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…
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…
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