Allocates 600 Acres Overlooking Kothmale Reservoir for International Climate Change University. In a significant development, Sri Lanka is making notable strides towards combating climate change and transitioning into a green economy. Speaking at an international forum, President, Ranil Wickremesinghe, outlined the country’s ambitious plans for environmental sustainability and economic growth. The President made these remarks…
Reuters – FTX founder Sam Bankman-Fried was found guilty on Thursday of stealing from customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record, a verdict that cemented the 31-year-old former billionaire’s fall from grace. A 12-member jury in Manhattan federal court convicted Bankman-Fried on all seven counts he faced after a monthlong…
The Ceylon Chamber of Commerce raises concerns regarding the proposed increase of the Value Added Tax (VAT) to 18%. While recognising the government’s commitment to revenue enhancement in alignment with International Monetary Fund obligations, it’s imperative to evaluate the broader economic ramifications of such a decision. The current economic landscape, characterized by escalating income taxes,…
The International Education Forum, held as part of the INFOTEL 2023 ICT Exhibition, organised by the Education and Training Chapter of the Federation of Information Technology Industry Sri Lanka (FITIS), will kick start on Friday 3rd November at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo. To align with the initiative of His Excellency…
Two economists from Bloomberg, Messrs. Abhishek Gupta and Ankur Shukla shared their views on the economic outlook of Sri Lanka at a corporate event organised and hosted by the Commercial Bank of Ceylon recently as an activity of the Bank’s Trade Club. Many distinguished invitees attended the event at Kings Court, Cinnamon Lakeside. The two…
Despite the challenges, the decisions made for the country are executed effectively. An announcement regarding forthcoming budget’s bank loan concessions for small and medium-scale industries – President says addressing the National Industrial Excellence Awards. President Ranil Wickremesinghe emphasized the importance of making the right decisions for the country’s economic development and during his address at…
Revenue up to Rs. 4,029 Cr Operational Performance Operational Capacity increases by 24% YoY to 8,316 MW with addition of 1,150 MW solar-wind Hybrid, 212 MW solar and 230 MW wind power plants over the last one year Sale of energy increases by 78% YoY to 11,760 mn units Solar portfolio CUF stands at 25.2%…
The report is based on extensive analysis, including surveys of over 550 MSMEs across 10 districts One of the main findings indicated that tourism, manufacturing, construction, transport and storage, wholesale and retail trade were among the severely impacted Outlines recommendations to facilitate the growth of MSMEs, focusing on areas that can have a broader impact…
In a significant development that marks a milestone in Sri Lanka’s economic and technological journey, the 12th Round of Economic and Technology Cooperation Agreement (ETCA) negotiations between Sri Lanka and India took place from the 30th of October to the 1st of November 2023 in Colombo. Sri Lanka’s vision has always been to integrate with…
Post investment, Mitsui will own an effective 12.69% stake in ADA while increasing their stake in ADS to 20%. Axiata Digital & Analytics Sdn Bhd (ADA), today (02) announced Mitsui’s investment of USD 58 million in ADA, facilitated through ADA’s holding company, Axiata Digital Services Sdn Bhd (ADS). Mitsui’s additional investment has established a watermark valuation of USD 550…
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