No partnership between India and Sri Lanka is as strong as the historic Indo-Lanka trade pact inked way back in 1998. “Indo-Sri Lanka Free Trade Agreement was the most significant Indo-Sri Lanka partnership we have realised on the commercial front” said the Sri Lankan Minister of Industry and Commerce Rishad Bathiudeen on 18 November in…
The Beira Lake Intervention Area Development Plan was launched by the Minister of Megapolis and Western Development Patali Champaka Ranawaka, yesterday. Subsequent to the launch, the Beira Lake area will now be referred to as Ran Masu Pura. The proposed zoning plan of the Urban Development Authority hopes to get the optimum economic value of…
The external sector performance was driven by a double digit growth in exports (year-on-year) in September 2017, surpassing the US dollars 1 billion mark of monthly exports for the third consecutive month. However, the trade deficit expanded with higher imports of fuel and rice during the month. Earnings from tourism declined moderately during the month…
Fitch Ratings-Singapore/Colombo-27 November 2017: Fitch Ratings, Singapore, 23 November 2017: Fitch Ratings affirmed Sri Lanka Telecom PLC’s (SLT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B+’ and its National Long-Term Rating at ‘AAA(lka)’. The Outlook is Stable. SLT’s IDRs are constrained by Sri Lanka’s IDRs of ‘B+’, as the government directly and indirectly…
Reuters – Sri Lankan shares ended marginally higher on Monday in dull trade, recovering from a near two-month closing low hit in the previous session, even as investors awaited clarity on new taxes and key legislations. The Colombo stock index ended 0.05 percent firmer at 6,417.15, edging up from its lowest close since Sept. 26…
A contingent of young Sri Lankan entrepreneurs will join the Global Entrepreneurship Summit (GES), which will be co-hosted by the United States and India in Hyderabad, India from 28th to 30th November. The United States and India have selected 1,500 individuals who will participate in the 2017 Summit. Advisor to the US President Donald Trump,…
The Golden Crown Hotel, a super luxury, deluxe property located on 2 acres of beautifully landscaped gardens in Kandy and designed by renowned architect Dr. Upendra Rajapakse, was ceremonially declared open by HE The President on 25th November. Owned by The Golden Crown Hotel Pvt Ltd, which is a subsidiary of Serene Holdings, who already…
The Asian Development Bank (ADB) highlighted that a record sum of 8.9 billion US dollar financial assistance has so far been granted to Sri Lanka to improve its infrastructure during the past 50 years. ADB, Vice President Wencai Zhang made these observations at a ceremony held in Colombo to coincide with the launching of the…
Despite the hue and cry made by the public and a certain section of the business community on Sri Lanka’s trade deficit with its neighboring giant, a top economist asserted such arguments do not show the real picture of the situation at hand and said one should not pay much attention to it. While acknowledging…
Sri Lanka’s income tax collection increased 9.1 percent during the eight-month period from January to August 2017 compared to the same period last year due to a late boost in revenue collected through the Economic Service Charge (ESC), according to the Treasury. The ESC collection increased to Rs. 31.2 billion from Rs. 11.1 billion year-on-year…
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