Banks alarmed over parate execution suspension move

Sri Lanka’s banking sector is on the edge of following the government’s decision to suspend parate execution rights.

SriLankan Airlines confirms safe return of UL 605

National carrier SriLankan Airlines confirmed that flight UL 605 from Melbourne to Colombo made a safe return back to the Melbourne Airport.

Central Bank relaxes restrictions imposed on standing facilities

Monetary Board relaxes restrictions imposed on the Standing Facilities to Licensed Commercial Banks (LCBs) under Open Market Operations (OMOs).

Sri Lanka to launch first-ever apparel roadshow in UK

The Sri Lanka Export Development Board (EDB), along with SLASA, the Sri Lanka High Commission in the UK, and JAAF, will host the ’Sourced Sri Lanka – Textile & Apparel Roadshow’ in London in June 2024.

Mirror Biz Toon

SEC introduces social media misconduct reporting mechanism

The Securities and Exchange Commission (SEC) has introduced a system to report instances of misconduct on social media that could potentially affect the Colombo Stock Exchange (CSE).

Sri Lanka Telecom announces second leadership transition in seven months

Sri Lanka Telecom has seen its leadership change for the second time in about seven months with the entity affirming the appointment of a new Chairman.

Central Bank appoints six new Assistant Governors

The Central Bank of Sri Lanka (CBSL) announced today the appointment of six new Assistant Governors by the Governing Board.

Asia on-track to deliver two-thirds to global growth in 2024: IMF

The year 2024 is expected to be one of prosperity for Asia with the International Monetary Fund (IMF) expecting the region to maintain its momentum in delivering two-thirds to global growth.

Vessel calls at HIP surge 132% YoY

Over 300 oil and gas cargo vessels visited the Hambantota International Port (HIP) in 2023, recording a 132 percent increase in vessel calls compared to 2022.

Resignations at SLT as Board overhaul begins

Sri Lanka Telecom (SLT) yesterday saw its Board members resign after President Ranil Wickremesinghe directed the Treasury Secretary last week to reconstitute the Board with immediate effect.

Central Bank maintains policy rates at current levels

Policy rates will be maintained at their current levels, the Central Bank of Sri Lanka said today, its is first monetary policy announcement for the year.

Sri Lanka tourism records stellar performance: Over 100,000 visitors flock in first 15 days of January

Tourist arrivals to Sri Lanka crossed the 100,000 milestone within the first 15 days in January, signaling a remarkable spike in global interest in the island nation.

Ranil urges intl. investors to look at Sri Lanka’s promising renewable energy sector

Sri Lanka’s renewable energy sector came under international spotlight this week with President Ranil Wickremesinghe calling on investors to take part in the island nation’s sustainability agenda.

Negombo puts Sri Lanka tourism under spotlight

Sri Lanka has come under the international spotlight once again for its unique tourism offering, but drawing attention this time round is the scenic city of Negombo.

EPF to go paperless

The Employees’ Provident Fund (EPF) will be modernised going forward, the Central Bank said, with efforts underway for its operation to go almost paperless.

Persons with no TIN could face penalty up-to Rs. 50,000

With effect from 1 January, persons who have not obtained a Taxpayer Identification Number (TIN) will be subjected to a penalty not exceeding Rs. 50,000, the Department of Inland Revenue cautioned.

Aswesuma application process to kick off by end Jan.

The application process for the welfare scheme ‘Aswesuma’ will kick off towards the end of the month, the Finance Ministry said.

President hopeful of significant economic growth in 2024

Entering the year with positivity, President Ranil Wickremesinghe said the government aims to achieve an economic growth of 3 percent in 2024, with a commitment to advancing even more rapidly.

Nahil Wijesuriya donates Rs.1bn to Little Hearts project

Little Hearts project of the Lady Ridgeway Hospital for Children has received a generous Rs.1 billion donation from leading businessman and East-West Group of Companies Chairman, Nahil Wijesuriya.

Dialog alerts consumers of price hike due to VAT increase

With revisions to the Value Added Tax (VAT) coming into effect from 1 January, telecom giant Dialog Axiata has notified its consumers of the increases that will be seen in their monthly bills.

World Bank releases US $ 250mn for Sri Lanka

The World Bank today said it has released the US $ 250 second tranche of the US $ 500 million budget support loan for Sri Lanka that was approved in June 28, 2023.

IMF wants SL to finalize deals with creditors ahead of second review in June

Sri Lanka needs to enter into agreements with its official and private creditors before the second review of the Extended Fund Facility (EFF), which is expected to be concluded by the end of the first half of next year, IMF Senior Mission Chief for Sri Lanka, Peter Breuer said.

Sri Lanka projected to end 2023 with US $ 3.8bn foreign reserves: IMF

Sri Lanka’s gross foreign reserves are projected to reach US $3.8 billion by the end of 2023, according to International Monetary Fund (IMF) projections.

Sri Lanka and Paris Club official creditors reach preliminary debt deal

Sri Lanka and the country’s Official Creditor Committee (OCC) co-chaired by India, Japan and France as the Chair of the Paris Club have agreed on a debt restructuring deal, a statement issued by the Paris Club Secretariat said.

CBSL further reduces policy interest rates

The Monetary Policy Board announced its decision to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 100 basis points (bps) to 9.00 percent and 10.00 percent.

John Keells Group inks distribution deal with BYD

John Keells Group has been appointed as the exclusive distributor of BYD passenger vehicles in Sri Lanka.

RM Parks Inc. enters fuel market with $ 110 mn investment

California-based US fuel distribution company, RM Parks Inc. California-based US fuel distribution company inked an agreement with the Board of Investment (BOI) to serve the local petroleum sector with a US$ 110 million investment.

DCSL enters beer business with Heineken Lanka acquisition

Leading local spirits maker Distilleries Company of Sir Lanka PLC (DCSL) has entered into an agreement with Heineken International B.V. to acquire all its shares in Heineken Lanka Limited for an undisclosed price.

Summary of Budget 2024

President Ranil Wickremesinghe, serving as the Minister of Finance, presented the 2024 budget to Parliament under the theme ’’Prelude to a Bright Future.’’ Here is a summary of the budget speech, including key tax proposals.