Despite the hue and cry made by the public and a certain section of the business community on Sri Lanka’s trade deficit with its neighboring giant, a top economist asserted such arguments do not show the real picture of the situation at hand and said one should not pay much attention to it. While acknowledging…
Sri Lanka’s income tax collection increased 9.1 percent during the eight-month period from January to August 2017 compared to the same period last year due to a late boost in revenue collected through the Economic Service Charge (ESC), according to the Treasury. The ESC collection increased to Rs. 31.2 billion from Rs. 11.1 billion year-on-year…
Reuters – Sri Lankan shares fell to a near two-month closing low on Friday on foreign selling, while investors waited for clarity on new taxes introduced in the national budget and on key legislations. The Colombo stock index ended 0.66 percent weaker at 6,413.68, its lowest close since Sept. 26. The index fell 1.1 percent…
Sri Lanka is ranked 72nd in a global ranking of 164 countries that measures strength of countries cyber security strategy, according to latest issue of Global Cyber Security Index (GCI) – 2017 released by the UN Telecommunication Agency, the International Telecommunication Union (ITU). The ranking was based on countries legal, technical and organizational and research…
DFCC Bank recently secured USD 30 million in funding from BlueOrchard, a leading global impact investment manager, following an agreement signed between the management of both organizations. The funds will be used to increase the levels of lending that the bank offers SMEs, whilst strengthening its micro-finance portfolio. With a proven a track record of…
Sri Lanka would target over USD 1.5 billion foreign direct investments (FDI) for 2017, said Chairman Board of Investment Dumindra Ratnayake. “We are targeting USD 5 billion by 2020. The total FDI in 2016 was USD 801 million.” Addressing on breakfast meeting in Colombo recently he said that after a drop in FDI there has…
India yesterday (23rd Nov.) reiterated its firm commitment to partner with Sri Lanka on projects of mutual interest. “India is keen to strengthen the economic pillar of its relationship with Sri Lanka. There is a lot that can be achieved, given the synergy and economic complementarities,’’ President Ram Nath Kovind said at a meeting with…
Sri Lanka tea production for the month of October 2017 totalled 25.4M/kgs vis-a-vis 18.7 M/kgs of October 2016 showing a gain of 6.7M/kgs. All elevations have shown a growth in 2017 compared to the corresponding month of 2016. During January to October 2017 the cumulative production totaled 258.3M/kgs vis-a-vis 237.6 M/kgs of January to October…
Reuters – Sri Lankan shares hit a one-week closing low on Thursday, as investors waited for clarity on new taxes in the national budget and on key legislations, although selling by foreign investors in Commercial Bank of Ceylon helped boost turnover. The Colombo stock index ended 0.13 percent weaker at 6,456.11, its lowest close since…
The Ministry of Finance and Mass Media yesterday (22nd Nov.) entered into two Loan Agreements with Asian Development Bank (ADB) to borrow USD 150 million for the development of 3400 km of rural roadways and USD 200 million for the implementation of 100 MW Wind Power Generation Project in Mannar Island. According to the recent…
