Sri Lanka wrapped up its foreign currency debt restructuring last week with the announcement of the near full acceptance of the new bonds in exchange of the existing foreign currency bonds in default for over two years.
Sri Lanka’s publishing industry yesterday raised serious concerns over the 18 percent Value Added Tax (VAT) imposed on books, which according to industry stakeholders has threatened the survival of the entire sector in the country.
Colombo Dockyard PLC is preparing for a major shift after Japan’s Onomichi Dockyard Company Limited, its majority shareholder, stepped away from the management this week, to allow the company to bring in a new strategic investor.
Transaction will include business with revenues of around US $ 213mn (Rs.62bn) in CY 2023 and global ownership of Camso brand Camso brand will be permanently assigned to CEAT across categories after a 3-year licensing period
The Sri Lanka Shippers’ Council claimed that the government coffers could be losing as much as two-thirds of potential border tax revenue, due to corrupt activities by the officials in key border agencies.
Sri Lanka’s merchandise export earnings in October 2024 climbed to US$ 1.097 billion, marking an 18.22 percent year-on-year increase, driven by higher earnings from key export categories, including apparel and textiles, tea, rubber-based products, coconut-based products, and spices and concentrates.
Inflation in the Colombo district fell further into deflationary territory in November, as expected by the Central Bank last week, as non-food prices fell sharply while food prices decelerated from a month ago.
Sri Lanka’s tourism sector is in need of a robust set of policy, to allow it to unleash its full potential, The Hotels Association of Sri Lanka (THASL) said while asserting that the same old models on books may not work.
The listed companies reported some robust top and bottom-lines in the three months through September 2024 supported by cooler prices and lower interest rates which helped them to bring back more customers and stretch their margins, Capital Trust Research said.
While shifting towards a single policy interest rate structure, the Central Bank yesterday introduced what it calls the overnight policy rate (OPR) as its primary monetary policy tool and set it at 8.00 percent, effectively delivering a 50-basis-point cut in the monetary policy, as it targets the call money rate often used in the interbank market, which closed at 8.55 percent the day before.
Sri Lanka yesterday reached a significant milestone in its debt restructuring agenda with the official launch of the exchange of its outstanding International Sovereign Bonds (ISBs), totalling approximately US$12.55 billion as of November 25, 2024.
The Sri Lankan government has reached an agreement with the International Monetary Fund (IMF) to proceed with its US$ 3 billion Extended Fund Facility (EFF) programme, consenting to adjustments while adhering to the programme’s main “guardrails.”
Consumer prices measured by the National Consumer Prices Index fell further into negative territory in October after the index tipped into deflation in September due to repeatedly cutenergy prices.
Access to information and strategic branding are pivotal for Sri Lanka to emerge as a premier wedding destination for Indians, according to Vandana Mohan, India’s first female event manager and founder of the Wedding Design Company.
Sri Lanka witnessed an 11 percent increase in data consumption in the first nine months of this year, despite the decline in fixed broadband subscriptions, according to Capital Alliance (CAL) Research.
Standard Chartered Global Research, the research arm of Standard Chartered views the National People’s Power (NPP) coalition’s sweeping victory in Sri Lanka’s parliamentary elections as a positive development, presenting a rare opportunity to undertake long-overdue structural reforms and advance fiscal consolidation.
Majority of Sri Lanka’s plantation companies have witnessed a significant upturn in stock prices from October onwards, driven by a combination of favourable global market trends, strong sector fundamentals and overall investor sentiment.
Sri Lanka’s rupee is projected to remain on a ‘very comfortable terrain’ in the coming years, with the gross foreign exchange reserves standing to top the US $ 12 billion mark before the capital repayments to the creditors begin in 2029, according to a top banker.
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