Sri Lanka News Papers – News Headlines from Colombo

In a significant step towards bolstering bilateral ties, India and Sri Lanka on Saturday signed a landmark defence cooperation agreement following high-level talks between Prime Minister Narendra Modi and Sri Lankan President Anura Kumara Dissanayake.

India and Sri Lanka exchanged seven MoUs covering areas such as defence, interconnection of two power grids, the development of Trincomalee as an energy hub, digitisation and cooperation in the health sector

A team of Sri Lankan tri-forces personnel, including medical staff, departed for Myanmar on a special flight on Saturday to provide relief assistance to earthquake victims, the Defence Ministry said.

The Colombo Stock Exchange (CSE) extended its losses as uncertainty over global tariff negotiations continued to weigh on investor sentiment. The latest U.S. tariff impositions have triggered widespread economic turbulence, further dampening the Sri Lankan market.

One of the three main revenue-generating arms of the country and the competent authority regulating the liquor industry, the Excise Department of Sri Lanka has earned a record revenue of Rs.61 billion during the first quarter of this year.

The best and only solution to the new tax rate imposed by the US is to either completely remove the taxes we have placed on them or reduce our tax rate to 6%, said Sarath Kalugamage, Executive Officer of the Ratata Hetak Organisation

China on Friday announced a slew of additional tariffs and restrictions against U.S. goods as a countermeasure to sweeping tariffs imposed by U.S. President Donald Trump.

Sri Lanka’s apparel sector, the country’s largest export industry, is bracing for a major setback after the United States announced steep tariff hikes on imports, a move, which according to the industry, could erode competitiveness.