South Asia worst in world for water scarcity: UN

AFP: More children in South Asia are struggling due to severe water scarcity made worse by the impacts of climate change than anywhere else worldwide, the United Nations said yesterday. “A staggering 347 million children under 18 are exposed to high or extremely high water scarcity in South Asia, the highest number among all regions in the world,” the UN children’s agency said in a report. The eight-nation region, comprising Afghanistan, Banglade

India’s top engineering institute to help set up tech university in Kandy 

Sri Lanka will soon see the establishment of a new technology university under the guidance of Indian Institute of Technology Madras, popularly known or IIT Madras. The university will be set up in the central province, Kandy, President Ranil Wickremesinghe said delivering the budget speech. He said India has expressed willingness to support Sri Lanka in this endeavour. IIT Madras is one of the eight public Institutes of Eminence of India and is

Budget 2024 highlights need for renewed efforts to uplift tourism sector

President Ranil Wickremesinghe yesterday pointed out that renewed efforts are needed to transform Sri Lanka’s tourism sector, so that it can be pitched according to the needs and likes of today’s traveller. While acknowledging that the tourism industry is making progress after being negatively impacted year-after-year since 2019, the President called for a number of changes to be made based on the location, climate, and historical heritage of Sr

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.

TIN will be mandatory to open bank accounts, register motor vehicles

As part of efforts to enhance tax administration and implement revisions to tax policies, the submission of a Tax Identification Number (TIN) will become mandatory for actions such as opening a bank account or obtaining approval for a building plan.

Prez. justifies using historical post office buildings for tourism

President Ranil Wickremesinghe today justified the allocation of the Nuwara Eliya Post Office to the tourism industry.

Budget 2024 allocates Rs.3bn to promote digital economy

Budget 2024 allocates Rs.3 billion to facilitate a digital economy by the year 2030.

Sri Lanka to eliminate CESS, Port and Airport Levy

As a primary step to improving Sri Lanka’s deeper connectivity with foreign trade and global markets, the budget 2024 proposes to eliminate non-tariff import taxes, including import CESS, Port, and Airport Levies.

Debt ceiling to be increased by Rs.3, 3450bn

Budget 2024 proposes to increase Sri Lanka’s debt ceiling by Rs.3, 450 billion to Rs. 7, 350 billion.

Govt. proposes to divest 20% each in two largest state banks

The budget 2024 proposes to divest 20 percent stake in the two largest state banks in the country.

Govt. to launch experimental programme revive construction sector

The government is launching an experimental programme to revitalize the country’s construction sector.

SMEs to receive fresh boost from 2024 budget

Sri Lanka’s Small and Medium Enterprises (SMEs) will receive a fresh boost next year with the Budget 2024 entailing a proposal to help uplift businesses in that sector.

Budget aims for long-term growth while tackling immediate issues: Siyambalapitiya

State Minister of Finance, Ranjith Siyambalapitiya said yesterday the 2024 budget to be presented to parliament today aims to foster long-term growth for the country while addressing the immediate...

ICTA official reveals President’s digital economy focus in budget address today

President Ranil Wickremesinghe is slated to introduce key proposals for implementing digital economy (DIGIECON) concept in the budget that will be presented to parliament today, a top official of Information....

President Wickremesinghe puts final touches to 2024 budget

President Ranil Wickremesinghe, who also serves as the Minister of Finance, is scheduled to present the 2024 budget report to parliament today. The President discussed the preparation and delivery....

October workers’ remittances cross US$ 500mn

Workers’ remittances to Sri Lanka through official channels rose to half a billion dollars in the month of October, the data released by the Central Bank showed. The workers’ remittances....

Ports Ministry says Hambantota Port yet to yield profits

Hambantota International Port, which is runby a joint venture between China Merchants Port Holdings (CMPort) and Sri Lanka Ports Authority (SLPA) has not made any dividend payment to the Sri Lankan....

Sunshine delivers robust performance in first half

Diversified conglomerate Sunshine Holdings PLC continued to demonstrate resilience amidst prevailing macro-economic conditions, reporting solid top-line and bottom-line growth of 13 percent ....

HNB September profits get boost from lower provisions

Hatton National Bank PLC (HNB) reported lower net interest income in the quarter ended in September (3Q23) as interest expenses rose at a faster pace than interest income, denting the net interest margin....

Turkish Airlines in talks with Airbus about ordering 355 new jets

Turkish Airlines has held talks with Airbus to discuss a potential order of 355 new aircraft, the state-run Anadolu news agency said. During the meeting....

Dialog announces strategic partners for National Innovation Challenge

Dialog Axiata PLC, Sri Lanka’s premier connectivity provider, proudly announced its esteemed partners of the Dialog Innovation Challenge, an initiative towards developing scalable, innovative....

Sri Lanka’s first drone shines at National ICT Awards 2023

X-Fly 1.0, Sri Lanka’s first-ever homegrown commercial drone platform, has won two prestigious awards at National ICT Awards 2023. This micro-scale....

Venora International triumphs at Entrepreneur Awards 2023 with flying colours

Venora International Projects Private Limited was awarded the Best Entrepreneur of the Year - First Runner-Up and Best Environmental Friendly Enterprise Awards, at Entrepreneur Awards....

Cloud Security Alliance Sri Lanka Chapter unveiled at INFOTEL IT Exhibition

Sri Lanka took a significant step towards fortifying its cloud computing landscape, as the Cloud Security Alliance (CSA) launched its Sri Lanka Chapter during the prestigious INFOTEL Information...

Amana Bank records best ever PBT in 3Q23; 9-month PBT up by 78%

Recording its best ever quarterly performance, Amana Bank PLC continued its strong profitability trend in 2023, as it closed the nine months ending on September 30, 2023, with a profit before tax....

Sri Lanka’s logistics leader achieves ISO milestones

In the logistics sector, Aitken Spence Logistics’ Mobile Storage Solutions is a trailblazer, being the first to receive the ISO certifications for food safety and occupational health and safety in....

Mercantile Investments celebrates milestone with 45th branch in Kandy

Mercantile Investments, a leading financial institution, proudly announces the successful launch of its 45th branch in the historic city of Kandy. This momentous....

NDB Bank receives acclaim at NBQSA Awards

NDB Bank recently secured a victory at the prestigious National Best Quality Software Awards (NBQSA) 2023. The bank was honoured with a Merit award in recognition....

ComBank partners OUSL to offer loans up to Rs.10mn for Essex University degree programmes

Higher education loans of up to Rs.10 million are now available from Commercial Bank of Ceylon to undergraduates of the Open University of Sri Lanka (OUSL) enrolling for bachelor’s or master’s degrees...

NTB demonstrates strong performance in 3Q

Nations Trust Bank (NTB) continued its solid financial performance into the third quarter of 2023, with a profit before tax (PBT) of Rs.19.4 billion and a profit after tax (PAT) of Rs.9.4 billion, a year-on-year....