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BUSINESS

Foreigners can open accounts with US$500,000

The government is reported to have prepared legislation to permit foreign nationals to open foreign currency accounts in Sri Lanka with a minimum deposit of US$500,000 or more. The legislation titled ‘Special Deposit Account’ has been gazetted. In addition to US dollars, the other permitted foreign currencies for such purposes …

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Several state banks decide to exchange Qatar Riyal

Several state banks at Bandaranaike International Airport (BIA) had decided to exchange Qatar Riyal (currency) from those who arrived at the airport from Qatar this morning, BIA duty Manager said. He said the decision was taken by the heads of several state banks including the Bank of Ceylon and Peoples …

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Free power for affected households for six months

Power and Renewable Energy Minister Ranjith Siyambalapitiya has instructed the Ceylon Electricity Board (CEB) to supply electricity free of charge for six months to consumers in flood and landslide-affected areas. This facility will also be extended to flood and landslide victims who have been provided temporary shelters. The minister told …

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Fishing gear worth over 10 m for Ampara fishermen

Fishing gear worth more than Rs. 10 million has been distributed to inland fishermen of Ampara. Minister Daya Gamage was the chief guest on the occasion at the district aquaculture project office yesterday (03). Here, 125 boats, 750 nets and over 2.8 million prawns for breeding were given to 125 …

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Inflation in Colombo declines to 6.0 percent in May

Sri Lanka’s inflation, as measured by the change in the Colombo Consumers’ Price Index (CCPI) , declined to 6.0 percent in May 2017 from 7.3 percent in April, the Department of Census and Statistics reported on Wednesday. The CCPI for all items for the month of May increased by 0.91 …

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India, Japan joint venture to build gas import terminal in SL

India and Japan will jointly set up a $250 million liquefied natural gas (LNG) import terminal in Sri Lanka, the first collaboration between the two nations to counter China’s growing influence in the Island nation. Petronet LNG Limited, India’s biggest gas importer, last year proposed to set up a 2-million-tonne …

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Collaborative robots to boost productivity in SL

Deploying collaborative robots that work with humans in the workplace can boost productivity, create new jobs and help expand employment opportunities of female workers in Sri Lanka, officials said. Collaborative robot (cobot) arms can lift heavy weights, do repetitive work, expand the reach of a worker and make precise placements …

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FAO to assist in building dialogue on Geographical Indications

The UN Food and Agricultural Organization will provide technical assistance to the Ministry of Primary Industries to fill the knowledge gap and build a dialogue on Geographical Indications (GI) in Sri Lanka. FAO project coordinator Stephane Passeri met with minister Daya Gamage and officials of the Department of Export Agriculture …

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SL offers 500 acres of land to AP Govt

Sri Lanka has offered 500 acres of land to the Government of Andhra Pradesh to develop an industrial park. President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe made separate phone calls to Andhra Pradesh Chief Minister Nara Chandra Babu Naidu on Friday to convey their government’s decision. This was in …

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