Business News

Monday, 13 June 2016 08:54

IMF approval boosts Rupee

The confirmation of IMF’s $ 1.5 billion Enhanced Fund Facility (EFF) to Sri Lanka by its Executive Board saw the USD/LKR rate appreciate during the week.

Sunday, 12 June 2016 11:31

Sri Lanka relaxes gold import norms

Amidst considerable concerns of local Jewelers, Sri Lanka takes a major step towards liberalising gold imports by introducing some procedural simplifications and a change in regulations in the coming days.

Sri Lanka’s all commercial bank’s exposure to leasing activities will be restricted to over Rs. 5 million revising the 2016 budget proposal to completely take leasing out of the banking portfolio, official sources disclosed.
According to the budget proposal the ban on commercial banks from engaging in leasing was scheduled to be implemented from June 1, but a decision has been taken at a top level meeting attended by senior officials of the Treasury and the Central Bank to restrict the commercial banks exposure to leasing without banning it, a top CB official said.

Sunday, 12 June 2016 10:54

Mihin Lanka wings to trim

In a move to reduce losses that could be incurred further due to the corrupt management of the Sri Lankan Airlines and Mihin Lanka, the government has made a decision to merge the two airlines while restructuring Mihin Lanka running at a loss of Rs.15 billion.

Vehicle importers say, vehicle market is stabilized as the government is following a specific tax policy on vehicle imports. The importers said that they appreciated the government’s move in this regard.

Saturday, 11 June 2016 18:13

SOBE top officials to get hiring cars

The government has extended the operating leasing scheme for procurement of vehicles to top officials of State owned Business Enterprises (SOBEs) and its subsidiaries similar to the system applicable senior high grade public officials.

Having pledged to eliminate tobacco and alcohol menace from the country, the government is now well and truly on reverse gear to promote liquor sales for the sake of tourist development in the country.
This policy reversal came to light following the decision taken at a high level meeting of the government think tank to relax the 500 meter requirement for issuing liquor licences to tourist board approved hotels , restaurants and liquor bars.

India and Sri Lanka today signed an MoU to set up a Women's Community Learning Centre in Ampara, Sri Lanka. The MoU was signed at the High Commission of India byMr. Y.K. Sinha, High Commissioner of India and Ms. Chandrani Senaratna, Secretary, Ministry of Women and Child Affairs. Officials from the Ministry of Women and Child Affairs were also present during the signing ceremony.

Unilever Sri Lanka, the Lankan presence of global FMCG giant has joined forces with the largest state owned FMCG network in Sri Lanka’s first ever “land sweepstakes”. And the state owned FMCG network has succeeded in steadily reducing its losses in a few months–almost twelvefold!

Economic Times (Mumbai): A diverse set of domestic cement majors like Dalmia Bharat and Shree Cements along with South-based Ramco are in hot pursuit of LafargeHolcim’s Sri Lankan operations that the global cement major is divesting as part of a global portfolio realignment. These players have been shortlisted after an initial round of screening and are competing with local Sri Lankan, Chinese and Thai cement makers and private equity players like Baring Asia as the race to acquire the largest and sole integrated cement operations in the island nation gathers momentum, said multiple source aware of the development.

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