Sri Lanka’s government revenue will increase by at least 30 percent in 2015, but the new administration is struggling to repay the massive debts on infrastructure projects incurred by the previous government, Finance Minister Ravi Karunanayake said. Since assuming power after the January 8 presidential elections the government has slowed many infrastructure projects amid allegations…
Colombo shares snapped the four day losing streak and ended the weekly operations on positive note as the government made a move to shed light on the present political uncertainty. The Cabinet approved the much debated 20th amendment to the constitution and as per the amendment, the number of seats in the parliament will be…
The Sri Lankan rupee fell to a record low of 134 on Friday as a state-run bank, through which the central bank directs the markets, lowered the dollar selling rate by 20 cents, dealers said. Currency dealers said hopes that the rupee would strengthen on rising inflows was fading as the currency has come under…
The government plans to obtain a syndicated loan of up to USD 01 billion and proposals are to be called for within a few days, said Finance Minister Ravi Karunanayake while meeting representatives of the Foreign Journalists’ Association in Colombo. The interest rates on this loan would reportedly be between 3.25 and 3.75 per cent….
Colombo stock market continued the losing streak where bourse witnessed negative returns for the fourth consecutive day to touch 11 week low. During the opening hours, main index managed to cross the 7,080 mark but failed to maintain the momentum, reflecting the negative investor sentiment stemming mainly from the political uncertainties. All share index declined…
With the establishment of the Financial Intelligence Unit to deal with matters pertaining to suppression of terrorist financing and prevention of money laundering, the legal and compliance issues to be monitored have become varied and complex. Hence, its Monetary Board has decided to establish a Legal and Compliance Department under the provisions of Section 33…
Currently there are some 5,750 applications for loans provided under the second phase of the self-employment loan scheme for the youth who had been involved in terrorist activities and have now been rehabilitated, says the government. The Cabinet has approved the second phase of this loan scheme with the necessary amendments to be implemented through…
Sri Lanka’s top-most accreditation body has garnered applications from eager firms in China, Indonesia and Saudi Arabia-and Lankan forest accreditations too are coming, as revealed on 09 June. “SLAB has successfully accredited firms from China, India and Saudi Arabia, bringing international recognition to Sri Lanka. They will start accrediting Lankan vehicle emission testing operators from…
Colombo bourse ended modestly lower on Wednesday as investors practice the wait and watch approach amid the unsettled political situation and profit taking. There was a little sideway force in the market as the market opened with positive returns but closed in the negative zone. All share price index marginally declined to 7,063.45 with a…
Facebook has scrapped its previously unknown plans to build a satellite, according to a report by Amir Efrati in The Information. The satellite, had it been built, could have cost an estimated $500 million. The plan was to use it to help provide cheap internet access in the developing world. But this pricetag was apparently…
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