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Thursday 27 April 2017
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Category: Business

IMF says reforms lagging behind timelines in Sri Lanka

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The IMF on Tuesday said Sri Lanka should take “decisive” actions to maintain reform momentum after it was found that the country’s progress on implementing structural benchmarks were...

Chinese Communist team inspects Sri Lanka port, airport

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A Communist Party team from China’s business capital has inspected an airport and port built by Chinese in southern Sri Lanka as part of a visit to scout for investment opportunities. The...

Sugar Factory to be established with Japanese funds

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The Sri Lanka Investment Board reported yesterday that it is being planned to establish a sugar factory next year in Vavuniya with funds from Japan. The Chairman of the Sri Lanka Investment Board,...

Interest on enterprises should be generated among women, Wigneswaran in the Anniversary of NORO Solutions

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While saying that, motivation and interest should be generated amongst women of the Northern Province regarding Research and Outsourcing enterprises, the CM, NPC, C.V.Wigneswaran, also said that he...

Potatoes cultivated in 130 Hectares in Jaffna, says Director of Agriculture, Jaffna

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Jaffna District Director of Agriculture, A.Selvarasa said that Potatoes cultivation has been undertaken in 130 hectares in Jaffna this time and  50% subsidy was granted to the Potatoes farmers. The...

Incentives for Murungai Export in North: Hayley’s Limited issues 1Million plants

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Action has been taken to encourage Murunkai Cultivation through issuing 1 million Murunkai plants in the North. Haley’s Multi National company is inaugurating this project in the North by issuing...

Potato cultivation in 90 hectare land in Jaffna District

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Estimates are being made for the planting of potatoes in 90 hectares in Jaffna District. Major part of the cultivation of potatoes in Jaffna District had been undertaken in Vali East Divisional area....

Crops in 42, 000 acre has gone dry in Trincomalee

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Paddy and other subsidiary crops cultivated on 42,000 acre in Trincomalee have gone dry due to the Monsoon rains have failed, said the Deputy Director of District Department Agriculture and...

WhatsApp is going to share your phone number with Facebook

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Global messaging service WhatsApp says it will start sharing the phone numbers of its users with Facebook, its parent company. That means WhatsApp users could soon start seeing more targeted ads on...

Brandix ranked Sri Lanka’s top exporter in 2014 and 2015

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The Brandix Group won a remarkable 11 awards including the Exporter of the Year awards for 2014 and 2015 at the Presidential Export Awards last evening, taking the top honours at this prestigious...

Microsoft to host machine learning event in Bangalore

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Software giant Microsoft will host the maiden edition of its Machine Learning and Data Sciences Conference in India this year, highlighting importance of the Indian market in terms of future...

Central Bank wants private credit to expand not more than 20% in 2016

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Sr i La n k a ’ s Central Bank said it wanted to slowdown the growth in private sector credit to 20 percent by the end of 2016 while the money supply in the economy, measured by broad money (M2b)...

Seylan Bank keeps up momentum – Records Profit after Tax of Rs. 1,755 Million during 1H 2016

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Despite a somewhat turbulent and challenging business environment Seylan Bank recorded a strong half yearly performance with Profits after Tax reaching Rs. 1,755 Million, for the 6 months ended 30th...

Inward mission to give Lankan tech companies platform for business in Australia

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Twenty-five Sri Lankan technology companies are being given opportunities to pitch for business and for potential investment from a high-level Australian business delegation set to visit Sri Lanka...

COYLE continues partnership with Dialog as exclusive telecommunication partner

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The Chamber of Young Lankan Entrepreneurs (COYLE) expressed its appreciation to Dialog Axiata PLC for its valued partnership and recognized Dialog Axiata PLC Group Chief Executive Dr. Hans...

Economic Center for North to be located in 2 places , suggests Ranil

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The Prime Minister has suggested that to eliminate the uncertainty in deciding the location of the Economical Centre for North, the centre could be located in 2 places. It is also learnt from...

