Further tax concessions for state land leased for agriculture

The cabinet has taken a decision to award further tax concessions for state lands provided on a long-term lease basis for commercial agriculture. Land and Parliamentary Reforms Minister Gayantha Karunathilaka said such lands will be exempt from charge of three times as the annual tax and will be charged only 20 percent of the previous year’s tax amount, instead of the 50 percent tax increase in every five years.  

January tea output up 12%

REUTERS: Sri Lanka’s tea output in January rose 11.9 percent from a year earlier, due to favourable agro-climatic conditions and a lower base, the state-run Tea Board said on Tuesday. 

How do deepening global, regional value chains affect national export performance?

We tend to discuss the benefits of regional trading blocs such as the Association of Southeast Asian Nations (ASEAN), North American Free Trade Agreement (NAFTA) and European Union (EU) simply from the perspective of low trade barriers and ensuing greater volume of trade among the members. However, trade dynamics in the world’s most vibrant trading blocs do not stay at the expansion of trade volume but rather dive deep down into the multila

How to be in power and keep Rajapaksas at bay, top economist tells young UNP professionals

The Sri Lankan government is ready to implement a short-term reform process, which will generate short-term gains and help the government increase its acceptance among the voters in the run up to the 2020 elections, according to a senior government economic advisor.  

Apparel Industry Suppliers’ Exhibition in May

Bringing together suppliers and service organisations in the apparel industry in Sri Lanka, the Apparel Industry Suppliers’ Exhibition (AISEX) will be held from May 10-12, at the Sirimavo Bandaranaike Memorial Exhibition Centre (SBMEC). 

Five ways to make Asian cities more inclusive

The World Bank estimates that 54.3 percent of global population now lives in cities and this proportion will continue to rise.

EDB holds seminar for electronics and electrical sector exporters

The Export Development Board (EDB) organised a seminar for the electronics and electrical sector exporters and potential exporters in Sri Lanka to make them aware on the recent developments of the industry and the market linkages and trade and tariff concessions in identified regional markets. About 35 participants from the electronics and electrical sector attended this seminar held at the EDB.

ExIm & Logistics Challenge Trophy launched

The Shippers’ Academy Colombo (SAC) in association with the Sri Lanka Export Development Board (EDB) has launched a new corporate quiz for the ExIm & Logistics Trophy for the first time.

Investing with a social conscience

Investors worldwide are increasingly becoming aware about the environmental, social and governance (ESG) footprint of companies. Think about energy efficiency and positive community contribution or, at the other extreme, oil spills and corporate scandals. As these issues impact 

SL to negotiate with China-backed AIIB for US $ 115mn loan

Sri Lanka plans to borrow US $ 115 million from the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region backed by China, to implement an accelerated solid waste management project. A cabinet spokesperson yesterday said the proposed solid waste project, to be located in Aruwakkalu in Puttalam, would cost US $ 274 million.

Sarvodaya Finance joins LankaPay Common ATM Network

Sarvodaya Development Finance joined LankaPay Common ATM Network via LankaPay hosted solution recently, which consists of LankaPay Shared ATM Switch (SAS) and LankaPay Card Management System (CMS) with state-of-the-art technology. 

HSBC annual profit disappoints, plans up to US$ 7 bn capital raising

HONG KONG/LONDON (REUTERS): HSBC Holdings reported a jump in annual pre-tax profit that missed expectations and unveiled a plan to raise up to US$7 billion over the next four months to bolster its capital base, as the bank prepares for growth under a 

NTB Amex gives cardmembers chance to win all-expense paid overseas trips

Nations Trust Bank American Express recently conducted a very special programme that would let one platinum cardmember and companion experience the thrills of Dubai, the hospitality of Tokyo, the excitement of London, the wonders of Australia and the hustle and bustle of New York all in one incredible trip all-expense paid. 

Sampath Bank PAT tops Rs.12bn for FY17

Sampath Bank posted a profit after tax (PAT) of Rs 12.1 billion for the year ended 31st December 2017, a 32.7 percent YoY growth compared to Rs 9.1 billion recorded in the previous year. 

