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Mangala orders authorities to investigate how liquor licenses were issued for taverns without his approval

Finance Minister Mangala Samaraweera ordered Excise Commissioner General, H.G. Sumanasinghe to conduct an immediate investigation how liquor licenses have been issued by the Excise Department without getting his approval in 2017 and 2018 and, report him within two weeks. The protocol followed so far by the Excise Department when issuing liquor licenses is to obtain…

(0)Comments | September 15, 2019 3:29 pm

Rise in SOE liabilities poses contingent risks -Moody’s

Report says SOEs are a source of both explicit and implicit contingent risk for APAC governments Government management of liabilities is key to assessing risk Moody’s Investors Service says in a new report that State-owned enterprises (SOE) liabilities are posing both explicit and implicit contingent risks, to several countries including Sri Lanka. State-Owned Enterprises (SOEs)…

(0)Comments | September 14, 2019 10:00 pm

We are now a flexible inflation targeting country – CBSL Governor

Central Bank Governor Dr. Indrajit Coomaraswamy believes that Sri Lanka has almost accomplished a transition to a flexible inflation targeting regime. “Now the central bank has been transitioning towards a flexible inflation targeting regime. The senior deputy governor has been very much in the helm of these things. And we have pretty much transited. We…

(0)Comments | September 14, 2019 9:31 pm

A weakening global economy calls for a consensus on Sri Lanka’s priorities

By Dr. Ganeshan Wignaraja: Global stock markets seem jittery once again. After substantial rallies during the first half of 2019, stock markets have given back much of their gains over the last two months. Against fears over a global recession, an intensifying trade war between the US and China, and an increased likelihood of a…

(0)Comments | September 14, 2019 7:57 pm

Sri Lankan rupee ends flat; stocks edge up

Reuters – ** Sri Lanka’s rupee closed flat on Thursday, with foreign outflows from government securities showing a declining trend, while equities ended a tad firmer. ** The rupee ended flat at 180.25/45 per dollar ahead of a long weekend. The currency gained 0.33% this week and is up 1.3% this year. ** Markets are…

(0)Comments | September 14, 2019 2:55 pm

Fact Crescendo expands fact checking team to fact check content on Facebook in Sri Lanka

Fact Crescendo Sri Lanka confirms they are now fact-checking content on Facebook in Sri Lanka. This continues Fact Crescendo’s commitment to combating false news and support an informed community. Fact Crescendo will check the content published in English, Sinhala and Tamil. Fact Crescendo – Sri Lanka is a locally based, independent and dedicated team that…

(0)Comments | September 14, 2019 11:39 am

Sri Lanka ‘Lotus Tower’ grand opening on Monday

SLT’s gigantic technological achievement   Sri Lanka Telecom (SLT), the premier telecommunication service provider in Sri Lanka is delighted to announce its epic accomplishment in the arena of technological infrastructure with the utmost dedication and commitment of the entire SLT family.   The ‘Lotus Tower – Multifunctional TV and Telecommunications Tower’ is foreseen to be…

(0)Comments | September 12, 2019 5:14 pm

Japan to offer Yen 01 billion to assist Sri Lanka’s counter-terrorism efforts

The public security in Sri Lanka was threatened by the Easter Sunday terrorist attacks with a huge negative economic impact on the fast growing tourism sector of the Country. As an immediate response to the incident, the Government of Japan has agreed to provide Japanese Yen 01 billion, (approximately Rs. 1.6 billion) grant under the…

(0)Comments | September 12, 2019 4:10 pm

Safran Singapore gets SriLankan aircraft landing gear deal

The Singaporean unit of the French landing gear company, Safran Landing Systems, has won a deal to renovate the landing gear of 6 A330-200 Aircrafts operated by the national carrier, SriLankan Airlines. The proposal presented by Minister of Finance to award this contract to M/s Safran Landing Systems Services Singapore, concerning 6 A330-200 was approved…

(0)Comments | September 12, 2019 3:41 pm

Rs.121 mn shopping, sports complex in Kandy

Cabinet approval has been granted to construct shopping, sports complex in Nuwarawela, Kandy at a cost of Rs.121 million. According to a proposal submitted by the Minister of Public Enterprises, Upcountry Heritage & Kandy development, the project would be carried out under the purview of the Kandy Municipal Council (KMC).

(0)Comments | September 12, 2019 3:31 pm