State of the Budget Report estimates 14% shortfall in revenue against budget projection Sri Lanka is projected to fall short of its budget target on revenue to GDP (gross domestic product) for the 33rd consecutive year in 2024, according to the recently released ‘State of the Budget Report 2024’. The State of the Budget Report…
While SL was still a British colony legendary Sri Lankan Engineer T.S. Jinasena (of Jinasena Engineering est. 1905) assembled the first ever racing car in SL (The Magpie) & became the first Sri Lankan to set a record at the ‘Mahagasthota’ Hill Climb (1939). With support from his sons Nihal, Rohan, Ranjith & Tissa he…
Fitch Ratings – Positive US data in 1Q24 have helped to improve Fitch Ratings’ full-year global economic outlook, but have also raised the prospects of a ‘no-landing’ scenario and heightened interest rate uncertainty. In addition, key risks to global credit from commercial property, geopolitics and China’s real estate market remain, which we highlight in a…
Chinese Leader Xi Jinping last week met fellow Chinese Ma Ying-jeou. During the meeting President Xi expressed grief over the loss of lives in the earthquake in Hualien & extended his sympathies to the fellow Chinese affected. He spoke of the 5000 year history of the Great Chinese Empire & the historic bonds between the…
The Chairman of the Colombo Stock Exchange (CSE) discusses the opportunities for capital raising and Stock Market Outlook for 2024. Give us an overview of the current market landscape and discuss the CSE’s overall outlook for the year 2024. We believe the overall outlook of the CSE, for the year 2024 to be a positive…
By Prof. Samitha Hettige Some Sinhalese & Tamils will celebrate the Sinhala – Hindu NY showcasing the historic bond in the weekend while a minority is struggling to continue the dispute using ‘Kurundi’ lands. The ‘Kurundi’ monastery constructed in the 1st century BC is considered sacred as the Buddha had visited the site during his…
The cost of assorting a traditional “kevili” table for the Sinhala and Tamil New Year has gone down in 2024 compared to 2023 but remains more than twice as high as it was in 2019. The cost of ingredients in 2024 is 2% less than it was in 2023. In 2023 the costs had increased…
Business confidence gathers steam following a prolonged period of stagnation Sri Lanka initiated the second review under the IMF’s Extended Fund Facility (EFF) framework, signifying a crucial step forward in ongoing efforts to foster economic growth – and the authorities remain optimistic about concluding the review successfully and securing a staff-level agreement, which would facilitate…
India and Sri Lanka share ties dating back thousands of years spanning history, culture, trade and commerce. In recent years, the two neighbours have accelerated mutual economic cooperation in a manner that has opened unprecedented opportunities for Sri Lankan businesses to access an $3.7 trillion Indian economy. A key turning point in the economic cooperation…
Out of the total domestic spends on debit cards, the share of in-store spending is 7 times that of ecommerce. Last holiday season saw over 20% growth in Visa debit transactions vis-à-vis 2022 Visa (NYSE: V), the global leader in digital payments, today announced that Visa debit card spends saw a significant increase of over…
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