Pakistan to privatise loss-making national airline

Pakistan plans to privatise its loss-making national carrier Pakistan International Airlines, the government said this week, as the country also seeks to outsource its airport operations in line with an IMF deal.

Uma Oya hydro project to be commissioned this year

Uma Oya hydro-electricity project could be commissioned in the latter part of this year, Prime Minister Dinesh Gunawardena was informed today by the Iranian Ambassador in Colombo. Hashem Ashjazadeh.

July witnesses highest monthly tourist arrivals so far this year

Sri Lanka recorded 143, 039 tourist arrivals for July, the highest monthly arrivals recorded so far this year, the data released by Sri Lanka Tourism Development Authority said.

Chamber of Mineral Exporters launched to advance the sector

In an effort to bring fresh focus to Sri Lanka’s mineral resource industry, stakeholders of the sector today launched the Chamber of Mineral Exporters (CME) as a collaborative initiative.

Inflation drops to single-digit levels in July

The headline inflation in Colombo district as measured by the Colombo Consumer Price Index (CCPI) reached single-digit levels to 6.3 percent in July, easing from 12 percent in June.

Govt. relaxes limitations on outward remittance

The government has relaxed certain limitations on outward remittances for capital transactions and removed restrictions on current transfers of emigrants with the current and expected developments in the domestic foreign exchange market.

SL secures EUR 9.8mn grant to strengthen public finances

Sr Lanka has signed financing agreements to secure a grant of EUR 9.8 million from the World Bank, European Union (EU)and Française de Développement (AFD) to strengthen the country’s management of public finances.

European Commission proposes 4-year extension to GSP+

The European Commission has proposed a four-year extension to the current GSP+ scheme until 31 Dec 2027, so that countries, such as Sri Lanka, do not lose their preferential access in the interim.

Financial assets unlikely to come under proposed wealth tax

Financial assets are unlikely to come under the proposed wealth tax, which is set to come into effect in 2025, due to practical difficulties and complex nature in administration and tax collection, according to a top tax expert.

India’s HCL eyes Eastern province for major IT facility

India’s HCL Technologies (HCL), a leading global technology company, which already has a strong presence in Sri Lanka, is exploring....

SL, Nepal look to deepen economic partnership

Sri Lanka and Nepal are currently exploring the possibility of having an exchange of high-level visits and business delegations, in an effort to firm up ties between the two countries, Minister of Foreign Affairs Ali Sabry said.

Fitch revises Outlook on CEB to Positive; affirms at ’B(lka)’

Fitch Ratings has revised the Outlook on Ceylon Electricity Board (CEB) to Positive from Stable while affirming its rating at (B)lka.

Assessment of ‘Aswesuma’ appeals and objections to kick-off

The assessment of 968,000 appeals and 17,500 objections received for ‘Aswesuma’ will kick off, the Ministry of Finance announced today.

CB declines permit renewal for 15 money changers

The Monetary Board of the Central Bank has decided not to renew the money-changing permits of 15 money changers (MCs) for the year 2023 due to non-compliance with a condition of the permits issued for the year 2022, which was communicated to the respective MCs on February 22, 2023.

CB slashes policy interest rates by 2%

The Monetary Board of the Central Bank this morning announced a 200-basis point reduction in policy rates after slashing 250 basis points at the previous monetary policy review in June.

ADB launches two publications on SL’s energy sector

Sri Lanka today saw the launch of two energy sector publications, supported by the Asian Development Bank (ADB), which map the journey of the local electricity supply industry.

Excluding banking sector in DDO will lead to lower interest rates: CA Sri Lanka

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) today said the decision to exclude the country’s banking sector from the Domestic Debt Optimisation (DDO) plan will result in lower interest rates.

Inflation down sharply to 12% in June

Sri Lanka’s official headline inflation as measured by the Colombo Consumer Price Index (CCPI) on a year-on-year (YoY) basis eases to 12 percent in June, largely on higher base effects, last year.

Pakistan enteres US $ 3bn staff-level deal with IMF

Pakistan, which is flirting with a debt default, has secured a staff-level agreement with the International Monetary Fund (IMF) for a US $ 3 billion stand-by arrangement, foreign media reported.

CCC calls for responsible action and patience on debt restructuring plan

The Ceylon Chamber of Commerce (CCC) urges all political parties and stakeholders concerned to act with responsibility and await the finalization of the proposed debt restructuring plan.

Nas Daily to create content for Sri Lanka Tourism

Nuseir Yassin, an Arab-Israeli vlogger who creates content under the ‘Nas Daily’ banner, is expected to create three videos to promote Sri Lanka for tourism and investment.

WTTC and UNWTO ink historic MoU to uplift global tourism

For the first time in history, two of the world’s leading travel & tourism organisations representing the global public and private sectors have agreed to work together across a number of key objectives.

UL says sick cockpit crew member delayed flight to Seoul

SriLankan Airlines today said the flight UL 470 to Seoul was delayed due to one cockpit crew member, who was scheduled for this flight, falling sick.

National inflation eases to 22.1% in May

National inflation as measured by National Consumer Price Index (NCPI) eased to 22.1 percent in May on a year-on-year (YoY) basis from 33.6 percent in April.

SL able to boost trade with the UK as new trading scheme comes into force

Sri Lanka will be able to improve trading with the United Kingdom as the new Developing Countries Trading Scheme (DCTS) comes into force from today. Sri Lanka is among the 65 countries that would benefit from the new facility.

Colombo Tea Auction sees rupee tea prices strengthening this week

In the backdrop of the depreciating Sri Lankan rupee vis-à-vis the US dollar, the Colombo Tea Auction this week saw the rupee tea prices strengthened, following the improved widespread demand. Consequently, a lesser volume of teas remains unsold, the tea brokers said.

Beyoncé blamed for keeping inflation high in Sweden. Is Springsteen next?

CNN: Swedish consumers now have Beyoncé to blame for their bills, bills, bills.

Uber One global membership now in SL

Ride-sharing app Uber announced yesterday the launch of the popular membership programme Uber One in Sri Lanka.

Emirates announces key appointments for SL and Maldives operations

Rashid Al Ardha appointed as Manager for Sri Lanka and Maldives; Chandana de Silva to assume new role as Manager Government Liaison – Sri Lanka and Maldives

CMTA proposes sustainable approach to vehicle imports

CMTA Chairman Charaka Perera The Ceylon Motor Traders Association (CMTA) has come up with a proposal to resume vehicle imports, with a focus on benefiting the economy, meeting mobility needs of masses and ensuring government revenue.