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You can now invest up to $125,000 overseas

A strong rupee has emboldened Reserve Bank of India to relax some of the foreign exchange related restrictions including the individual overseas remittance limit of $75000 per year which has been hiked to $125000. The central bank has also allowed foreign institutional investors to hedge their investments plus and additional $10 million using exchange traded…

(0)Comments | June 4, 2014 11:45 am

Colombo Stock Exchange notifies Sierra Cables

In response to a request by Sierra Cables that its share trading be temporarily suspended till a discrepancy of Rs. 172 million in its financial statements is inquired into, the Colombo Stock Exchange (CSE) has informed the company that its share trading has been suspended until the particular financial accounts are rectified by the company’s…

(0)Comments | June 3, 2014 6:52 pm

Stock Market Review

Colombo stock market failed to maintain positive momentum gained in last trading session where market witnessed lackluster trading day. Benchmark index declined by 6.39 index points or 0.10% to end at 6,286.02 while 20-scrip S&P SL index gained marginally by 0.56 index points or 0.02% to close at 3,470.75. Price depreciations in Nestle Lanka (closed…

(0)Comments | June 3, 2014 5:22 pm

Samsung launches first Tizen phone

Samsung Electronics has launched the world’s first smartphone powered by the Tizen operating system. The Samsung Z will go on sale in Russia in the July-to-September quarter. Most Samsung phones currently use the Android platform, but the South Korean firm has been working with chipmaker Intel to develop Tizen as an alternative operating system. It…

(0)Comments | June 3, 2014 1:41 pm

Kapila Ariyaratne at helm of Seylan Developments

Seylan Bank General Manager and Chief Executive Officer Kapila Prasanna Ariyaratne has been appointed Chairman of Seylan Developments PLC with effect from 31 May 2014. A Director of Seylan Developments PLC since 2012, Kapila Ariyaratne commenced his banking career in 1984 and counts over 30 years experience in the sector. Having held responsible posts in…

(0)Comments | June 3, 2014 1:15 pm

Duty waivers to milk powder companies down, no relief to consumers

The government has decided to lower its duty waiver provided per kilogram to powdered milk food importers into Sri Lanka with immediate effect. This duty waiver had been provided by the government due to the frequent increases of powdered milk food in the world market. Though Rs. 125.00 should be charged as duty on every…

(0)Comments | June 3, 2014 12:00 pm

Moves to find particulars of foreign investors

The Investments Promotion Minister says that he has instructed his officials to find out whether there are any blacklisted individuals among the foreign investors coming into Sri Lanka. Now, in matters relating to providing investment opportunities these issues are also being looked into, said Investments Promotion Minister Lakshman Yapa Abeywardene. While attention is being focused…

(0)Comments | June 3, 2014 11:22 am

Stock Market Review

Colombo equities started its’ weekly operations with optimistic trend and witnessed positive returns in both indices. Benchmark index managed to gain 28.95 index points (+0.46%) to end at 6,292.41 while 20-scrip S&P index gained 15.58 index points (+0.45%) to close at 3,470.19. Price appreciations in counters such as Carson Cumberbatch (closed at LKR 400.00, +5.5%),…

(0)Comments | June 2, 2014 5:29 pm

Human rights issues are no block on investment – Cabraal

Concerns over the human rights situation in Sri Lanka is not a hindrance for attracting foreign investors, according to Ajith Nivard Cabraal, the governor of the Central Bank of Sri Lanka. “There are a few who have asked the question – but not all. And every time they have asked the question we have explained…

(0)Comments | June 2, 2014 3:47 pm

Government pushing for increased free trade agreements

Since Sri Lanka has entered into only a few free trade agreements so far it expects to enter into more free trade agreements in the near future, says the Investments Promotion Ministry. The ministry says that similar to Vietnam increasing its direct foreign investments and exports by entering into free trade agreements, Sri Lanka too…

(0)Comments | June 2, 2014 1:26 pm