Saudi to invest US$ 20 billion in AI by 2030

Saudi Arabia announced it will invest US$ 20 billion in artificial intelligence projects by 2030, as the oil-rich country seeks to diversify its economy amid slumping crude prices.

Travellers from SL not required to self-isolate on arrival in UK

The British High Commission in Colombo announced today that from 21 November, travellers from Sri Lanka would not be required to self-isolate on arrival in England, Wales and Northern Ireland.

Urban solutions: Building pandemic resilience in Sri Lanka’s cities

Sri Lanka is experiencing a second wave of the COVID-19 pandemic and cities and urban centres have become the hotspots of vulnerability. With their relatively favourable economic conditions and extensive transport networks, cities attract migrants from rural areas, frequently resulting in overcrowding and greater vulnerability to external shocks such as COVID-19.

Highlights of Budget 2021 and impact on export sector

The Export Development Board (EDB) is pleased to see an export-focused budget, which will support strong export growth, led by investment, value addition and maximising our Sri Lankan natural resources. This is a pivotal change in Sri Lanka’s growth strategy, which will be led by the exporters.

H’tota gets US$ 300mn tyre manufacturing plant

Shandong Haohua Tire Co. Ltd, a leading Chinese tyre manufacturer, is slated to invest US$ 300 million to set up a tyre manufacturing plant in Sri Lanka to cater to the export market.

Pawning loans grow only by Rs.30bn in Jan-Sept. contrary to claims

Pawning or gold-backed loans offered by commercial banks have increased by only Rs.30 billion from Rs.211 billion to Rs.241 billion through the January-September period contrary to reports that this loan stock has soared over Rs.600 billion.

Net foreign buying at CSE after months

The Colombo Stock Exchange (CSE) yesterday witnessed net foreign buying may be after at least a couple of months, although the market indices closed in the negative territory.

SLACMA says Budget 2021 will usher new era for automotive component manufacturers

The Sri Lanka Automotive Component Manufacturers’ Association (SLACMA) yesterday welcomed the Budget 2021 describing it as a ‘new era for local automotive component manufacturers’.

Laxapana Batteries to raise Rs.540mn via rights to enter renewable energy biz

Laxapana Batteries PLC yesterday announced plans to raise Rs.540 million via a rights issue to fund its plans to enter the country’s growing renewable energy sector within next 18 months.

Tokyo Cement announces US$ 12mn capacity expansion

Sri Lanka’s largest locally owned cement manufacturer, Tokyo Cement PLC yesterday revealed plans to expand its capacity by one million metric tonnes per year at an investment of US$ 12 million.

EU fires salvo at Sri Lanka’s import ban

The European Union (EU) yesterday expressed its displeasure over Sri Lanka continuing to impose restrictions on imports stressing that trade is “not a one-way street”.

Tax policy stability reflected in Budget 2021 hailed despite ideological biases

Amid noise over the lack of additional revenue streams and the debates over the continuation of the stimulus path kick started end of last year, a deeper look at the Budget 2021 reflects that it doesn’t promote fiscal profligacy and has allocated more money for investments, which will generate increased revenues to the State.

Hambantota gets US $ 300mn tyre manufacturing plant

Shandong Haohua Tire Co. Ltd, a leading Chinese tyre manufacturer, is slated to invest US $ 300 million to set up a tyre manufacturing plant in Hambantota to cater to the export market,

SL import ban irks EU

The European Union (EU) today expressed its displeasure in Sri Lanka continuing to impose restrictions on imports stating that trade is “not a one-way street”.

Impact of Budget 2021 to IT/BPM Industry

Legal framework of Colombo Port City to Parliament in January

The government plans to present the proposed legal framework of Colombo Port City to Parliament in January, next year, with the tourism, foreign and commercial activities of the first phase of the project are scheduled to commence within the year.

Govt. hints at returning to eurobond market

The government hinted its intentions to returning to international capital markets to partly refinance its foreign borrowings next year, as it seeks to raise Rs.264 billion or approximately US $ 1.4 billion via commercial borrowings.

Taxation on banks could change with fresh instructions on provisions for expected credit losses

Although the government largely left the taxes untouched, including that of the banking sector, in Budget 2021, the fresh instructions slated to be issued on how to treat loan loss provisions for tax purposes from next year onwards, could alter the taxation of the banking sector.

Ceylon Chamber welcomes pro-growth Budget 2021

The Ceylon Chamber of Commerce (CCC) yesterday welcomed the proposals put forward by the Prime Minister in the National Budget 2021, which are business-friendly, production-oriented and demonstrative of policy continuity.

Development bank essential for SL at current juncture: HNB chief

The importance of establishing a fully-fledged development bank was stressed by Hatton National Bank PLC (HNB) MD/CEO Jonathan Alles, as Sri Lanka explores multiple avenues to achieve stable economic growth.

SEC welcomes market-friendly budget proposals

Securities and Exchange Commission of Sri Lanka (SEC) Chairman Viraj Dayaratne P.C. commended the budget proposals presented to Parliament on Tuesday by Prime Minister Mahinda Rajapaksa, in his capacity as the Finance Minister.

Budget 2021 provides bedrock for govt.’s future development work: Cabraal

Budget 2021 provides the “bedrock” for the development work planned by the government years ahead while getting the country’s macroeconomic fundamental in order and ensuring accelerated growth, Money, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal said.

Bourse sluggish despite market-friendly budget

Sri Lanka shares posted a sluggish performance yesterday, despite the investor-friendly budget presented on Tuesday, which contained specific measures to boost the country’s capital markets.

BUDGET SPEECH 2021

Prime Minister and Finance Minister Mahinda Rajapaksa presented the following Budget for 2021 in Parliament yesterday, considered as the 75th budget report of the country.

Budget 2021 reflects govt.’s growth-oriented approach

The maiden budget of President Gotabaya Rajapaksa’s government presented yesterday in Parliament by Prime Minister Mahinda Rajapaksa, who is also the country’s Finance Minister, broadly aligned with the policies spelt out in the government’s policy framework ‘Vistas of Prosperity and Splendeour.’

Tax bonanza for companies filing for listings before December 2021

The government proposed to provide 50 percent tax concession on corporate income tax for three years to companies seeking listings on the Colombo Stock Exchange (CSE) before December 31, 2021 and maintain a rate of 14 percent in the subsequent two years in order to develop the country’s capital market, which nearly stalled during the last five years.

Retirement age to be extended to 60 years

The Budget 2021 yesterday proposed for the compulsory retirement age to be extended to 60 years for both the private and the public sectors so that all employees contributing to the national economy are treated the same.

Softlogic group pulls off better 2Q amid improved consumer demand

Retail juggernaut Softlogic Holdings PLC recorded improved top line performance for the September quarter (2Q21) with higher operating profits compared to the previous year, stoked by pent up demand and recovery in the economy after COVID-19 related lockdowns that ended in mid-May.

Government to introduce new laws to alter management agreements of RPCs

With biennial wage negotiations for a new Collective Agreement in plantation sector approaching early next year, the government plans to present a legal framework in Parliament in January next year to change the management agreements of Regional Plantations Companies (RPCs) which fail to increase the proposed daily wage of plantation workers to Rs.1000.

Planters say productivity-based wage model a win-win for all

Senior representatives of the plantation sector yesterday reiterated the need to urgently move towards the proposed productivity-based wage model and warned that turning a blind eye towards reforms would lead to a massive hit to both the workers and plantations.