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Nuzreth Jalaldeen appointed Executive Director of AmCham

The American Chamber of Commerce in Sri Lanka has appointed Nuzreth Jalaldeen as its new Executive Director with effect from November 2017. Nuzreth was formerly at Uber Sri Lanka, and is a veteran in the Communications and PR industry, with experience ranging from work at Leo Burnett Solutions Inc to Sri Lanka Telecom Mobitel to…

(0)Comments | November 20, 2017 12:01 pm

Allianz Lanka Keeps Up Impressive Growth Momentum through 3Q, 2017

Allianz Lanka continued to maintain its impressive performance across its general and life businesses through the 9 months ended 30th September, 2017. Allianz Insurance Lanka, the general insurance company, recorded Gross Written Premium (GWP) of Rs.3.92 billion during the period under review, a YoY growth of 30% over GWP of Rs.3.02 billion reported during the…

(0)Comments | November 20, 2017 11:59 am

Fitch Affirms Sunshine Holdings at ‘A(lka)’; Outlook Stable

Fitch Ratings has affirmed Sri Lanka-based Sunshine Holdings PLC’s National Long-Term Rating at ‘A(lka)’. The Outlook is Stable. The rating on the diversified conglomerate reflects its exposure to defensive end-markets, strong market positions in its diversified products and Fitch’s expectations of steady free cash flow generation over the medium term. These strengths are counterbalanced by…

(0)Comments | November 20, 2017 11:40 am

World’s largest refugee village at one time returns to life with $1.8 Mn Sri Lanka apparel initiative

The Sri Lankan refugee displacement village that entered the global limelight as the world’s largest refugee camp at one time, has been brought back to life- but not as yet another grim tale of displacement, rather as part of a new US $ 1.8 Mn national apparel initiative at village levels. “Reconciliation would be a…

(0)Comments | November 19, 2017 11:39 pm

Finnish firm to produce alternative energy from sea waves

Finland-based AW Energy, an ocean wave energy company, is working with the Government of Sri Lanka to set up a project to harness the potential of ocean wave energy around the southern coast of Sri Lanka. Wave energy is the largest untapped form of renewable energy in the world. It is on track to produce…

(0)Comments | November 19, 2017 11:01 pm

Budget envisions SL as true maritime hub – Tittawella

The 2018 Budget proposals towards the liberalisation of the shipping industry were presented with a view to making Sri Lanka a true regional maritime hub, said Ministry of Finance’s Senior Advisor Mano Tittawella. Speaking at the seminar on the national budget organised by the Ceylon Chamber of Commerce Friday, he said that the proposal to…

(0)Comments | November 19, 2017 10:55 pm

Govt. plans to reduce debt to GDP ratio to 70% by 2020

The government has endeavored to reduce its debt to a risk-free and manageable level through revenue enhancement and mobilization efforts, the Finance Ministry says. The debt to GDP ratio increased to 79.3 percent in 2016 from 77.6 percent in 2015 reflecting the debt financing of budget deficit, lower nominal GDP growth rate and the significant…

(0)Comments | November 17, 2017 4:38 pm

Sri Lanka commences Automatic Dependence Surveillance Operations

Minister of Transport & Civil Aviation Nimal Siripala De Silva yesterday (15th Nov.) inaugurated the Automatic Dependence Surveillance – Broadcast (ADS-B) Operations at the Ratmalana Colombo Airport Area Control Centre. Automatic Dependent Surveillance – Broadcast (ADS-B) is considered as one of the latest developments in the surveillance technologies used for Air Traffic Control purposes. ADS-B…

(0)Comments | November 17, 2017 4:37 pm

Previous duty rate remains to persons who opened LCs prior to Budget

Minister of Finance and Mass Media Mangala Samaraweera further relaxing the policies announced in the Budget – 2018 on the importation of vehicles has also revised the policy on Loan to Value (LTV) ratio on the financing for purchase of vehicles under lease basis. Minister Samaraweera making the winding up speech in the second reading…

(0)Comments | November 17, 2017 11:05 am

Sri Lankan shares snap 5 sessions of falls on bargain hunting

Reuters – Sri Lankan shares rose on Thursday after five straight sessions of declines, on bargain hunting in beaten-down stocks and foreign buying. The Colombo stock index ended 0.31 percent firmer at 6,448.98, recovering from its lowest close since Sept. 27 hit in the previous session. It shed 2.6 percent in the five sessions through…

(0)Comments | November 17, 2017 10:21 am