Reuters – Sri Lankan shares closed little changed in low turnover on Monday as investors waited for clarity on the new tax bill. The parliament passed tax reforms on Thursday that should simplify the tax system, widen the tax base and increase government revenue, as agreed with the International Monetary Fund in exchange for a…
Most Sri Lankan non-life insurers should be able to absorb near-term volatility and the effects of adverse weather-related events given extensive use of reinsurance, says Fitch Ratings. However, frequent occurrence of major catastrophic floods could affect insurers’ capital, especially that of state-owned local reinsurer, National Insurance Trust Fund Board (NITF, AA-(lka)/Stable). Changing weather patterns have…
Meanwhile the Group is rationalizing some of its legacy operations Sri Lanka’s long-standing leader in agriculture – the CIC Group – has elevated the country’s agriculture sector via futuristic investments amounting to over Rs. 2 billion, which are now infusing state-of-the-art technology into the industry, thereby making an enduring impact on the livelihoods of farmers….
The country will enjoy a surplus in income by 2020, said Prime Minister Ranil Wickremesinghe. Prime Minister made these remarks attending a function to provide compensation to flood affected tea smallholders of Galle District. In 2014, the government deficit between income and expenditure was 1.5 percent of Gross Domestic Product while it reduced to 0.2…
The 163rd Annual General Meeting (AGM) of the Planters’ Association of Ceylon, one of the plantation sector’s most important gatherings, is scheduled to take place at the Grand Ballroom of the Galadari Hotel on 22 of September 2017. Drawing together some of the most respected names in the plantation industry, this year’s AGM follows…
Chinese investors are willing to invest in aquaculture on a large scale, State Minister of Fisheries and Aquatic Resources Development Dilip Wedaarachchi said. He said that they are willing to invest knowledge, technical knowhow as well as money. The State Minister had a meeting with a group of Chinese investors Friday (8th Sept.) at…
Reuters – Sri Lankan shares posted their second straight session of gains on Friday, further moving away from the lowest close in more than four months hit this week, as foreign investors picked up beaten down shares. The Sri Lanka parliament on Thursday passed tax reforms that should simplify the tax system, widen the tax…
Indian energy giant Petronet LNG is forming a joint venture with partners from Japan and Sri Lanka to build a shore-based LNG-import terminal near Colombo. Petronet’s announcement ends months of speculation. It comes after Indian prime minister Narendra Modi signed a memorandum of understanding with Sri Lanka when he visited Colombo in May. The company…
The Ceylon Chamber of Commerce will hold a seminar on the newly passed ‘Inland Revenue Act’ on the 11th September, 2017, which will be addressed by the State Minister of Finance, Honorable Eran Wickramaratne. The State Minister of Finance, who will be the keynote speaker is expected to explain to the audience, the rationale for…
Reuters – The Sri Lankan rupee ended marginally weaker on Friday as importer dollar demand outpaced selling of the U.S. currency by exporters and banks, dealers said. The spot rupee ended at 152.80/85 per dollar, compared with Thursday’s close of 152.70/80. “There was importer dollar demand today and not much exporters in the market,” said…
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