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New regulations to streamline construction industry

Moves are underway by the Construction Industry Development Authority (CIDA) to introduce new regulations to standardize minimum salaries for construction labour force in a bid to attract new talent to address the domestic worker shortage. The Authority has already commenced a pilot project to create a database of workers, through which employers will be able…

(0)Comments | January 29, 2018 4:29 pm

Business Sentiment – Biz Confidence Inches Up At End 2017

The business confidence gauge remains intact for the time being ahead of more elections In early December, Sri Lanka formally handed over the Hambantota Port to China on a 99 year lease despite criticism that the move could lead to an erosion of the country’s standing as a sovereign state. The southern port has incurred…

(0)Comments | January 29, 2018 1:09 pm

Global Markets-Asia shares extend bull run, dollar huddles near lows

SYDNEY, Jan 29 (Reuters) – Asian shares extended their bull run on Monday amid upbeat corporate earnings and strong global economic growth, while the dollar struggled to bounce as the White House continued to complain of “unfair” trade practices by competitors. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.26 percent, aiming for a…

(0)Comments | January 29, 2018 12:52 pm

Sri Lanka achieves highest ever FDI in 2017

The Foreign Direct Investment (FDI) into Sri Lanka has grown to over USD 1.63 billion in 2017, doubling the USD 802 million achieved in the previous year. The Board of Investment (BOI) reported that this is the highest ever FDI surpassing the USD 1.61 in 2014, with solid growth across key sectors. The strong growth is a…

(0)Comments | January 29, 2018 10:25 am

Justice prevails over alleged fraud and corruption

~ Enjoining order against offending unregistered foreign companies posing off as Brokers Colombo District Court Judge  Sujeewa Nishanka issued an interim injunction essentially forbidding any foreign company that is not registered as a company, or as insurance brokers, from offering any insurance related services in the country. The complainant in this case, Strategic Insurance Brokers…

(0)Comments | January 26, 2018 7:37 pm

George Soros says Facebook and Google’s ‘days are numbered’

Billionaire hedge fund manager George Soros slammed Facebook (FB) and Google (GOOGL), two companies he’s invested in recently, noting that “the rise and monopolistic behavior” of tech platform companies has become a “global problem.” Speaking at the World Economic Forum in Davos, Switzerland, Soros, called out Facebook and Google for “exploiting” social environments and causing…

(0)Comments | January 26, 2018 11:04 am

Sri Lankan shares end higher; foreign buying boosts turnover

Reuters – Sri Lankan shares rose on Thursday for a second straight session, helped by gains in telecom and banking shares, with foreign investor purchases in Commercial Bank of Ceylon Plc boosting sentiment and turnover, dealers said. The Colombo Stock index ended 0.12 percent firmer at 6,448.21. Shares in Dialog Axiata Plc rose 2.3 percent,…

(0)Comments | January 26, 2018 10:51 am

A group of representatives of Japanese Chamber of Commerce and Industry met with President

A group of representatives of the Japanese Chamber of Commerce and Industry (JCCI) Economic Mission, who visited Sri Lanka to explore new business and investment opportunities, met with President Maithripala Sirisena at the President’s Official Residence, in Colombo today (25). Representing the Japanese Chamber of Commerce and Industry a group of 77 members joined in…

(0)Comments | January 25, 2018 6:37 pm

Employment Promotion in Qatar for Sri Lankan skilled workers

Sri Lanka, seeking employment opportunities in Qatar for skilled workers in different sectors, will hold an employment promotion event today in Doha. The “Employment Promotion in Qatar”, organized by Embassy of Sri Lanka in collaboration with Qatar Chamber will be held at the Sheraton Grand Doha Resort and Convention Hotel on Thursday. The event, being…

(0)Comments | January 25, 2018 3:34 pm

Tea industry fares better in 2017

The Sri Lanka tea industry has fared better 2017 with total crop increase of 5 percent from 292m/kg in 2016 to 307m/kg in 2017 despite the many setbacks, including a temporarily ban on tea exports to Russia, Minister Navin Dissanayake said. Speaking at an annual review of the Tea Board, the Minister of Plantation Industries…

(0)Comments | January 25, 2018 12:01 pm