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.

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.

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 t

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.

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.

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 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 Reform

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.

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.

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 po

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 ye

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.

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

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 Plan

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

The Cabinet of Ministers has approved a proposal to implement a Voluntary Retirement Scheme (VRS) allowing loss-making national carrier, SriLankan Airlines, to retire approximately 560 employees at an estimated cost of Rs.1.46 billion over next three

The government yesterday announced measures to encourage and promote mergers and acquisitions (M&A) in the country’s financial sector, starting with a merger among three State-owned financial entities.

Top economists in the country opine that the new government faces a daunting task in containing the rising fiscal deficit with credible revenue-enhancing measures while ensuring a speedier recovery of the coronavirus-battered economy, as it is schedu

Robust economic rebound and increased focus on health and hygiene sectors post the first coronavirus wave helped Hemas Holdings PLC to pull off a stunning performance in the three months to September (2Q21), with group profits soaring.

Nations Trust Bank PLC (NTB) reported higher earnings for the three months to September (3Q20), on the absence of the Debt Repayment Levy and Nation Building Tax on financial services but the lack of growth and higher credit costs weighed on the oper

The latest Sri Lanka Development Bond (SLDB) offer of US $ 75 million was oversubscribed by over 15 percent, enabling the Central Bank to offer SLDBs to the tune of US $ 87 million.

Robust sales recovery at Distilleries Company of Sri Lanka PLC (DCSL) gave the needed fillip to its parent, Melstacorp PLC, while the aggressive cost cutting elsewhere in the group lifted its performance in the three months ended in September (2Q21).

Rating agency ICRA Lanka Limited expects the private sector credit growth, which set off to a robust start in August and accelerated in September, will continue its momentum, in spite of the continuous hurdles posed by the resurgence of the virus to

Although Sri Lanka continues to be impacted by the ongoing COVID-19 crisis, the country’s real estate sector remains largely unaffected despite the shocks faced by the economy, a study revealed.

UK Prime Minister Boris Johnson yesterday appointed former Secretary of State for International Development, Anne-Marie Trevelyan MP, as the UK’s International Champion on Adaptation and Resilience for the COP26 Presidency.

Workers’ remittances registered the sixth consecutive monthly increase in October despite earlier forecasts cautioning significant decline in such earnings due to COVID-19 resultant job losses.

Sri Lanka’s outward labour migration declined by over 57 percent in the first half of this year compared to the first half of 2019 while estimated 40,000 Sri Lankan migrant workers returned to the country amid COVID-19 infused crisis in their host

The Central Bank of Sri Lanka (CBSL) has issued revised instructions to banks on projecting losses on their loans and other financial assets, which will effectively shun forecasts of the International Monetary Fund (IMF), the World Bank (WB) and the