Union Manushyathwaya forms endeavours to deliver positive contributions toward community

The CSR initiatives of Union Assurance PLC (UA) are centered on one, strongly championed objective - creating healthy and happy communities around the country.

People’s Bank Sisu Udana awards new Grade 1 entrants

People’s Bank has introduced a special programme to inculcate the habit of saving in children, from the first day of school.

Ceylinco Life donates classrooms to schools in Chilaw and Mutur

Students of two rural schools whose classrooms were in temporary shelters have been provided purpose-built classrooms buildings under Ceylinco Life’s on-going community initiative that supports disadvantaged schools around Sri Lanka.

Amana Bank profits surge over higher margins and new loans

Amana Bank PLC reported an improved financial performance for the fourth quarter ended in December 2017 (4Q17), as Sri Lanka’s first non-interest based Islamic bank stretched its financing margin while modestly expanding its asset base. 

Indian Bank ramping up overseas ops in Sri Lanka, Singapore

BUSINESS STANDARD: Public sector Indian Bank has undertaken initiatives to increase business at its overseas branches in Sri Lanka and Singapore, a top official has said.

DFCC Bank Dec. profits up on modest core banking performance, better margins

Modest performance in core-banking operations, better margin management and fee incomes helped DFCC Bank PLC to beat the odds during the quarter ended December 31, 2017 (4Q17), the interim financial accounts released to the Colombo bourse showed.  

Governor calls for audit regulators’ collaboration

Central Bank Governor Dr. Indrajit Coomaraswamy, who also spoke at the same event, called on audit regulators to collaborate amongst themselves to improve financial sector supervision.

Cabinet approved National Audit Bill will be in Parliament soon: Amunugama

The new National Audit Bill has just been approved by the Cabinet, and would be presented to Parliament soon, according to a senior minister, who stressed on the importance of quality audits in Sri Lanka.

CB says processing investment proposal by ETI directors

Neither confirming nor denying speculations that UK-based Lyca Group is nearing a deal to purchase ETI Group’s assets, the Central Bank Governor Dr.Indrajit Coomraswamy told Mirror Business that the Central Bank is still processing an investment proposal submitted by ETI directors.  

How to be in power and keep Rajapaksas at bay, top economist tells young UNP professionals

The Sri Lankan government is ready to implement a short-term reform process which will generate short-term gains and help the government increase its acceptance among the voters in the run up to the 2020 elections, according to a senior government economic advisor. 

NEC chaired by President to present new economic plan

The National Economic Council (NEC), chaired by President Maithripla Sirisena, will present a new economic plan next week to address the key economic issues of the country, the President’s Media Division said in a brief statement yesterday. It said the NEC met for the 8th time yesterday at the Presidential Secretariat and discussed short, medium and long-term programmes required to bring about the urgent changes to the 

CSSL to support tech startups to empower local ICT Industry

Computer Society of Sri Lanka (CSSL) has announced that they are offering support and resources for Tech Startups as a new initiative. The Resource Center which is within their existing office in Colombo 7 will help to uplift Sri Lanka’s IT Tech Startup arena to greater heights and offer talented and interested individuals the resources they need in order to pursue their new business ideas.

Digital transformation will boost innovation and economic growth: Expert

The digital transformation underway in Sri Lanka’s economy was the theme of discussion at an event hosted by the Australian High Commission and Australia Sri Lanka Alumni (ASLA) on February 15th at The Kingsbury, Colombo.

Sri Lanka Telecom opens new contact center in Bandarawela

As a means of strengthening its services and broadening the organisation’s reach across the island, Sri Lanka Telecom (SLT) has recently announced the opening of a new ‘Contact Centre’ in Bandarawela.

How technology dominates customer experience and changes industries

In a meeting with the American Chamber of Commerce in Sri Lanka recently, Sysco Labs Founder Mani Kulasooriya and Sysco eSolutions Vice President Ron May addressed the audience with a presentation on the way that ‘Technology is eating the World’.

Virtusa says will continue to skill up Lankan IT graduates

Global business consulting and IT outsourcing firm Virtusa, which has Sri Lankan roots, said it will continue to work with Sri Lankan universities to equip the country’s future IT engineers with the right skills.