Minimum Room Rate to end by May 31

The highly debated Minimum Room Rate (MRR), which has the tourism industry divided, would be removed the end of this month, Tourism Minister Harin Fernando confirmed.

Harin backs doing away with visas altogether for tourists

As the Cabinet is currently considering extending free visa travel to tourists from 67 countries, Tourism Minister Harin Fernando opined that Sri Lanka should consider doing away with visa altogether for tourists.

Laugfs gas prices reduced

Laugfs Gas PLC today announced a substantial reduction in the prices of its Laugfs-branded domestic liquefied petroleum gas (LPG), effective midnight.

Litro Gas prices reduced

The price of a 12.5 kg domestic Litro LP gas cylinder will reduced by Rs.175 from midnight today, Litro Gas said

Planters’ Association slams daily wage increase announcement

The Planters’ Association (PA) of Ceylon representing Regional Plantation Companies (RPC) is moving ahead to object to the Rs.1700 daily wage increase proposed for plantation workers, while asserting that a final decision is yet to be reached on the matter.

Worldwide smartphone shipments expand 10% YoY, Samsung regains global spot

The worldwide smartphone market has experienced a 10 per cent Year-on-Year (YoY) growth, reaching 296.2 million shipments in the first quarter (1Q24), according to the consultancy firm Canalys.

March exports reflect continued heft despite strengthening rupee

The growth in exports in March outstripped the increase in the expenditure for merchandise imports for the same month, as the exports of textiles and garments showed strength once again, after losing a bit of steam in the recent months.

JKH warns public about WhatsApp groups falsely using their name for scams

John Keells Holdings PLC has issued a cautionary notice to the public regarding WhatsApp groups falsely claiming affiliation with the company and some of its subsidiaries.

Daily wage for plantation workers increased

A gazette notification has been issued announcing the increase in the minimum daily wage of tea plantation workers to Rs. 1,700.

Cement price reduced by Rs. 50

Resulting from the fuel price revision from last night, the cement manufacturing companies have decided to reduce the retail price of a 50 kg bag of cement.

Tourism Minister to fix new visa system issues by May 7

Tourism Minister Harin Fernando has pledged to address technical issues of the new visa system by May 7. This comes amid concerns of potential losses of 230,000 tourist arrivals and US$ 425 million in tourism earnings for the year.

Colombo Consumer Price Index dips 0.8% in April despite festive demand

Colombo district prices have declined by 0.8 percent in April from a month ago. This was helped by the drop in both food and non-food prices in the month, in what appeared to be an idiosyncrasy as typically prices get a bump up during the festive month.

‘Serenade of the Seas’ makes maiden call at H’tota port

Cruise ship ‘Serenade of the Seas’ made her maiden call at the Hambantota International Port (HIP) this Monday (29).

Over 2,400 new private companies incorporated in March 2024

A total of 2,440 new private limited companies have been incorporated between 1 to 31 March, according to the Department of the Registrar of Companies.

Income tax payment methods limited

As per the recently issued gazette notification, the income tax payments can only be made using three methods.

Sri Lankans rich in financial knowledge but poor in practice: CB

The financial knowledge of Sri Lankans is at satisfactory levels when compared with the other countries but the island nation is lagging behind financial behaviour, the financial sector regulator, the Central Bank said.

Apparel sector revenue totals US$ 1.17 bn in 1Q24

Sri Lanka’s apparel industry saw its revenue cross the US$ 1 billion mark in the first quarter (1Q24) with exports expanding by 7.7 percent in March.

CB optimistic of stability amidst ongoing economic reforms

The Central Bank of Sri Lanka sounded optimistic about Sri Lanka witnessing stability on multiple fronts, provided that the ongoing ambitious reforms and economic adjustments underpinned by the Extended Fund Facility (EFF) programme of the International Monetary Fund (IMF) continue without any interruptions.

Government delays decision on future of oil palm cultivation

The government has been sitting on an expert committee report on how to permit oil palm cultivation in identified Mahaweli areas and other areas, without deciding for nearly five months. According to the Agriculture and Plantation Industries Ministry, the ministry forwarded the report to the secretary to the Cabinet of Ministers on January 12. In November 2022, the Cabinet of Ministers decided to appoint an expert committee to explore the possibi

Oil and gas exploration halted by prolonged legal dispute

Sri Lanka’s efforts to attract and leverage international investment into the exploration of oil and gas have once again been gridlocked by legal challenges in the Court of Appeal.

Tea auction offerings decline to 4.6 MnKgs this week

At the Colombo Tea Auction, the offerings declined to 4.6 million kilogrammes this week that was met with fair demand.

SL to host global ISO review meeting for tea in July

Sri Lanka is set to host the 34th plenary meeting of the International Standards Organization Technical Committee for tea on July 24.

More than one in five cars sold worldwide in 2024 will be electric

More than one in five cars sold worldwide in 2024 will be electric vehicles (EV’s) according to the forecasts of the International Energy Agency (IEA).

CBSL announces eight new pyramid activities

Based on complaints received, the Central Bank of Sri Lanka (CBSL) has released eight other institutions and inputs identified as engaging in pyramid activities.

Boost for tourism with Shree Ramayan Trails launch

Sri Lanka’s tourism industry is anticipated to receive a boost from Indian pilgrims with the official launch of the Shree Ramayan Trails project.

Gold prices surge to all-time high

Gold prices across the globe are surging at all-time high prices amid escalating geopolitical tensions in the Middle East.

Malaysia’s Axiata merger with Bharti Airtel of India raises earnings concern: Analysts

The planned merger of Axiata Group Bhd, Malaysia’s largest telecommunications company by revenue, with India’s Bharti Airtel Ltd raises concerns as the latter’s subsidiary Airtel Lanka is currently a loss-making company, analysts said.

IMF urges Asian Central Banks to not follow Fed too closely

The International Monetary Fund (IMF) has urged Asian Central Banks to not follow the Fed too closely.

Port City officials frustrated over delay in duty free mall opening

Port City Colombo officials expressed frustration over delays in opening the downtown duty-free mall in Colombo.

Sri Lanka 1Q24 tea exports dollar earnings at six year high

A review of data published by Sri Lanka Customs analyzed by Siyaka Research confirms that the country shipped 62 Mnkg during the period January – March 2024, up 15% on last year’s figure of 54 Mnkg.