Import of Ethanol for the manufacture of liquor has been banned on the orders of Prime Minister Mahinda Rajapaksa. The Ministry of Finance issuing a press release stated that the ban will be implemented from today (January 01). Reportedly, this action has been taken considering that Ethanol is widely produced within the country.
Spiralation, a tech-startup supportive program organized by the Information and Technology Agency of Sri Lanka (ICTA) facilitated 16 tech startups through seed funding, comprehensive training, workshops and guidance. Twelve selected startups were funded 1.5 million each along with comprehensive training, endorsement by the government and opportunities to develop locally and internationally and the other four…
Business sentiment continues to improve in the aftermath of the presidential poll The trade deficit contracted in October on the back of lower expenditure on imports and a marginal drop in export earnings. According to the Central Bank of Sri Lanka, a decline in cumulative expenditure on imports and an increase in export inflows resulted…
The Central Bank of Sri Lanka has permitted Axis Bank Ltd and ICICI Bank Ltd to close down their business operations in Sri Lanka, subject to certain conditions, at the request of their parent banks. Accordingly, these two banks are currently not permitted to carry on banking business, including accepting deposits from the general public….
Colombo International Container Terminals (CICT) has announced it handled a total of 2.9 million teus in 2019, achieving an 8.6 per cent increase in its throughput and accounting for 40 per cent of the volume of the Port of Colombo in the 12 months ending 31st December 2019. The Company, which manages the Colombo South…
An updated version of the official mobile application launched by the Colombo Stock Exchange (CSE) is now available for download for Android and IOS users. The updated app features a modern interface and aims to offer users greater access to information on the stock market and scope for personalization. With the new app, users will…
The Monetary Law Act Order No. 02 of 2019 on “Enhancing Efficiency of the Transmission of Recent Policy Decisions to Rupee Denominated Market Lending Rates” required, inter alia, every licensed commercial bank (LCB) to reduce their weekly Average Weighted Prime Lending Rate (AWPR) by at least 250 basis points by 27 December 2019, compared to…
The Plastics and Rubber Institute of Sri Lanka has signed an MOU with the Plastics and Rubber Institute of Singapore. This was announced by the President of the PRISL, Kaushal Rajapaksa at the Institute’s Annual Awards Night held recently at the Taj Samudra Hotel. Hon. Deshamanya Karu Jayasuriya, Speaker of the Parliament of Sri Lanka…
Bloomberg – The global economy, weighed down by tensions that have stalled international trade and elevated uncertainty, is expected to see slower growth in the next half decade across a wide swath of economies. China’s growth rate is expected to continue to slow, and will be a smaller driver to global GDP growth in the…
The first foreign investment under the new government of President Gotabaya Rajapaksa is to be launched shortly. This investment will be made on a plot of land located between the Beira Lake and Shangri-La Hotel on Baladhaksha Mawatha in Colombo. by a foreign investor called Perennial Real Estate Holdings. This is a US $ 250…
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