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Last updateSat, 23 Jun 2018 7pm

Business News

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.

Many new projects will be implemented under the Mahaweli Development Program by the year 2020.


Minister Mahinda Amaraweera says that many new projects amounting to more than 100 Billion rupees will be implemented under the Mahaweli Development Program by the year 2020. Participating in to the progress reviews meeting of the Ministry, he added that 2,400 small tanks will be renovated under the project. Water will be provided for the thousands of acres of paddy lands.

Ebony Holdings launches new corporate website for enhanced customer satisfaction.

One of Sri Lanka's leading clothing suppliers, Ebony Holding recently launched their newly revamped corporate website at an official ceremony held in Colombo. The revamped website www.ebonyholdings.com has been designed to offer a seamless online experience to customers and dealers when browsing through the company's multiple brands and offerings.

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Attention has been focused upon ways of providing young entrepreneurs with loans without the necessity to meet collateral requirements.

At a recently held meeting of the CEOs of the commercial banks operating in Sri Lanka, Governor of the Central Bank, Dr Indrajit Kumaraswamy drew attention to the difficulties potential young entrepreneurs who undergo vocational training face, when obtaining loans from formal banking institutions to commence or improve their businesses. This is due to their inability to meet collateral requirements.

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Special commodity levy on potatoes increased


The Government has decided to increase the Import Levy on potatoes with the prime purpose of protecting the local cultivator. The special trade levy of 'one rupee' imposed on a kilogramme of imported potatoes has been increased up to '30 rupees', with effect from midnight yesterday.

The local potato harvest is now reaching the market. As such the import levy on potatoes has been increased with the aim of granting relief to the local farmer. The Ministry of Finance said this tax revision will be effective until the 31st of next month.

The levy imposed on imported potatoes has been increased.

The Ministry of Finance says the special commodity levy imposed on imported potatoes will be increased by 29 rupees per kilogram from midnight today. The current levy of 1 rupee per kilogram has been increased up to 30 rupees

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Sathosa emphasizes that there is no necessity to place orders for new imports of rice.

Sathosa and the Association of Traders Importing Essentials states that sufficient stocks of rice are available to meet the domestic demand. Rice stocks of the Maha season are being received. Thereby, there is no necessity to place orders for new imports of rice.

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The Government had obtained ADB Financial assistance of 100 million US dollars in 2016 to finance the Small and Medium-Sized Enterprises

 

The Government of Sri Lanka had obtained ADB Financial assistance of 100 million US dollaer in 2016 to finance the Small and Medium-Sized Enterprises Line of Credit Project. The objective of the project was to strengthen the SME sector by facilitating access to finance and expanding the employment opportunities in the sector. The project is being successfully implemented and given its importance, the Government of Sri Lanka decided to obtain additional financing through a loan of USD 75 million with the intention to scale up the ongoing SME Line of Credit Project. Secretary to the Ministry of Finance and Mass Media Dr. R H S Samaratunga, on behalf of the Government of Sri Lanka and Country Director ADB – Sri Lanka Resident Mission Ms. Sri Widowati, on behalf of the ADB, signed the loan agreement at the Ministry of Finance and Mass Media last week.