Colombo Port City: Gains to state coffers-By Eng. D. Godage Source:Island The Colombo Port City is a special economic zone and international financial centre and it is an important concept for the country’s economic enhancement. It is considered an extension of the existing Colombo Central Business District. In order to achieve the expected goals, it is necessary to manage the Port City in an efficient manner. The Colombo Port City Commission Bill was passed in Parliament recently and thereafter the commission has been established to manage the Port City. Existing institutions like the Urban Development Authority UDA, Colombo Municipal Council, Board of Investment BOI are not involved in the Port City management. The Colombo Port City differs from most other special economic zones around the world in that the land on which it stands was reclaimed from the sea, and it is very much part of the Sri Lanka’s territory. ...
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Prajeeth Balasubramaniam re-elected as the President of SLSBC Source:Bizenglish 08 potential subcommittees are in place to promote trade between Sri Lanka and Singapore The 24th Annual General Meeting of the Sri Lanka – Singapore Business Council (SLSBC) of The Ceylon Chamber of Commerce was held on 16th June 2021 via Zoom. The SLSBC was inaugurated in 1997 under the aegis of the Ceylon Chamber of Commerce with the objective of promoting trade, investments, tourism and services between Sri Lanka and Singapore. Mr. Prajeeth Balasubramaniam, Managing Partner, BOVCapital Ltd was re- elected as the President of the Council for the year 2021-2022. Mr Janaka Gunasekara – Deputy Managing Director, Agri Inputs, A Baur & Company Limited, Mr. Tan Beng Chuan – Corporate Manager, Prima Singapore and Mr. Shiluka Gunawardena, Partner KPMG were elected as Vice Presidents of the Council. ...
Jul 17, 2021
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Tagged Annual General Meeting, Mr. Prajeeth Balasubramaniam
CEAT inflates radial tyre production to 600,000 units a year Source:Bizenglish Adds another 84,000 radials in most wanted sizes in Phase 2 of 2021 expansion plan Radial production increased by 32% since March CEAT Kelani Holdings has announced a production increase of 84,000 radial tyres per year for passenger cars and vans, in its second expansion in this segment within the past four months. The expansion will see Sri Lanka’s top tyre brand take annual radial tyre production to 600,000 – an increase of 16 per cent over current production of 516,000 radials, and further ease pressure on supply attributed to government-imposed restrictions on the import of certain sizes to conserve foreign exchange. The production increase comes with the addition of two more tyre presses and a tyre building machine at the CEAT Kelani manufacturing complex in Kelaniya, supplementing the two new tyre presses commissioned in March this year under ...
United States commits USD 150 million to support small businesses and empower Sri Lankan women Source:Bizenglish The United States continues to support small businesses in Sri Lanka as they work to overcome the economic challenges posed by the pandemic. The U.S. International Development Finance Corporation (DFC) awarded USD 150 million in funding to Sri Lanka’s DFCC Bank to bolster the local small and medium-sized enterprise (SME) sector, strengthen private sector investment, and support women entrepreneurs. This is the largest DFC loan disbursement for Sri Lanka to date and follows on a previous DFC funding line of USD 75 million to NDB Bank. A portion of the loan will be directed towards SMEs owned or led by Sri Lankan women. By empowering women in business, this agreement aligns with the U.S.’ broader goals of expanding financial inclusivity, tackling gender inequality, and increasing support for women-led enterprises. ...
Jul 17, 2021
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Tagged DFCC Bank, U.S. International Development Finance Corporation
Sri Lanka Tourism Lures Digital Nomads Source:Bizenglish Sri Lanka was recently recognized as one of the top destinations for Digital Nomads, emerging second in Club Med’s index of the best places and countries around the world to become a Digital Nomad. Club Med collected and assessed data in line with the growing demand for the nomadic lifestyles which enables travellers to escape to picturesque locations where they can work remotely from. This recognition comes just as Sri Lanka Tourism is charting a new path and offers yet another avenue to market the island in a bid to boost tourism. Digital Nomads are a growing segment within the tourism industry, of people who choose to embrace a location and enjoy a technology driven lifestyle which enables them to travel and work remotely, anywhere in the world. “Sri Lanka was ranked so highly because of its comparatively low living costs, average temperatures ...
