Plans are afoot for Sri Lanka and Japan to formulate and sign a Free Trade Agreement (FTA) between the two countries to enhance bilateral trade. The plan is for a possible FTA between Sri Lanka and Japan in 2015, according to the Sri Lanka-Japan Business Cooperation Committee. This was revealed during a meeting held in…
China’s President Xi Jinping has signed agreements with Pakistan promising investment of $46bn (£30.7bn). The focus of spending is on building a China-Pakistan Economic Corridor (CPEC) – a network of roads, railway and pipelines between the long-time allies. They will run some 3,000km (1,800 miles) from Gwadar in Pakistan to China’s western Xinjiang region. The…
A special team of representatives from the fisheries division of the European Commission (EC) is reportedly scheduled to visit Sri Lanka in June. The team is to study the steps taken by the Sri Lankan government on the EC recommendations when it suspended the import of fishery products from the island from 15 January 2015….
The Thailand-based ONYX Hospitality Group announces the appointment of Krishantha Damunupola as hotel manager for the soon-to-open OZO Kandy. Mr Damunupola has held a number of senior management roles in the hotel industry for more than 20 years, including three years as operations manager for Hilton Imperial Dubrovnik in Croatia, one of the highest rated…
Colombo shares ended in positive territory on Tuesday amid political uncertainties. The benchmark All Share Price index gained 18.22 points (+0.26%) to end at 7,098.60 while S&P SL 20 index marginally gained 5.83 points (+0.15%) to end at 4,026.43. Today’s gains were mainly fuelled by price appreciations in counters such as Ceylon Tobacco (closed at…
Following Sunil Wijesinha’s resignation as Chairman of the National Development Bank, better known as the NDB Bank, the vacancy thus created has been filled by former Hayleys Group Chairman N.G. Wickremeratne. This appointment with immediate effect was made by the Bank’s Board of Directors at a meeting on 20 April. The government had recently notified…
Colombo equities swung between gains and losses on Monday and closed with mixed results amid political uncertainties. All Share Price Index was up in the morning session by 7.78, +0.1% but closed in the negative column at 7,080.38 with a loss of 6.03 points or -0.09%. S&P SL 20 index gained 8.04 points (-0.20%) to…
Fitch Ratings has assigned Singer Sri Lanka PLC’s (Singer; A(lka)/Stable) proposed unsecured redeemable debenture issue of up to LKR3bn a National Long-Term Rating of ‘A-(lka)(EXP)’. The debentures are likely to have a three-year tenor and to be issued in two tranches with fixed and floating rates. The proceeds of the proposed issue will be used…
If withdrawals from the ATMs of Commercial Bank in the ‘Avurudu’ season are anything to go by, Sri Lankans celebrated their New Year on a grand scale in 2015, establishing new records for cash dispensed from the largest automated teller network owned by a single bank in the country. The previous record of Rs 2.05…
Sri Lanka’s coir industry reached an important milestone last month, with the commissioning of a pioneering wastewater treatment plant for the Botanicoir (Pvt) Ltd factory in Dankotuwa. The wastewater produced in the process of removing unwanted elements in the coir substrate manufacturing process, if not managed properly, can become a threat to the local environment….
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