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Port City legislation to Parliament by March

Sri Lanka’s Port City legislation would be brought before Parliament by March while construction on the first permanent buildings are also due to commence shortly, senior officials said.   These comments were made following a visit of the newly reclaimed land of the island by Prime Minister Ranil Wickremesinghe and …

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2017 tea prices hit record highs

Sri Lanka had an extraordinary year with prices for Ceylon Tea climbing significantly above the rest of the world, John Keells PLC Brokers said in its report commenting on price performances in 2017.   January to December 2017 National Average was Rs. 618.14 per kilo compared with Rs. 468.61 — …

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Banking sector to have a steady phase up to 2020

First Capital Research expects the banking sector to have a steady phase during 2018E-20E with stable credit growth, improving GDP growth supporting lower Non Performing loans and lower interest rate volatility leading to stable net interest margins.   “We expect our banking sector universe to provide 25% average return over …

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New board of directors for Sri Lankan

State Enterprise Development Minister Kabir Hashim says that the government has decided to appoint a new chairman and a board of directors for the SriLankan Airlines with a view to reviving the airline.   The minister has, in a media statement. condemned what he calls attempts by certain parties with …

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Sri Lanka to raise USD 5 billion from bonds in 2018

The Sri Lankan government hopes to raise a record USD 5 billion through bond issues this year as it seeks to repay its substantial debts and finance development projects. The cabinet of ministers has approved a proposal put forward by the Minister of Finance and Mass Media Mangala Samaraweera to …

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Fertilizer shortage ends

Sri Lanka has received the stock of 40,000 metric tons of fertilizer from Pakistan, and the fertilizer shortage prevailed in the country will end from today, the co-cabinet spokesman, Minister Dayasiri Jayasekara said. The Minister said that steps have been taken to transport the stock of fertilizer from the Colombo …

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EAP’s financial arms may be managed by Bank of Ceylon

The Central Bank of Sri Lanka (CBSL) has asked the Bank of Ceylon (BOC) to be the managing agent for the financial arms of the EAP Group–Edirisinghe Trust Investments (ETI) and Swarnamahal Financial Services PLC. Public Enterprise Development Minister Kabir Hashim met the BOC board this week as part of …

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Tea containers to be fumigated at the Port

Tea and other agricultural products containers that would be shipped to Russia will be subjected to a special fumigation process at the harbor, the Tea Commissioner Jayantha Edirisinghe says. The containers will be fumigated before the agricultural products are packed. It is also required to obtain a certificate from the …

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