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Crisis-hit Sri Lanka hikes tax rates to maximise govt revenues

(Reuters): Sri Lanka’s government on Tuesday announced a taxation overhaul to maximise revenue amid the country’s crippling economic crisis, hiking value added taxes and corporate income tax, and slashing the…

2022 May 29

MEDIA RELEASE With the devastating news of the 14th child murdered within 20 months in Sri Lanka, we are shocked at the total paralysis of State Authorities and urge National…

Arjun Aloysius’ W.M. Mendis & Co Ltd obtained Rs.7B-worth loans from two State Banks by mortgaging the same property

The Committee on Public Enterprises (COPE) recently observed that W.M. Mendis & Co Ltd has obtained loans by mortgaging the same property in Bank of Ceylon (BOC) and People’s Bank.…

DIMO acquires Germany-based EgeSun GmbH’s local subsidiary, Tropical Health Food for Rs.450.08 million

Diesel & Motor Engineering PLC (DMO) acquired a 94.45% stake in Germany-based EgeSun GmbH’s subsidiary, Tropical Health Food (THF) Pvt Limited for Rs.450.08 million yesterday. The owner of EgeSun, Orhan…

USAID Partners with Keells Supermarket to promote competitiveness in Sri Lanka’s MSMEs

The U.S. and Keells are partnering to strengthen small businesses in Sri Lanka through an agreement to connect Keells suppliers with private business advisory service providers. “The small businesses that…

Sri Lanka increases fuel prices to address economic crisis

(Reuters) – Sri Lanka increased fuel prices on Tuesday, a long-flagged move to mend public finances and combat its debilitating economic crisis, but the hikes are bound to add to…

Japan Donates US$ 1.5M Worth of Medicines To Sri Lanka through UNICEF

The Government of Japan is giving essential medicines to Sri Lanka through UNICEF to meet the urgent needs of the most vulnerable population as the country grapples with shortages due…

Ceylon Chamber meets Sri Lanka’s Political Leaders to discuss economic and political crises

The Ceylon Chamber of Commerce officials met with the leaders of several key political parties during the last 4 days to discuss the serious economic and political challenges faced by…

JPMorgan backs Sri Lanka bonds on bets that crippling crisis to ease

(Reuters) – U.S. investment bank JPMorgan backed Sri Lanka’s crisis-hit government bonds on Wednesday, saying recent political changes in the country should gradually improve its strains and help its talks…

Crisis in Colombo port drives shipping lines to alternative routes

Due to the ongoing political unrest in Sri Lanka, shipping lines are going for transshipment routes that do not pass through the port of Colombo for the transport of goods…