Category: Economy

Petitioners seek SC intervention against Mannar Wind Power Project

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Petitioners seek SC intervention against Mannar Wind Power Project citing public interest The Bishop of the Diocese of Mannar and three prominent environmentalists this week petitioned the Supreme Court in the public interest against the proposed 250 MW Mannar Wind Power Project by Adani Green Energy. Rev. Dr. Fidelis Lionel Emmanuel Fernando along with Rohan Pethiyagoda, Prof. Nimal Gunatilleke and Prof. Sarath Kotagama have challenged the procurement process and proposed construction of the project by Adani Green Energy PTE Ltd and/or Adani Green Energy S L Limited. The case names…

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Australian company’s multibillion sandmining project in Mannar

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Australian company’s multibillion sandmining project mired in Mannar protests Protests hinder progress towards mining licence Residents allege large-scale land robberies involving brokers working for company  Environmentalists fear existential threats such as soil losing fertility and contamination of water sources  Company representative downplays impacts of the project on people’s livelihood  By Mimi Alphonsus and S. Rubatheesan For over a decade, an Australian company has tried to secure mining licences to extract heavy mineral sands from the ecologically rich region of Mannar Island—the fourth largest ilmenite deposit in the world—with little success.…

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Sri Lanka ready to join BRI phase two, China FTA to be expedited

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Sri Lanka ready to join BRI phase two, China FTA to be expedited ECONOMYNEXT – Sri Lanka is among countries ready to join the second phase of China’s Belt & Road Initiative (BRI), with a free trade agreement (FTA) between the two countries to be also expedited, according to a discussion between President Ranil Wickremesinghe and a top Chinese official. Wickremesinghe told visiting special envoy of the Chinese President, state councillor Shen Yiqin, that the BRI is expected to make a more substantial economic contribution, according to a statement from…

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Harsha exposes flaws in 2024 Budget in hard hitting critique

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Harsha exposes flaws in 2024 Budget in hard hitting critique Alleges blatant violation of the Fiscal Management Responsibility Act in Budget 2024, with Budget deficit exceeding 5% Says staggering increase in poverty affecting 3 to 7 million people, highlighting a critical issue overlooked in Budget Critiques Govt.’s “Oxymoron” economic approach and absence of a comprehensive plan for making Sri Lanka an advanced economy by 2048 Says tax burden is excessively high, risking a decline in consumption, business failures, and an exodus of professionals Reveals 18% VAT items list; calls it…

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Ex-Tourism Chief recommends preserving historic Nuwara Eliya Post Office

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Ex-Tourism Chief recommends preserving historic Nuwara Eliya Post Office Former Sri Lanka Tourism Chairperson Kimarli Fernando suggested yesterday to consider switching the President’s Nuwara Eliya residence into a hotel as an option if demand arises for additional accommodation. She voiced her concerns over the Government’s decision to convert the historic Nuwara Eliya Post Office into a hotel, acknowledging the ‘excess’ room capacity in upcountry city. “Nuwara Eliya currently has excess room capacity. Should there be a need for more rooms, converting the President’s Nuwara Eliya house, to a hotel, could…

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China renews support for Sri Lanka

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China renews support for Sri Lanka President Wickremesinghe finally meets Chinese counterpart Xi Jinping in Beijing Xi assures China will continue to provide assistance to Sri Lanka without any political strings attached Says China and Sri Lanka should strengthen collaboration on international and regional affairs, oppose politicisation of the human rights issue and bloc confrontation, and safeguard the common interests of developing countries Expresses China’s willingness to import more quality and specialty products from Sri Lanka and encourage Chinese enterprises to invest and do business in Sri Lanka Says China…

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Abolition of time-tested Exchange Control Act Only 18 opposed it and 113 skipped vote

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Abolition of time-tested Exchange Control Act Only 18 opposed it and 113 skipped vote By Shamindra Ferdinando Amidst allegations that the abolition of the time-tested Exchange Control Act of 1953 contributed to the country’s bankruptcy and foreign exchange crisis, The Island, in terms of the Right to Information Act No 12 of 2016 requested from the Office of Secretary General of Parliament, the names of the MPs who had voted for the new law (Foreign Exchange Act No 12 of 2017) and those who opposed it. According to parliamentary records, 94…

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July exports decline by 12% YoY to $ 1 b

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July exports decline by 12% YoY to $ 1 b Cumulative earnings in first seven months down by 10.26% to $ 6.89 b Apparel and textiles, rubber and rubber-based products, coconut and coconut-based products drop due to sluggish demand Services exports in January-July up by 17.32% to $ 1.22 b Exports to major markets US and EU plunge Sri Lanka’s export sector in July managed to sustain over $ 1 billion performance compared to June 2023, though on a year-on-year (YoY) basis, it fell by 12% due to sluggish demand…

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Ranil, Modi unveil new Indo-Lanka economic partnership vision

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Ranil, Modi unveil new Indo-Lanka economic partnership vision Following historic meeting in New Delhi, announce series of measures to catalyse prosperity via promotion of greater cooperation and connectivity in areas of maritime, air, energy and power; trade, economic and financial services and people-to-people Agree to undertake discussions on Economic and Technology Cooperation Agreement with an aim to comprehensively enhance bilateral trade and investments in new and priority areas To undertake mutually agreed joint exploration and production of hydrocarbons in Sri Lanka’s offshore basins with an aim to develop Sri Lanka’s…

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India and SL must forge together long term: President

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India and SL must forge together long term: President In keynote at Indian CEO Forum’s annual fellowship banquet Wickremesinghe says together, India and Sri Lanka possess immense potential Ahead of visit to India and meeting with Modi next week President moots long-term relationship between the two nations must transcend individual leaders or political parties  Stresses relationship between India and SL not solely driven by governments but by people who are moving forward at a rapid pace President Ranil Wickremesinghe on Thursday said both India and Sri Lanka should forge together…

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