P.B. Jayasundere bows to British system

The district level managerial systems created by the British to manage Sri Lanka’s government services are very strong and its strength is being proved even now, said Finance Ministry Secretary Dr. P.B. Jayasundere. Dr. Jayasundere expressed this opinion while delivering the keynote address as the chief guest at three-day international conference held today (24 September)…

(0)Comments | September 24, 2014 5:43 pm

Central Bank encourages banks to give more loans to public –Video Story

(0)Comments | September 24, 2014 1:22 pm

Central Bank hits out at banks’ game of depositing with CB without providing loans to people

With the liquidity of local banks increasing greatly by now, instead of providing loans to the public at lower interest rates they have made it a practice to deposit their excess money with the Central Bank of Sri Lanka (CBSL) under the Standing Deposit Facility which earns an interest rate of 6.50 percent. While identifying…

(0)Comments | September 23, 2014 2:09 pm

ODEL effects changes in its top rungs

One of Sri Lanka’s leading fashion, designer apparel retail establishment ODEL PLC has seen a significant change in its board of directors following its earlier pioneer Otara Gunawardene and her brothers Ruchi and Ajit Gunawardene selling their entire shares in the establishment to the Softlogic Group recently. Accordingly, with effect from today (22 September) ODEL…

(0)Comments | September 22, 2014 8:55 pm

Red signals from India, Singapore to Hambantota’s bunkering dream

It has been revealed that Sri Lanka’s bunkering services to ships and supply of aviation fuel to aircraft have weakened due to the heavy competition in this sector from India and Singapore. While releasing latest data in this regard the Central Bank of Sri Lanka says though the charges in this sector are high both…

(0)Comments | September 22, 2014 1:05 pm

IMF says Sri Lanka’s poor tax administration could cut economic growth

Sri Lanka’s continuing failure to strengthen its tax administration could force the its Government to spend less, which would hit economic growth, the International Monetary Fund (IMF) said on Friday. Since the Fund extended a $2.6 billion loan in 2009, it has regularly called for the Government to raise more revenue by broadening the tax…

(0)Comments | September 20, 2014 1:07 pm

Signs of revival in motorcar trend

The import expenditure of the non-consumables sector has increased due to the rise in the import of vehicle into Sri Lanka, reveal latest statistics. According to date released by the Central Bank of Sri Lanka, the number of vehicles imported by Sri Lanka in July 2014 has increased by 8.5 percent as compared to the…

(0)Comments | September 19, 2014 10:10 am

Chinese President’s pledges to Sri Lanka

It has been revealed that the main focus of Chinese President Xi Jinping, who arrives in Sri Lanka today (16 September) on a two day visit marking the visit of a Chinese President to the island after 28 years, would be on the final agreement on proposed Sri Lanka-China free trade agreement. Both countries have…

(0)Comments | September 16, 2014 10:49 am

Sri Lanka’s latest economic development

While the Department of Census & Statistics has released its on Sri Lanka’s latest economic development, it has revealed that the island’s Gross Domestic Product for the second quarter of 2014 has grown by 7.8 percent compared to the same quarter in 2013. The agricultural sector has contributed 10.6 percent, the industrial sector 31.5 percent…

(0)Comments | September 16, 2014 9:43 am

Softlogic Group issues mandatory offer to buy balance Odel shares

Softlogic Holdings PLC and Softlogic Retail (Private) Limited who now own approximately 45.16 percent shares of Odel PLC have issued a mandatory offer to purchase the remaining 54.84 percent not already owned by Softlogic as Rs. 22 per share. On 11 September 2014, Softlogic Holdings PLC together with Softlogic Retail (Private) Limited purchased 122,894,000 ordinary…

(0)Comments | September 15, 2014 2:22 pm