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.

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.

JKH says entered MoU with leading gaming operator

John Keells Holdings PLC (JKH) today said they have entered into a Memorandum of Understanding (MOU) with a leading international gaming operator regarding the Cinnamon Life Integrated Resort.

Aitken Spence Shipping welcomes cruise vessel AIDA Bella to Sri Lanka

Super luxury passenger vessel M.V. Aida Bella, operated by Aida Cruises, Germany with 1,900 passengers and 730 crew on board will call at the Port of Colombo on the 9th of November 2023.

SL’s Pekoe Trails bags Best Wider World Tourism Project award

Sri Lanka’s Pekoe Trails won the Best Wider World Tourism Project organized by the British Guild of Travel Writers.

Cabinet approves decision to hike VAT to 18%

Cabinet approval has been granted to increase Value-Added Tax (VAT) to 18 percent from the current 15 percent with effect from January 1, 2024, Cabinet Spokesperson Minister Bandula Gunawardana said this morning.

Roof-top solar users to be allowed one-time migration

The Ministry of Power and Energy yesterday announced that solar customers of the Ceylon Electricity Board (CEB) and Lanka Electricity Company (LECO) will be allowed a one-time migration to different schemes.

Nepalese billionaire Chaudhary’s CG Group acquires majority stake in Union Bank

The Colombo Stock Exchange (CSE) was yesterday informed that the Nepalese billionaire Binod Chaudhary’s CG Corp Group has completed the deal to acquire the majority stake of Union Bank of Colombo PLC.

LOLC Group to raise US $ 100mn via sustainability bonds

Sri Lanka’s LOLC Group is raising US $ 100 million through the iissuance of sustainable bonds, which will be listed on the Frankfurt Stock Exchange.

Indigo becomes first Indian airline to offer Hyderabad-Colombo direct flights

IndiGo yesterday announced the introduction of new direct flights between Hyderabad and Colombo from 2 November.

Emirates and SriLankan establish reciprocal interline partnership

Emirates and SriLankan Airlines have signed a reciprocal interline agreement to boost connectivity for passengers of both airlines. The partnership will enable access to new points on each other’s networks via Colombo and Dubai, utilising a single ticket and enjoying the convenience of baggage transfers.`

Cathay Pacific to resume Colombo flights after four years

Hong Kong-based airline Cathay Pacific will resume its flights to and from Colombo beginning February 2, 2024, after a hiatus of four years.

Chinese swap becomes usable when reserves reach US $ 4.2bn: CB chief

The US $ 1.4 billion equivalent yuan swap with the People’s Bank of China will become usable when Sri Lanka’s foreign reserves reach about US $ 4.2 billion, the Central Bank Governor Dr.Nandalal Weerasinghe said.

Central Bank cancels Bimputh Finance licence

The Monetary Board of the Central Banetary Board has decided to cancel the licence issued to Bimputh Finance PLC (BFP)under the Finance Business Act to carry on finance business, with effect from September 1, 2023.

Colombo inflation eases to 4% in August

Inflation in the Colombo district as measured by the Colombo Consumer Price Index (CCPI) decelerated to 4 percent in August on year-on-year (YoY) basis, from 6.3 percent in July, the Department of Census and Statistics said.

The Tigers Onboard SriLankan Airlines

The National Cricket Team of Bangladesh, popularly known as The Tigers, became the latest international cricket stars to fly SriLankan Airlines.

Prefabricated terminal to be constructed at BIA to tackle congestion

In an effort to alleviate the current severe congestion at the Katunayake Bandaranaike International Airport (BIA), which is experiencing nearly 25,000 passenger arrivals and departures a day, Airport and Aviation Services (Sri Lanka) (Private) Limited has opted to swiftly construct a prefabricated terminal.

India set to ban sugar exports for first time in 7 years

After slapping 40 percent tax on onion exports with immediate effect, India is expected to ban mills from exporting sugar in the next season beginning October, Reuters reported.