Massive solar storm set to hit Earth: GPS, phone signals likely to be damaged, power grids vulnerable Source:Dailymirror Weeks after a powerful solar flare created a blackout over the Atlantic, a solar storm is headed towards Earth likely to hit the planet on Tuesday and Wednesday. Dubbed as a geomagnetic storm, the high-speed stream of solar wind is expected to hit Earth’s magnetic field as weather forecasters issue warnings. Generated at an equatorial hole that has recently popped up in the Sun’s atmosphere, it could lead to auroras on the poles as it strikes with Earth’s magnetic field. ...
Jul 17, 2021
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Tagged National Oceanic and Atmospheric Administration
First Quarter growth of 4.3% recorded-by Mahinda Aluthgedara Source:Dailynews Despite the impact from the COVID-19 pandemic, Sri Lanka’s economy grew 4.3 per cent in the first quarter of this year. According to the Department of Census and Statistics, the economy grew by 4.3 percent in the first quarter of 2021 compared to a negative growth rate of 1.8 percent in the first quarter of 2020. The Department of Census and Statistics released estimates of Gross Domestic Product (GDP) and other macroeconomic indicators at current prices and fixed prices (2010) under the Product Process for the period from January 1 to March 31, 2021. The second wave of the Covid pandemic which started in October 2020, is expected to have an impact on economic activity in the first quarter of 2021. ...
Jul 16, 2021
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Tagged The Department of Census and Statistics
John Keells Stock Brokers (JKSB) – Sri Lanka – STOCK MARKET WEEKLY – STOCK MARKET WEEKLY 16-07-2021 Brought to you by – John Keells Stock Brokers (JKSB) John Keells Stock Brokers (JKSB) is a leading equity brokerage house in Sri Lanka and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange (CSE). We are one of 15 founding members of the Colombo Stock Exchange and our history in equity trading dates back to 1896. We are widely regarded in the industry for good governance practices with an emphasis on compliance and regulations. Our core sales and research staff have been engaged with the firm for a period of 10 – 25 years. Over the years this has helped JKSB develop strong and lasting relationships with our core client base of Foreign Funds/Individuals, Local Institutions and HNWI’s. This has contributed to ...
Jul 16, 2021
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Tagged Colombo Stock Exchange, John Keells Holdings PLC, John Keells Stock Brokers
Council for Startups of Ceylon Chamber supports startups to attract investments Source:FT In line with the recently concluded Sri Lanka Investment Forum (SLIF) 2021 organised by the BOI, the Ceylon Chamber of Commerce and Colombo Stock Exchange, the Council for Startups held a webinar on the Startup Ecosystem Landscape to attract investments via the local tech and innovation opportunities. It was noted that in a thriving/robust startup ecosystem a good investment climate and deal flow is critical. As such, the aim of the webinar was to showcase the local tech and innovation potential and to boost the venture funding ecosystem in Sri Lanka. The panellists included Sequoia Capital Managing Director Rajan Anandan, Dialog Axiata PLC Director/Group CEO Supun Weerasinghe, Asia Securities Chairman Dumith Fernando, and Ceylon Chamber of Commerce Council for Startups Chairman Prajeeth Balasubramaniam moderating the session. ...
Jul 14, 2021
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Tagged Prajeeth Balasubramaniam, Supun Weerasinghe
University of Moratuwa Inaugural Lecture Series Source:FT University of Moratuwa’s recently-initiated Inaugural Lecture Series brings out newly-appointed professors to the public view. The objective being to communicate and inspire with their research and societal impact and further with the intention of generating more interaction and positive connectivity. The inaugural lecture represents a significant milestone in a university academic’s career when one observes the practice elsewhere. The event celebrates their promotion to the rank of Professor or other Professorship at the University. University of Moratuwa, Faculty of Graduate Studies is hosting the event as a public event – with the current restrictions in place. As a hybrid event anyone who is interested can join in and celebrate a career in research as one prepares for even more contribution subsequently. The inaugural lecture will offer both in-person and virtual access through Zoom and Facebook Live. ...
