ECONOMYNEXT – Sri Lanka’s Tourism Minister Harin Fernando had given an assurance that steep surcharges and levies on visa fees that were imposed with a shift to a private company would be reversed from May 01, a top travel official said. Sri Lanka’s 50 dollar visa fee went up to 75 dollars and another 18.5 dollar fee and an apparently hidden ‘convenience fee’ of 5 dollars or more were also hit on prospective travellers after a shift of the island’s acclaimed ETA system to a private company. “We have now been assured by the Hon Minister of Tourism that the process will be reversed by 1st May 20 ..read more

ECONOMYNEXT – Sri Lanka is planning to lift withholding tax on interest income below 100,000 a month to help older citizens who depend on interest income as interest rates fall, State Minister for Finance Ranjith Siyambalapitiya said. With deposit rates falling to around 9 percent from an earlier 16 percent, elderly persons who depend on interest get less income, Minister Siyambalapitiya said. “We are now planning to put in place a mechanism to lift withholding tax from retirees who earn interest below 1,000 rupees a month,” he said in statement. It is likely to cost up to 40 billion rupees to ..read more

ECONOMYNEXT – The Colombo Stock Exchange closed up on Thursday, data on its site showed. The broader All Share Index closed up 1.43 percent, or 170.26 points, at 12,075; while the S&P SL20 Index closed up 2.83 percent, or 98.77 points, at 3,593. Turnover was at 2.9 billion. “Market was extremely bullish today,” market participants said. “Banks were driving this bullishness, and all lost grounds were recovered.” Major positive contributors to the ASPI included Commercial Bank of Ceylon Plc which was up at 110.00, Hatton National Bank Plc up at 197.00, and Sampath Bank Plc up at 80.00. “Ther ..read more

ECONOMYEXT – State-run SriLankan said its engineering units has implemented AMOS, an aviation maintenance management system at its engineering division. By automating the monitoring and coordination of aircraft maintenance with AMOS, the airline said it will be able to boost engineering productivity, reduce costs and maintain quality and consistency in its Maintenance, Repair, and Overhaul (MRO) operations. “The integration took several months to complete given the complexities of transitioning data from our legacy system to the advanced AMOS platform. With this transition, we anticipate moder ..read more

ECONOMYNEXT – Japan has given a 3 million dollar grant through the Food and Agriculture Organization of the United Nations (FAO), to boost inland fisheries and aquaculture in Sri Lanka as the country recovers from a currency crisis. The funds will establish four community-operated mini hatcheries in Batticaloa, Mullaitivu, Anuradhapura and Monaragala districts. The money will also upgrade four NAQDA Aquaculture Development Centres and one community-operated mini fish breeding centre to increase breeding and rearing capacity, enhance fingerling stocks in selected reservoirs, develop broodstock ..read more

ECONOMYNEXT — Trade unions representing Sri Lanka’s state-run Ceylon Electricity Board (CEB) have threatened to defeat a new electricity reform bill even if it is passed in parliament. Trade unions held a demonstration against the bill Thursday April 25 near the parliament complex. Parallel protests were also organised in Galle, Tangalle and Hambantota. General Secretary of the Ceylon Electrical Workers Union Ranjan Jayalal told reporters at the demonstration that “This is bill that offers no benefits to CEB workers or to seven million CEB consumers but proposes to split the CEB  to a num ..read more

ECONOMYNEXT — Sri Lanka’s leftist opposition party National People’s Power (NPP) has shot back at main opposition Samagi Jana Balawegaya (SJB) asking the party to suggest alternative dates for the proposed debate between the two parties’ leaders. The NPP’s Nalinda Jayatissa, who has been tasked with overseeing the organisation of the debate from the NPP’s end, told reporters on Thursday April 25 that, since all political parties are going to be busy in the run up to Labour Day on May 01, the SJB can propose three or four dates before May 20. “Letters have been exchanged on this debate between ..read more

ECONOMYNEXT – Rising temperatures and extreme weather events due to climate change are impacting business, and companies need to address the irrelevance of existing business models, the Ceylon Chamber of Commerce said. “Climate change is affecting all of us in a big way. More particularly, the business community and businesses,” Duminda Hulangamuwa, Chairman, Ceylon Chamber of Commerce said. “There is a huge cost. It is imperative that we address the situation,” Hulangamuwa said announcing the Sri Lanka Climate Summit 2024 ‘Code Red – Climate Risks and Opportunities for Sri Lankan Businesses ..read more

ECONOMYNEXT — Sri Lanka will require 40 billion rupees a year to bring the interest rate offered to senior citizens for their savings and the government is closely studying the matter with the country’s fiscal situation in mind, an official said. State Minister of Finance Ranjith Siyambalapitiya told parliament on Thursday April 25 that the Treasury will take a decision with “great care”. Siyambalapitiya was responding to a question raised by opposition leader Sajith Premadasa. “The 15 percent interest rate offered to senior citizens has now gone down to 8 or 7 percent or even lower in some pl ..read more

ECONOMYNEXT – Sri Lanka’s rupee opened stronger at 297.10/20 to the US dollar on Thursday after closing at 297.95/298.10 on Wednesday, dealers said. A bond maturing on 15.12.2026 was quoted down at 11.30/34 percent from 11.30/40 percent A bond maturing on 15.09.2027 was quoted down at 11.80/85 percent from 11.90/95 percent. A bond maturing on 15.03.2028 was quoted at 12.10/15 percent. A bond maturing on 15.12.2028 was quoted flat at 12.15/25 percent. The Colombo Stock Exchange was up; The All Share Price Index was up 0.05 percent at 11,911, the S&P SL20 was up 0.22 percent at 3,502. (Colom ..read more