Orel IT unveils Sri Lanka’s largest single technology cloud platform

Orel IT, Sri Lanka’s leading IT exporter, is once again making big waves with Orel Cloud—the nation’s largest Single Technology Cloud Stack, empowering businesses to unleash their full potential.

Niche tourism way forward for Sri Lanka, says Tourism Development Authority

The way forward for Sri Lanka’s tourism sector is to improve focus on niche tourism instead of focusing on the number of visitors entering the island nation, Sri Lanka Tourism Development Authority (SLTDA) said.

Govt. expects income tax files to increase five-fold to one million by end of this year

Facilitated by recent tax reforms, the government expects income tax files to increase by nearly five-fold from 205,200 to one million boosting the country’s income tax revenue and enhancing the direct and indirect tax ratio to 40 percent vs. 60 percent by end of this year, which would pave the way for a potential Rs.400 billion cut in indirect taxes.

Digital Promotion Agency to be set up for collection and monitoring of public data

President Ranil Wickremesinghe this week announced plans to establish a Digital Promotion Agency aimed at developing computer applications for the collection and monitoring of data from various government entities in the country.

Tea exporters concerned over government’s move to abolish SVAT scheme

Sri Lanka’s tea exporters yesterday expressed “deep concerns” over the government’s decision to abolish the Simplified Value-Added Tax (SVAT) system as they fear the move will create cash flow difficulties for them among several other issues.

Sri Lanka now eligible to access ADB’s concessional financing

Sri Lanka will be able to speed up its efforts in reviving its economy as it has obtained much-awaited approval from the Asian Development Bank (ABD) to access concessional financing.

FAO to establish € 6.5 mn food safety system in SL via EU-funded BESPA-FOOD project

The Food and Agriculture Organization of the United Nations (FAO) through the European Union (EU)-funded BESPA-FOOD (Best Standardized Practices for the Agri-Food Sector) project will support the government to establish a well-coordinated food safety system in the country.

Unruly air passenger incidents on the rise: IATA

A new analysis by International Air Transport Association (IATA) released this week showed that post-pandemic, unruly passenger incidents are on the rise.

Economy shows signs of improvement but recovery remains a challenge: IMF DMD

Sri Lanka’s economy is showing tentative signs of improvement, due to the implementation of critical policy actions, acknowledged visiting senior International Monetary Fund (IMF) official but noted recovery remains challenging.

Improved supply of imported goods expected as govt. looks to ease restrictions

Sri Lanka will see a further improvement in the supply of goods from the global market as early as next week, with the government announcing plans to ease the currently prevailing import restrictions.

Tea Auction prices decline further this week as rupee strengthens

The Colombo Tea Auction this week saw the prices for almost all the categories decline further, as the Sri Lankan rupee strengthened.

Macy’s and Costco sound a warning about US economy

CNN: Macy’s, Costco and other big chains say shoppers are pulling back at their stores and changing what they buy. That could be a red flag for the US economy.

Hela Apparel Holdings completes FY 2022/23 with resilience amidst challenging operating environment

The fourth quarter of FY 2022/23 marked the close of a challenging year for Hela Apparel Holdings PLC.

Top ME influencer in SL

Leading social media influencer Khalid Al Ameri, who is based in the Middle East, yesterday announced his visit to Sri Lanka.

China says always stands by SL’s sovereignty, political independence and socioeconomic development

China this week reiterated its commitment to Sri Lanka, stating it would always stand by Sri Lanka’s sovereignty as well as for political independence and socioeconomic development.

Vidullanka reports Rs.913mn PAT for FY 2022/23

Vidullanka PLC reported a profit after tax (PAT) of Rs.913 million for the financial year ended on March 31, 2023, as per the latest interim financials published in the Colombo Stock Exchange.

Central Bank shifts gears to growth with surprise policy rate cut

The Central Bank yesterday delivered a surprise policy rate cut, bringing nearly two years long tightening cycle to a close and left open the door for further rate cuts in the next few months among other measures to ease remaining restrictions on imports to reverse the prolonged economic contraction.

Govt. to introduce ‘Lab methodology’ to promote investments and implement biz proposals

Ranil Wickremesinghe Sri Lanka will introduce a new system called ‘Lab methodology’ to promote investments ensuring effective implementation of business proposals, President Ranil Wickremesinghe said in his televised address to the nation yesterday.

Govt. issues fresh gazette aiming to widen tax net

The government in a fresh gazette yesterday specified additional classes of persons required to register with the Inland Revenue Department (IRD), which is an attempt to broaden the country’s taxpayer base.

NSB presents Annual Report 2022 to President

The Annual Report of National Savings Bank (NSB) for the year 2022

SJB trade union seeks court intervention for SLT privatisation blue-print

‘Samagi Sewaka Sangamaya’, a trade union attached to the ‘Samgi Jana Balawegaya’ (SJB) political party, has filed a Fundamental Rights petition seeking Supreme Court’s intervention in regularising the proposed privatisation of Sri Lanka Telecom (SLT).

SLT-Mobitel unveils technologically advanced operational HQ in Welikada

SLT-Mobitel recently unveiled its technologically advanced, high-tech operational green headquarters, first in the history of SLT, located at Welikada, Colombo.

Monthly tourist arrivals fall below 100, 000 for first time this year

Tourist arrivals to Sri Lanka fell below the 100,000 mark for the first time this year due to the drop in momentum in the month of May,

Every Canadian cigarette will soon carry a health warning

BBC: Canada will soon print warning labels directly on cigarettes in a world-first, the country’s health agency announced.

Tourist arrivals fall below 100,000 for first time in 2023

Tourist arrivals to Sri Lanka fell below the 100,000 mark for the first time this year, with the month of May welcoming a total of 83, 309 international visitors.

Monetary Board relaxes policy interest rates

The Monetary Board of the Central Bank relaxes policy interest rates by 250 basis points. Accordingly, SDFR comes down to 13 percent and SLFR to 14 percent.

Colombo inflation eases to 25.2% in May

Headline inflation in Colombo district measured by Colombo Consumer Price Index (CCPI) decelerated to 25.2 percent in May from 35.3 percent in April largely owing to higher base effects in last year.

EDB to host ‘Open Day’ to encourage exports

The Export Development Board (EDB) will host an ‘Open Day’ event in mid-June, an effort towards providing businesses a platform to explore the opportunities and avenues to cater to the international market.

Food security seen improving, but prevalent within specific regions in SL: FAO

Food security in Sri Lanka is improving across all provinces, but is still prevalent within specific regions, the Crop and Food Security Assessment Mission (CFSAM) report revealed.

Prez asserts importance of Japanese investments for SL’s revival

President Ranil Wickremesinghe yesterday highlighted the importance of Japanese investments to push the revival of Sri Lanka while affirming commitment to stabilising and liberalising the economy and actively inviting new foreign ventures.