News

Bank of China to open branch in Port City

Bank of China to open branch in Port City

Bank of China, one of the biggest state owned commercial banks in China will open its first branch in Colombo this year in the presently constructed 1.4 billion dollar Port City, China’s Ambassador to Sri Lanka, Yi Xianliang said. The Bank would bring in an …

48 Indian Fishermen Arrested

48 Indian Fishermen Arrested

India has alleged that Sri Lankan Navy has apprehended 48 Indian fishermen and their boats after forcing them to surrender by firing in the air. The fishermen were allegedly rounded off from the Palk Strait area — the body of water running between India’s southeast …

No Trust Motion: to break ruling parties

No Trust Motion: to break ruling parties

Senior members of the rainbow coalition government in Sri Lanka see the No Confidence Motion (NCM) against Foreign Minister Ravi Karunanayake submitted by the Joint Opposition led by former President Mahinda Rajapaksa, as a clever ploy to break the ruling Sri Lanka Freedom Party (SLFP-Sirisena) …

Joint Universities in future

Joint Universities in future

The Chinese Ambassador in Sri Lanka, Yi Xianliang, has predicted the establishment of a joint Sino-Lanka University to train professionals to work in Chinese establishments and industries expected to come up in Sri Lanka. Addressing a group of 18 Sri Lankan students who have been …

ITAK opts out of Ministerial Posts

ITAK opts out of Ministerial Posts

The Ilankan Tamil Arasu Katchi (ITAK), the largest party in Sri Lanka’s Northern Provincial Council (NPC), has decided not to take any ministerial position in the provincial administration in view of serious differences with Chief Minister C.V.Wigneswaran. As a follow up, the sole legitimate representative …

Those  not connected to the LTTE are involved in sword attack

Those not connected to the LTTE are involved in sword attack

Jaffna District Parliamentarian and Ilankai Tamil Arasu Katchi (ITAK) Leader Mavai Senthirajah said Government and the hierarchy of the security forces had informed them that there is no threat by the LTTE and their attempts at violence are over. “Many of those who are not …

Supreme court shoots down tax reforms

Supreme court shoots down tax reforms

Sri Lanka’s Supreme Court has effectively shot down a sweeping overhaul of the island’s tax system, calling the proposed legislation unconstitutional, the country’s parliament speaker told lawmakers on Friday. Last month Sri Lanka tabled the Inland Revenue bill to widen the tax net and give …

Trade in Renminbi to expand trade

Trade in Renminbi to expand trade

China, on Monday requested Sri Lanka to directly use the Chinese currency renminbi, rather than the US dollar, in trading between the two countries. Chinas Ambassador to Sri Lanka, Yi Xianliang, speaking at the China Sri Lanka Infrastructure Investment Cooperation Forum in Colombo said Chinese …

Foreign firms barred from bidding

Foreign firms barred from bidding

Sri Lankan President Maithripala Sirisena told the Sri Lanka Ports Authority (SLPA) here on Tuesday, that he would not, “under any circumstances”, allow the contract to complete Colombo Port’s East Terminal to be given to a foreign party. Among the companies bidding for the project …

Port deal to boost FOREX, attract more investments

Port deal to boost FOREX, attract more investments

China’s deal with Sri Lanka to acquire a 70 percent stake to develop the Hambantota Port in southern Sri Lanka for 1.12 billion US dollars will boost Sri Lanka’s foreign-exchange reserves and help bolster investor confidence, an international rating agency said Monday. Moody’s, in its …