Hambantota International Port reached the milestone of handling 500,000 RORO cargo units in 2022 this November, with the discharging of 4302 units from Hyundai Glovis’ Hae Shin to the yard for transshipment. This year, 223 RORO vessels called at the port with cargo from India, South Korea, Japan and the Middle East for transshipment mainly…
Dharmaraja/Mahamaya clinch ‘C Rugby’ Cup, Trinity/Hillwood Plate champions, St. Benedicts/Good Shepherd Convent win Bowl championship The 7-a-side Tag Rugby Tournament combines former school stars with sister schools for first time The annual tag rugby gala, which draws school rugby stars of yesteryear, introduced a first in the history of rugby in Sri Lanka with counterparts…
Foreign Direct Investment (FDI) is where foreigners invest in infrastructure in the beneficiary country, in this case Sri Lanka, for the long-term. Because the investment is in infrastructure, the value will permanently remain in Sri Lanka, and can continue to create even more value through trade and commerce. This helps to bridge the Balance of…
In recent times, a rapid increase in the number of complaints filed by aggrieved parties has been observed in relation to defrauding money from individuals by giving false information through fraudulent phone calls, text messages, e-mail messages and social media networks, promising to direct them to foreign employment or asking them to pay customs duties to receive parcels containing…
Imposition/ Collection of Administrative Penalties by the Financial Intelligence Unit (FIU) to Enforce Compliance on Financial Institutions from 01 July 2022 to 16 November 2022 By virtue of the powers vested under Section 19 (1) read together with section 19 (2) of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA), financial penalties are…
Reuters – Microsoft (MSFT.O) is to take a 4% equity stake in London Stock Exchange Group (LSEG.L) as part of a 10-year commercial deal to migrate the exchange operator’s data platform into the cloud, the British company said on Monday. It is the latest sign of deepening ties between financial services providers and a handful of big global cloud…
After conducting an inquiry into the non-compliances committed by Prasanna Money Exchange (Pvt) Ltd upon the temporary suspension of the permit issued to the company to engage in the money changing business at its head office and branch located at No. 42A, Mudalige Mawatha, Colombo 01 and No. 57, Galle Road, Colombo 06, respectively, the…
Alliance Air, an Air India subsidiary, has announced that it will operate the service four times a week. The air link, first revived in November 2019 after more than four decades, ran for just four months before the Covid-19 pandemic shut down international borders and travel in March 2020. Indian Express – India and Sri…
Proviso aims to avoid problem of holdout creditors in recast Nation is working to secure a $2.9 billion bailout from IMF Bloomberg – Sri Lanka is considering using a special clause to expedite its debt-restructuring negotiations, according to people familiar with the matter, as prolonged talks risk delaying a crucial bailout from the International Monetary…
Can the banking sector survive this economy, or can it help the economy survive? EY successfully concluded its inaugural Sri Lanka Banking Conference themed “Surfing Through the Crisis” on 14 November 2022. The event builds on a series of similarly themed sessions conducted by the firm over the past two years aiming to support the…
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