As bilateral trade surged by more than 130%, trade talks between Turkey and Sri Lanka re-opened on 11 November in Ankara-after 26 years. Turkey has also been invited by Sri Lanka to exploit Sri Lanka’s present and future Trade Agreements with South Asia, for bigger trade gains. “Turkey is a very important trading partner for…
Shangri-La’s Hambantota Resort & Spa, Hambantota Between the oncoming trucks and the hairpin bends, it’s a nerve-jangling three-hour drive from Colombo to the new Shangri-La’s Hambantota Resort & Spa, on Sri Lanka’s unspoilt south coast. But it’s also a beautiful journey through lush forests and well worth it. Built on the site of a former…
The engine capacity-based manufacturing tax imposed on motor vehicles last year will be extended to motorcycles as well through the 2017 Budget. Furthermore, steps have been taken through the 2017 Budget to reduce the manufacturing tax on electric cars of less than 100 kilowatt capacity. However, vehicle importers say that the manufacturing tax on motor…
Capitol Developers Limited of the Sanken Group held the groundbreaking ceremony of its latest 470 apartment twin tower project – Capitol Twin Peaks on 12 November 2016, at its strategic location at 24, Staple Street, Colombo 02. Hon. Patali Champika Ranawaka – Minister of Megapolis and Western Development graced the event as Chief Guest, amidst…
Dialog Axiata PLC announced, Thursday 10th November 2016, its consolidated financial results for the nine months ended 30th September 2016. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”) post-consolidation with subsidiaries Dialog Broadband Networks (Pvt) Ltd (“DBN”), Dialog Television (Pvt) Ltd (“DTV”) and Digital Holdings…
Reuters – Sri Lankan shares closed slightly weaker on Friday while volume slumped to a 32-month low after proposals on Thursday to revise corporate and withholding taxes to boost revenue. The government aims to boost its 2017 tax revenue by 27 percent to 1.82 trillion rupees ($12.36 billion) year on year, to meet a commitment…
The region’s largest weft knit textile manufacturing Company (formerly known as Textured Jersey), today unveiled their new Corporate brand ‘Teejay.’ The new brand articulates the vibrancy of the different DNA within the Group, and thesynergy they bring to every aspect of their operations. Delivering synergy through unification, the parent company Teejay Lanka PLC., will bring…
Further steps would be taken through the 2017 Budget to encourage the listing of companies with the Colombo Stock Exchange (CSE) said Finance Minister Ravi Karunanayake while presenting the Appropriation Bill for 2017 in Parliament. Towards this, the existing tax concessions would be continued without any changes, added Minister Karunanayake. Meanwhile, the Finance Minister added…
Commercial Bank of Ceylon PLC has reaffirmed its status as one of the strongest-performing entities in Sri Lanka’s financial sector with solid third quarter and nine-month results. The country’s benchmark private sector bank has posted profit before VAT and NBT of Rs 16.398 billion for the nine months ending 30th September 2016, reflecting growth of…
The first ever Sri Lanka–Bangladesh Free Trade Agreement is to be a reality by next March-and both countries, being members of SAFTA, APTA and BIMSTEC are positioning for a huge cross-border cargo transshipment increase via the Port of Colombo. “My visit to Colombo is fruitful. Sri Lanka – Bangladesh FTA can become a reality when…
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