Category: Economy and Markets
Budget 2025: Tax Relief on Interest Income – Exempting WHT Up to Rs.1.8Mn
The government has announced new provisions that will impact senior citizens and individuals with lower assessable incomes. Financial institutions will not deduct withholding tax on interest paid on deposits made by senior citizens, provided their assessable income from all sources does not exceed Rs.1,800,000/- for any year of assessment. Senior citizens must submit a declaration […]
Final draft of the Budget 2025 Presented for Presidential Review
The final draft of the Budget 2025 was presented for the review of President Anura Kumara Disanayake today (16) at the Presidential Secretariat. Secretary to the Ministry of Finance, Mahinda Siriwardana, was also attend at this occasion. The President, who also serves as the Minister of Finance, Planning, and Economic Development, is set to deliver […]
Agreement between the UAE and Sri Lanka to Strengthen Economic and Investment Relations
Coinciding with the President’s three-day official visit to the United Arab Emirates (UAE) to attend the World Governments Summit 2025, Sri Lanka and the UAE reached an agreement on Reciprocal Promotion and Protection of Investments to strengthen economic and investment relations between the two countries. The agreement was signed by Mohamed Bin Hadi Al Hussaini, […]
HP unveils the next evolution of large format printing to Sri Lanka
HP has introduced the HP DesignJet Smart Tank T908 MFP and T858 SFP, the first large-format ink tank printers in Sri Lanka, exclusively distributed by The Technocity (Pvt) Ltd. Designed for Architecture, Engineering, and Construction (AEC) professionals and copy shops, who increasingly work in a hybrid environment. This new 36-inch HP DesignJet portfolio delivers cost-effective, high-speed printing with industry-leading security. “The AEC industry operates in a […]
HNB PLC completes full acquisition of Acuity Partners: Rebrands as HNB Investment Bank
Hatton National Bank PLC (HNB), Sri Lanka’s second largest Private Bank, announced the successful acquisition of full ownership of Acuity Partners (Pvt) Ltd today. With this acquisition, HNB has rebranded the entity as HNB Investment Bank (Pvt) Ltd, further strengthening its position as a key player in the country’s investment banking sector. Acuity Partners was […]
2025 Budget Must Meet EFF Program Parameters for Executive Board Approval: IMF
The International Monetary Fund (IMF) has stressed the importance of the 2025 budget aligning with the parameters of the Extended Fund Facility (EFF) program, as the Executive Board prepares for its upcoming review. Ms. Julie Kozack, Director of the Communications Department at the IMF, highlighted this during a recent press briefing. On November 23rd, 2024, […]
Hemas Group records earnings of Rs. 3 bn, a 36-pct growth for the quarter
The Hemas Group recorded earnings of Rs. 3.0 billion, a 36.3 percent growth in consolidated earnings for the quarter with revenue increasing by 6.4 percent to Rs. 33.2 billion and operating profit increasing by 25.7 percent to Rs. 4.9 billion. Revenue growth was evident across all sectors, as the Group’s businesses leveraged efficiency improvements and […]
Sri Lanka’s DFCC’s Acuity Stake Disposal Yields Limited Capital Boost
Sri Lankan DFCC Bank PLC’s (DFCC, A(lka)/Stable) divestment of its 50% stake in Acuity Partners (Pvt) Limited (APL) is unlikely to result in a material improvement in its regulatory capital ratios or have any impact on its national rating, says Fitch Ratings. We expect the transaction, valued at LKR6.5 billion, to improve DFCC’s capital buffers […]