Minister of Industries, Wimal Weerawansha recently appointed the chairman and members of the Advisory Council of the Automobile Assembling and Automobile Components Manufacturing Industries in Sri Lanka. The appointments were made as part of the programme to focus greater attention on the twenty industries coming under the purview of the Ministry. The council consists of…
The available foreign reserves of the country can be used to either repay foreign creditors or to finance imports of essential goods and services required by its citizens. This is the dilemma facing Sri Lanka today. Repaying the full value of the bond using the limited foreign reserves available would provide a windfall gain to…
SriLankan Airlines is pleased to announce that the Airline reestablished a codeshare arrangement with American Airlines in December 2021, which is expected to offer customers enhanced connectivity and travel options across North America and Europe. This strategic partnership would allow the placement of the SriLankan Airlines’ code on American Airlines’ flights to US cities Miami…
Creating awareness and engaging the private sector on one of the most important anti-corruption tools in a democracy, the Ceylon Chamber of Commerce will conduct a webinar on ‘The Right to Information and the Private Sector’ on Tuesday, 18th January, 2022. The webinar is conducted in collaboration with Transparency International Sri Lanka (TISL), the Sri…
Recent rules issued by the Central Bank of Sri Lanka (CBSL) in respect of repatriation and conversion of export proceeds to Sri Lanka Rupees (LKR) have been misinterpreted by certain parties with vested interests. In particular, unfounded speculation has been mischievously spread that the CBSL rules require converting the entirety of workers’ remittances forcibly into LKR upon…
Transforming Tourism in Sri Lanka: Emerging from crisis as a strong, resurgent and rebranded industry The Tourism sector being a vital foreign exchange earner and source of employment in Sri Lanka’s economy has suffered multiple crises since the 2019 Easter attack and the ongoing COVID-19 pandemic. Recognizing the need to revitalize tourism, the European Union (EU) and…
By Mithara Fonseka and Kavishka Indraratna In 2016, Sri Lanka ratified its Trade Facilitation Agreement (TFA) with the WTO and in 2017 a Secretariat was established for the National Trade Facilitation Committee to drive much needed trade reforms in the country. Currently, the rate of Sri Lanka’s implementation commitments under TFA stands at 34.9% with…
The shares of Kapruka Holdings Limited (CODE: KPHL-N-0000) commenced trading on the Colombo Stock Exchange (CSE) today. The shares have been listed on the Main Board of the CSE under the “Retailing” sector. The occasion was marked with a special Bell Ringing Ceremony. Representing Kapruka Holdings Limited, Chairman and CEO Mr. Dulith Herath, Director Ms. Anuradha Herath and General Manager Mr. Suresh Eranda attended the event. Financial…
Mumbai: As Sri Lanka grapples with a severe foreign exchange crunch, high street banks in India have turned cautious and selective about their exposures to the island nation. Several institutions have reduced discounting letters of credit (LC) – the basic instrument for financing trade – issued by many Lanka lenders while others are giving credit…
Setting up a Centre of Excellence in Artificial Intelligence (AI), Machine Learning (ML) Engineering in Colombo a priority Global artificial intelligence (AI) and algorithmic decisioning software company Algonomy announced its plans to acquire the business of Linear Squared (Pvt.) Ltd., a cloud-based technology company in Sri Lanka specializing in building demand planning and forecasting products….
