Sri Lanka not yet ready to digitalize tax system: IMF

?Sri Lanka is not yet at a juncture to digitalize its tax system as proposed in the budget, International Monetary Fund Resident Representative in Colombo Eteri Kvintradze said.

Central Bank says apparels seen going to non-traditional markets

?The Central Bank said a considerable portion of Sri Lankan apparel exports have started going into non-traditional markets such as Canada, Australia, Indian, UAE and Hong Kong.

Sri Lanka’s September exports dip 6%

?Sri Lanka’s exports fell 5.9 percent year-on-year (yoy) in the month of September at a faster rate that of imports (5.1 percent yoy), data released by the Central Bank showed. 

Blue Ocean Group opens newest luxury condominium at Gregory’s Road

?Sri Lanka’s leading apartment developer, Blue Ocean Group of Companies unveiled its fourteenth and newest flagship project – Blue Ocean @ Gregory’s Road recently, heralding in a new era to Sri Lanka’s vibrant construction industry.  

Hameedia defends Textile & Apparel title at Great HR Quiz 2015

?Sri Lanka’s leading menswear specialist Hameedia, recently emerged as the winner of the Textile & Apparel category at the Great HR Quiz 2015 Awards for the second consecutive year,. 

IELTS recognised by over 3,000 institutions in the USA

?The International English Language testing system is recognised by over 135 countries including the USA. Its recognition in the US has increased over the years and at present has over 3,000 institutions including Ivy League universities...

Pidilite acquires leading white adhesive brand Chemifix

?Pidilite Lanka (Private) Limited recently acquired the PVAC adhesive business, associated with trademarks such as Chemifix.

FITIS Software Chapter to initiate Crowdfunding Program

 Federation of IT Industry Sri Lanka (FITIS) Software Chapter is planning to initiate a new program on Crowd funding as a part of its four pillar strategy for the development of the ICT industry and its members, namely business development...

SriLankan named Best Full Service Airline in Central & South Asia

?SriLankan Airlines was recognized as one of Asia’s finest carriers when it was named Best Full Service Airline in the Central and South Asian region at the Future Travel Experience Asia Awards 2015 in Singapore recently.

TDL abolition to delay major promotional drive by a year

 Sri Lanka’s long-overdue major promotional campaign may be delayed until 2017 due to the budget proposal to abolish the Tourism Development Levy (TDL) and seize the Rs.2 billion collected through it for promotional purposes. 

Moody’s gives thumbs up for banks despite Budget snags

?International ratings agency Moody’s reaffirmed Sri Lanka’s banking sector with a stable outlook, due to continuous economic growth, healthy asset quality and profitability.

Overseas Realty adjudged ‘Leader’ of the sector

?Overseas Realty (Ceylon) PLC was adjudged “Leader” of the Land and Property Sector - 2014/2015 in the CIMA- LMD 100. The awards ceremony was held at the Cinnamon Grand on 1st December. LMD, in collaboration with CIMA, presented the CIMA-LMD 100 Awards for the financial year 2014/15.

Matchbox industry in trouble over gunpowder import restrictions

The matchbox factories in Sri Lanka are not operating due to national security concerns over importing gunpowder, as was revealed during the fifth Ease of Doing Business Forum held last week.

Brown & Company wins Silver at 51st Annual Report Awards

?Brown & Company PLC, was awarded the Silver prize at the 51st Annual Report Awards ceremony organised by The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). 

Sri Lanka’s 2016 revenue, capital expenditure goals ambitious: IMF official

?REUTERS: Sri Lanka’s 2016 Budget raises questions about its ambitious revenue and capital expenditure targets as the government is falling far short of steps needed to improve the tax system, a top International Monetary Fund (IMF) official said yesterday.

Litro Gas sales up; completes terminal at Hambantota

?The national liquid petroleum gas(LPG) company has exhibited a significant sales growth of above 30 percent in the domestic market during the first 10 months of this year. This complements with the imposed price reductions by the government.

Sanjeev Gardiner appointed as Taprobane Holdings Chairman

?Sanjeev Gardiner was appointed as the Chairman of Taprobane Holdings PLC (TAP) with effect from December 4, 2015.

Shares end at more than 8-month low

?REUTERS:  Sri Lankan shares closed at their lowest in more than eight months yesterday on worries that the new Budget proposals would hit earnings of financial firms.

Crimson Creative Solutions bags Gold and two Silvers at Lanka Star Award 2015

Crimson Creative Solutions (Pvt) Ltd, a total solutions advertising service provider focused on delivering innovative work that enhances brand value and customer retention won a Gold and two Silver awards...

Shakthi Restaurant offers array of delectable menus and discounts

?In lieu of the forthcoming X’mas and New Year season, Shakthi Restaurant situated in the heart of Fort, is gearing up to cater a delectable array of dishes to its customers. 

Oviklo International recognized for logistics and transport sector performance again

The National Business Excellence Awards (NBEA) celebrated Sri Lanka’s best corporate in a gala ceremony held on the 24th of November at the Colombo Hilton.

Pathfinder Foundation to launch Centre for Indo-Lanka Initiatives

?The Pathfinder Foundation (PF) will launch the ‘Centre for Indo-Lanka Initiatives’ today at the Purasarana Building, Colombo 12 at a ceremony officiated by Indian High Commissioner Yash Sinha and PF Founder Milinda Moragoda.

Barista Lavazza’s signature “Grand Barista Championship” returns

?Colombo’s favourite coffee house chain Barista Lavazza staged its signature annual “Grand Barista Championship 2015” on the 1st of December. 

Christmas fun & games for kids at Abans

?With just over three weeks to go for Christmas, its the right time to learn a few special dishes to adorn your dining table for the festive season. And who better to demonstrate the finer points of festive culinary than Five Star Chef Kusum Fernando. 

Aluthgama Development Foundation felicitates volunteers’ work

Members of the ADF (Aluthgama Development Foundation) recently came together to acknowledge the work of the organization’s many volunteers. 

Airport reopens in India’s flood-hit South

AFP: India’s main airport in flood-devastated Tamil Nadu state reopened yesterday as emergency workers strove to help thousands of residents forced to flee their inundated homes.

Securities regulator arrested for funds misuse

?REUTERS:  A top securities regulator was arrested on Friday in Sri Lanka on suspicion of financial misappropriation, a police spokesman said.

IMF says looking at options for Sri Lanka, no formal request

REUTERS: Sri Lanka has not made a formal request for International Monetary Fund (IMF) help but the fund’s staff are looking at ways to help the island nation, an IMF spokesman said recently. 

Top conglomerates eye Lanka Hospital stake to expand healthcare business

Two of Sri Lanka’s leading diversified conglomerates have shown interest in acquiring shares of state-controlled Lanka Hospitals Corporations PLC (PLC), which will be up for sale in the near future.

Steradian announces plan for Rs.2.5 bn apartment complex for young professionals

Steradian Capital, a privately owned, real estate development and consultancy business, announced its plans for an apartment complex named ‘MulberryResidence’, at an event held in Colombo recently.