Sri Lanka’s Finance Minister Mangala Samaraweera, considering the requests made by the stakeholders in the fabric industry, has signed the Gazette notification on yesterday (17th September 2018) to reduce the Value Added Tax (VAT) on imported fabric to 5%. Earlier the fabric was subject to CESS of Rs. 100 per kilogram at the time of imports,…
Reuters – Sri Lankan shares fell slightly to a near three-week closing low on Monday as investors sold manufacturing and banking stocks in dull trade, and the rupee hit a fresh low in its record-setting spree. The Colombo stock index ended 0.05 percent weaker at 6,028.49, its lowest close since Aug. 28. It lost 1.4…
Sri Lanka will launch its first cannabis plantation to export the drug to the US for medicinal use, the country’s health minister announced. The 100-acre (400-hectare) farm could produce more than 25 tonnes of marijuana a year in a bid to meet the “high demand” for alternative medicine. While it is illegal to grow, use or possess cannabis in…
Reuters – The Sri Lankan rupee touched a fresh low of 165.10 per dollar on Monday, due to higher dollar demand from importers and banks to facilitate foreign bond outflows amid exporters who were reluctant to sell the U.S. currency, market sources said. Exporters expect the rupee to be under pressure due to continued importer…
Several international media sites have recently quoted an analysis by Nomura Holdings Inc., which shows that seven emerging economies including Sri Lanka are at risk of an exchange rate crisis. The said media sites further quoted the report as saying Sri Lanka’s short term external debt is as high as US dollars 160 billion. As…
Sri Lanka’s Northern Peninsular’s key District – Jaffna’s unemployment has doubled over the past two years to 10.7%, recent reports outline quoting data from the statistics office of the country. Accordingly Jaffna’s unemployment had rose from 5.7% in 2015 to 7% in 2016, whilst the Mullativu District unemployment also grew from 3.7% in 2015 to…
Tensor this week announced an agreement with HYnet Solution that will see Tensor products distributed across Sri Lanka. Tensor is a UK-based designer, manufacturer, and installer of smart card and biometrics-based access control, time management and visitor monitoring systems. HYnet provides enterprise network and security solutions and is now able to expand its portfolio into the…
Australians are ditching Bali and Thailand for a new, SE Asia holiday destination The number of Australians visiting Sri Lanka has increased 38.3 per cent in 2018 With pristine white beaches and lush tropical forests it’s not hard to see why Australians visiting Sri Lanka will need a visa to enter the country, costing $35…
DOHA: Sri Lanka’s Ambassador to Qatar, A S P Liyanage, has said the bilateral relations between Qatar and Sri Lanka in terms of trade, investment, tourism and other activities will be further bolstered with the launch of ‘Sri Lanka Qatar Business Council’. The soon to be launched Council will offer unique opportunities for both countries to…
Reuters – Sri Lankan shares fell to a more-than-two-week closing low on Friday as investors sold beverage and banking shares, even as foreign investors continued to trim their equity exposure for a third straight day. Analysts said foreign investors sold a net 340.7 million rupees worth of equities on Friday, extending the year-to-date net foreign…
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