Development and Economic News
Japanese investor to revamp Pettah floating market
A Japanese investor has stepped up to breathe new life into Pettah’s floating market and spearhead the revamp to the iconic landmark underlining Sri Lanka’s position as a premier tourist destination.
Sri Lanka Government .to suspend Special Commodity Act
The Cabinet of Ministers approved a proposal to instruct the Legal Draftsmen to draft a bill aimed at suspending the Special Commodity Act No. 48 of 2007.
Turkish Airlines increases flights from Istanbul to Colombo
Turkish Airlines announced a significant enhancement in its flight services with the addition of its sixth weekly flight between Istanbul and Colombo.
Higher passenger and aircraft movements at Sri Lanka airports
Sri Lanka passenger and aircraft movement gains at local airports has gained momentum last month
Sri Lanka attracts 163,000 tourists in first 24 days of March
Tourist arrivals have exceeded 163,000 in the first 24 days reinforcing the industry’s rebound.
Workers’ remittances, tourism earnings continue positive momentum
The Central Bank of Sri Lanka (CBSL) says the country’s trade services, mainly earnings from tourism have recovered significantly during the first two months of 2024, while the positive momentum of workers’ remittances also continued.
Colombo HC prevents Abans using McDonald’s brand name
The Colombo Commercial High Court issued an enjoining order preventing Rusi Pestonjee, Managing Director of Abans PLC or his servants from in any way or manner to use the name McDonald’s or any name in any way or manner similar to the name McDonald’s.
Central Bank top brass to review high pay hike amidst public protests
In the face of widesperd public pressuere including parliamentrains and civil society activists, the Central Bank senior management has decided to revisit recent salary revision
Indictment served on eight accused in X-Press Pearl case
The Colombo High Court today served an indictment on eight accused including the Captain of the fire-ravaged container ship MV X-Press Pearl for causing damage to the country's oceanic environment.
February exports see marginal growth amid yearly decline
Earnings from merchandise exports in February was $ 983.7 million, marking a slight uptick of 0.17% year-on-year (YoY), while it also increased by 1.3% compared to January.