US crude oil prices hit 17-year low at $25.80 per barrel. Oil prices are set to fall further with the coronavirus pandemic threatening to shut down large parts of the US economy.
All taxes on imported face marks & sanitizers waived off with effect from midnight today- Finance Ministry
Sri Lankan Rupee has depreciated further against US Dollar, recording the current selling rate as Rs 187.23 per US Dollar today (18 March), it was Rs 186.66 Yesterday (17 March).
Sri Lanka Chamber of Small and Medium Industries informs all invitees that the the ‘Industrial Excellence Awards 2019’ Ceremony scheduled to be held on March 20, 2020 at 4 P.M. at “The Ambassador” Auditorium, Nawaloka Specialist Center, Colombo 2 has been postponed until further notice due to the prevailing situation in the country.
The Tourism Ministry will offer a series of concessions, tax reliefs and debt moratoria to the local leisure industry due to the negative impact of the COVID-19 on the industry, said Industrial Exports and Investment Promotion, Tourism and Aviation Minister Prasanna Ranatunga.
The Monetary Board of the Central Bank of Sri Lanka, (CBSL) at an urgent meeting to review its monetary policy stance on 16 March 2020, decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 25 basis points to 6.25 per cent and 7.25 per cent, respectively, with effect from 17 March 2020.
The promotional campaign of “2020 - Year of Digital Transactions” was launched by Deshamanya Prof. W D Lakshman, Governor of Central Bank of Sri Lanka (CBSL) on 11 March, 2020 at the CBSL amidst the attendance of senior bankers, officials of non-banking financial institutions, central bankers and other dignitaries.
Work from home without losing your sanity As coronavirus continues to spread throughout the country, companies are asking employees to work remotely to help control contagion. At first, working from home might seem like a dream: no commute, no distracting co-workers and think of all those chores you'll be able to sneak in!
HR departments should pull together information pertaining to the coronavirus to create a ready to refer instructional guide for employees that not only educates them about the viral infection, but also enlists ways to avoid it.
The Advanced Certificate in Entrepreneurship and Small Business Management was initiated with a view to developing a methodical, theoretical knowledge in managing business successfully, thereby enabling them to make a vital contribution for the development of the country.
The government has decided to increase the low-interest loan amount offered to the borrowers of microfinance loans, who were charged with extremely high interest rates, by Rs.20,000 to Rs.60,000, the Finance, Economy and Policy Development Ministry said.
Minister of Industrial Export and Investment Promotion and Minister of Tourism and Civil Aviation, Prasanna Ranatunga said that these projects would be implemented as Board of Investment approved projects and will bring in USD 122 million FDI’s.
The Women’s Chamber of Industry and Commerce (WCIC) commenced a journey to validate their presence and carve out their future pathway in a more meaningful manner to be effective and impactful. The journey established the need to freshen the “brand” reflecting the fundamentals of its identity.
Smart technologies such as artificial intelligence promise to disrupt the long-standing “Asian growth model” that has fueled industrial development in developing Asia. The region must prepare its labor market now for automation and other technologies that may take away jobs, particularly routine tasks in the global production chain as well as pump prime upgraded ones in the new era.
Chinese carmaker Geely is the latest to launch a new online service to try to boost sales in the country.It joins the likes of Tesla, BMW and Mercedes-Benz who are now actively marketing cars over the internet.
The 32nd Joint Meeting of UN World Tourism Organization’s Commission for East Asia and the Pacific and the UNWTO Commission for South Asia will be hosted by Sri Lanka from 29th June to 01st July 2020 in Colombo and Sri Lanka Tourism Development Authority is currently in the process of organizing the conference.
Sri Lanka has increased a tax on imported fish to 150 rupees a kilogram from 100 rupees or 10 percent of the value, the finance ministry said.
The increase in the daily wage of estate workers up to Rs1000 will be effective from today (01).the government decision has taken accordingly President’s manifesto at the presidential election. The relevant proposal received the approval of the Cabinet on February 14.
President Gotabaya Rajapaksa has instructed State officials to take measures to ban oil palm cultivation based on various claims of its adverse effects on the environment, according to a Presidential Media Division (PMD) press release.
The Government has decided to further extend the deferral period for hotels registered under the Sri Lanka Tourism Development Authority to pay their 1% levy on turnover for the next four months.
The Government has decided to offer various concessions in order to draw international airlines to the Mattala Airport. .
India has lifted a ban on onion exports, Food Minister Ram Vilas Paswan said on Wednesday(26), as prices of the bulb have fallen sharply in the last few weeks on expectations of a big crop.
