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BUSINESS

Short term measures to reduce rising cost of living

The government  has taken steps to implement several short term measures to arrest the rising cost of living in the country ahead of the festive season. The disruption of cultivation in several seasons, due to the adverse climatic condition that prevailed has resulted in a considerable decline of food production …

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IMF approves US$ 251.4 mn to Lanka

The IMF Executive Board completed the third review of Sri Lanka’s Extended Fund Facility arrangement on Wednesday (6), enabling the disbursement of US$ 251.4 million to the country. In a statement yesterday, the IMF said the Executive Board completed the third review of Sri Lanka’s economic performance under the programme …

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Securities Exchange Bill presented to Parliament

The Bill to establish the Securities and Exchange Commission of Sri Lanka and to repeal the Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987, was presented to the Parliament on Wednesday (6). The Bill was presented by  Chief Government Whip Minister Gayantha Karunathilaka. The Securities and …

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Mobile industry wants Rs. 200,000 per month tower levy called off

The mobile telecommunications industry yesterday cried foul over the Budget 2018 proposal to charge Rs. 200,000 per month on cellular towers, insisting that it would increase the unprofitability of towers and lead to reduced internet coverage while dismissing the State’s contention that it would encourage sharing between operators. In a …

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26-fold increase to SL’s territorial sea area

The United Nations has agreed to add a territorial expanse amounting to 26 times of the country’s land extent to the sea area surrounding Sri Lanka, Fisheries and Aquatic Resources Minister Mahinda Amaraweera said. Sri Lanka is eligible under the Law of Sea to own this sea area because of …

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Inflation in Colombo is 7.6 percent in November 2017

Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI) , declined to 7.6 percent in November 2017 from 7.8 percent in the previous month, the Department of Census and Statistics reported Thursday. The CCPI for all items for the month of November 2017 was …

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Assistance to provide agri-machinery services

The Primary Industries Ministry has come forward to assist youths to earn an income by providing agricultural machinery services to farms and homegardening. The required machinery, technology, training, capital, guidance and supervision will be given by the ministry. Selection of youths with qualifications is presently underway, with December 20 being …

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PUCSL to oppose power tariff hikes

Electricity sector regulator, the Public Utilities Commission of Sri Lanka (PUCSL) would not allow the Ceylon Electricity Board (CEB) to burden the electricity consumers through a tariff hike, PUCSL sources said.   “During the last two years we had incurred a loss of Rs. 50 billion. These losses are due …

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