Business leader Susantha Ratnayake has been appointed as the new Chairman of the Board of Investment of Sri Lanka (BOI). Ratnayake has over 30 years of management experience and had served as the Chairman and CEO of John Keells Holdings PLC from January 2006 to December 2018. He had served on the JKH board since 1992/93. …
The government will raise the contribution by employers to the Employees’ Provident Fund (EPF) to 15% from the existing 12% and introduce an insurance scheme for public and private sector employees who become unemployed, a government policy document said. This was affirmed in the fourth chapter of the policy document titled “A Productive Citizen and…
SriLankan Airlines, the national carrier of Sri Lanka, and Gulf Air, the national carrier of the Kingdom of Bahrain, have entered into a codeshare partnership with effect from 18th December 2019, significantly enhancing the travel options of their respective valued customers. Under this agreement, SriLankan Airlines will place its ‘UL’ code on Gulf Air’s flights…
Leading Sri Lankan hotel chain Cinnamon Hotels & Resorts complete their third and final hotel opening of 2019 with the reopening of Cinnamon Hakuraa Huraa Maldives on 16 December following refurbishments, Travel Daily News, an international online publication said. The new Cinnamon Hakuraa Huraa will be located on two separate islands, Hakuraa Huraa Island located…
The World Bank on Tuesday (17) approved a US$ 25 million loan to the Government of Sri Lanka to improve the transparency and efficiency of core government and public financial management functions. The Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Ministry of Finance to improve efficiency and deliver better services. The…
The government will introduce a Radial and Circular road system while adding sky bridges, vertical parking lots and flyovers in key areas to reduce traffic congestion in Colombo, a government policy document said. This was affirmed in the seventh chapter of the policy document titled “New Approach in National Spatial System.” Under the section “New…
Manufacturing activities expanded in November 2019 recording an index value of 56.0 mainly due to the expansion in New Orders, Production and Employment. All the sub-indices indicated an expansion, yet at a slower pace compared to October 2019. New Orders and Production expanded at a slower rate mainly due to the slowdown in manufacturing of…
Sri Lanka’s activities in the economy improved post-presidential election driven by positive sentiments from the local investors, a rating agency said. “Bourse saw gains especially in Manufacturing, Trading, Power & Energy, and Beverage, Food, & Tobacco sectors. Demand for government securities surged causing the yield curve to push down easing off the cost of borrowing…
Gross official reserves of Sri Lanka were estimated at US $ 7.8 billion at end October 2019, equivalent to 4.7 months of imports, the latest external sector data outlines. Further, the total foreign assets consisting of gross official reserves and foreign assets of the banking sector amounted to US dollars 10.4 billion at end October…
Fitch Ratings Lanka has revised the Outlook on Sri Lanka-based National Insurance Trust Fund Board (NITF) to Negative from Stable and has affirmed the insurer’s National Insurer Financial Strength (IFS) Rating at ‘AA-(lka)’. KEY RATING DRIVERS The Outlook revision reflects the increased volatility in NITF’s capitalisation, measured by the regulatory risk-based capital (RBC) ratio, which…
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