President Maithripala Sirisena Sunday (April 03) declared open the Jetwing Jaffna built in the heart of the Northern city to provide star class accommodation to foreign as well as local tourists visiting Jaffna. Jetwing Jaffna is the leading Sri Lankan hotel group’s first hotel in the northern city of Jaffna. Set in a seven-storey building,…
The Board of Investment of Sri Lanka (BoI) signed agreements for 16 new projects during January / February 2016 eyeing at a cumulative future investment of US$ 110 Million. These projects cover a wide range of sectors and will be generating an estimated 1,250 new direct employment opportunities. Mini Hydro Power projects boost energy capacity…
Sri Lanka’s estimated unemployment rate for the fourth quarter 2015 has dropped to 4.3% from 5.0% in the third quarter, the Census and Statistics Department releasing its Labour Force Survey – 4Q 2015 Thursday (March 31) said. The Unemployment Rate is the proportion of unemployed population to the total labor force. The number of unemployed…
Sampath Bank PLC rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) Friday. The market opening ceremony was organized to mark the first trading day for the month of April. Sampath Bank PLC Chairman Mr. Dhammika Perera, Managing Director Mr. Aravinda Perera, COO Mr. Nanda Fernando, Senior DGM for Consumer Banking…
Vista Rooms, the Indian low-cost hotel network, has announced its first foray into Sri Lanka. The company has now partnered with more than 200 hotels in 25 cities across the country, ranging from boutique hotels, to guesthouses, service apartments, private villas and home-stays. Commenting on the development, Amit Damani, co-founder & head of growth at…
~ PA Chairman confident that incomes of workers will increase significantly in the long run if the proposals of the RPCs for worker remuneration are implemented Far-reaching changes to the operating model of Sri Lanka’s plantation sector, which goes beyond the worker remuneration mechanism, is essential for the industry’s survival, growth and sustainability, Roshan Rajadurai…
Johor state-owned conglomerate, Johor Corp (JCorp), is expected to finalise its first investment deal in Sri Lanka later this year. President/chief executive, Datuk Kamaruzzaman Abu Kassim, said the investment would be in either healthcare or agriculture – two potential sectors that had been identified during a trade mission to the country recently. “We will start…
Rising exposure to microfinance at Sri Lankan nonbank financial institutions (NBFIs) could pose a risk to their credit profiles, says Fitch Ratings. The exposure among Fitch-rated NBFIs stood at just 4% of total loans of these entities as recently as March 2014. but this had increased to 27% by December 2015. Fitch estimates that loan-book…
The general public is hereby informed that with effect from 01 April, 2016 The Hongkong and Shanghai Banking Corporation Ltd (HSBC) at 24, Sir Baron Jayathilaka Mawatha, Colombo 01, ceases to operate as a Primary Dealer. HSBC will, however, continue to function as a Dealer Direct Participant in scripless securities and transact in scripless securities…
A score of flights at Suvarnabhumi Airport and Don Mueang International Airport were delayed this morning following the implementation of new aviation rules. Aeronautical Radio of Thailand Executive Vice President Tinnagorn Choowong said that at 7am today, the revised area navigation (RNAV) rules, standard instrument departure (SID) and standard terminal arrival route (STAR) was implemented…
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