Sri Lanka told to use global economic slowdown to rethink growth strategy

Sri Lanka needs to make efforts to use the ongoing global economic slowdown as an opportunity to rethink its growth strategy, as its economy is highly vulnerable and remains at a disadvantage compared to many of its competitors and peers, asserted an international economist.

Sri Lanka‘s first electric taxi service ‘E-drive’ launched

Turning a new page in passenger transport, David Pieris Motor Company (Private) Limited, Sri Lanka’s largest automotive company, yesterday launched E-drive, a model electric three-wheeler (tuk-tuk) taxi service for public transportation for the first time in Sri Lanka.

Ambeon Holdings disposes Ceylon Leather Products for Rs.650mn

Ambeon Holdings PLC yesterday announced the divestment of Ceylon Leather Products.

Hasitha Premaratne appointed to NDB board

National Development Bank PLC yesterday announced the appointment of Hasitha Premaratne to its board as an Independent Non-Executive Director with effect from June 15, 2023.

Pharmaceutical industry ready to cut drug prices by up to 13%

While renewing calls for an equitable and fair pricing mechanism, Sri Lanka Chamber of Pharmaceutical Industry (SLCPI) yesterday said the industry stands ready to reduce prices of pharmaceuticals upto 13 percent in line with the recent rupee appreciation under the condition of flexibility for future price increases in case of deprecation of the currency.

Economy contracts 11.5% in 1Q

Sri Lanka’s Gross Domestic Product (GDP) is estimated to have contracted 11.5 percent in the first quarter of 2023 from a year ago, the Department of Census and Statistics said, today.

SL gets first electric taxi service with the launch of ‘E-drive’

Sri Lanka now has its first electric taxi facility, with David Pieris Motor Company (DPMC) having launched today the ‘E-drive’ service.

US holds interest rates steady in first since 2022

The US Federal Reserve has announced it will hold interest rates steady - the first time it has opted against a rise in more than a year.

Child labour on the rise for first time in 20 years: ILO

For the first time in 20 years, child labour is on the rise, the International Labour Organisation (ILO) shared.

Sustainable Fitch launches ESG Regulations and Reporting Standards Tracker

Sustainable Fitch, a Fitch Solutions Company, recently launched the ESG Regulations and Reporting Standards Tracker, an effort towards bringing clarity on the fast-evolving ESG regulatory environment.

Hambantota Port expects 13 ship calls between June and September

The Hambantota International Port (HIP) will be entering the tourism mix of Indian cruise ships, with an agreement of 13 ship calls to the port between June and September this year.

Nawaloka Hospitals clarifies…

In response to Mirror Business story titled ‘Trading suspension slapped on Nawaloka Hospitals shares’, appeared on June 9, 2023, Nawaloka Hospital PLC says that it is extending its fullest cooperation to KPMG to finalise the audit and KPMG has not refused to give an opinion as stated in the article.

FCH confident acquisition by PLC will help it enter B’desh

First Capital Holdings (FCH) shared yesterday it is upbeat about its prospects of expanding its footprint in the South Asia region, as its recent part acquisition has opened new avenues for venturing.

Culinary art meets global flavours at Cafe 2023

From tantalising plates to creative bakes, Cafe 2023, the culinary art food expo - international processed food and hospitality exhibition, showcased the best of global cuisines in Colombo.

AFI Corp launches Innovation Labs in Colombo

AFI Corp, a technology solutions company that services a diverse clientele across the globe, unveiled its state-of-the-art Innovation Labs recently.

ICC former chief Ajay Banga becomes 14th World Bank President

Distinguished global leader and former International Chamber of Commerce (ICC) Chairman Ajay Banga takes on the post of 14th President of the World Bank for a five-year term, beginning June 2023.

Nihal Jayawardene appointed as HNB Chairman; he takes over after Chairperson Aruni Goonetilleke resigns

Hatton National Bank PLC (HNB) yesterday announced the resignation of its Chairperson Aruni Goonetilleke and the subsequent appointment of Nihal Jayawardene PC as its new Chairman.

Apparel exporters join bandwagon to oppose move to abolish SVAT scheme

The Joint Apparel Association Forum (JAAF) yesterday expressed “deep” concern and disappointment on the government’s decision to terminate the long and well-functioning Simplified Value-Added Tax (SVAT) scheme.

SLT privatisation opposed on national security concerns

The Sectoral Oversight Committee on National Security has opposed the government’s proposal to privatise Sri Lanka Telecom PLC (SLT), as such a move could be detrimental to national security.

Compensation payment to Swarnamahal Financial Services depositors resumes today

Payment of compensation for depositors of Swarnamahal Financial Services PLC (SFSP) will recommence under the Sri Lanka Deposit Insurance and Liquidity Support Scheme, the Central Bank announced.

People’s Leasing & Finance to acquire 33% of First Capital Holdings for Rs.4.95bn

People’s Leasing & Finance PLC yesterday said it entered into a share purchase agreement with Janashakthi Limited to acquire 33 percent stake in First Capital Holdings PLC for a consideration of Rs.4.95 billion.

Sri Lanka now eligible to access ADB’s concessional financing

Sri Lanka will be able to speed up its efforts in reviving its economy as it has obtained approval from the Asian Development Bank (ABD) to access concessional financing.

Advantis welcomes India’s Cordelia Cruises in Hambantota

Ushering in a new wave of inbound luxury cruise tourists to Sri Lanka, Advantis, the transportation and logistics arm of Hayleys Group, welcomed the MS Empress of Cordelia Cruises yesterday.

Trading suspension slapped on Nawaloka Hospitals shares

The trading to Nawaloka Hospitals PLC shares has been suspended with effect from June 16, 2023 due to Disclaimer of opinion in the Independent Auditor’s Report on the company’s annual report for the year ended March 31, 2022.

Orel IT unveils Sri Lanka’s largest single technology cloud platform

Orel IT, Sri Lanka’s leading IT exporter, is once again making big waves with Orel Cloud—the nation’s largest Single Technology Cloud Stack, empowering businesses to unleash their full potential.

Niche tourism way forward for Sri Lanka, says Tourism Development Authority

The way forward for Sri Lanka’s tourism sector is to improve focus on niche tourism instead of focusing on the number of visitors entering the island nation, Sri Lanka Tourism Development Authority (SLTDA) said.

Govt. expects income tax files to increase five-fold to one million by end of this year

Facilitated by recent tax reforms, the government expects income tax files to increase by nearly five-fold from 205,200 to one million boosting the country’s income tax revenue and enhancing the direct and indirect tax ratio to 40 percent vs. 60 percent by end of this year, which would pave the way for a potential Rs.400 billion cut in indirect taxes.

Digital Promotion Agency to be set up for collection and monitoring of public data

President Ranil Wickremesinghe this week announced plans to establish a Digital Promotion Agency aimed at developing computer applications for the collection and monitoring of data from various government entities in the country.

Tea exporters concerned over government’s move to abolish SVAT scheme

Sri Lanka’s tea exporters yesterday expressed “deep concerns” over the government’s decision to abolish the Simplified Value-Added Tax (SVAT) system as they fear the move will create cash flow difficulties for them among several other issues.

Sri Lanka now eligible to access ADB’s concessional financing

Sri Lanka will be able to speed up its efforts in reviving its economy as it has obtained much-awaited approval from the Asian Development Bank (ABD) to access concessional financing.