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Stock Market breaks through with strong showing in 2017 first half

 ASPI up by 8.23% and S&P SL 20 up by 11.03% in 2017  Foreign Purchases in 2016 first half doubled in 2017, an all-time high for foreign purchases in the first half of a calendar year  Year-to-date net foreign inflow of 23 Billion (Rs. 36 Billion including primary and secondary market) …

(0)Comments | July 18, 2017 11:58 am

EasyHotel announces Iran and Sri Lanka expansion

Budget chain easyHotel is to expand into Iran and Sri Lanka by signing two master development agreements. The deal for Iran is expected to result in more than 500 new easyHotel rooms in the country, while 200 rooms are planned for Sri Lanka. The first 100 rooms in Sri Lanka are due to be open…

(0)Comments | July 18, 2017 10:50 am

Taco Bell Enters Sri Lanka

A Taco Bell franchisee opened the restaurant’s first location in Sri Lanka, a local news report said. Irvine-based Taco Bell Corp. had said in May that it would enter the market as part of an international push over the next five years. About 95% of the chain’s 6,700 locations are in the U.S. The Mexican-themed…

(0)Comments | July 18, 2017 10:43 am

USD 100 M from the World Bank for the Expansion of Higher Education program

The International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) of the World Bank has shown their interest to mobilize its funds through a credit of USD 100 mn for the Accelerating Higher Education Expansion and Development (AHEAD) Operation. Accordingly, the proposed programme aims to increase enrolment in higher education programs…

(0)Comments | July 18, 2017 10:24 am

Sri Lankan shares fall on profit-taking in blue chips

Reuters – Sri Lankan shares fell on Monday, after posting their highest close in more than 18 months in the previous session, as investors booked profits in blue chips. However, foreign players bought stocks on expectations of strong corporate earnings, limiting the downside. The Colombo stock index dropped 0.37 percent to 6,741.07, its fourth session…

(0)Comments | July 18, 2017 10:17 am

IMF Completes Second Review of the Extended Arrangement Under the EFF with Sri Lanka and Approves US$ 167.2 Million Disbursement

IMF Executive Board completed the second review of Sri Lanka’s Extended Fund Facility (EFF) arrangement, which enables the disbursement of about US$ 167.2 million. The new Inland Revenue Act will support fiscal consolidation, make the tax system more efficient and equitable, and generate resources for social and development programs. Further accumulating international reserves and enhancing…

(0)Comments | July 18, 2017 6:26 am

Another 20 EPF officials come under scrutiny over Central Bank bonds issue

Investigations have been initiated against 20 more officials who had been serving under the Employees Provident Fund (EPF) during the time of the controversial bonds issue affair, say internal sources from the Central Bank of Sri Lanka (CBSL). These sources further added that written explanations have been called fro from these particular officials and they…

(0)Comments | July 17, 2017 4:15 pm

Ube Industries Japan deepens its roots with Tokyo Cement

Mr. S. R. Gnanam, Managing Director of Tokyo Cement Company (Lanka) PLC, in a statement welcomed Ube Singapore Holdings Pte. Ltd.’s decision to deepen their investment in the Sri Lankan cement giant. Ube Singapore Holdings recently bought 10% voting shares of Tokyo Cement, placing itself among the Top 20 shareholders of the public listed company….

(0)Comments | July 17, 2017 4:15 pm

Emirates and flydubai join forces, announce extensive partnership agreement

Emirates and flydubai have unveiled an extensive partnership which will see the two Dubai-based airlines join forces to offer customers unmatched travel options. Both airlines will continue to be managed independently, but will leverage each other’s network to scale up their operations and accelerate growth. The innovative partnership goes beyond code-sharing and includes integrated network…

(0)Comments | July 17, 2017 4:11 pm

Korean Business Delegation Visits Sri Lanka

A 13 member Korean business delegation visited Sri Lanka at the invitation of the Ideal Group to explore business and investment opportunities in diverse areas . KICOX which is the Business Growth Support Center for the Honam Area was responsible for putting together the delegation which comprised both the private sector as well as government…

(0)Comments | July 17, 2017 11:33 am

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