Economic
The Cabinet of Ministers at its meeting on Monday agreed on awarding the insurance coverage for all four categories of SriLankan Airlines from Sri Lanka Insurance Corporation.
Despite a fair track record of privatisations or restructuring of State-Owned Enterprises (SOEs) via the Colombo stock market in the past, new President Ranil Wickremesinghe on Friday ruffled many feathers by questioning the CSE’s neutrality and beneficiaries.
The Government has decided to further extend the amnesty period for individuals to deposit or sell the foreign currency in possession.
The Colombo stock market yesterday saw a hive of activity boosting the turnover to over a six-month high whilst the benchmark index reached a psychologically important new level.
ජුලි මාසය අවසන් වනවිට ශ්‍රී ලංකා මහබැංකුව සතු නිළ සංචිත වත්කම් ප්‍රමාණය ඇමරිකානු ඩොලර් බිලියන 1.815 කි. එය ජුනි මාසය අවසන් වනවිට පැවති වත්කම් ප්‍රමාණය වූ ඩොලර් බිලියන 1.854 ට සාපේක්ෂව 2.1% ක පහළ යාමකි.
The Sri Lanka Tea Board (SLTB) along with industry stakeholders seeks a well-coordinated and synergised mechanism from the government to resolve the fuel and agrochemical shortages threatening Sri Lanka’s tea production and industry sustainability.
The facility to be operated by two of world’s leading DF operators to showcase Sri Lanka as a world-class dining destination
Key regulations been drafted prioritising strategically-important businesses backed by an expedited approval system
As the construction of Colombo Port City’s downtown duty-free (DF) Mall steams ahead, the Colombo Port City Economic Commission (CPCEC) awaits the Cabinet nod for the drafted duty-free regulations for South Asia’s first downtown duty-free mall, which is to be operated by two global operators, positioning Colombo Port City (CPC) as a regional shopping destination.
According to CPCEC’s biannual progress report, the infrastructure work of the mall has been completed and the interior fit work is scheduled to begin shortly.
“Colombo Port City Duty-Free Regulations have been drafted and are awaiting Cabinet approval. The facility will be operated by two of the world’s leading DF operators, positioning Colombo Port City as a regional shopping destination,” CPCEC biannual progress report said.
Further, negotiations are also ongoing to introduce a leading global food & beverage operator into CPC, offering a range of East, West, and fusion cuisine, creating a ‘watering hole’ concept for DF shopping, while positioning the facility as a world-class dining destination in Colombo.
In order to streamline the shopping experience for departing overseas travellers, the CPCEC is also drawing up a feasibility plan on ‘remote check-in process’ and ‘checked-in baggage hauling’.
Meanwhile, CPCEC highlighted that the drafting of key regulations has already been completed in prioritising strategically-important businesses backed by an expedited approval system.
“Key regulations have been finalised which are Businesses of Strategic Importance, Offshore Companies, Authorised persons, Duty-Free retail operations, Fees and Development Control Regulations (DCR). These key regulations were completed, together with international consultants, with the development of suitable draft policies and procedures for identified thrust sectors, designed with extensive benchmarking studies to best-in-class regulations in fiscal and non-fiscal areas,” the report stated.
Moreover, CPCEC in collaboration with the Department of Immigration and Emigration has also begun streamlining and automating the visa application and approval process for three defined visa types under the CPC law.
The three visa categories are: investor visa (10 years), employment visas (dependent on the contract tenure), and long-term residence visas (dependent on lease tenure) and include all dependents.
CHEC Port City Colombo Ltd., is representing Sri Lanka at the World Cities Summit 2022 to be held at the Marina Bay Sands, Singapore from 31 July to 3 August 2022.
While there is an ever-so-slight uptick in economic perceptions, despite the state of the State, the big picture is that Sri Lanka’s economic prospects continue to be viewed with anxiousness by the business community, says leading business magazine LMD, in its August edition.
The SriLankan Airlines categorically denied the assertion on the unavailability of meals in the Business Class and cites this as a deliberate misrepresentation of facts to prompt public dislike towards the airline.
Ceylon Tea, widely considered by many as the finest in the world and with a rich history dating back more than a century and a half, has been named as the Official Tea Supplier for the Birmingham 2022 Commonwealth Games.
ASPI reverts to 8,000-point psychological level for the first time in 2 months
Expolanka gains by Rs. 17.50 to close at
Rs. 192.25; LOLC, LOFC and HAYL among other big contributors to sharp rise in indices
Markets value up by Rs. 190 b in first 3 days of August
මේවනවිට රටතුළ පවතින ආර්ථික අර්බුදය හමුවේ ඇගළුම් අපනයනයට ඉදිරියේදී තවදුරටත් අභියෝගාත්මක කාල පරිච්ඡේදයක් උදාවනු ඇතැයි ආර්ථීක විශ්ලේෂකයින් පවසනවා.
Dr. Roshan Perera says stable macroeconomic policies more effective to attract FDIs
Opines SL lost a lot of revenue in implementation which could have been put into social welfare
Insists on conducting a cost-benefit analysis to evaluate transparency of investments and tax exemptions
Points to resource misallocation, implementation, administration complexities encouraged corruption
Claims system created opportunities for rent-seeking, misuse of discretionary powers vested to multiple agencies
Suggests tax exemption policies must be taken as a strategic decision, not at the discretion of a bureaucrat
රටක් බංකොලොත්වීමෙන් එම රටේ ආර්ථික ධාරිතාව පහල නොවැටුණද, වර්ථමානයේ ශ්‍රී ලංකාව එම තත්ත්වයෙන් ඍණ මට්ටමට ඇද වැටී ඇති බව ශ්‍රී ලංකා මහ බැංකුවේ හිටපු නියෝජ්‍ය අධිපති ආචාර්ය ඩබ්ලිව් ඒ විජේවර්ධන පවසනවා.
මෙරටට පැමිණෙන විදෙස් සංචාරකයින්ගේ පැමිණීම මේවනවිට ක්‍රමානුකූලව ඉහළ යමින් ඇතැයි සංචාරක සංවර්ධන අධිකාරිය පවසනවා. එහි අධ්‍යක්‍ෂ ජනරාල් ධම්මිකා විජේසිංහ සඳහන් කළේ ජූලි මාසයේදී විදෙස් සංචාරකයින් 43,000කට ආසන්න පිරිසක් මෙරටට පැමිණ ඇති බවයි.
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