India and China to get special economic zones in Sri Lanka

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India and China will be allotted Special Economic Zones in Sri Lanka for them to set up industries, the Minister International Trade and Strategic Development, Malik Samarawickrama told media  on...

MAS Holdings-Flex partner to drive innovation in wearable technology for clothing

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MAS Holdings partners with Flextronics International Ltd, a leading Sketch-to-Scale solutions company that designs and builds intelligent products for a connected world. With approximately 200,000...

Thailand’s Siam City Cement bags Holcim Lanka for US $ 373mn

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The Thai cement industry leader Siam City Cement Public Company Limited (SCCC) acquired Holcim Lanka Limited (HLL), the Sri Lankan unit of the world’s largest cement manufacturer LafargeHolcim, for...

Singapore, Sri Lanka aim for trade deal

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 Singapore and Sri Lanka have started talks for a free trade pact, including measures to free up trade in goods and services as well as investments, the city-state’s trade minister says. Sri...

U.S.-Led Trade Pact Will Fail Without China: Sri Lanka PM

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A U.S.-led trade pact that would cover about 40 percent of the global economy won’t be successful unless it includes China and India, Sri Lankan Prime Minister Ranil Wickremesinghe said. Speaking...

2nd Coconut triangle encompassing Jaffna-Mannar- Mullaitheevu declared yesterday

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Minister of Plantations, Naveen Dissanayake yesterday declared Jaffna – Mannar – Mullaitheevu as the 2nd Coconut Triangle Region yesterday. The Minister who was a visit to Jaffna yesterday,...

CMC gives financial assistance to 100 mosques in Colombo

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One hundred mosques in the Colombo Municipal Council limits were granted financial assistance by the Colombo Municiapal Council at a simple event held recently. Kolonnawe flood victims were also...

India’s engineering export to Sri Lanka decline by 90%

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India’s engineering shipments to key markets like Sri Lanka, UAE and China plummeted in April amid a 19 per cent decline in the sector which slipped in terms of its contribution to the...

Milk Production Plant opened in Poonakary

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Milk Production plant in Mukkomban Poonakary in Kilinochchi was opened by Canadian High Commissioner Shelly Whiting at a simple ceremony. The Milk production and product processing plant will provide...

Sri Lanka to update bankruptcy law

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Sri Lanka is to modernise its bankruptcy law to meet present day needs and improve conditions to do business in the island, a spokesman said. Media Minister Gayantha Karunathilake said provisions of...

Share Transaction Levy re-imposed

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The Share Transaction Levy will be re-imposed from every buyer and seller on the turnover of every share trading transaction, Chief Operating Officer of the Colombo Stock Exchange Renuka...

Thousands of people participate in the “ London Tamil Market 2016”

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Introduced for the first time successfully last year, the “London Tamil Market 2016” of the London Tamil Chamber of Commerce, had been held this year too, and concluded with a resounding success....

NPC CM Calls for institutionalised commercial ventures of the Tamil Diaspora

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Chief Minister of Northern Province C.V. Wigneswaran yesterday called upon the Tamil people living all over the world to be institutionalised in their commercial ventures to win over the Tamil...

Govt purchased paddy from 3027 agriculturalists

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Paddy Marketing Board of the Northern Region has stated that it had purchased paddy from 3027 paddy producers in the region last year. The purchases were made from five districts of Killinochi,...

Rs.435 Million allocated for ” One Development Project to one village” scheme in Peninsula

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The District Secretary, Jaffna, N.Vethanayagan said yesterday the Rs. 435 Million had been allocated to the peninsula under the second phase of the “ One Development Project to one...

“London Tamil Market 2016”: Arrangements to conduct on a grand scale

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Arrangements have been made to conduct the “London Tamil Market 2016”, which was inaugurated last year and was a resounding success,  this year too,  on a much grander scale. As in last year...

