Business News

Monday, 04 January 2021 06:51

Cabraal promotes local payment platforms

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State Minister of Money, Capital Markets and Public Enterprises Reform Nivard Cabraal has said that according to the Central Bank’s Payment Settlement Department PayHerePayments, DirectPay, WEBXPAY, Xoom, skrill, Payoneer, Earthport and Genie are suitable alternatives to the world famous PayPal.

Monday, 04 January 2021 06:48

CB printed a record Rs. 650 b in 2020

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The Central Bank had printed a record Rs. 650 billion in 2020 to help manage with the country’s monetary and fiscal challenges.

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Sri Lanka Telecom (SLT) and SLT Mobitel unveiled their unified brand identity on January 1, 2021 at SLT Headquarters forming a formidable force creating a lasting legacy as the national Information and Communications Technology (ICT) solutions leader.

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Trade Ministry has decided to announce fixed prices for ten essential commodities for six months from February, Trade Minister Bandula Gunawardana said.

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Government has granted permission to import frozen sliced coconut, to meet the demand of related industries, the Coconut Development Authority (CDA) said on Saturday (Jan. 02).

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The Government has extended the period of validity of the measures introduced in July to restrict the outflow of foreign currency by a period of another six months effective from 2 January 2021.

Saturday, 02 January 2021 07:47

Government to set up National Gas Company

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The Government has formulated a National Policy on Natural Gas (NPNG) which will see the establishment of a ‘National Gas Company’ with necessary powers, resources, and operational independence to handle all Government economic transactions relating to the natural gas industry in the country. It will be the Single Credible Creditworthy Entity (SCE) to handle all economic transactions pertaining to Natural Gas on behalf of the Government, either as its own business operations or by entering into Public-Private Partnership (PPP) ventures, a copy of the NPNG seen by the Daily FT says.

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Dispelling the politically motivated negative comments being perpetuated in the market that state banks are facing difficulties in conducting their international and Trade related banking activities, People’s Bank clarifies that not a single Letter of Credit facility issued by the bank has been refused by any international bank to date.

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State-owned giant Bank of Ceylon (BOC) will receive the US $ 70 second tranche of the loan facility of $140 million by June this year in a land mark deal with China Development Bank (CDB), official sources disclosed.

Friday, 01 January 2021 08:04

Inflation increases in December this year

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The overall rate of inflation as measured by the Colombo Consumer Price Index (CCPI) on year-on-year (Y-o-Y) basis increased marginally to 4.2% in December 2020 from 4.1% in November 2020, the Department of Census and Statistics reported.

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