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Sun08202017

Last updateSun, 20 Aug 2017 2pm

Business News

Problems relating to the tax structure will be resolved in the new Tax Act.

 

Senior Lecturer of the Wayamba University Aaminda Methsila states that it is the responsibility of the public to pay tax to the government for the benefit of the development of the country.  He further stated that problems relating to the tax structure will be resolved in the new Tax

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The International Book Exhibition will begin on the 15th of next month.

 

The International Book Exhibition will be held at the BMICH from 15th to 24th of next month. President Maithripala Sirisena is scheduled to open the exhibition. This year's exhibition will be comprised with 400 stalls. General Secretary of the Book Publishers Association, Ariyadasa Weeraman said that there are 60 foreign book stalls. 162 novels have been submitted for Literary Awards Festival.

The government has price controlled the Stents that are being used during heart operations.

 


The government has price controlled the Stents that are being used during heart operations. Health Minister Dr. Rajitha Senarathna who took part as the Chief Guest of foundation stone laying ceremony in three storied relic placing mansion of Vidya Ravindra Pirivena in Gampaha made this revelation there. According to the new prices, a Stent now sold at 75,000 rupees per unit is decreased to 24,000 rupees.

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A programme to generate electricity by using garbage will be held in Kerewalapitiya on Thursday.

 

The Ministry of Megapolis and Western Development has initiated a programme to generate electricity by using garbage for the first time in Sri Lanka. The programme has been named as "Nikasala-Javaya". The two projects for the construction to generate electricity using

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State Pharmaceutical Corporation reports a profit of two billion rupees annually.

Minister Rajitha Senarathne says the State Pharmaceutical Corporation reports a profit of two billion rupees annually. Therefore, the government has decided to give 70 percent increase to the employees. All the trade unions in the corporation extended their fullest support for this move.

The Minister revealed these facts joining the opening of Osu Sala branch in Piliyandala town. State Pharmaceutical Corporation is the biggest pharmaceutical seller in the country at present. The present government has reduced the prices of a large number of varieties of drugs and medical equipment. Stents for heart surgeries and lenses for cataract surgeries are provided free of charge at present. The Minister revealed that some medical trade unions who go against him have been bribed by some large scale pharmaceutical companies.

Export income has gone up.

The Central Bank of Sri Lanka says a remarkable growth observed in the export income during this year. Sri Lanka’s external sector strengthened with significant inflows to the financial account of the balance of payments with proceeds from the 11th international sovereign bond issuance and a syndicated loan facility in May 2017. These inflows resulted in an increase in gross official reserves from US dollars 5.0 billion as at end April 2017 to US dollars 6.8 billion as at end May 2017. Investor confidence in the Sri Lankan economy continued to be buoyant with continuous inflows to the government securities market and the Colombo Stock Exchange. However, the current account of the BOP demonstrated a mixed performance during May with a widening of the trade deficit and a moderation in earnings from tourism and workers’ remittances. Despite exports increasing for the third consecutive month, the higher increase in import expenditure resulted in a further expansion of the trade deficit. Overall, continuous inflows to the financial account with positive investor sentiments and a gradual rebalancing of the current account is expected to positively impact Sri Lanka’s external sector during the second half of 2017.

Value of the Sri Lankan rupee has become stable.

 

The Central Bank says the Value of the Sri Lankan rupee is getting stable. The main reason is the increase of foreign remittances and increasing demand from the foreign investors. There is much debate on whether the exchange rate should appreciate or depreciate due to its impact on economic activity.

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People’s Bank Digital Centre opened.


People’s Bank achieves a unique milestone in its digitalization drive with the opening of its fully fledged Digital Center by Prime Minister Hon. Ranil Wickremesinghe at York Street, Colombo 1. Incidentally it becomes the first fully Digitalized Branch thus creating history in Sri Lanka’s banking industry. The Bank is proudly launching Express Banking simultaneously to allow customers to experience how its digitalization initiatives will streamline and simplify their financial affairs by offering speed and convenience. Initially, customers visiting the Digital Center will have Bank staff on hand to assist them to navigate Express Banking on electronic devices provided by the Bank until they feel comfortable to conduct transactions without assistance. The launch of this Digital Center marks a quantum leap for the Bank in its dynamic leadership to become the most digitalized bank by the year 2020, to unlock the benefits of digitalization for its customers.

Commenting on the momentous occasion, Hemasiri Frenando, Chairman of People’s Bank says, “People’s Bank has been an integral pillar in the nation’s development by understanding and responding to customer needs and industry trends. As the bank with one of the largest customer bases in Sri Lanka’s banking industry, People’s Bank has demonstrated its leadership status by initiating digitalization in alignment with the latest consumer and market trends. The launch of the Digital Center marks a proud milestone in our journey to bring the benefits of digitalization banking to the nation.

A three year plan to develop Trincomalee Harbour.

 
The government says a three year plan is devised to develop Trincomalee Harbour. Minister Mahinda Samarasinghe stated that around 10,000 acres of land has been identified inside the harbour premises to develop in different sectors. A special gazette notification will be published in near future in this regard. Research activities will also be carried out under this project.

 

Sri Lanka needs reforms to seek new opportunities and a new growth model

World Banks’ Senior Country Economist for Sri Lanka and the Maldives, Ralph van Doorn said Sri Lanka needs reforms to seek new opportunities and a new growth model, to increase and sustain growth. It is also necessary to have a mechanism to create jobs and reduce poverty in the middle term. “It is important to monitor the macro economy by providing technical assistance and advice to the government on topics related to macroeconomics, fiscal policy and public debt management. The best time for reforms is now,” he said at a forum in Colombo last week.

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