Economic

Reuters: Sri Lanka’s state-run carrier could post a loss of as much as $160 million this financial year, as tourist arrivals in the island nation fell following the Easter bombings in April.

Although the Central Bank has reduced the rates for deposits maintained in commercial banks, the special interest rate of 15% offered by the Government for senior citizens have not been changed, Finance Ministry announced.

Reuters: Sri Lankan shares recovered from an intraday fall of over 1% to close flat on Friday, while the rupee ended weaker due to importer dollar demand.

The Cabinet of Ministers has approved tax amendments on Value Added Tax (VAT) and Nation Building Tax (NBT) proposed by Finance Minister Mangala Samaraweera in his Budget 2019. Accordingly, the Cabinet has approved the Amendment Draft Bills on NBT and VAT, the Finance Ministry said in a statement yesterday.

Sri Lanka government has made international trade easy creating more transparent regulatory environment for trade in the country.

Central Bank has urged the customers to be cautious when making e-payments to prevent unauthorised electronic transactions.

Sri Lanka Tourism Development Authority has lunched the National Sustainable Tourism Certification Scheme, together with the Global Sustainable Development Council.

The Government will be considering to amend Foreign Exchange Act No. 12 of 2017 to tackle corruption in high places, the nexus between those dealing in money laundering and illicit drugs with key sections of the political leadership.

In order to prevent unauthorised electronic transactions, the Central Bank yesterday notified customers to register for real-time e-payment notification facilities, as well as obtain EMV chip-based payment cards from their respective companies without delay, and exercise caution when sharing information that can be used to carry out e-payments.

Dr (Ms) Dushni Weerakoon has been appointed as a member of the Monetary Board of the Central Bank of Sri Lanka with effect from July 29, 2019.

Stepping into the 80-year mile stone Diesel and Motor Engineering PLC (DIMO) is now repositioned to grow competitively and meet future challenges in automotive industry, top officials of DIMO said.

Settle claims below Rs. 75,000 within 3 working hours
Fast-track settlement of vehicles’ insurance claims for claims below Rs. 500,000
SLIC mobile app is now available to provide faster and convenient access for insurance needs
Enables SLIC to identify your accident location accurately
Redefining customer experience, Sri Lanka Insurance Motor Plus yesterday unveiled a range of extensive benefits.

The Dipped Products Group posted Rs.7.8 billion turnover and Rs. 221 million Profit before Tax (PBT) for the first quarter ended 30th June 2019.

Sri Lankan and Russia explored the possibility of enhancing naval cooperation, a statement from the Foreign Affairs Ministry said yesterday.

Cabinet this week gave approval for three domestic airports to be used for regional commercial flights to promote tourism.

REUTERS: Sri Lankan shares fell for the fifth straight session on Monday and closed at their lowest in more than one week, as investors sold banking and telecom stocks, while the rupee ended weaker due to importer dollar demand.

Pro Food, Pro Pack & Ag-biz 2019, Sri Lanka’s only comprehensive food, agriculture and packaging exhibition, spanning three days, kicked off yesterday at the Sirimavo Bandaranaike Memorial Exhibition Hall.

As a component of its Peace Building initiative, The Ceylon Chamber of Commerce has been engaged in carrying out several programmes to promote ethnic unity.