Today Land Valuations Indicator (LVI) for Colombo District compiled by the Central Bank of Sri Lanka (CBSL), reached 138.9 during the second half of 2019, recording an increase of 10.4 per cent compared to the second half of 2018. All three sub-indicators of LVI, namely Residential, Commercial and Industrial have contributed to this increase.
The Monetary Board of Sri Lanka’s Central Bank has decided to discontinue the compilation of SLIBOR with effect from 01 July 2020. The Central Bank will continue to publish SLIBOR based on offered rates submitted by LCBs until 30 June 2020, in order to prevent inconvenience to any participant in the domestic financial market whose outstanding loans or advances are linked to SLIBOR.
The artificial beach and public area of the Port City Colombo (PCC) would be opened in August enabling the public to enjoy the ‘first fruits’ of the mega project. This area would be linked to Galle Face via a foot bride enabling people to enjoy the public beach of the Colombo Port city. The artificial beach would be 1.5 km in length and around 50 meters in width said Head of Environmental Management Plan Team for Port City Colombo W. A. D. D. Wijesooriya. (Pictured)
The newly constructed extension was ceremoniously declared open by President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa. With the opening of this new section, the total length of the Southern Expressway becomes 222 kilometers and the longest expressway in the country.
At least two Sri Lanka banks will launch request to pay services shortly, a new technology that makes it much easier for customers to settle bills online, speeding up transactions and cutting costs, an official said. A Request to Pay (RtP) is an online generated message which not only notifies the user of his bills but also creates a real time payment portal where the payment could be made without having to enter details which are usually required.
Business tycoon Harry Jayawardena-controlled diversified conglomerate Melstacorp PLC announced, that it has acquired 100% control of Browns Health Care (Pvt) Ltd from Brown and Company PLC for an estimated Rs. 1.6 billion.
Alliance Air, a wholly-owned subsidiary of Air India, has announced that it will launch daily flights on Chennai-Jaffna-Chennai sectors from 27 February. Previously it operated three flights per week.
The Government of Sri Lanka has decided to award a Rs.35 billion contract to Japan’s Taisei Corporation for the expansion of the Bandaranaike International Airport (BIA).
The outbreak of the Novel Coronavirus (COVID-19) is having its toll on the global economy with many economists now expecting a larger impact than the SARS outbreak in 2002-03, according to a report by the Economic Intelligence Unit of the Ceylon Chamber of Commerce (CCC) released on.
The Cabinet of Ministers has approved the proposal to enter into a Double Taxation Avoidance Agreement (DTAAs) with the Government of Czech Republic.
Sri Lanka will enter into a Memorandum of Understanding (MoU) with India to develop the Jaffna International Airport. The proposal made by the Minister of Tourism and Aviation in this regard has been approved by the Cabinet.
President Gotabaya Rajapaksa has directed all Provincial Councils and Local Authorities to suspend the imposition of any extra levy or raising any existing rates or taxes. Furthermore, these bodies have been requested to review the entire local authority rate and fee structure to simplify it within 30 days.
Colombo Fashion Week has introduced a first-of-its-kind audit system, the Responsible Meter, where every garment presented on the ramp will have a Responsible score making it accountable and transparent. Responsible Meter as it is called was developed in association with the Responsible Fashion Movement (RFM).
TOKYO (Reuters) - Nissan’s new CEO Makoto Uchida doesn’t have time to work his way into the job. He is effectively on probation and has a matter of months to show he can revive the ailing automaker, according to three people familiar with the thinking of some on the company’s board.
The Association of Chartered Certified Accountants (ACCA) Sri Lanka, strengthening its fundamental ethos of rewarding transparency, held its flagship calendar event for the 16th year in succession on 12 February at the Cinnamon Grand.
The Colombo stock market yesterday experienced mixed fortunes with the two indices moving in opposite directions. The All Share Price Index declined by 28 points whilst the S&P SL 20 inched up by over 5 points. Turnover was Rs. 427.4 million but above Thursday's Rs. 262 million.
Cabinet of Ministers has granted its approval to extend the free visa-on-arrival scheme for 48 countries for a three-month period.The countries in this free visa-on-arrival scheme include the United States, India, China, Australia, Japan, Russia, Germany, France, Italy and Switzerland and 38 other countries.
A report on Sri Lanka’s compliance with the Generalised Scheme of Preferences (GSP plus) covering the period 2018-2019 has found that Sri Lanka has continued to make progress on human rights during that period.