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Moody’s says VAT hike will keep IMF program on track

Moody’s says VAT hike will keep IMF program on track

🕔10:12, 31.Oct 2016

The Moody’s rating agency says the amendments to the value added tax (VAT) bill, which will increase the VAT tax rate to 15% from 11%, will pave the way for higher government revenues and adherence to International Monetary Fund (IMF)

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MAS Holdings to open a plant in Haiti soon

MAS Holdings to open a plant in Haiti soon

🕔23:26, 26.Jun 2016

MAS Holdings, a leading Sri Lankan conglomerate and is positioned as one of the world’s most recognized Design–to-Delivery Solution Providers in the realm of Apparel and Textile Manufacturing has announced opening plants in the Caracol Industrial Park (PIC) in Haiti

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Lanka’s outlook drops to negative from stable

Lanka’s outlook drops to negative from stable

🕔19:10, 20.Jun 2016

Moody’s Investors Service has today affirmed the Government of Sri Lanka’s foreign currency issuer and senior unsecured sovereign ratings at B1 and changed the outlook to negative from stable. Moody’s Investors Service said one reason for the downgrading was the expectation of a

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SLGTI to be opened in Kilinochchi

SLGTI to be opened in Kilinochchi

🕔07:59, 20.Jun 2016

The establishment of the Sri Lanka-German Training Institute (SLGTI), a landmark project initiated by German Development Cooperation (GIZ) in partnership with the Government of Sri Lanka, was announced at a press conference attended by Hon Mahinda Samarasinghe, Minister of Skills

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US to decide on Lankan tires in October

US to decide on Lankan tires in October

🕔08:27, 16.Jun 2016

Off-the-road tires imported from India and Sri Lanka are being subsidized, the U.S. Department of Commerce said in a preliminary countervailing duty determination issued June 14. In the case of India, Commerce found subsidies of 4.7 percent on OTR tires

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Lanka eyes 10-20 year sovereign bond issue

Lanka eyes 10-20 year sovereign bond issue

🕔09:59, 8.Jun 2016

Finance Minister Ravi Karunanayake told reporters today that the government is looking at a sovereign bond issue with a tenor of 10 to 20 years. Without revealing particulars, Finance Minister said the exact information on the bond issue will be

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BIZMEET to promote ethical business practices

BIZMEET to promote ethical business practices

🕔07:40, 3.May 2016

Junior Chamber International (JCI) Sri Lanka announced the inauguration of BIZMEET 2016, Sri Lanka’s first ever professional networking events aimed at promoting consistently ethical business practices among the country’s future corporate leaders. The inaugural event drew attendance from several distinguished

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Fairway gets first Bell 505 for Sri Lanka

Fairway gets first Bell 505 for Sri Lanka

🕔07:22, 3.May 2016

  Bell Helicopter leadership and representatives from Infotechs, a Bell Helicopter independent representative in Sri Lanka and the Maldives, joined Fairway Holdings to sign for the aircraft. Bell Helicopter Photo Bell Helicopter, a Textron Inc. company, has announced it has

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Oil falls as traders cash in after gains

Oil falls as traders cash in after gains

🕔09:36, 25.Apr 2016

Oil prices fell over 1 percent on Monday as traders took profits after three weeks of gains and as a jump in the dollar late last week was priced into fuel markets. Front-month Brent crude was trading at $44.60 per

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Sri Lanka key market for Indian exports

Sri Lanka key market for Indian exports

🕔22:27, 15.Apr 2016

Sri Lanka, Nepal and Bangladesh have emerged as the major destinations for India’s engineering exports together accounting for a sizeable chunk of $5.17 billion, revealed an analysis by engineering exports promotion council (EEPC). Sharing the info chairman of the EEPC

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Zuckerberg unveils 10-year plan for FB

Zuckerberg unveils 10-year plan for FB

🕔07:37, 13.Apr 2016

Facebook CEO Mark Zuckerberg laid out a 10-year plan to connect the world that sounded as much like a political cause as a grab for potential billions in dollars. In a sweeping address that took on sharp political tones at

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Zambian Government woos Sri Lankan investors

Zambian Government woos Sri Lankan investors

🕔07:58, 12.Apr 2016

Zambia has urged Sri Lankan business executives to take advantage of the investment opportunities in the Multi Facility Economic Zones (MFEZs) in the country, as possible locations for industries. Commerce, Trade and Industry Minister Margaret Mwanakatwe said trade and investment

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Shares end flat; LOLC helps erase early losses

Shares end flat; LOLC helps erase early losses

🕔07:48, 12.Apr 2016

Sri Lankan shares ended steady on Monday, with big gains in Lanka Orix Leasing Company Plc erasing early losses as concerns over macroeconomic stability continued to weigh on sentiment, dealers said. The benchmark stock index ended unchanged at 6,275.62, at

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HSBC ceases Primary Dealership with CB

HSBC ceases Primary Dealership with CB

🕔17:36, 31.Mar 2016

Mar 31, 2016 (LBO) – Sri Lanka’s Central Bank said in a statement that the Hongkong and Shanghai Banking Corporation (HSBC) will cease to operate as a Primary Dealer from tomorrow. HSBC will, however, continue to function as a Dealer

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Hero acquires 60% stake in Lankan company

Hero acquires 60% stake in Lankan company

🕔08:06, 24.Mar 2016

Hero Cycles India’s largest bicycle manufacturer has picked up 60 per cent stake in Sri Lanka’s BSH Ventures Pvt Ltd. which has a license to manufacture popular British brand Raleigh Cycles. The move will open up opportunities in the European

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Government looks to maintain policy consistency

Government looks to maintain policy consistency

🕔18:35, 14.Mar 2016

Sri Lanka will strive to tighten its belt and maintain policy consistency to improve its debt rating and help make capital Colombo a global financial center, the country’s finance minister told CNBC on Monday. The new administration will raise value-added

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US, Sri Lanka expand economic partnership

US, Sri Lanka expand economic partnership

🕔07:53, 11.Mar 2016

Representatives from the Millennium Challenge Corporation (MCC), an independent U.S. development agency, are visiting Sri Lanka this week to begin a partnership to overcome key challenges to economic growth and poverty reduction.  The delegation met with President Maithripala Sirisena, Prime

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S&P cuts Sri Lanka outlook to negative on funding pressures

S&P cuts Sri Lanka outlook to negative on funding pressures

🕔17:04, 10.Mar 2016

Standard & Poor’s cut Sri Lanka’s outlook to negative from stable citing worsening external and fiscal indicators, less than two weeks after Fitch Ratings lowered its credit ratings, Bloomberg reported. S&P affirmed the island nation’s B+ long-term and B short-term

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Cathay says Sri Lanka traffic strong

Cathay says Sri Lanka traffic strong

🕔09:01, 10.Mar 2016

Cathay Pacific Airways (0293) said today that performance of India routes was “satisfactory’’ last year, while passenger traffic to Colombo in Sri Lanka “grew strongly.’’ In October last year, the carrier launched daily direct flights to Colombo from four flights

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Moody’s assigns B1 Issuer ratings to Sampath Bank

Moody’s assigns B1 Issuer ratings to Sampath Bank

🕔15:11, 24.Feb 2016

Moody’s Investors Service, (“Moody’s”) has assigned an issuer and long term local currency deposit rating of B1 to Sampath Bank PLC and short-term ratings of non prime. Moody’s has also assigned the bank with a CR Assessment of Ba3(cr). The assigned long-term

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