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The imposition of a 5 percent Ports and Airports Levy (PAL) on bunkering services, a move currently under review by the government, could have serious negative implications on operators, according to Ceylon Association of Ships’ Agents Chairman, Ralph Anandappa.

Lankem Consumer Products Ltd, a subsidiary of Lankem Ceylon PLC, recently commissioned its brand new laundry soap plant at its manufacturing complex in Sapugaskanda, thereby taking yet another step into the future.

The Urban Development Authority (UDA) is now seeking development proposals for five pieces of high-value land in the Colombo District.

For the first time, Sri Lanka has been featured in United Nations Conference on Trade And Development’s (UNCTAD) Information Economy Report – 2012 as country that has a software industry with a high export market penetration, a position shared with IT services offshoring giant, India.

The unlicensed garment factory in the Bangladesh capital where seven women workers died in a fire Saturday was making clothing for Spanish giant Inditex and several French brands.

Making yet another significant landmark in the container handling saga of Sri Lanka, the state-owned Jaye Container Terminal (JCT) has received the 11,660 TEU capacity container carrier- ‘MV MSC LUCIANA’

The New Zealand multinational dairy firm, Fonterra yesterday officially opened Sri Lanka’s first solar-powered milk chilling centre in Hanwella, demonstrating the company’s commitment to sustainable milk collection.

Cairn India, releasing the December quarter (3Q) results yesterday said its subsidiary, Cairn Lanka is advancing the drilling of phase II exploration well in Sri Lanka’s Mannar basin by three months.

In a dramatic turn of events, the non - VAT (Value Added Tax) paying smallscale suppliers are to step up their collective bargaining power against leading supermarket chains in the country, for urging them to absorb the 12 percent VAT imposed by the Budget 2013.

Amidst government efforts to boost the agriculture sector through various incentives, the Central Bank has made it mandatory on banks to allocate percent of the loan book to finance the agriculture sector, a top banker noted.

The Central Bank (CB) yesterday renewed its calls for consolidation in the banking sector of the country, which is overcrowded with 24 Licensed Commercial Banks (LCBs) and nine Licensed Specialized Banks (LSBs), with over Rs.5 trillion worth assets.

Despite the popular belief that the value added tax (VAT) imposed on supermarkets and wholesalers by Budget 2013, so far, traders have not passed the additional cost to the customers, a top official of one of the country’s leading supermarket chains said.

The Maldives has narrowly failed to reach its target of one million tourist arrivals for 2012, according to figures released by Ministry of Tourism, after a year of political turmoil and an economic slump in key markets, Maldivian media reported

World’s largest Emergency Medical Services (EMS) company which operates in 35 countries officially launched its services in Colombo yesterday.

Turkish Airlines will start flying to Colombo onFebruary 1 as the airlines plans to extend its existing 5 weekly Istanbul-Male service to Colombo

The present impeachment process against Chief Justice Shirani Bandaranayake by the government has raised concerns about the institutional credibility, a leading international banking group warned in a report released yesterday on Asian sovereigns.

LOLC Micro Credit, a unit of LOLC group has secured a syndicated loan worth of US $ 55.5 million from a consortium of Development Financial Institutions (DFIs) from around the world, the company said in a statement

Sri Lanka Telecom Mobitel celebrates twenty illustrious years. Commencing operations in 1993, Mobitel was one of the foremost mobile service providers in Sri Lanka, beginning operations using first generation cellular technology - Advanced Mobile Phone System (AMPS)/ Time division multiple access (TDMA).

The number of vehicles registered during 2012 has recorded a 30 per cent decline to 397,295 from the highest figure of 575,000 recorded in 2011, according to the latest data released by the Department of Motor Traffic.

The Board of Investment (BoI) of Sri Lanka signed an agreement with International Construction Consortium (Pvt.) Ltd (ICC) for a mixed development project in Malabe.