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HEADLINES - 2nd August 2018


Sri Lanka Economic Summit – A turnaround shaped by the digital economy – The Island

The session titled "Sri Lanka INC - Transforming into the Digital Economy"  which is to be held at Cinnamon Grand on 13th September from 2pm to 5pm, at the Economic Summit 2018, aims to inspire local companies to think global, highlight success stories and provide trends of what is to come. The focus of this session will be twofold – the first is on "Power houses in the digital era" and the second is "New business models for the digital economy".


Customs Tax amended for vehicles less than 1000cc, hybrid/electric – Daily Mirror

The excise duty levied on vehicles engine capacity less than 1000cc had been revised from today, the Finance Ministry said. Accordingly, Import Duty on vehicles less than 1000cc had been increased up to Rs. 1.5 million and hybrid and electric vehicles less than 1000cc up to Rs.1.25 mn.


Cigarette prices increased due to excise hike – Ceylon Today

The excise duty on cigarettes has been increased by Rs 3.80 per stick with effect from midnight yesterday (31), the Ministry of Finance said. 


CPSTL ensures uninterrupted fuel supply – Daily Mirror

Ceylon Petroleum Storage Terminals Limited (CPSTL) yesterday said it is ready to face any trade union actions by the Ceylon Petroleum Bowser Owners’ Association (CPPBOA) to ensure an uninterrupted fuel supply to the nation by engaging directly with the independent bowser owners.


Afghanistan opens $3TN oil, gas, and mineral deposits to Sri Lanka – Daily News

Afghanistan which packs over US $ 3 trillion in identified natural resources has issued an open call to Sri Lankan business sector to visit them, prospect and reap benefits. “I found out those Sri Lankan miners to be well skilled” said Ambassador of the Islamic Republic of Afghanistan to Sri Lanka Munir Ghiasy in Colombo.


Google balloon to see light again – Daily News

The Google Loon project has been renegotiated and will be re-launched in Sri Lanka. Minister of Telecommunication, Digital Infrastructure and Foreign Employment, Harin Fernando said he had visited the International Telecommunication Union (ITU) in Geneva and obtained an approval to relaunch the Google balloon project in Sri Lanka in the near future.


Infrastructure upgrades to draw tourism investors in Sri Lanka's Mannar – EconomyNext

The Sri Lankan government will develop Mannar as a tourism destination, building on the efforts of the Canadian government by modernising infrastructure, a minister said. Tourism Development Minister John Amaratunga said that he will be sending officials from the Sri Lanka Tourism Development Authority to Mannar to evaluate how the government should conserve attractions and develop the district for tourism.


Govt nod to call for bids in Mannar, Cauvery basins for oil exploration – LBO

Sri Lanka’s cabinet of ministers has given the go ahead to call for bid from international companies to explore oil and gas deposits in the north-western Mannar and Cauvery basins, a statement said.


Sri Lanka to set up cold storage unit for farm produce to cut post-harvest losses – EconomyNext

Sri Lanka’s government  is to set up a temperature controlled storage facility at Dambulla, a key farming centre in the north-central region, to store farm produce and reduce post-harvest losses, a spokesman said.


180 projects worth Rs.60b to be vested with public – DailyFT

As many as 180 development projects which have been completed under the ‘Pibidemu Polonnaruwa’ (Awakening of Polonnaruwa) District Development Program will be declared open in Polonnaruwa this week by President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe, the President’s Office said.


Prof. Munasinghe & President Obama share limelight at Global Climate Leadership Summit – DailyFT

The co-winner of the 2007 Nobel Prize for Peace, Prof. Mohan Munasinghe, was the first among a panel of eminent speakers, which included former US president Barack Obama, also a Nobel Peace Prize Laureate, to address the global Climate Change Leadership Summit in Porto, Portugal on 6 July.


US says committed to work with SL to combat human trafficking – Daily Mirror

The US is committed to working with civil society, international organizations, and the Sri Lankan government to combat trafficking in persons in the country, a diplomat of the US Embassy on Monday said.


Laos People’s Democratic Republic extends on arrival visa facility to Sri Lankans – LBO

The Ministry of Foreign Affairs of the Lao People’s Democratic Republic has confirmed that, with effect from 01 August 2018, Sri Lankan citizens holding valid travel documents could apply for the visa on arrival at the international border checkpoints of the Lao People’s Democratic Republic.


July inflation hits 6-mth high – Daily Mirror

Sri Lanka’s inflation measured by the Colombo Consumer Price Index (CCPI) accelerated to a six-month high of 5.4 percent during the 12 months to July, up sharply from 4.4 percent in June, largely due to the base effects and higher food prices. 


CB seen holding rates to spur growth – DailyFT

Reuters: The Central Bank is expected to keep key interest rates steady at its policy review on Friday as it looks to spur faltering economic growth amid heavy downward pressure on the Nation’s currency, a Reuters poll showed.


Rupee ends marginally firmer in dull trade – Daily Mirror

(Colombo) REUTERS: The Sri Lankan rupee ended marginally firmer in dull trade yesterday as selling off dollars by banks surpassed mild demand for greenbacks from importers, traders said.


CSE dips to near 3-week closing low on foreign selling – DailyFT

Reuters: Sri Lankan shares ended weaker yesterday, hovering at their lowest close in three weeks, as foreign investors offloaded blue-chip stocks such as John Keells Holdings PLC, while lacklustre corporate results dented sentiment further.


Asian shares in July post their first gain in three months – DailyFT

Reuters: Asian stocks posted marginal gains in July after two straight months of declines as strong second-quarter earnings bolstered regional shares amid simmering trade tensions between China and the United States.


Downward momentum in weekly averages continue – DailyFT

The downward momentum in the weekly Treasury bill auctions continued at yesterday’s auction as well, with the total offered amount of Rs. 24.5 billion being successfully subscribed. The 91 day bill recorded the sharpest decrease of 07 basis points to 8.17% closely followed by the 364 day bill by 04 basis points to 9.23%. All bids received on the 182 day bill were rejected while the bids to offer ratio increased to a 3.2:1.


Susantha Ratnayake retires from Ceylon Tobacco Company – LBO

Chairman of the Ceylon Tobacco Company, Susantha Ratnayake has retired from the company with effect from yesterday after the completion of his term of five years as the Chairman and six years as a Non-Executive Independent Director.

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