Reuters – Sri Lanka needs to implement budget proposals and reform measures to start earning crucial foreign exchange to help stabilise its economy and ensure it does not return to crisis, its central bank chief said on Tuesday. The Sri Lankan economy can turn around by the end of 2023 if budget policies, which are…
The Ceylon Motor Traders Association (CMTA), the senior most automotive association in Sri Lanka, recently hosted the CMTA Stakeholder Breakfast Forum at the Movenpick Hotel on the 26th of October. The event was attended by a host of representatives from Ministries, Government Institutions, NGOs, and a host of other stakeholder organisations related to Sri Lanka’s…
Hela Apparel Holdings PLC recorded a resilient performance in the second quarter of FY 2022/23, with revenue of Rs. 28.2 Bn representing an 88.5% increase compared to the same period of the previous year. While the significant growth was partly driven by the depreciation of the rupee, revenue was 4.7% higher year-on-year in US Dollar…
Sri Lanka Export Development Board (SLEDB) in collaboration with the Embassy of Sri Lanka in Paris successfully organized Sri Lanka participation at the SIAL Paris – 2022 exhibition held from 15th to 19th October 2022 in Parc Des Expositions- Paris Nord Villepinte in Paris. SIAL Paris is one of the biggest food and beverage exhibitions…
62% YoY growth in Operating Income PBT of LKR 9.3 Bn at a YoY growth of 25% PAT of LKR5.2 Bn at a YoY growth of 6% Strong Capital Adequacy with Tier I CAR of 12.59% and Total CAR of 14.85% Nations Trust Bank PLC reported a strong 3rd quarter with YTD Operating Income of…
Reuters – The crisis-hit Sri Lankan economy can turn around by the end of 2023 if budget policies, which are not limited to the International Monetary Fund’s recommendations, are followed, President Ranil Wickremesinghe said on Monday. IMF recommendations have only been looked at to stabilise the economy, Wickremesinghe, who is also the country’s finance minister,…
A new Value-Added Tax (VAT) Act will be introduced consolidating the amendments introduced from the year 2002 to the year 2022, President Ranil Wickremesinghe said today. Presenting the budget proposals for the fiscal year 2023, the Head of State said exemptions specified in the First Schedule to the VAT Act will be rationalized with effect…
President Ranil Wickremesinghe today (14) announced several proposals to promote the use of electric cars locally as well as assembling them and to promote the production of electricity using renewable energy and to encourage the local production of related solar panels. Delivering the 2023 budget speech in parliament today, he proposed to remove the Port…
While selling assets may be the easiest solution to ward off the national crisis Sri Lanka currently faces, another option lies in transforming loss-making SOEs (State Owned Enterprise) whose rich assets can be turned around to profitability driven and managed by clean, experienced corporate executives, said the SLT Group Chairman Rohan Fernando. He made…
SL is in an economic crisis due to the mismanaged welfare system. With no focus on state income generation and trade promotion, Sri Lankans opted for free meals, tax cuts and subsidies. It’s simply the public immaturity to understand the theory of how tax money comes back to the people. As technology is easily accessible,…
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