Economic

Global financial giant Citi has cautioned Sri Lanka that its denial of a debt crisis shouldn’t be a strategy, and called for effective restructuring and boosting of income streams.

Chinese tyre manufacturer Shandong Haohua Tyre’s plan to set up a $ 300 million project to manufacture tyres for the export market received Cabinet approval to be marked for significant tax concessions under the Strategic Development Act (SDA).

Business leader Dhammika Perera who of late has aggressively promoting free but quality education on a philanthropic basis has launched a ‘digital university,’ a platform where learners get access to free online courses offered by various reputed universities and institutions around the world.

Global financial giant Citi’s research arm is forecasting Sri Lanka’s economy to contract by 4% this year before rebounding to a 3% growth in 2021.

The decision to scrap the Colombo Light Rail Transit (LRT) was taken as it is not a priority project for the Government, State Minister of Money, Capital Markets and State Enterprise Reforms Ajith Nivard Cabraal told Parliament yesterday.

The discourse on the impacts of artificial toddy racketeers on Sri Lanka’s socio-economic fabric continued in Parliament end last week, with State Minister Nivard Cabraal revealing in Parliament that he had requested the Secretary to the Treasury and the Department of Excise to submit a report with regards to queries raised in the House.

Two Non-Executive Directors have resigned from the Board of the Bank of Ceylon (BOC) with effect from 8 December.

The upward momentum at the Colombo Stock Market continued with indices gaining sharper to cross the 6,500 points level amidst higher turnover.

Newly appointed Chairman of the Export Development Board Suresh de Mel yesterday pledged to do his best for brand ‘Sri Lanka’ exports, especially by small and medium enterprises.

The Colombo stock market yesterday completed 12 consecutive days of gains showing consistency whilst turnover hit a new high of Rs. 5.3 billion as investor sentiments gathered more momentum.

SriLankan Airlines yesterday became the first global carrier to operate a flight to Melbourne, Australia’s second-largest city, post-COVID.

Sri Lanka Telecom PLC (SLT) has initiated a 3-year strategic business plan continuing its commitment towards customer value propositions, SLT sources revealed.

State-owned giant Bank of Ceylon (BOC) has succeeded in enjoying growth in its inward remittances business.

The International Chamber of Commerce of Sri Lanka (ICCSL), the Chartered Institute of Management Accountants (CIMA) and the Daily FT have announced the winners of the coveted Most Admired Companies of Sri Lanka in the 2019/20 financial year.

Sri Lanka Tea Board has stepped up its support of the industry by setting up a funding scheme for high shade trees for tea lands of over 10 acres.

State-of-the-art cement manufacturing facility Lanwa Sanstha Cement Corporation Ltd., which is slated to be one of the largest in the region, is scheduled for commissioning in June 2021. The facility, spread across 63 acres, is in the Mirijjawila Export Processing Zone, Hambantota.

The Sri Lankan Government implemented measures to protect the country’s currency by slapping a temporary vehicle import ban in March, 20 in the face of the COVID-19 threat.

SriLankan Airlines, the National Carrier of Sri Lanka and a member of the oneworld alliance, has won the prestigious ‘World’s Leading Airline to the Indian Ocean’ title once again at the World Travel Awards Grand Final held in Moscow.