Economic
Land value in Colombo District has increased 13.6 percent on average according to the biannual Land Price Index compiled by Central Bank.
Lanka Hydraulic Institute Ltd (LHI), a leading Sri Lankan engineering consultancy firm, has been extending its hydrology expertise for 35 years in the coastal and water sector with more than 400 consultancy projects completed worldwide, senior officials of the institute said.
Sri Lanka’s much delayed e-Passport project has been hit by another snag following the sale of the international identity solutions business of De La Rue Plc (DLR) which was selected for the project contract directly.
Sri Lanka Central Bank in a sudden policy shift has intervened in the forex markets to defend the rupee, Central Bank Governor Indrajit Coomaraswamy said recently.
The apparel industry is heading towards becoming the key driver of economy and is set to surpass the target revenue mark for this year. The progress made by the industry so far is encouraging, Secretary General Joint Apparel Association Forum, Tuli Cooray said.
Visa, the global leader in payments technology, has signed on as a strategic partner for Sri Lanka’s seventh annual Cyber Security Summit on 24 and 25 September at Cinnamon Grand.
The Laksala handicraft boutique chain owned by the Sri Lanka Handicrafts Board is offering up to 25 percent commission for brokers who direct local and foreign consumers violating state financial regulations, an audit inspection revealed.
The US-China trade battle and the disorderly Brexit will not go down well for Sri Lanka and many other developing economies across the world and is likely to enter a phase of recession due to the slower growth experienced by developed economies, economists said.
Financial Intelligence Unit (FIU) of Sri Lanka entered into Memoranda of Understanding with Condominium Management Authority(CMA) and National Gem and Jewellery Authority (NGJA) in terms of the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA).
Sri Lanka's inflation, as measured by the change in the Colombo Consumers' Price Index (CCPI) marginally increased to 3.4 % in August 2019 from 3.3 % in July 2019, Central Bank announced.
SriLankan Airlines will add five destinations - Ahmedabad, Calicut, Katmandu, Saigon and Sydney – next year. It will also fly to Africa, Middle East and the Far East on code-share agreements with other carriers to bridge the gaps in the network, the Group CEO of the airline, Vipula Gunatilleka said.The airline which completes 40 years on September 1 plans to implement cost saving initiatives including fuel saving measures for the fleet. “At the same time, the impact of global terrorism, trade tensions and climate change must be addressed,” the CEO said.
Reuters: The rupee closed weaker on Tuesday, hovering near a seven-month closing low hit last week, as continued foreign fund outflows from government securities after a surprise rate cut last month weighed on the currency.
Some 19 out of the 37 Osusala drug stores , Sri Lanka’s state-owned pharmacy retailer were running at losses and some original drugs were no longer available at those outlets forcing patients to buy drugs from other pharmacies.
SriLankan Airlines is celebrating 40 years of flying with a massive year-long travel fest starting tomorrow, 1 September, with special discounted fares to online destinations throughout its route network on its official website Srilankan.com.
Government emphasizes that the proposed amendments to the People's Bank Act never aims to privatize People's Bank. The only objectives are to increase the authorized share capital of People's Bank and to enable the Bank to issue debentures without the additional requirement of obtaining a treasury guarantee.
Sri Lankans will be forced to pay heavy electricity bills with the introduction of new tariff formula soon replacing the existing tariff structure..
Reuters: Rupee closed slightly firmer on Friday, snapping three straight sessions of losses and recovering from a seven-month closing low hit in the previous session, but risks of foreign fund outflows weighed on the currency.
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