Merchandise exports in April plunge amid global demand slowdown

Sri Lanka’s merchandise exports plunged 16.5 percent year-on-year (YoY) to US $ 814.1 million in April, bringing the cumulative export earnings for the first four months of 2023 to US $ 3.81 billion, an decrease of 9.78 percent YoY, data from the Export Development Board (EDB) showed.

Sri Lanka needs to boost entrepreneurship to overcome ongoing crisis: CB Governor

Sri Lanka needs to step up efforts in enticing a larger proportion of its population across all provinces towards embracing entrepreneurship so that the impacts of the ongoing economic crisis would lessen, the Central Bank asserted.

President says Sri Lanka will apply for RCEP membership

In an effort to become more integrated in global trade, Sri Lanka will apply for membership to the Regional Comprehensive Economic Partnership (RCEP), President Ranil Wickremesinghe announced yesterday.

Sri Lanka records Rs.48 bn primary surplus in 1Q

For the sixth time in its post-independent history, Sri Lanka has been able to record Rs.48 billion surplus in the primary balance of fiscal accounts during the first quarter of this year, State Minister of Finance Ranjith Siyambalapitiya revealed.

Aitken Spence records Rs.30.1bn EBITDA with growth of 30.3% for FY23

The leading blue-chip conglomerate, Aitken Spence PLC reported an impressive EBITDA (earnings inclusive of equity accounted investees, before interest expenses, tax, depreciation, and amortization) of Rs. 30.1 billion with a growth of 30.3 percent, showcasing the contribution from all sectors for the year ended 2022/2023.

Browns Hotels and Resorts unveils Thaala Bentota

Thaala Bentota, formerly known as Avani Bentota, unveiled its rebranding yesterday, marking a new era of excellence in Sri Lankan hospitality.

Damith Pallewatte selected as next GM/CEO of HNB

Senior banker Damith Pallewatte is set to take reins from Jonathan Alles as the Managing Director/CEO of Sri Lanka’s second largest private bank, Hatton National Bank PLC with effect from August 24, 2024.

Tea production expected to rebound in second quarter

The downward trajectory of Sri Lanka’s tea production is expected to reverse in 2Q23, tea brokers said.

Agasthi Jayagoda to head Laugfs Group’s Strategy Division

Laugfs Holdings Limited, one of Sri Lanka’s largest diversified conglomerates with a portfolio of over 20 businesses spanning multiple industries, has recently appointed Agasthi Jayagoda as General Manager - Group Head of Strategy.

SL to get Cyber Security Authority this year

Efforts are underway to form a Cyber Security Authority this year, the Ministry of Technology announced today.

Despite tentative improvement IMF says SL’s macroeconomic and policy environment remains challenging

Concluding its visit to Sri Lanka, the International Monetary Fund (IMF) staff mission says the macroeconomic situation in the country is showing tentative signs of improvement, with inflation moderating, the exchange rate stabilizing and the Central Bank rebuilding reserves buffers.

Sancharaka Udawa kicks off after 3 years

The 10th edition of Sancharaka Udawa, Sri Lanka’s largest travel and tourism fair, kicked off yesterday, bringing together industry officials and professionals onto a single platform.

Rupee appreciates as CB takes breather from dollar purchases

Sri Lanka’s rupee further appreciated against the US dollar (US$) yesterday dropping below Rs.300 for the first time since April last year as the Central Bank (CB) took a breather from its dollar purchases to allow consumption to rebound.

Fresh tourism promo campaign launched by leading industry players to attract Indian market

Cinnamon Hotels and Resorts, Walker’s Tours, Aitken Spence Hotels, Aitken Spence Travels, Jetwing Hotels, and Jetwing Travels join forces with SLTPB and SriLankan

EU backing for Sri Lanka on climate change adaptation

The European Union (EU) has expressed its willingness to extend support to Sri Lanka as it adapts to the impacts of climate change. The EU has said it is committed to working with Sri Lanka to help the country build a more resilient and sustainable future.

Govt. focuses on developing credible system to regulate Samurdhi banking system

​State Minister of Finance Shehan Semasinghe and State Minister of Social Empowerment Anupa Pasquale this week chaired a discussion with Central Bank Governor Dr. Nandalal Weerasinghe on regulating the Samurdhi banking system.

BOC presents Annual Report 2022 to President

The Bank of Ceylon (BOC) Annual Report 2022 was presented to President Ranil Wickremesinghe, the Minister of Finance, Economic Stabilisation, and National Policy, by BOC Chairman Ronald C. Perera at the Ministry of Finance yesterday.

Montana to become first US state to ban TikTok

BBC: Montana is set to become the first US state to ban Chinese-owned media giant TikTok from personal devices.

Oceanpick premium product Barramundi enters Europe

Oceanpick, Sri Lanka’s first and South Asia’s largest oceanic finfish farm, has reached another momentous milestone for its ocean-grown Barramundi having successfully entered the European market through its strategic partnership with Kangamiut Seafood.

Prime Group completes flagship project ‘The Grand Ward Place’

The Grand Ward Place, the ultra-luxurious flagship project of Prime Group declared open with its esteemed clients and project partners this week.

Fresh tourism campaign launched by top industry players to entice Indian market

Citra, NIA partners to strengthen SL’s social innovation eco-system

To help Sri Lanka advance the national development agenda to tackle some of the most pressing challenges faced in society, efforts are underway to strengthen the social innovation ecosystem in the island nation.

People’s Bank denies social media claims on loan write-offs

People’s Bank has denied views expressed on the Bank’s non-performing loan write-offs as shared in certain social media groups.

Three more promotional events to entice Chinese travelers in May

To entice Chinese travelers to visit the island nation, the Ministry of Tourism and the Sri Lanka Tourism Promotions Bureau (SLTPB) has planned a series of activities to be carried out towards the second half of May.

Sri Lanka’s airline posts US $ 525mn annual loss

Cash-strapped Sri Lanka’s national airline announced a staggering US $ 525 million annual loss yesterday

Government defends proposal to raise Treasury bill ceiling by Rs.1tn

The government defended the proposal to raise the short-term Treasury bill ceiling by Rs.1 trillion, given the prevailing high market yields on the longer-tenure Treasury bonds, due to the uncertainty prevailing over domestic debt restructuring.

Lankan baker Tharshan Selvarajah bags ‘Best Baguette’ title in Paris

Sri Lankan baker Tharshan Selvarajah came under the fresh spotlight this week, as he walked away with the first-place title at the 30th annual ‘Grand Prix de la Baguette de Traditional Francaise de la Ville De Paris’.

Colombo Tea Auction sees highest offering since Jan. this week

The Colombo Tea Auction this week saw the highest offering since January this year, which was met with fair demand, at firm to easier rates.

Sri Lanka-China route to get three more flights from July

As Sri Lanka is witnessing a week-on-week increase in tourist arrival from China, more flights will be added in the coming months between the two countries.

Elon Musk names Linda Yaccarino new Twitter CEO

Elon Musk has named a new chief executive of Twitter, just over six months after his controversial takeover of the social media company.