14December2017

Athulatha

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The increase in the use of technology is changing the face of the entire banking and financial sector by filling the void of inaccessibility to financial services, Path Solutions - Kuwait, Group Chairman and CEO Mohammed Kateeb said. Delivering the key note address on ‘Technology Impact on Future Financial Services’ at the Islamic Finance Forum of South Asia held in Colombo yesterday , Kateeb said that emerging technologies and disruptions would democratize financial services and products in the near future. “The financial sector is continuously coming up with new and seamless ways to provide services to the global population and…

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The government must follow through on its budget promises in order for business to succeed in Sri Lanka, said Ramal Jasinghe, the president of the National Chamber of Exporters He was speaking at the Sri Lanka Press Institute yesterday at the rollout of a new budget-tracking tool developed by the think tank Verite Research. Verite found that one-third of last year’s budget promises are currently being implemented in some form. These include projects like improving roads in rural areas, a housing project in the North and East, and a credit scheme to encourage domestic solar power generation. But no public…

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Star Group a pioneer apparel manufacturing company in Sri Lanka, with Komar a large apparel company in the USA opened South Asia’s first Passive House (PH) factory building in South Asia last week in Sri Lanka. It’s the eighth such factory buildings in the world. The factory will house their world class innovation center in this global model for sustainability. Passive House standard which originated in Germany as ‘Passivhaus’ in 1988, is a rigorous and voluntary standard for energy efficiency in a building, reducing its ecological footprint. It results in ultra-low energy buildings that require little energy for space heating…

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In an ambitious drive to tackle youth unemployment, the United States Agency for International Development (USAID) along with the business leaders and the Sri Lankan Government unveiled ‘YouLead’ , a new employability and skills development project yesterday. The ‘YouLead’ is a $ 12 million initiative that USAID and its project partners will collaborate for a four -year period to help young Sri Lankans between the ages of 16 and 35 to become more competitive in the labour market. The US Ambassador to Sri Lanka and the Maldives, Atul Keshap speaking at the inaugural ceremony stressed the need to train and…

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Among key constraints to Sri Lanka’s growth are unequal economic development across provinces, land administration and an ageing population, the World Bank (WB) has said in its website, commenting on the government’s Vision 2025 programme, which sets out a course of reforms to make the country more competitive and lift all Sri Lankans’ standards of living. Vision 2025 reforms range from the pressing need for labour law reform to restructuring social safety net programmes and boosting technology acquisition and digitisation. The World Bank says that as Sri Lanka looks to the future, the country needs to address the needs of…

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Sri Lanka is fast losing in competitiveness in the quest for regional shipping hub status as the delay to kick start several development projects in the Colombo Harbour, said Julian Michael Bevis, Senior Director, Group Relations, South Asia, Maersk Line India Pvt. Ltd. A veteran in the shipping industry for over four decades he said that two years ago government called for expressions of Interest (EOI) for the construction of the Colombo East container terminal (CET) and they too made a bid joining John Keells and an Indian company. “We were made to believe that we were a successful bidder…

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The reclamation of the port city is expected to be completed by 2019 and the first investment on the reclaimed land was expected to begin by mid next year which would be an investment of US$ one billion, said Law and Order Minister Sagala Ratnayaka addressing the Sri Lanka Retailers’ Association first AGM in Colombo on Tuesday. The Minister also said that the ground breaking of the Hambantota Industrial Zone was scheduled to take place on November 4. Minister Ratnayaka said that there was no doubt that the port city would be the best piece of real estate in the…

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  Sri Lanka’s economy is projected to move to a higher growth path of around 7 % by 2020, said Minister of Finance Mangala Samaraweera at the World Bank/IMF Annual Meeting in Washington, D.C. He said that this is mostly due to the ongoing broader structural reforms and enhanced investor confidence. Highlighting the recent economic developments and prospects the Minister said that currently Sri Lanka is growing below potential but prospects are improving. “Our broad development strategy will focus on a three-pillared agenda which includes democratization, reconciliation and sustainable and equitable development resulting in employment generation that transmits the benefits…

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Sri Lanka would soon introduce legislation for the Immigration Controller to act as the sole authority to expedite bringing in foreign experts to be employed in the ICT sector in Sri Lanka, said State Minister for Finance, Eran Wickramaratne. “Sri Lankan ICT companies at times need foreign ICT exporters to work for them to fine tune some of their projects and there is tremendous red tape to get this foreign ICT consultant to Sri Lanka. The Minister was speaking at a forum promoting economic freedom, organized by Colombo-based Advocata Institute and Fraser Institute of Canada. Firstly the company concerned has…

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Dr. Hossein Bamiri, Commercial Attache, Embassy of Iran, New Delhi, urged the need to commence banking relations in order to give a further fillip to trade and investment ties between Sri Lanka and Iran. He was speaking at a seminar on ‘Bilateral trade between Sri Lanka and Iran’, organized by the National Chamber of Commerce of Sri Lanka, yesterday. According to Dr. Bamiri, at present, Iran and Sri Lanka don’t have banking relations. However, Iranian President Hasan Rauhani and Speaker of the Sri Lankan Parliament Karu Jayasuriya have emphasised the need for development of banking relations between both countries at…

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