Budget lacks fiscal consolidation: Fitch

Leading international rating agency Fitch Ratings said yesterday Sri Lanka’s fiscal position still runs the risk of further deterioration as the 2016 Budget did not bring about fiscal consolidation, while growth will be much less than stated in the Budget.

FM warns of funding cuts if zero budgeting ignored

Ministries not adhering to the zero-based budgeting concept will receive no funding in future budgets, Finance Minister Ravi Karunanayake said at a budget seminar organized by the Chartered Management Accountants yesterday.

Budget’s fiscal discipline facilitates CB’s monetary policy: Deputy Governor

The ambitious fiscal discipline observed in the 2016 Budget will allow the Central Bank to maintain an easy monetary policy, while facilitating private sector growth, a top official said.

Shares near one-week closing low; financial stocks lead

REUTERS - Sri Lankan shares closed at their lowest in nearly one week yesterday on worries earnings of financial firms would fall after the new budget proposals announced last week were implemented.

Government policy to slow small car sales

Fitch Ratings expects growth in sales of automobiles, mostly small cars, in Sri Lanka to slow in 2016 due to higher taxes and a weaker currency, which will increase prices of vehicles in the local currency.

CB keeps key policy rates unchanged

Central Bank kept interest rates unchanged to support growth and help counter the rupee’s fall to a record low.

Budget proposal on Govt. guarantee for NBFI deposits receives mixed reactions

The 2016 Budget’s proposal to guarantee the deposits of all non-banking financial institutions (NBFIs) may have been poorly conceived, but will have limited effects on the banking sector, experts said at the CA Sri Lanka Budget Seminar.

Ceylon Chamber-CCPIT investment and trade forum conducts 400 B2B meetings

The Sri Lanka-China Investment and Trade Symposium jointly organised by the China Council for Promotion of International Trade Zhejiang, Zhejiang Chamber of International Commerce and Ceylon Chamber of Commerce (CCC) was held in Colombo on November 23.

Next NCC ‘Meet the Minister’ on December 3

Local Government and Provincial Councils Minister Faizer Mustapha will grace the National Chamber of Commerce (NCC) on Thursday, December 3, 2015 for an interactive session from 3:00 p.m. to 4:30 p.m., at the Chamber Auditorium and to meet the business community.

Ready to solve Kotte’s housing issue: Harsha

He is prepared to do everything possible to resolve the housing issue of the low-income earners in the Sri Jayewardenepura electorate, said External Affairs Deputy Minister Dr. Harsha de Silva during a ceremony held recently at the United National Party (UNP) office in Nawala.

India-Sri Lanka cooperation in joint sea exploration

India and Sri Lanka are strategically located at a crossroads within the Indian Ocean; a body of water 68.5 million sq. km in extent and the third largest of the world’s oceans, after the Pacific and Atlantic Oceans. 

Budget 2016 reflects foreignization policy of national unity government

In presenting the Budget without a tea break, Finance Minister Ravi Karunanayake said, “We have a dream to be a developed nation. 

Education and health in Budget 2016: Grand promises don’t bode well for governance

Governments make attractive promises when presenting the Budget. However, successive Budgets have shown that making promises is easier than keeping them. 

Crysbro contributes to environment

As the latest of the countless social service programmes carried out by Crysbro during its 43-year history, recently, Crysbro got together with Rotary Club District 3220 for a tree-planting project near the Daduru Oya Reservoir. 

Laugfs ‘Atha Hitha’ health camp attracts hundreds from local communities

Laugfs Gas PLC, recently held a free health camp entitled ‘Laugfs Atha Hitha’ at the Manelwatta Temple in Bollegala, demonstrating its commitment to the local community.

DFCC supports displaced Jaffna, Vavuniya flood victims

DFCC Bank recently donated dry rations to families from Vaatharawathai who were affected by the continuous rainfall that resulted in heavy flooding in the North of Sri Lanka. 

AIA brings ambition to life for 25 undergraduates

It was a life-changing experience for 25 undergraduates from four universities when they attended a workshop on the theme ‘Bring Your Ambition to Life’ conducted by AIA Sri Lanka.  

Pan Asia Bank donates water purification project to village battling CKD

Pan Asia Bank, one of the fastest growing commercial banks in Sri Lanka, celebrated its 20th anniversary in a meaningful manner by completing a corporate social responsibility (CSR) project to build a water purification plant in Thanthirimale.

Findmyfare.com partners with Kuwait Airways for exclusive offer

The national air carrier of the State of Kuwait has tied up with Findmyfare.com for an exclusive deal to offer an exciting package for the passengers travelling to London, Rome, Paris and New York. 

Qatar Executive receives EASA’s third-country operator safety certificate

Qatar Executive, Qatar Airways’ corporate jet division, is the first ‘Business Aviation Operator’ in the Middle East and one of first worldwide to be awarded the European Aviation Safety Agency’s (EASA) third-country operator (TCO) safety certificate.

Mihin Lanka updates agents on latest product developments

?Mihin Lanka recently conducted a comprehensive presentation for its agents to highlight the airline’s updated product and service offerings. 

Emirates introduces new generation in-flight entertainment system

Emirates has introduced a new generation in-flight entertainment (IFE) system reaffirming its commitment to continual product enhancement.

Eden Resort & Spa honoured with ISO22000:2005 certification

?The Eden Resort & Spa was recently awarded with the prestigious ISO 22000:2005 certification in relation to food safety and food quality standards. 

Etihad opens new state-of-the-art Crew Briefing Centre

?Etihad Airways has officially opened a new state-of-the-art Crew Briefing Centre (CBC) at its hub in Abu Dhabi, capital of the United Arab Emirates.

Mihin Lanka conducts presentation to update agents on its latest product developments

?Mihin Lanka recently conducted a comprehensive presentation for its agents to highlight the airline’s updated product and service offerings. 

DFCC supports displaced flood victims in Jaffna and Vavuniya

?DFCC Bank recently donated dry rations to families from Vaatharawathai who were affected by the continuous rainfall that resulted in heavy flooding in the North of Sri Lanka.

ETIHAD AIRWAYS CELEBRATES UAE INNOVATION WEEK

The nationwide Innovation Week was announced by His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, as part of the UAE’s National Innovation Strategy launched in October 2014.

Fitch maintains negative outlook for telcos over tax uncertainties

Fitch Ratings has maintained a negative outlook on Sri Lanka’s telecom sector based on the uncertainty over the proposals to increase taxes by the government.

Sri Lanka introduces more inclusive inflation measurement

Sri Lanka’s inflation in the month of October measured by the new National Consumer Price Index (NCPI) was recorded at 3 percent, accelerating from 1.9 percent in September, the Department of Census and Statistics (DCS) said yesterday. 

US firm buys 10% stake in Bogala Graphite

?German-based Graphit Kropfmuhl GmbH, which owned 90.33 percent of the shares in Bogala Graphite Lanka, yesterday divested a 10.33 percent stake to US-based firm Alterna GK LLC.