The market capitalization of the Colombo Stock Exchange (CSE) has seen a decrease of 3.4%, bringing it down to Rs. 4,382 billion as of the end of September 2024, according to data from the Finance Ministry. This decline coincided with the exit of seven listed companies from the stock exchange during the same period. The
As Sri Lanka approaches the completion of its debt restructuring process, optimism is rising for the resumption of long-stalled development initiatives. Eleven Japanese-funded projects, previously halted due to the country’s economic and political turmoil, are set to restart. Economists stress that while ongoing projects will be reinstated, any new ventures will depend on Sri Lanka’s
The Colombo Stock Exchange (CSE) experienced a notable downturn yesterday as the All Share Price Index (ASPI) slipped to a negative Year-to-Date (YTD) return for the first time in 2024, closing down by 0.65% with a YTD negative return of 0.78%. The S&P SL20 index also saw a sharp decline of 1.17%, increasing its YTD
The Sri Lankan Cabinet of Ministers has approved a proposal by the Minister of Finance to sign a convention with Austria aimed at preventing double taxation, tax evasion, and avoidance of public finance. The agreement will apply to taxes on income and capital between the two countries. The convention has been drafted and signed at
Sri Lanka plans to amend its controversial Strategic Development Projects (SDP) Act by February 2025, according to Treasury Secretary Mahinda Siriwardana. The Act, which has been criticized for granting discretionary tax holidays and making top executives’ salaries tax-free, has drawn scrutiny from the International Monetary Fund (IMF) for exposing the country to potential corruption. In
Sri Lanka’s first-ever seven-star hotel project, Aviyana Private Chalets (Aviyana Ceylon), currently under development in the Udispattuwa area of Kandy, is now inviting investors to participate in its groundbreaking venture. With investments starting at Rs. 5 million, the project promises to significantly boost the country’s economy and tourism industry. To raise awareness about the Aviyana
Sri Lanka’s real estate and construction sectors are showing signs of recovery, but challenges persist due to inconsistent policies and high taxation, according to industry stakeholders. Sivarajah Thumilan, Founder and Chairman of Blue Ocean Group of Companies, highlighted that these issues are undermining the sector’s global competitiveness despite its significant potential for foreign exchange earnings.