President Gotabaya Rajapaksa emphasized that the tea industry which has suffered a severe setback should be revived based on a holistic approach. Experts in the field pointed out that long, medium, and short –term plans should be implemented after scrutinizing loss-making estates in order to increase tea exportation and its revenue. President said the objective…
Without remittances, Philippines, Pakistan, Sri Lanka, and Bangladesh would all have large current account deficits of between 7%-10% of GDP. For countries with fragile external finances, such as Pakistan and Sri Lanka, the shock to remittances could exacerbate existing challenges The coronavirus pandemic and subsequent impact on the oil market are having a considerable effect…
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) and the Friedrich Naumann Foundation for Freedom (FNF) in Sri Lanka co-organized a kick-Off conference on the initiative “Sustainable Supply Chains as driver for global competitiveness”. The initiative aims to raise awareness for the need of sustainability related documentation with Sri Lankan…
The Gafoor building, a prominent four-storey wedge-shaped building, located in Colombo Fort, will soon be transformed into a luxury hotel, State Minister for Urban Development, Coast Conservation, Waste Disposal, and Public Sanitation, Dr. Nalaka Godahewa stated. Addressing an event in Colombo today (08), the Minister stated that the building will be transformed into a luxury…
The Government aims to reduce bank lending rates to 7% (BLR), as soon as the economy recovers, Trade Minister Bandula Gunawarden stated. Minister made these remarks, whilst addressing an event in Colombo recently. “Interest rates have been reduced now. During the Yahapalana Government, the interest rate was at 28%. It is doubtful whether any country…
The Finance Ministry issued guidelines to State institutions for the preparation of their Budget for 2021, putting constraints on funding for new projects, and imposing a ban on the construction of new buildings for government institutions for the next two years. Finance Ministry Secretary S.R. Attygalle issued a circular recently detailing the guidelines for the…
Strengthens collaboration with PMsquare in Data and Analytics to help customers in the country Emerge Smarter from the pandemic IBM today outlined a comprehensive strategy for Sri Lanka driven by Hybrid Cloud, and Artificial Intelligence (AI), underpinned by Cybersecurity at a virtual round-table meeting. As organisations are beginning to reset, recover and revive their business…
Brush manufacturer and exporter of sanitary maintenance tools, BPPL Holdings PLC announced plans to exit the Indonesian market, due to on-going losses from heavy competition amongst established brands in that country. “Our JAB branded goods in Indonesia, however, did not perform as expected due to heavy competition amongst established brands in that country. We, therefore, have…
State Minister of Finance and Capital Markets Ajith Nivard Cabraal told stockbrokers that “Sri Lankan investors who acquire shares now would make substantial capital gains very soon”. Cabraal made these remarks when he addressed Sri Lanka’s Stockbrokers at the Finance Ministry last Friday, 4th September. Cabraal explained that the Colombo Stock Exchange’s All Share Price…
HCL Technologies (HCL), a leading global technology company, Monday (07) announced the official opening of its Global Development Center in Colombo, Sri Lanka. The new development center was officially inaugurated by the Honorable Prime Minister of Sri Lanka, Mahinda Rajapaksa and His Excellency Gopal Baglay, Indian High Commissioner to Sri Lanka in the presence of…
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