Sri Lanka plans to purchase 12 train engines at over USD 4 million each for the Sri Lanka Railways to us on the upcountry rail line. The train engines will be procured from the General Electric Company in the United States at a cost of USD 4.056 million each as per the recommendation of the…
Following its competitive selection by the US Millennium Challenge Corporation (MCC) for grant assistance, the Government of Sri Lanka (GoSL) is now focusing on improving transport infrastructure and land administration in the country, consistent with the government’s Vision 2025. Investing in these sectors will help create the foundation for economic growth with equity. After reviewing…
Sri Lanka’s IT industry has been one of the most remarkable success stories in the country’s economy, said Minister of Development Strategies and International Trade, Malik Samarawickrama. He was speaking at the IT-BPM Brand Launch at BMICH on Thursday to launch the official brand of the Sri Lankan IT-BPM sector – ‘Island of Ingenuity’. “The…
Thailand says it is keen to sign a Free Trade Agreement (FTA) with Sri Lanka and will seek cabinet approval for the negotiations. Auramon Supthaweethum, Director-General of the Trade Negotiations Department in Thailand told the Bangkok Post that Deputy Prime Minister Somkid Jatusripitak plans to sign an FTA with Sri Lanka, as he expects the…
The Annual Report for the year 2016 of the Finance Commission of Sri Lanka was handed over to President Maithripala Sirisena at the Presidential Secretariat, Thursday (15). The report of the Commission was presented to the President by the Chairman of the Finance Commission, Uditha H. Palihakkara. The Governor of the Central Bank,Dr. Indrajith Kumaraswamy and…
Reuters – Sri Lankan shares recovered on Thursday, following two straight sessions of losses, on retail buying after the central bank held key policy rates steady amid signs political uncertainty was easing, dealers said. The central bank’s decision was widely expected, with policymakers emphasising the need to support an economy that has been beset by…
Strong top line performances across the Hayleys Group and the addition of recent strategic acquisitions resulted in a 37% YoY increase in turnover upto Rs. 112.3 billion during the nine months to 31st December 2017 while gross profits expanded by 29% YoY up to Rs. 24 billion. Increases in raw material prices and adverse weather…
Sri Lanka has witnessed unprecedented growth and development over the recent past as evidenced by rising income levels which stood at US$ 3,759.20 by the end of 2017. While the economic impacts of this remarkable growth trajectory are clearly defined, increasing prosperity tends to be accompanied by changes in lifestyles and increasingly sophisticated demand for…
The Monetary Board of the Central Bank of Sri Lanka on 14th February 2018, acting in terms of the Regulations made under the Registered Stock and Securities Ordinance and the Local Treasury Bills Ordinance, has decided to extend the suspension from carrying on the business and activities of a Primary Dealer by Pan Asia Banking…
nova2i tops Rs. 1bn sales within 2 months Singer Sri Lanka, the exclusive national distributor for Huawei smartphones has successfully recorded over 1 billion worth of Huawei smartphones across Sri Lanka, consecutively during the months of November, December 2017 and January 2018. During the month of December Singer was able to achieve 1.5bn worth of…
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