The Commercial Bank of Ceylon has been declared the ‘Best SME Bank’ in Sri Lanka in 2016 by International Finance Magazine (IFM) of the UK, for ‘making a significant difference and adding value, and achieving the highest standards of innovation and performance’ for Small and Medium Enterprise clients. The award also recognises the Bank’s contribution…
Fairfax Financial Holdings Limited (“Fairfax”) and Allied World Assurance Company Holdings, AG (‘Allied World’) announced that they have entered into a merger agreement, pursuant to which Fairfax will acquire all of the outstanding registered ordinary shares of Allied World. A global financial services conglomerate, Fairfax owns Union Assurance General, Sri Lanka and its fully owned…
The Hayleys group, Sri Lanka’s most diversified conglomerate and pioneer in value added exports, announces its latest venture, the ‘World Export Centre’, a state of the art “A” Grade office Twin Towers, with 55 floors each, having 3.8 million square feet of commercial office space. The Towers will provide working space for 20,000 employees, with…
Sri Lanka Information and Communication Technology Agency (ICTA) together with the IT division of the Ministry of Education have taken steps to further strengthen the Information Technology Students’ Clubs established in schools island-wide. Under this initiative, the students will be given the knowledge on digital education and digital technology. Practical trainings on the use of…
Perceived Economic Opportunity PEO: Octomber, 2016 This brief report of the Perceived Economic Opportunity (PEO) presents the analysis of a random survey carried out using a sample of 400 men and women in October 2016 covering all districts in Sri Lanka on their expectations of economic prospects in the ensuing tweleve months. Status of job…
Minister of City Planning and Water Supply Rauf Hakeem launched the Project Management and Contract Management IT System Monday (26th Dec.) in Colombo. This system developed and tailor made to Sri Lanka for project management purposes specially to monitor the progress of projects. The system was developed with the assistance under the Technical Assistance Program…
by Lorys Charalambous, Tax-News.com, Cyprus The International Monetary Fund (IMF) has welcomed Sri Lanka’s new Inland Revenue Act, due to be introduced early next year, saying that it should boost tax revenues and improve tax administration. The IMF said the current Act hinders investors’ ability to understand the income tax system and local tax official’s…
Reuters – The Sri Lankan rupee was steady in lacklustre trading on Friday ahead of a long weekend, amid little importer demand for the dollar, dealers said. The rupee forwards were active, with one-week forwards trading at 150.70/80 per dollar, largely flat from Thursday’s close of 150.70/90. “We do not see any big (dollar) demand…
Eng. Sagara Gunawardana, Chairman of Venora Group of Companies (PVT) LTD, has been bestowed with the Socrates International Award for personal contribution to the intellectual development of today’s society in the category for ‘Business and Economy’ by the European Business Assembly (EBA). He accepted the award in Oxford, the United Kingdom. The Europe Business Assembly…
The exchange rate is a widely discussed topic at present. There is much debate on whether the exchange rate should appreciate or depreciate due to its impact on economic activity. Although there are pros and cons of depreciation of the exchange rate, the popular sentiment is against the depreciation of the exchange rate. Opponents of…
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