Sri Lanka’s economy slows to 4.8% in 2015 as tea party ends

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Sri Lanka’s economic growth slowed slightly to 4.8 per cent last year due to a fall in exports of its main commodity, tea, official figures showed on Tuesday. The figure marked only a marginal...

India approves $700 million forex swap with Sri Lanka until IMF loan relief

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India has approved a $700 million currency swap of dollars for Sri Lankan rupees until the island nation receives an International Monetary Fund loan, the Indian government said on Friday. Sri Lanka...

Sri Lanka to get $1.5 billion IMF loan to avert balance of payments woes

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Sri Lanka will receive a loan of $1.5 billion from the International Monetary Fund (IMF) to boost foreign exchange reserves and avert a balance of payments problem, a government minister said on...

Japan’s economy shrinks less than first thought

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Japan’s economy shrank less than previously thought in the last three months of 2015, surprising analysts. Gross domestic product contracted at an annualised rate of 1.1% for the...

Australia’s shares boosted by commodity stocks

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Shares in Australia led markets on Monday morning, up more than 1% in early trade, boosted by commodity and energy-related stocks. Investor sentiment was also up after a positive US jobs report on...

Email inventor Ray Tomlinson dies at 74

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Internet pioneer Ray Tomlinson, who is credited with the invention of email, has died at the age of 74. The US computer programmer came up with the idea of electronic messages that could be sent...

US creates 242,000 jobs in February

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The US economy added 242,000 jobs in February, far better than the 190,000 expected by economists. The Labor Department numbers underlined the strength of the US economy and may allow the Federal...

Facebook to pay millions of pounds more in UK tax

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Facebook is set to pay millions of pounds more in tax in the UK after a major overhaul of its tax structure. After heavy criticism that it was avoiding tax, the BBC can reveal that profits from the...

China growth target set at National People’s Congress

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China’s National People’s Congress has set the country’s growth target for 2016 in a range of 6.5%-7%. Premier Li Keqiang will announce the target in his address to delegates,...

Nestle opens Milk Chilling Centre in Vatatkachi

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A milk chilling centre was declared open in Vattakachchi under the patronage of the Nestles recently. Managing Director of Nestles Shivani Hegde, Assistant Government Agent S.Sathyaseelann and other...

Dow DuPont heads will get $80m golden parachute

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The heads of Dow and DuPont will get a combined $80m (£56.5m) in “golden parachute” leaving bonuses following the tie up of the two companies. Dow and DuPont announced plans for a...

Apple backed by online giants in FBI iPhone unlock battle

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witter, AirBnB, Ebay, LinkedIn and Reddit are among 17 major online companies to have formally backed Apple in its court dispute with the FBI over the San Bernardino terror attack. The FBI has...

Moody’s cuts China outlook to negative

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US ratings agency Moody’s has cut its outlook for China from “stable” to “negative”. While reaffirming its current debt rating, the agency warned that reforms were...

Rupee forwards decline; more fall seen on Fitch downgrade

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Sri Lankan rupee forwards ended slightly weaker on Tuesday on importer dollar demand, while dealers expected the currency to remain under pressure due to seasonal importer demand and after a...

China court ‘jails 24 people over $1.5bn financial scam’

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A court in China has sentenced 24 people to jail for raising more than 9.9bn yuan ($1.5bn; £1.07bn) through a scam, according to state media. The scam saw hundreds of thousands of elderly people...

Fitch downgrades Sri Lanka’s credit rating in fresh blow

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Fitch Ratings today cut Sri Lanka’s credit rating by one notch to B+ with a negative outlook, weeks after it asked for a bailout from the International Monetary Fund, the AFP reported . The...

VW sued by US justice department

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The US justice department is suing Volkswagen over the emissions scandal that saw the German car giant fit software in millions of cars to cheat emissions tests. In September last year, following an...

Google self-driving car hits a bus

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One of Google’s self-driving cars crashed into a bus in California last month. There were no injuries. It is not the first time one of Google’s famed self-driving cars has been involved...