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Taxes removed during elections re-imposed

The government has re-imposed a food commodities tax, which was removed ahead of the Presidential and general elections.

No cancellation of flights

There will be no cancellation of SriLankan flights to Britain today due to interference of ash clouds, despite reports that parts of British airspace could be closed beginning today, Sri Lankan Airlines said....
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Seylan Bank profits up 323% to Rs. 185.9 Mn profit in Q1 2010

Seylan Bank has posted an encouraging Rs. 185.9 Mn profit in the first quarter of 2010 recording a sharp 323% increase compared with the Rs. 43.9 Mn in the corresponding period the previous year. ...
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International exhibition organiser CEMS-USA launches 3-in-1 expo on Power and Energy

CEMS - Conference & Exhibition Management Services Ltd – USA and CEMS India today announced a forthcoming three-in-one exhibition in Colombo focused entirely on the Power Industry and allied fields. ...
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India Container Port to Challenge Colombo

DP World Ltd. said as much as $1 billion may be invested in the first Indian port able to handle the largest container ships as the company tries to challenge Colombo’s grip on India’s maritime trade with Europe and China....
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Another First For Sri Lankan

SriLankan Airline’s failure to provide the new uniform to all its crew members has led to in flight crew being dressed in two different colours – blue and green — embarrassing the national carrier, SriLankan Airlines sources said.The airline which introduced the new uniform a few months ago, has failed to provide the full quantity of uniforms to all its crew members....
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SL Delegation will meet EU officials in third week in Brussels

The Delegation of the European Union to the Democratic Socialist Republic of Sri Lanka & the Maldives, confirms that a Government delegation will visit the European Commission headquarters later this month....
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International service providers of Sri Lanka allowed to open foreign currency accounts

International service providers in Sri Lanka and their employees are given permission to open foreign currency accounts in licensed commercial banks with effect from May 07th, the Central Bank announced today....
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BOI signs 8 new agreements for a total investment of US $ 48 million creating 900 job opportunities

The Board of Investment of Sri Lanka granted investment approval for 8 ventures to commence operations under the BOI. Mr. Dhammika Perera, Chairman / Director General signed the agreement on behalf of the BOI and formally presented the BOI Certificates of Registration to the investors. The new ventures will invest US $ 48 million and will create 900 employment opportunities....
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Govt. stand on milk food prices next week

The President of Consumer Affairs Authority Rumy Marzook has said the government’s stand on increase in the prices of milk powder will be announced next week. A number of milk food companies have asked permission from the government to increase prices of milk food as the prices in the world market has gone up. ...
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Economists visiting Sri shocked by Wimal’s actions

Finance Minister and Economic Development Ministry Secretary Dr. P.B. Jayasundera has informed Economic Development Minister Basil Rajapaksa that economists representing international organizations who have arrived in the country to explore the possibilities of granting aid to the country, have been shocked a petrified by NFF Leader and Wimal Weerawansa’s protest outside the UN launched on the 6th, sources from the Finance Ministry said.

New BOI project for economic development in Information Technology sector

The IT/BPO industry in Sri Lanka is witnessing tremendous growth due to the expansion of the global BPO industry. This is further supplemented with the availability of a highly skilled talent pool at a competitive cost to cater to the needs of the industry. Domestic IT adoption is also increasing significantly, driven by the awareness created by the initiatives taken to build IT capacity and competence in rural areas of Sri Lanka. The growth of telecom penetration, increasing use of IT and strong focus on ICT education in schools has also encouraged this growth. The use of technology and outsourcing as a means to reduce cost will continue to drive the growth of IT/BPO sector in Sri Lanka.

Jet awaits govt nod to launch more flights to Colombo

Jet Airways has so far not got official permission to launch additional flights to Colombo, four months after it applied, an airline official said.

The US GSP also at stake

The US government has decided to review the GSP facility extended to 3,400 Sri Lanka exports to the country.

STOP LABOUR RIGHTS VIOLATIONS IN THE APPAREL SECTOR AND COMPLY WITH ILO STANDARDS TO PROTECT US GSP

The US government has accepted a petition to review the US GSP status enjoyed by Sri Lanka.

New BOI projects reflect growing importance of tourism sector in economic development of Sri Lanka.

The Board of Investment promotional strategy will focus mainly on 5 areas during the next five years, which include dairies, tourism and leisure, education, IT/BPO and urban infrastructure development. Since the Tourism sector has the potential of becoming a major contributor in the economic development of the country, the government aims at building up this industry so that it may offer a world standard product.

Fitch Downgrades Sinhaputhra Finance PLC to 'B(lka)'

Fitch Ratings Lanka has today downgraded Sinhaputhra Finance PLC's (SFL) National Long-term rating to 'B(lka)' from 'BB-(lka)'. The Outlook is Negative. Although liquidity pressure faced by the company has waned, Fitch notes the significant increase in the regulatory six-month NPLs and consequent deterioration in the net NPL/equity ratio, and depressed profitability.

FITIS offers ICT Partnership Opportunities

The Federation of IT Industry Sri Lanka popularly known as FITIS offers its members a unique opportunity to create ICT partnerships. In finding new regional partners ICT companies can now join the business exchange and multilateral trade visit programs they offer through their regional body ASSOCIO.

Tri-Star Apparel provides jobs for 400 rehabilitated ex-LTTE cadres

400 ex-LTTE female cadres who received vocational training in rehabilitation centres have received jobs at the Tri-Star Apparel Factory in Alawwa.

GSP Plus benefit will not be extented unconditionaly

The Delegation of the European Union to the Democratic Socialist Republic of Sri Lanka & the Maldives would like to clarify information which has appeared in several press articles related to the ongoing dialogue on GSP plus between the European Commission and the Government of Sri Lanka.
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