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Government to formulate National Policy for Industrial Development

It has been identified that the disincentives such as inconsistencies in the related policies, inadequacy of the required technology and the infrastructure facilities, the dearth of skilled human resources, excessive energy cost and environmental challenges associated with industries and the shortcomings existing in the legal system have adversely affected the development and the sustainability of…

(0)Comments | August 22, 2019 11:23 am

US $96 million outflow from government securities in first half of the year

Foreign investments in the government securities market recorded a net outflow of US $5 million in June 2019. On a cumulative basis, net outflows in the government securities market amounted to US $96 million during the first half of the year. Foreign investments in the CSE, including primary and secondary market transactions, recorded a net…

(0)Comments | August 22, 2019 11:21 am

Government to call for bids for airport explosive detection systems

The proposal made by the Minister of Transport & Civil Aviation to call for bids from the suppliers who have the potential to supply explosive detection systems for supply, installation and commissioning of 09 explosive detection systems at the Katunayake Bandaranaike International Airport with an external funding, following procurement guidelines, was approved by the Cabinet.

(0)Comments | August 22, 2019 10:48 am

Sri Lanka national inflation at 2.2% in July

Issuing National Consumer Price Index (NCPI), for the month of July 2019, Director General of Census and Statistics said that headline inflation as measured by the Year on Year change based on NCPI has been compiled as 2.2%. The headline inflation reported for the month of June 2019 was 2.1%. Contributions to the inflation in…

(0)Comments | August 22, 2019 10:34 am

Sri Lanka central bank seen standing pat but rate cut not ruled out: Reuters poll

COLOMBO (Reuters) – Sri Lanka’s central bank is expected to leave its key interest rates unchanged on Friday, a Reuters poll showed, but a surprise rate cut is not ruled out due to sluggish economic growth ahead of a presidential election later this year. Ten out of 12 economists surveyed expected the Central Bank of…

(0)Comments | August 22, 2019 9:47 am

Sri Lanka rupee falls on foreign outflows; shares edge down

(Reuters) – The Sri Lankan rupee closed weaker on Wednesday for the third day running as foreign outflows from government securities weighed on the currency, in line with the trend in other emerging markets. Local shares fell. ** The rupee ended 0.4% weaker at 178.75/179.00 per dollar, compared with Tuesday’s close of 178.00/00, extending the…

(0)Comments | August 22, 2019 9:20 am

Sri Lanka unveils most modern hi-tech TVET facility with South Korean backing

Backed by the global industrial giant South Korea, Sri Lanka launched its most modern national hi-tech training facility to-date on 21 August. As it unveiled its up-to-date TVET (Technical and Vocational Education and Training) facility in a Colombo suburb, Sri Lanka also said that its skills development work has shown results so much so the country retained…

(0)Comments | August 21, 2019 4:03 pm

BOI holds a Business and Investment Forum at Gujarat Chamber of Commerce and Industry

The Board of Investment of Sri Lanka recently held a Business and Investment Forum at the Gujarat Chamber of Commerce & Industry (GCCI) in Ahmedabad, targeting the Chamber’s membership . This Forum was supported by the Sri Lankan High Commission in New Delhi and the Sri Lanka Consulate General in Mumbai. Hon. Malik Samarawickrama Minister…

(0)Comments | August 21, 2019 3:59 pm

Workers’ remittances up 2.5% in June

Workers’ remittances grew by 2.5%, year-on-year, to US dollars 537 million in June 2019, latest External Sector Performance report of the Central Bank of Sri Lanka outlines. On a cumulative basis, however, workers’ remittances recorded a decline of 9.8% reaching US dollars 3,270 million during the first half of 2019 in comparison to the corresponding…

(0)Comments | August 21, 2019 3:56 pm

Ceylinco Life reports 6-month net income of Rs 14.7 billion

Ceylinco Life has reported net income of Rs 14.7 billion for the first half of 2019, an increase of 10.55 per cent over the corresponding period of last year as a result of investments yielding noteworthy returns and premium income recording equitable growth.   In its 16th consecutive year of market leadership, the Company’s premium…

(0)Comments | August 21, 2019 12:23 pm