Six months after revealing layoffs affecting 9,000 workers, Nissan is more than doubling that amount and cutting 20,000 jobs within the next two years instead. In an announcement on Tuesday, Nissan publicized a recovery plan called “Re:Nissan,” which aims to save the company 500 billion yen ($3.4 billion). The cost savings will partly be realized through layoffs affecting 15% of …
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Key Points President Donald Trump indicated Friday ahead of key trade talks that he was willing to lower tariffs on China to 80%, but that level may still be higher than what investors and business leaders were hoping for. Trump said in a Truth Social post: “80% Tariff on China seems right! Up to Scott B.” Treasury Secretary Scott Bessent …
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The Inland Revenue Department (IRD) has announced an extension of the deadline for senior citizens to submit applications for quarterly income tax refunds for the assessment year 2023/2024. According to a statement issued by the Commissioner General of Inland Revenue, the decision was made in response to the significant number of requests received from elderly taxpayers. The deadline, previously set …
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President of the World Bank Group Ajay Banga met with President Anura Kumara Disanayake this afternoon (07) at the Presidential Secretariat in Colombo. This visit marks a milestone, as it is the first time in nearly two decades that a World Bank Group President has visited Sri Lanka.During the meeting, discussions centred on strengthening collaboration to support Sri Lanka’s future …
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The Central Bank of Sri Lanka (CBSL) launched the Sustainable Finance Roadmap 2.0 on 05 May 2025 at the Atrium of CBSL, marking a key milestone in its continued efforts to foster a climate-resilient and socially inclusive financial system. The Central Bank of Sri Lanka (CBSL) launched the Sustainable Finance Roadmap 2.0 on 05 May 2025 at the Atrium of …
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At the invitation of His Excellency Luong Cuong, President of the Socialist Republic of Vietnam, President Anura Kumara Disanayake, who is currently on a state visit to Vietnam, extended an open invitation to Vietnam’s leading conglomerate, Vingroup, to explore investment opportunities in Sri Lanka’s real estate and tourism sectors. While congratulating the Vingroup for their achievements and for building a …
Continue ReadingThe easing of deflationary conditions that commenced in March 2025 continued into April 2025, in line with the Central Bank’s near-term projections. Accordingly, headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100), recorded a slower pace of deflation at 2.0% in April 2025 compared to the deflation of 2.6% recorded in March …
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The Head of South Asia Division, European External Action Service of the European Union Mr. Charles Whiteley stated that the European Union has a favorable perspective on the current GSP+ review process. He made these remarks during a meeting held today (30) at the Presidential Secretariat with President Anura Kumara Disanayake, as part of an official visit by a European …
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The Sri Lanka Development Update (SLDU) has two main aims. First, it reports on key developments over the past 12 months in Sri Lanka’s economy, places these in longer term and global contexts, and updates the outlook for Sri Lanka’s economy. Second, the SLDU provides a more in-depth examination of selected economic and policy issues. It is intended for a …
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A trade war between the world’s two biggest economies is now in full swing. Chinese exports to the US face up to 245% tariffs, and Beijing has hit back with a 125% levy on American imports. Consumers, businesses and markets are braced for more uncertainty as fears of a global recession have heightened. Chinese President Xi Jinping’s government has repeatedly …
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