s MPs clash in Parliament, one hospitalized
May 03, 2016 (LBO) – Sri Lanka’s Parliament on Tuesday adjourned following a tense situation that erupted in the chamber with parliamentarians in the joint opposition staging a protest against a statement made by Parliamentarian Sarath Fonseka. Fonseka made a statement on the withdrawal of Army security from former President Mahinda Rajapaksa’s security detail, while […]
Opinion: Sri Lankan IT industry leverages niche appeal
By Oxford Business Group Consistently ranked as a top global destination for business process outsourcing (BPO) and IT, Sri Lanka’s tech services industry has grown substantially in recent years, with high expectations and ambitious targets going forward. Challenges remain, notably in supplying the advanced IT graduates necessary to spur future growth; however, with fundamental infrastructure […]
Sri Lanka IMF agreement faces implementation risks: Fitch
May 03, 2016 (LBO) – Sri Lanka’s 1.5 billion US dollar three-year IMF programme eases near-term balance-of-payments risks but will require sustained commitment from the authorities to address long-standing weaknesses in external and public finances, Fitch Ratings said. The ratings agency said the IMF support therefore has no immediate impact on Sri Lanka’s ‘B+’/Negative sovereign […]
Fitch affirms Singer (Sri Lanka) at A-(lka); outlook stable
Fitch Ratings has affirmed Singer (Sri Lanka) PLC’s (Singer) National Long-Term Rating at ‘A-(lka)’. The Outlook is Stable. A full list of rating actions is at the end of this commentary. Singer’s rating is supported by our expectations that the company will be able to weather weakening demand because of its strong market leadership, extensive product and brand […]
Right to Information bill inconsistent with Constitution: Supreme Court
May 03, 2016 (LBO) – Sri Lanka’s Supreme Court has determined that certain clauses of Right to Information bill are inconsistent with the Constitution, Speaker Karu Jayasuriya revealed in Parliament today. Speaker Jayasuriya, delivering the Supreme Court determination at the opening of Parliament Proceedings today, said the bill needs a two-thirds majority to pass. Supreme […]
Xpressjobs.lk raises disability-friendly employment awareness
Sri Lanka’s Xpressjobs.lk is a startup that was launched in November 2015, to fill a vacuum between jobseekers and job-offerers. Pioneered by Chathum Henegama and Dr. Oshadie Korale the website is meant to provide a relevant platform for job seekers to connect with companies that require staff in a quick and effective manner. The online […]
PTL Watch: Sri Lanka bond yields dip, further foreign buying
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Com Bank inks deal with Bank Muscut Oman for money transfers
May 03, 2016 (LBO) – Sri Lanka’s Commercial Bank of Ceylon has formalised its tie-up with the Bank Muscat Oman to facilitate remittances to Sri Lanka. Commercial Bank said that remittances will be facilitated through the Bank Muscut’s new mobile banking app, with the signing of an agreement in Muscat. The mobile app makes it […]
Huawei Y6Pro – long lasting with quick and reverse charging
Huawei Consumer Business Group reveals the Huawei Y6Pro, one of the only phones on the market that can last for days of heavy usage and the ideal device for those who need their phone to last and last. Its super-powerful battery also boasts and extremely quick charge time – just 10 minutes of charging from […]
Venture Engine finale to feature 500 Startups fund, high profile VCs
Sri Lanka’s pioneering entrepreneur empowerment platform Venture Engine will once more welcome the participation of top global startup accelerator 500 Startups, along with a number of high profile venture capitalists (VCs) and angel investors, at its June 29 grand finale to be held in Colombo. 500 Startups is a leading global venture capital seed fund […]
VAT goes up to 15 pct, threshold reduced: Finance Ministry
May 03, 2016 (LBO) – Sri Lanka’s Value Added Tax (VAT) will be revised up to 15 percent from 11 percent from May 2nd, with pharmaceuticals and education sectors being exempt, the Finance Ministry said. The Wholesale and Retail trade will be eligible for this taxation, although several items are exempted. The threshold for VAT […]
China FTA talks in June; TPP may affect Sri Lanka apparel exports: Bathiudeen
May 02, 2016 (LBO) – Arrangements are under way to hold the third round of negotiations for China-Sri Lanka FTA in June this year, Industry and Commerce Minister Rishad Bathiudeen said. “When reviewing the garment sector, we need to be able to carefully address the Trans-Pacific Partnership (TPP) Agreement under which tax free garment export […]