Sri Lanka’s Nation Lanka Finance Plc said it had found a strategic investor who has agreed to invest 2.5 billion rupees in the company.

Jetstar Asia has announced that it will become the only low-cost carrier to offer direct flights from Singapore to Colombo, Sri Lanka, starting on November 21, 2024.

The Inland Revenue Department (IRD) has released a detailed report on the outstanding tax amounts as of December 31, 2023, providing clarity on the current tax arrears situation.

The Cabinet has approved a 'one chop' system for the 38 visa-free countries, commencing with immediate effect, Advisor to the Ministry of Tourism Harin Fernando said.

In response to the surge in online financial frauds involving foreign nationals, including Chinese, the Criminal Investigation Department (CID) has sought assistance from the Chinese Special Criminal Investigation Unit for investigative support.

The Land Valuation Indicator (LVI) for Colombo District rose 6.9 percent year-on-year in the first half of 2024, driven by increases across all sub-indicators — Residential, Commercial, and Industrial.

It was the image that made the Titanic's wreck instantly recognisable - the ship's bow looming out of the darkness of the Atlantic depths.

The Department of Motor Traffic (MTD) is set to launch a new system aimed at updating the information of approximately 2 million driving license holders who have not yet updated their details.

SriLankan Airlines, during April 1, 2023 and March 31, 2024, was forced to cancel more than 1000 flights (10 per cent of the scheduled flights) which cost more than US$60 million, its chairman Asoka Pathirage said.

The Sri Lankan government must adhere to the International Monetary Fund’s (IMF) Extended Fund Facility conditions until 2028 to ensure prudent fiscal management for the 2025 budget, according to Minister of Transport, Highways, and Mass Media, Dr. Bandula Gunawardana.

The government will be introducing new taxes to comply with the current IMF programme. Under the IMF’s Extended Fund Facility (EFF), the government has agreed to reform the property tax system and introduce a wealth transfer tax to aid fiscal consolidation.

The Sri Lanka Ports Authority (SLPA) has addressed recent concerns regarding a perceived decline in transshipment volumes at the Port of Colombo, which some attribute to the expansion of regional ports in India.

In ongoing efforts to stabilise Sri Lanka’s financial future, the Steering Committee of the Ad Hoc Group of International Bondholders has stressed the urgent need to implement the Joint Working Framework for restructuring the country’s international bonds.

Weekly Political analysis

In a short time, Indian rapper Hanumankind has rapidly risen as a standout in the country's burgeoning hip-hop scene. His track Big Dawgs not only topped global charts but also briefly outpaced Kendrick Lamar's diss track Not Like Us. The BBC explores the rapper's meteoric rise to fame.

X, formerly Twitter, has been banned in Brazil after failing to meet a deadline set by a Supreme Court judge to name a new legal representative in the country.

Sri Lanka's Economic Rebound in 2024: Inflation Control, Asset Management, and Tax Adjustments Bolster Growth

The European Union Election Observation Mission (EU EOM) to Sri Lanka’s presidential election deployed 26 long-term observers (LTOs) to all nine provinces of Sri Lanka.

The overall rate of inflation as measured by the Colombo Consumers Price Index (CCPI) on a Y-on-Y basis has decreased to 0.5% in August 2024 compared to the 2.4% calculated for the month of July 2024, according to the latest data released by Sri Lanka’s Department of Census and Statistics.

Sri Lanka’s high alcohol taxes are pushing the public who have been hit by an economic crisis, into illegal alternatives, Harry Jayewardena, head of Distilleries Corporation has said.