Imports through free trade pacts hit record high in first eight months of this year

Imports to Sri Lanka under Free Trade Agreements (FTAs) quadrupled over the first eight months of 2017, backed by increased importation of gems and jewellery from India, according to Treasury data, pointing towards record levels of imports through FTAs this year.

ESC Act amendments boost income tax collection to August

Sri Lanka’s income tax collection increased 9.1 percent during the eight-month period from January to August 2017 compared to the same period last year due to a late boost in revenue collected through the Economic Service Charge (ESC), according to the Treasury.

Rupee edges up on exporter dollar sales

REUTERS: The Sri Lankan rupee closed marginally firmer yesterday, as dollar conversions by exporters outpaced importer demand for the U.S. currency, dealers said.

Shares hit 1-wk closing low amid heavy foreign outflow

REUTERS: Sri Lankan shares hit a one-week closing low yesterday, as investors waited for clarity on new taxes in the national budget and on key legislations, although selling by foreign investors in Commercial Bank of Ceylon helped boost turnover.

Monetary Board cancels CIFL’s licence

The Monetary Board of the Central Bank yesterday informed the Colombo Stock Exchange that it cancelled the licence granted to Central Investment and Finance PLC (CIFL).

Trade deficit with India no big deal: economist

Despite the hue and cry made by the public and a certain section of the business community on Sri Lanka’s trade deficit with its neighbouring giant, a top economist asserted such arguments do not show the real picture of the situation at hand and said one should not pay much attention to it. 

Something’s rotten at the heart of BOI?

In January this year, Prime Minister Ranil Wickremesinghe went on record saying the country targeted attracting US $ 5 billion in foreign investment over the next five to 10 years.

Healthy Life Clinic partners WCICSL to host special awareness workshop

Coinciding with World Diabetes Day of which the theme this year was ‘Woman and Diabetes’, Healthy Life Clinic together with the Women’s Chamber of Industry and Commerce (WCICSL) recently organized a special awareness workshop.

Foreign investment at CSE hits all-time high

In what continues to be a promising year for foreign investor involvement at the Colombo bourse, 2017 has recorded an all-time high foreign investor interest, with Rs.105.1 billion (year-to-date) in foreign purchases, passing the previous record of Rs.104.7 billion set in 2014. 

Local market will be opened to preferential foreign access under FTAs over 8 to 10-year period: PM

The Sri Lankan market will only be exposed to preferential foreign access over an eight to 10-year period under the trade agreements the government is currently negotiating, according to Prime Minister Ranil Wickremesinghe.

BOI chief says future EPZs will be PPPs

The Board of Investment (BOI) will discontinue the existing ownership structures for the new export processing zones (EPZs) and follow a public-private partnership (PPP) process, which will be exemplified by Rojana’s development of the Milleniya EPZ, according to the BOI head.

Ceylinco Insurance grows GWPs by 7% in 3Q despite challenging conditions

Ceylinco Insurance PLC recorded a positive growth in gross written premiums (GWPs) during the three months to September (3Q17) as the insurance giant expanded business despite the challenging market conditions, particularly with regards to its life segment.

SL must do away with its obsession with Tamil Nadu: economist

Indo-Sri Lanka trade has the potential to reach new heights if the island nation is ready to do away with its obsession with Tamil Nadu, a top economist said, a move according to him, would also help to iron out the issues in boosting Lankan exports to the neighbouring giant.

Hemas Hospitals hosts awareness campaign celebrating World Diabetes Day

Sri Lanka’s premium healthcare partner Hemas Hospitals Thalawathugoda conducted a special awareness campaign in lieu of the World Diabetes day which fell on November 14th.

Informatics Institute of Technology holds 23rd convocation

The Informatics Institute of Technology (IIT) held its convocation at BMICH for the 23rd consecutive year recently. 

ComBank to replace current digital platform with Fiserv solutions

Fiserv, Inc., a leading global provider of financial services technology solutions, announced that Commercial Bank of Ceylon will replace its current digital platform with an integrated digital banking solution from Fiserv to speed the delivery of new capabilities that meet the needs of retail and corporate customers. 

Nations Personal Investment Plan introduces guaranteed investment for your future

Nations Personal Investment Plans by Nations Trust Bank offers a guaranteed interest rate of 9 percent p.a for the period of investment.

Eagle Logistics holds Annual Staff Awards

Eagle Logistics Colombo (Pvt.) Ltd had its Annual Staff Awards night at Grand Oriental Hotel recently.  Pictures show the highlights of the event.

Contribute to your dreams with NDB Wealth

This festive season consider investing in a regular savings plan instead of splurging everything on gifts for family and friends. 

eChannelling obtains ISO 9001:2015 certification

eChannelling has successfully earned the ISO 9001:2015 certification and version upgrade as a measure of the consistent quality of the products and services it offers in order to enhance service standards.

Export Development Board hosts 12th Exporters’ Forum

Development Strategies and International Trade Ministry in collaboration with the Export Development Board (EDB) organized the 12th Exporters Forum at the EDB Auditorium on November 21, 2017.

AIA offers US CPA preparation course for Lankan Accounting professionals

Asian International Academy (AIA), an institute focusing on innovation, equality and contemporary study programmes, recently announced the launch of the world renowned U.S. Certified Public Accountants (CPA) preparation course for Sri Lankan professionals. 

St. George’s University to attract Sri Lankan students

For almost 40 years, St. George’s University (SGU) has been training more than 17,000 doctors who have practiced in over 50 countries and in all 50 US states. 

NCE conducts Post-Budget Forum 2018

The National Chamber of Exporters (NCE) conducted a post-budget forum recently at The Kingsbury Hotel, attended by a large number of participants from the exporter community. Finance and Mass Media State Minister Eran Wickramaratne, who graced the event, addressed the participants and thereafter fielded a few questions from them.

Huawei creates Smart City Nervous System for more than 100 cities with leading new ICT

Huawei is participating in the Smart City Expo World Congress 2017 (SCEWC) in Barcelona under the theme of ‘Leading New ICT, Creating a Smart City Nervous System,” highlighting how a Smart City can be like a living organism that works seamlessly to continuously learn and enhance the  city’s services.

Sarvodaya Development Finance records Rs.28mn net profit in 1H

Sarvodaya Development Finance has shown significant growth based on the 6 months financial results ending 30th September 2017. 

Berendina to crown best entrepreneurs

Berendina Micro Investments Company (BMIC) has announced its award programme to recognize outstanding entrepreneurship is slated to be held in November 24 2017 at MAS fabric part, Thulhiriya from 1:00p.m. to 5:30p.m..

Lankan exporters welcome budget 2018

Speaking on behalf of the Exporters’ Association of Sri Lanka (EASL), EASL Chairman Harin de Silva welcomes the 2018 budget under Vision 2025 and its proposals to revamp Sri Lanka’s trade policies to enable an export-driven economy. 

NDB’s payments and settlements process receives global recognition

NDB Bank’s payments and settlements process has once again won international recognition for quality, timeliness and straight through processing of international payments effected.

Virtusa records US$ 248mn revenue for 2Q

Virtusa Corporation reported consolidated financial results for the second quarter fiscal 2018, ended September 30, 2017 recently.