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Former Central Bank Governor Ajith Nivard Cabraal last week warned that the country’s economic dashboard was signifying a vulnerable condition ahead, insisting improved fiscal management would mitigate any turmoil.

Tuesday, 04 April 2017 08:51

BOC soars with record results

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2016 marks another achievement-filled year
PBT of Rs. 31.2 b, highest-ever in its history
Three trillions in Balance Sheet – assets, deposits and loans and advances

Monday, 03 April 2017 19:30

Thai company plans FTZ in Bandaragama

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Chairman FTZMA, Fazal Abdeen, Secretary Dhammika Fernando with Deputy Director General, Board of Investments, Dumunda Ariyasinghe. Picture by Shirajiv Sirimane

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The Government last week decided to award contracts to Malaysian and Singaporean firms to construct and operate two star-class hotels at the Bandaranaike International Airport (BIA) in Katunayake.

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  • Intensive week for German-Sri Lankan relations; Speaker of German Parliament in town
  • Colombo hosts top 40 diplomats at regional German Ambassadors’ conference
  • Konrad Adenauer Foundation conference to bring 20 young political leaders from Asia-Pacific region
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The Ceylon Chamber of Commerce welcomes the decision by the Ministry of Finance to postpone the abolition of the SVAT system that was due to come in to effect on 1st April 2017, following joint submissions made by the Ceylon Chamber of Commerce (CCC), Joint Apparel Association Forum (JAAF), Exporters Association of Sri Lanka (EASL), The Lanka Fruit and Vegetable Producers, Processors and Exporters Association (LFVPPEA), National Chamber of Exporters (NCE), National Chamber of Commerce (NCC) and Sri Lanka Shippers' Council.

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Prof. Mohan Munasinghe who shared the 2007 Nobel Prize for Peace was the Chief Guest at the world renowned Energy Globe Award ceremonies in Vienna on 17 March 2017. His speech was webcast to over 50 million viewers in 5 continents.

Friday, 31 March 2017 09:54

NSB posts best-ever results in 2016

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NSB’s operating profit at Rs. 16.1 billion recorded a 4% increase as compared to the previous year. These reported profits were achieved despite lower interest margins on account of an elevated market interest rate scenario.

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  • Popular and plain - speaking Lankan-born economist predicts a prolonged global downturn in 2017-2019
  • Money printing by six global central banks rose by unprecedented 240% to $ 17 trillion from 2006-2015
  • Tips rising protectionism globally, massive Budget Deficits, more Quantitative Easing to finance deficits, further rise in Govt.and private debt
  • Urges Govt. and private sector to convert global recession to a “golden opportunity” to lure Chinese and other factories to be relocated in Sri Lanka by becoming competitive
  • Warns Sri Lanka cannot afford the luxury of bickering between political parties and it is country’s loss if fresh opportunity is missed
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The recent steep rise in duty and tax imposed by the government on synthetic lubricants is causing alarm in the market, as lubricant suppliers are now starting to pass on the hike to the end users.the duty and taxes have been increased by 31 percent. This has forced suppliers in the local lubricant market to increase prices accordingly and consumers are affected adversely as they have to pay substantially higher prices as a result. Local franchise car agencies too are affected, as they are forced to pass on a substantial cost increase to the customer.Unfortunately, this duty and tax hike will only result in discouraging the vehicle owners from using synthetic lubricants due to the high price. This is not a welcome development for the country as synthetic lubricants help vehicles to perform better,when compared with conventional oils, thereby saving exchange for the country and less emissions.

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