Sri Lanka plans to upgrade its sole oil refinery and double its capacity to boost output and to reduce the cost of importing refined fuels, the country’s Petroleum Resources Minister Chandima Weerakkody said on Monday. The island nation is home to a single oil refinery, Ceylon Petroleum Corp’s (CPC) decades-old 50,000 barrels-per-day (bpd) plant. It…
Hameedia Sri Lanka, a trendsetter in the retail industry has been chosen as the official outfitters for Team Sri Lanka at the 2016 Olympic Games which will be held in Rio de Janeiro. Hameedia will join a league of big-name designers and brands when the Sri Lankan Olympians march out at Maracana Stadium on August…
Towards providing its customers with greater convenience and access, Amãna Bank recently joined the LankaPay Common ATM Switch(CAS), reaching yet another significant milestone in the Bank’s journey. Since the initiation in 2013 under the guidance and approval of Central Bank of Sri Lanka, LankaPay Common ATM Network has grown to become Sri Lanka’s largest common…
Passengers purchasing items from SriLankan Airlines’ ‘Serendib Treasures’ on-board duty-free collection will from August 1 enjoy enhanced convenience and purchasing power, thanks to a new electronic credit and debit card system developed in partnership with the Bank of Ceylon to provide real-time processing of transactions. Captain Suren Ratwatte, CEO of SriLankan Airlines, said: “At SriLankan…
A specialized and distinct seminar entitled “International Investor Perspective on Local Currency Solutions” was recently held at the Cinnamon Grand Hotel, Oak Room Colombo. Jointly organized by Netherlands-based The Currency Exchange Fund (TCX), GuarantCo, FMO – the Dutch Development Bank, and Frontclear together with locally based investment bank First Capital Holdings PLC, the main focus…
The Sri Lankan ambassador said that he is exploring the potential benefits of his country importing liquefied natural gas (LNG) from Qatar. Ambassador WM Karunadasa said Sri Lanka’s current LNG needs are met through imports from Iran and Iraq, among other suppliers, but not Qatar. “I plan to propose this during Sri Lankan President Maithripala…
‘Sri Lanka Economic Summit 2016, organized by the Ceylon Chamber of Commerce will commence on the 2nd August with the participation of His Excellency, the President Maithripala Sirisena, as the Chief Guest. The two day summit, titled ‘Focus. Act. Deliver’, has attracted 460 top corporate and public sector senior executives as and aims to vigorously…
The World Bank Board approved a $100 million credit from the International Development Association (IDA) to support the Government of Sri Lanka’s economic reform program. Sri Lanka has been making steady progress on economic reforms, with the government aiming to create one million new jobs through a reform package focused on improving the country’s competitiveness,…
The government of Pakistan is committed to human capital development and promotion of entrepreneurship in Sri Lanka. The Pakistan High Commissioner for Sri Lanka Maj. Gen.(R) Shakeel Hussain said this while speaking on the inauguration ceremony of a fully equipped IT Lab at the Federation of Chamber of Commerce and Industry of Sri Lanka. The…
Despite a somewhat turbulent and challenging business environment Seylan Bank recorded a strong half yearly performance with Profits after Tax reaching Rs. 1,755 Million, for the 6 months ended 30th June 2016, against the Rs. 1,740 Million reported in the corresponding period of 2015. This performance was aided by healthy growth in core banking activities…
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