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