A preliminary discussion on the final phase of drafting the Budget 2025, which is scheduled to be presented to Parliament on February 17, was held Yesterday (13) at the Presidential Secretariat under the leadership of President Anura Kumara Disanayake. The discussion was attended by Minister of Agriculture, Livestock, Land and Irrigation K.D. Lalkantha, Minister of…
Richard Pieris Group, one of Sri Lanka’s largest and most diversified conglomerates, achieved a Profit Before Tax (PBT) of Rs. 5.4 billion during the first 9-month period ending 31st December 2024. The Group recorded a major profit growth of 137% over the corresponding period, demonstrating resilience in the continuity of its strong performance for the financial…
Agriculture-rich diversified conglomerate CIC Holdings PLC (CSE: CIC) has recorded a consolidated revenue of Rs. 64.66 billion for the nine months ending 31 December 2024 (9MFY25), an increase of 7.49% YoY compared to the corresponding period of last year. Group’s gross profit has increased by 5.81% to 16.73 billion with gross profit margin for the…
Reuters – Japan’s Nissan and Honda ended talks to create an auto group worth $60 billion on Thursday, pitching Nissan into greater uncertainty although the automakers promised to continue to collaborate on electric vehicles. The talks had been complicated by growing differences, in particular by a proposal from Honda that Nissan become a subsidiary, sources have said. The two had sought…
Adani Green Energy Ltd. (AGEL) has officially announced its decision to withdraw from its planned renewable wind energy and transmission projects in Sri Lanka. In an official statement, the company confirmed that its Board had decided to step back from further engagement in the projects. However, AGEL reaffirmed its commitment to Sri Lanka and stated…
Adani Green Energy has reportedly decided to withdraw from its planned $1 billion wind energy project in Sri Lanka. Despite obtaining most approvals, the company cited delays, including unresolved environmental clearance and an ongoing Supreme Court case. The company has informed Sri Lanka’s Board of Investment (BOI) of its decision to “respectfully withdraw” while remaining…
By Dr Manoj Thibbotuwawa and Dr Lakmini Fernando Public expenditure on agriculture as a share of total government spending has decreased from 6.4% to 2% between 2014 and 2023. The irrigation subsector receives most of the agricultural spending (41%), with subsidies accounting for a high 26%. Change to funding priorities necessary to address critical concerns….
By Prof. Samitha Hettige Chinese Astronauts (Taikonauts) in Shenzhou -19 recently simulated natural photosynthesis taking the human race one step forward on board China’s space station ‘Tiangong’. They for the first time produced oxygen & the ingredients for rocket fuel. Scientists believe that these are key steps essential for human survival & space explorations. 12…
In connection with the President’s third-day visit to attend the World State Conference-2025, there was also a promotional and mutual investment security agreement to strengthen economic and investment relationships between the UAE and Sri Lanka. The agreement was signed by the Minister of State Mohammad Bin Hadi Al Hussaini and Sri Lanka Minister of Foreign…
Bloomberg – Chinese stocks are having a moment in the sun, thanks to DeepSeek. The country’s AI-driven stock rally is drawing support from Wall Street strategists from Morgan Stanley, JPMorgan and UBS, who say the bull run spurred by DeepSeek’s artificial intelligence model will continue. The global shock and awe over the Chinese startup has challenged previous…
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