The Government of Sri Lanka has decided to award a Rs.35 billion contract to Japan’s Taisei Corporation for the expansion of the Bandaranaike International Airport (BIA). Accordingly, the proposal submitted by the Minister of Tourism and Aviation was approved by the Cabinet of Ministers to award the contract related to the package ‘A’ of step…
SriLankan Airlines will be transformed into a profitable entity in the future that can contribute to the overall development of the country said the Chairman of SriLankan Airlines Ashok Pathirage. This was stated at the COPE committee meeting held on Wednesday (19) under the Chairmanship of MP Sunil Handunneththi at the Parliament Complex. “Our main…
Fitch Ratings has affirmed the National Insurer Financial Strength (IFS) ratings of Sri Lanka-based life insurer HNB Assurance PLC (HNBA) and its fully owned non-life subsidiary, HNB General Insurance Limited (HNBGI) at ‘A(lka)’. The Outlook on the ratings is Positive. KEY RATING DRIVERS The rating and Outlook continue to reflect HNBA’s favourable business profile, improving…
Business tycoon Harry Jayawardena-controlled diversified conglomerate Melstacorp PLC yesterday (20) announced, that it has acquired 100% control of Browns Health Care (Pvt) Ltd from Brown and Company PLC for an estimated Rs. 1.6 billion. Notifying the Colombo Stock Exchange, Melstacorp PLC stated that its fully-owned subsidiary, Melsta Healthcare Colombo Ltd has acquired the entire shareholding of…
SriLankan Airlines, the National Carrier of Sri Lanka and a member of the prestigious oneworld alliance, in the wake of its launch of the brand video ‘Serendipity Next Door’ appealing to its largest foreign market, India, set a record of five million views within 19 hours on social media platforms. This is the first time…
The Monetary Board, with the concurrence of the Hon. Minister of Finance, Economy and Policy Development has appointed Assistant Governor, Mr. K M Mahinda Siriwardana as a Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 12th February 2020. Mr. Siriwardana has a service of more than 28 years in the…
Actions have already been taken to develop the Jaffna International Airport in Palaly and Regional international flights have also begun from Jaffna International Airport. The Government of India has agreed to provide a grant of 300 million Sri Lankan rupees for this purpose. This grant is expected to be used to improve facilities in the…
The government has identified the re – inauguration of the state enterprises that have been closed without carrying out production activities while the Ministry of Industries and Supply Management has decided to re – start all the public enterprises with the potential for restructuring although not in operation by now. Accordingly, plans have been drawn…
By the Economic Intelligence Unit of the Ceylon Chamber of Commerce The outbreak of the Novel Coronavirus (COVID-19) is having its toll on the global economy with many economists now expecting a larger impact than the SARS outbreak in 2002-03. The outbreak is lowering China’s GDP growth expectations in the first quarter to 4.5%, a…
State Trading (General) Corporation of Sri Lanka (STC) had imported Aluminium to the country under the approval of the Ministry of Defence prior to initiation of manufacturing Aluminium powder locally by the private sector in the year 2003. However, with the concession of the law to import Aluminium powder, it has been observed that the…
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