The Gafoor building, a prominent four-storey wedge-shaped building, located in Colombo Fort, will soon be transformed into a luxury hotel, State Minister for Urban Development, Coast Conservation, Waste Disposal, and Public Sanitation, Dr. Nalaka Godahewa stated. Addressing an event in Colombo today (08), the Minister stated that the building will be transformed into a luxury…
The Government aims to reduce bank lending rates to 7% (BLR), as soon as the economy recovers, Trade Minister Bandula Gunawarden stated. Minister made these remarks, whilst addressing an event in Colombo recently. “Interest rates have been reduced now. During the Yahapalana Government, the interest rate was at 28%. It is doubtful whether any country…
The Finance Ministry issued guidelines to State institutions for the preparation of their Budget for 2021, putting constraints on funding for new projects, and imposing a ban on the construction of new buildings for government institutions for the next two years. Finance Ministry Secretary S.R. Attygalle issued a circular recently detailing the guidelines for the…
Strengthens collaboration with PMsquare in Data and Analytics to help customers in the country Emerge Smarter from the pandemic IBM today outlined a comprehensive strategy for Sri Lanka driven by Hybrid Cloud, and Artificial Intelligence (AI), underpinned by Cybersecurity at a virtual round-table meeting. As organisations are beginning to reset, recover and revive their business…
Brush manufacturer and exporter of sanitary maintenance tools, BPPL Holdings PLC announced plans to exit the Indonesian market, due to on-going losses from heavy competition amongst established brands in that country. “Our JAB branded goods in Indonesia, however, did not perform as expected due to heavy competition amongst established brands in that country. We, therefore, have…
State Minister of Finance and Capital Markets Ajith Nivard Cabraal told stockbrokers that “Sri Lankan investors who acquire shares now would make substantial capital gains very soon”. Cabraal made these remarks when he addressed Sri Lanka’s Stockbrokers at the Finance Ministry last Friday, 4th September. Cabraal explained that the Colombo Stock Exchange’s All Share Price…
HCL Technologies (HCL), a leading global technology company, Monday (07) announced the official opening of its Global Development Center in Colombo, Sri Lanka. The new development center was officially inaugurated by the Honorable Prime Minister of Sri Lanka, Mahinda Rajapaksa and His Excellency Gopal Baglay, Indian High Commissioner to Sri Lanka in the presence of…
Pelwatte Dairy Industries Ltd., a leading manufacturer of locally produced dairy products, speaking on the current situation of the dairy industry in Sri Lanka stated that they have a surplus of milk and have already instructed the Export Development Board (EDB) to explore opportunities of exporting it as milk powder to China and as butter…
By Niroshan Udage As an integral part of the Country’s financial system, Licensed Finance Companies (LFCs) and registered leasing companies play a vital role in the development of the national economy. Collectively known as the Non-Bank financial (NBFI) sector, they offer a gamut of financial solutions to cater to individuals, proprietors, partnerships, corporates or business…
Sri Lanka has dropped 12 places to be ranked 101st in the latest Global Innovation Index 2020 from last year’s 89th rank with a score of 23.78 on a 0-100 scale, 100 being the most innovative. Published annually since 2007, the GII is said to be a leading benchmarking tool for business executives, policy makers and…
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