Current reports indicate that the Generalised System of Preferences plus (GSP+) facility granted by the European Union (EU) would not be available to Sri Lanka after 15 August 2010, and there has been considerable speculation...

The Head of National Portfolio Development for Sri Lanka and Maldives of United Nations Operations (UNOPS) and a board member of many government ministries Rohantha Athukorala said that many of the overseas workers that...

The Government hopes to have an efficient tax management system in the country and it is a timely need to have a change in people’s attitude to make this effort a reality. Treasury Secretary Dr. P.B.Jayasundera said the Government...

HNB, the premier retail bank in the country which has always focused strongly with regard to providing the very best in customer care services, is currently gearing up towards expanding its ATM network to that of 350 ATM...

The freight forwarding industry could grow to greater heights with self-regulations. Any regulation imposed should be on purpose and not to the whims and fancies of a party with vested interests. We must work...

The Union Bank of Colombo is geared to achieve its goal of becoming a financial powerhouse with the recent equity infusion of Rs 2 billion, of which, Rs 1 billion was made by the Malaysian giant engaged in leisure and hospitality...

Ceylon Leather Products PLC (CLP) announced a 1:1 rights issue along with attached warrants on 23 June amounting to over Rs. 8 billion. Initially 12.5 million ordinary shares will be issued at Rs. 73 per share for the purpose of raising fresh capital....

The economic output of Sri Lanka as measured by Gross Domestic Product (GDP) for the first quarter (Q1) (January-March), of 2010 at constant (2002) prices is estimated at Rs. 643,539 million as against Rs. 601,084 million in the...

IFC, a member of the Word Bank Group, will share NDB Bank’s risks to help finance a larger quantum of renewable energy projects, including mini-hydro and wind power projects in Sri Lanka. IFC is extending a $12.5 million risk-sharing...

Small domestic airports scattered throughout the island will be upgraded to facilitate domestic travel. The Deputy Minister of Ports and Aviation Dayasritha Tissera told the Sunday Observer that the government...

Gerard Victoria was appointed as the Director / General Manager of Hayleys Aviation effective from January 2010. Under his new role, Gerard will lead the activities of the Hayleys Aviation Sector consisting of three...

flydubai, Dubai's first low cost airline, notched up its fourth new destination in a week last night when its inaugural flight to Sri Lanka touched down in Colombo. flydubai's CEO Ghaith Al Ghaith, who travelled on the inaugural ....

SINGAPORE (AP) — The broad declines followed a dour showing on Wall Street. The muted forecasts from retailers including Nike and Bed Bath & Beyond raised concerns that high unemployment and...

A Treasury official said several taxes have been increased in a bid to increase government revenues. Taxes on a litre of spirits would be increased by Rs. 50 while taxes would be increased by Rs. one on cigarettes...

The Sri Lankan footwear industry can expect a huge boom as the Government has lifted the duty structure on footwear machinery and raw materials. The Government decided to lift the 2.5 percent taxes on footwear...

The water filling of the Hambantota Harbour basin is set to commence this week, with work ongoing for about two months, and the first ship scheduled to call at the port by November. Each jetty at the port - with three mapped...

The Board of Investment promotional strategy will focus mainly on 5 areas during the next five years, which include dairies, tourism and leisure, education, IT/BPO and urban infrastructure development. Since the Tourism...

The National Chamber of Commerce of Sri Lanka (NCCSL), one of the oldest chambers in the country, commenting on the 2010 Budget said its main objective was very clear – that the Government was engaged in the difficult ...

The GDP growth proposed by the Government is a realistic and an attainable mark, IMF Resident Representative in Sri Lanka Koshy Mathai told the media yesterday. “For thirty years, domestic investments in the country were...

The Government presented the budget for 2010 in Parliament yesterday with a forecast GDP growth of 6.5 to 7 percent for the year. The budget deficit of Rs 438.8 billion will be 8 percent of the forecast budget. The...

Dankotuwa Porcelain PLC, the reputed porcelain/tableware manufacturing company in Sri Lanka, entered into a strategic partnership with a consortium comprising Sri Lanka's premier investment holding company - Environmental Resources...

The Sri Lanka Ports Authority (SLPA) expects the Colombo port to contribute 40 percent to the national development within 10 years, when the port accommodates 12.5 million containers per year. The current contribution of the port to national development....

Sri Lankans are entirely too dependent on the banking sector in the country and do not realise the potential of investing in the capital market, which is the key issue facing our economy at the moment stated Dr. Dissa Bandara....

SriLankan Airlines has cut losses in the year to March 2010, and was looking to turnaround in the second half of this year, but may need financial re-structuring in the future, an official said. "Losses in the March...

The war is over and there is political stability but the government would have to pay higher interest on development bonds because strong demand and global uncertainty resulted in higher yields. Sri Lanka would be...

SriLankan Airlines has once again been named 'Airline of the Year' for its overall contribution to the country's tourism industry at the Presidential Awards for Travel and Tourism 2009, the second successive year that the airline won....

Fiserv, Incorporated, listed on the New York Stock Exchange, a leading global provider of financial services technology solutions, announced that Sanasa Development Bank, Colombo, Sri Lanka, is live on the...

Sri Lanka with one of the most advanced Environmental Impact Assessments (EIA) systems in Asia is in the process of carrying out Strategic Environmental Assessments (SEA) programmes, Central...

The government said yesterday that a contingency plan was in place to deal with the European Unions decision to remove GSP Plus preferences to Sri Lanka,if its political stipulations were not complied with. Cabinet...

The Colombo Port Expansion Project will be a boost to the Sri Lanka’s shipping industry. It aims to improve the economic growth of the country to cater to the increasing demands of services for international shipping lines....