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Tourism recovers faster; arrivals pick up in June over May

The tourism arrivals in June has almost doubled to 63,072 from 37,802 in May, though 57% lower compared to the previous year, and year to date performance remains negative. According to the latest data released by the Sri Lanka tourism development authority arrivals in June was down by 57% from the corresponding month of last…

(0)Comments | July 5, 2019 11:17 am

Atlas takes action against malicious hate campaign on social media

Atlas Axillia Co., a Sri Lankan owned and operated company and one of the most loved local brands, will commemorate its 60th anniversary with a number of initiatives focused on enriching the lives of children in the country, including the launch of a scholarship programme and a new range of innovative stationary products. Further, the…

(0)Comments | July 5, 2019 10:52 am

Sri Lanka shares surge as govt flags projects; rupee steady

(Reuters) – Sri Lankan shares ended firmer on Thursday, touching their highest intraday gain in more than eight months, a day after the government launched a $2.2 billion Japanese-funded project, boosting investor sentiment; while the rupee ended steady. ** The benchmark stock index jumped 1.8% to its highest percentage gain since Nov. 1, 2018. The…

(0)Comments | July 5, 2019 9:38 am

Government to Revise Policy Framework on fiscal regulations

The Cabinet this week gave approval for the Government to revise the Fiscal Management (Responsibility) Act No. 3 of 2003 to increase responsibility in not meeting deficit targets. The Government Fiscal activities of Sri Lanka are handled under a Fiscal Management Responsibility Framework introduced by the Fiscal Management (Responsibility) Act, No.3 of 2003 enacted for…

(0)Comments | July 5, 2019 9:26 am

Actions will be taken against unrelated retail stores infringing ‘Food City’ trademark says Chairman of Cargills

The chairman of Cargills Ceylon PLC Louis Page says that the company will continue to take action against unrelated retail stores infringing ‘food city’ trademark. “Cargills Food City is the only retail chain with geographic representation across the country through its 380 supermarkets. Our commitment to improving the customer experience by providing quality items at…

(0)Comments | July 4, 2019 5:44 pm

Sri Lankan Airline’s to save Rs.75mn annual cost by shifting its corporate offices to Katunayake

The Board and Management of SriLankan Airlines have taken a decision to relocate all its corporate offices in the World Trade Centre to its main operational hub in Katunayake. “It is business as usual for all our valued customers as none of the key sales and customer centric frontline operations will be relocated contrary to…

(0)Comments | July 4, 2019 12:52 pm

Encouraged by Lonely Planet’s travel endorsement – PM

Prime Minister Ranil Wickremesinghe yesterday (3) noted that the continuing endorsement of Sri Lanka as the world’s best travel destination for 2019 by Lonely Planet is a great strength for the island. “At the beginning of the year, Sri Lanka was named as the world’s best destination for tourist to visit. Nevertheless, after that Easter…

(0)Comments | July 4, 2019 12:21 pm

Sri Lanka shares touch near 9-week closing high; rupee gains

Reuters – Sri Lankan shares ended firmer for a fourth straight session on Wednesday, hitting their highest close in near nine weeks, while the rupee edged up on banks’ dollar sales, market sources said. ** The benchmark stock index ended up 0.38% at 5,411.55, its highest close since May 3. The index rose 0.16% last…

(0)Comments | July 4, 2019 10:24 am

Panasian Power boasts 50% net profit, highest in company history

Panasian Power PLC (PAP.N), one of Sri Lanka’s leading green energy solutions providers, posted a consolidated net profit of Rs 90 million for the quarter ending March 31st 2019, signifying a growth of 48% compared to the same quarter last year. Revenue for the year amounted to Rs 761 million, representing a growth of 57%…

(0)Comments | July 3, 2019 9:59 pm

Ceylon Chamber Calls for More Transparency on SOFA & MCC

The Ceylon Chamber of commerce today ( July 3) expressed its concern with regard to the increasing levels of speculation among its Membership and society at large on the consequences surrounding the proposed Status of Forces Agreement (SOFA), and the Millennium Challenge Corporation (MCC) Agreement. Accordingly, the Ceylon Chamber requests the Government of Sri Lanka…

(0)Comments | July 3, 2019 3:41 pm

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