Jewellery at FACETS exhibition
A necklace priced at US$14,675 which went on display at the January 6-8 FACETS Gem and Jewellery exhibition held in Colombo. Pic by M.A. Pushpa Kumara
Colombo Tea auction moves ahead in 2024
The Colombo Tea auction was further delayed by another one hour on Thursday when it was planned to be held for the first time in the New Year as producers were in a rush to obtain SVAT registration. On Thursday as a result of stocks holding on since before Christmas there was pent up demand [...]
Tax exemptions under strict scrutiny
In a move to promote foreign investments, the government has decided to grant wide ranging tax exemptions under strict scrutiny for Strategic Development Projects (SDP) until the structures and processes are in place to evaluate the effectiveness of the offered incentives, Finance Ministry sources divulged. These mega development projects are selected by the Board of [...]
Shipments delayed, spike in freight rates
Shipping lines are now re-routing their vessels avoiding the Red Sea contributing to sharp increases in freight rates and that is expected to cause further congestion and delays in European ports in future. Increased attacks on commercial vessels plying the Red Sea saw a number of major shipping lines opting to divert traffic from the [...]
Govt. continues progressive tax reforms mitigating burden on the poor
The government is continuing the implementation of a progressive tax reform package introduced in May 2022 in the New Year 2024 as well with some tax hikes including Value Added Tax (VAT) maintaining exemptions on basic food and some essential items, Finance Ministry sources confirmed. The impact of the VAT increase to 18 per cent [...]
Shareholders demand forensic audit on Asia Capital
Some shareholders of Asia Capital PLC are asking for a forensic audit from the capital market regulator on the company’s accounts and past management. Allegations of pilfering and siphoning out the company’s money were made against the then management. The issue escalated when in late August 2020, the long standing Japanese shareholders with nearly 15 [...]
Stability the key to growth
Stability, at least for a period of four years, will attract investors to Sri Lanka. Echoing these sentiments, Kalum de Silva, a Sri Lankan investor in finance and equity based in Australia – who is promoting trade and investments to Sri Lanka -, told reporters in Colombo on Thursday that stability was the key to [...]
SEC approves regulatory framework for Infrastructure Bonds
To promote both foreign and local investments in infrastructure projects contributing to the economy and development of the country, the Securities and Exchange Commission (SEC) on January 2 approved a regulatory framework enabling issuing, and listing of Infrastructure Bonds on the Colombo Stock Exchange (CSE). Infrastructure Bonds aim to raise capital for vital projects such [...]
Good times for tourism
Amidst the gloomy sentiments due to high taxation, 2024 kicked off on a positive note at least for one sector; tourism with arrivals slightly short of the target of 1.5 million. Arrivals in January to December were 1,487,303, sharply up by 106.6 per cent from 719,978 in 2022. Arrivals last month were 210,352, sharply up [...]
A world without chocolates
Chocolates are an absolutely incredible sweet in the world that nobody would dare to resist tasting a piece, including those who resist sugar or anything that contains sugar. We can’t even imagine a world without this milky sweet which comes in many different colours, sweetness, taste, texture, shapes, wrapping and blended with many different ingredients [...]
Sri Lanka’s agriculture sector needs modernisation
While the agriculture sector in Sri Lanka is becoming more and more archaic with every passing year, artificial intelligence enabled technologies, sophisticated computerised methods and drone technology are the future of the sector. The time is right for modernising Sri Lanka’s agriculture sector, says Mr. Vimlendra Sharan, UN Food and Agriculture Organisation (FAO), Representative to [...]
TUs reject ‘false claims’ by Labour Minister
Leading trade unions have made an appeal to President Ranil Wickremesinghe against going ahead with the proposed labour reforms as approved by the Cabinet. A number of trade unions that are part of the National Labour Advisory Council (NLAC) on Friday handed over a letter to the President’s Office stating that they have not agreed [...]
International A2P SMS digital Centre to tackle spam SMS
Sri Lanka’s recent spate of spam texts sent by scammers making excessive use of short message system or SMS for fraud, and illegal activities has pressed the government to take precautionary measures, Ministry of Technology sources stated. The ministry warned that spam texts have been rising recently with scammers more likely to target desperate Sri [...]
Ambassador E. Rodney M. Perera calls on Finance Minister of Japan Shunichi Suzuki
Sri Lankan Ambassador E. Rodney M. Perera met Finance Minister Shunichi Suzuki at the Ministry of Finance in Tokyo recently where it was announced that the Finance Minister, accompanied by 10 senior officials of the Finance Ministry, would undertake a two-day official visit to Sri Lanka, 11-12 January. This formal meeting was pursuant to a [...]
New IRD Commissioner General Sepalika Chandrasekara assumes duties
Newly appointed Commissioner General of the Inland Revenue Department (IRD) W.A. Sepalika Chandrasekara assumed duties on Wednesday taking over the task of bolstering the country’s revenue by widening the tax net. This appointment has been made by the Secretary of the Ministry of Finance on the instructions of President Ranil Wickremesinghe. She succeeded the Acting [...]
CEAT invests Rs. 475.97 m in 2.4 MW solar power plant at Kelaniya
Sri Lanka’s top tyre maker CEAT Kelani Holdings has completed an investment of Rs. 475.97 million in a High Tension (HT) metering roof-top photovoltaic panel solar power plant as part of the company’s efforts to reduce the carbon footprint of its manufacturing operations at its Kelaniya complex. The 2.4 MW solar power plant installed by [...]
Sheraton Hotels unveils Sheraton Colombo Hotel
Sheraton Hotels & Resorts, part of Marriott Bonvoy’s portfolio of over 30 extraordinary brands, has announced the opening of its latest property the Sheraton Colombo Hotel, which is the second Sheraton hotel to open in Sri Lanka. Featuring elements from the brand’s new vision of fostering community, the 320-room hotel seamlessly integrates Colombo’s vibrant spirit [...]