At present, only 40% of the country’s demand is met by fresh milk, with the remaining demand addressed by powdered milk imports. Currently, the country cannot meet the fresh milk demand due to the shortage of milk, Chairman of Lanka Milk Foods (CWE) PLC Deshamanya Harry Jayawardena stated. “In the aftermath of the COVID-19 pandemic, we…
The international financial institutions that were established to bring stability to the world economy and to foster economic growth such as the International Monetary Fund and the World Bank should now offer a “debt-standstill” for the year 2021 for all emerging and developing countries to tide over this difficult period, State Minister for Finance, Capital Market…
Indocean Developers has informed buyers of Altair apartments that a recent Supreme Court decision relating to a management rights dispute involving two groups of shareholders was only a denial of a plea by one party to the dispute to dismiss a case filed by two purported directors on the grounds that the said directors had…
PayHere, a locally built online payment gateway has passed processing Rs. 1 billion of online payments for Sri Lankan businesses. PayHere Payment Gateway Service is offered by Sri Lanka’s Pioneer Financial Technology Company, PayHere (Private) Limited in partnership with Sampath Bank PLC under a Central Bank approved special payment acquiring model regulated by CBSL PSD…
State Minister for Regional Co-operation Tharaka Balasuriya stated that the Colombo Port City is not only for Chinese investments but also open for any country that intends to invest in Sri Lanka. He made these remarks during an observation tour to the Colombo Port City yesterday (08). “We are glad that the Chinese are bringing their…
The Monetary Board, having considered the benefits to the banking system through the investments by Multilateral Financial Organizations in the shareholding of licensed specialized banks and licensed commercial banks hereby issues the following Direction. For licensed Specialized banks, the following new Direction will be inserted immediately after Direction 3 (2) of the Banking Act Directions…
President Gotabaya Rajapaksa emphasized that the tea industry which has suffered a severe setback should be revived based on a holistic approach. Experts in the field pointed out that long, medium, and short –term plans should be implemented after scrutinizing loss-making estates in order to increase tea exportation and its revenue. President said the objective…
Without remittances, Philippines, Pakistan, Sri Lanka, and Bangladesh would all have large current account deficits of between 7%-10% of GDP. For countries with fragile external finances, such as Pakistan and Sri Lanka, the shock to remittances could exacerbate existing challenges The coronavirus pandemic and subsequent impact on the oil market are having a considerable effect…
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) and the Friedrich Naumann Foundation for Freedom (FNF) in Sri Lanka co-organized a kick-Off conference on the initiative “Sustainable Supply Chains as driver for global competitiveness”. The initiative aims to raise awareness for the need of sustainability related documentation with Sri Lankan…
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…
Video Story
