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Business News

SriLankan Airline to seek a strategic partner, with a new chairman and director board, while undergoing re-structuring

Loss-making state-run SriLankan Airline will seek a strategic partner, with a new chairman and director board, while undergoing re-structuring under a plan devised by aviation consultancy 'Nyras'. A committee of officials chaired by the Treasury Secretary, convened by the Chairman of the National Agency for Public Private Partnership, and the secretary of the Ministry of Public Enterprises will carry out the restructuring of the airline and a search for a strategic partner.

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The new Inland Revenue act comes into force

 

The new Inland Revenue act comes into force . Finance minister Mangala Samaraweera says the act will ease the burden on the low-income people and effectively implement the revenue laws on the high-income group. He notes that there has been no increase in tax revenue parallel to the upsurge in the country's income. The minister says Sri Lanka's tax revenue remains low when compared to other countries in the region.

According to him, the new Inland Revenue act will make it obligatory for eligible taxpayers to pay their taxes. The act aims to change the present ratios of direct and indirect taxes of 80 per cent and 20 per cent, to 60 per cent and 40 per cent respectively. Minister Samaraweera adds that the Treasury and the Inland Revenue Department have taken measures to realize that objective by 2020.

International ayurvedic exhibition will be held in Colombo in July.

Ayurvedha Expo 2018 the international ayurvedic medicine exhibition will be held in July at the BMICH in Colombo. The chamber of commerce in collaboration with the health ministry and several other state institutions has organized this event.

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The minimum train fare to remain the same, even though train fares are to be revised

 

The minimum train fare will remain the same, even though train fares are to be revised. Speaking to the SLBC, the General Manager of the Sri Lanka Railways, S M Abeywickrema said, a committee headed by the Additional General Manger Udaya Kumara has been entrusted with the task of detailing the procedure to be followed in the increase of train fares this year.

He added that the Ministry of Finance has given the go-ahead for amendments to be made to train fares. Once the approval is received, the amended fares will be gazetted.

Around 500,000 passengers travel by train every day. He added that 15 trains were added to the service this year. He also focused his attention on increasing goods transportation by rail, in order to increase revenue

SATHOSA is ready to provide essential goods at the reduced prices for the upcoming festive season.

Chairman of Lanka SATHOSA  Mohammed Rizwan Hamid  says that SATHOSA outlets are now ready to  cater to the needs of the customers for the  upcoming festive season. There are 400 outlets throughout the island at present. SATHOSA expects to open 15 more outlets before the Sinhala Tamil New year.SATHOSA Chairman further said that,

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The President has ordered to stop fragmentation of coconut lands in the northwestern province..


President Maithripala Sirisena has instructed the relevant officials and institutions to stop fragmentation of all coconut cultivations in the north western province with immediate effect. The President gave this instructions at the special di9strict coordination committee meeting held in Kurunegala district secretariat today. The President said that the north western provincial council, relevant Pradesheeya Sabhas and the coconut development board are responsible to take action in this connection. Using coconut cultivation to construct houses has led to increase the prices of coconut. The President said therefore all should focus attention to this important matter.

MVIVO presents the future of Sri Lankan homes

MVIVO (Pvt) Ltd, a building construction company introduced its newest concept of constructing homes in Sri Lanka in Colombo yesterday. The launch now bring their expertise, innovation, and knowledge to the shores of Sri Lanka. Speaking during the launch, Kjell Van Doran, CEO of MVIVO (Pvt) Ltd., stated that their belief at MVIVO is that homes need to change with the times, they need to evolve.

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Minister Mahinda Amaraweera says the activities of selected local government representatives will be closely monitored.

Minister of Fishing and Aquatic Resources Development Minister Mahinda Amaraweera says the activities of selected local government representatives will be closely monitored. The Minister made these remarks at a function held at Angunukolapalessa Pahala Yaaya area, yesterday. Addressing the gathering the Minister further said the UPFA was able to grab a reasonable amount of votes and LG representatives during the recently concluded LG polls. That is an achievement. The Minister expressed confidence that the UPFA will build its platform in future based on this achievement.

The British Council announces the launch of a project to improve the quality of English Language Education in the country.

The British Council in Sri Lanka has announced the launch of a new project to improve the quality of English Language Education in the country. Named as The Teacher Education for English Project, it will target a large number of English Language teachers and trainee teachers, through a 14 month project, which will end in April next year. The target audience in the first stage will be one thousand trainee teachers enrolled to National Colleges of Education in Kandy, Kalutara and Jaffna.

The US expresses its eagerness to expand trade with Sri Lanka.


The United States has expressed its eagerness to expand open, fair and reciprocal trade with Sri Lanka. Director of the International Trade Administration Advocacy Centre at US Department of Commerce, Stephen Renna, recently met with US companies in Colombo, to discuss opportunities to increase US exports to Sri Lanka. US Ambassador in Colombo, Atul Keshap, emphasized that American companies are some of the most dependable business partners found anywhere in the world.

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