Indices bounce back

The ASPI edged up as a result of price gains in counters such as Dialog Axiata, Ceylon Cold Stores and National Development Bank with the turnover crossing Rs. 1.8 Bn. Meanwhile, the S&P SL20 closed in green. High net worth and institutional investor participation was noted in CIC Holdings, Vidullanka and Lanka Milk Foods. Mixed interest was observed in Bairaha Farms, Dialog Axiata and Softlogic Life Insurance whilst retail interest was noted in

Notice

Mirror Business will not be published on Friday, May 29, 2026 and Saturday, May 30, 2026, due to the Vesak Poya holidays. The next edition will be on Monday, June 1, 2026.

Commercial Bank now brings PayPal-linked withdrawals for customers

Commercial Bank of Ceylon, reaffirming its leadership in introducing the latest global financial technologies to Sri Lanka, has announced the availability of PayPal-linked withdrawal functionality for eligible customers to seamlessly channel their global digital earnings directly into their Commercial Bank accounts through ComBank Digital.

Tokyo Cement posts strong FY 2025/26 4Q performance amidst intense cost pressures

Tokyo Cement Group (Tokyo Cement) reported a turnover of Rs.17,623 million for the fourth quarter ending March 31, 2026, compared to Rs.12,960 million recorded in the corresponding quarter of the previous year, reflecting a 36 percent growth in turnover.

PickMe distributes Rs.73bn to independent earners and merchants

Digital Mobility Solutions Lanka PLC (DMSL), the owner of the PickMe brand, delivered its strongest annual financial performance to date, posting revenue of Rs.8.7 billion for the financial year ended March 31, 2026 (FY25/26), a 49 percent increase from Rs.5.8 billion in the previous year.

Revised IRD risk rules may slow VAT refunds for exporters: EY

Sri Lanka’s revised value-added tax (VAT) refund risk-classification framework could delay the refunds for a larger number of exporters, despite the government’s fast-track refund mechanism, according to a new Ernst & Young (EY) Sri Lanka tax alert, as the authorities tighten the scrutiny over taxpayer compliance histories and prior audit findings.

Sri Lankan banks move to calm stability fears after fraud incidents

Sri Lanka’s banking industry yesterday moved to contain rising public concern over recent fraud and cyber-related incidents, asserting that the country’s financial system remains stable and sufficiently capitalised to absorb such shocks without jeopardising depositor funds or broader financial stability.

CBSL shifts into macro-stability defence mode with sharp rate hike

The Central Bank yesterday delivered its first monetary tightening in three years, raising rates by a full percentage point as oil shocks linked to the Iran conflict intensified pressure on inflation, the rupee and the country’s still-fragile external sector.

JKH big-ticket investments drive strongest quarterly operational performance

John Keells Holdings (JKH) delivered one of its strongest operational quarters in recent years in the March quarter, as the conglomerate’s large-scale investments in its integrated resort, port and electric vehicle businesses began making a materially stronger contribution to earnings.

Ceylon Cold Stores absorbs inflationary shocks and climate disruptions to protect market share

Ceylon Cold Stores PLC, the operator of the Elephant House brand, has deliberately absorbed significant inflationary pressures and extreme weather-related disruptions during the financial year 2025/26, sacrificing short-term margin expansions to aggressively defend its consumer market share.

People’s Bank achieves Rs. 16.6bn PBT in 1Q26

People’s Bank delivered a strong and resilient financial performance for the quarter ended 31 March 2026, maintaining stability amidst heightened geopolitical tensions and continued global economic uncertainty.

Indices close in red

Indices closed in red as a result of price losses in counters such as Sampath Bank, Hayleys and John Keells Holdings with the turnover crossing Rs. 4.9bn.

100bps policy rate hike lifts yields across the curve

The Monetary Policy Board of the Central Bank of Sri Lanka, at its meeting held on 25th May 2026, decided to increase the Overnight Policy Rate (OPR) by 100bps to 8.75% from 7.75%, following a careful assessment of evolving domestic and global economic conditions and the overall outlook.

Sampath Bank launches PayPal integration to expand global payment access for Sri Lankans

Sampath Bank PLC has become the first bank in Sri Lanka to introduce integrated PayPal withdrawal and account connectivity capabilities through Sampath Vishwa, marking a major advancement in Sri Lanka’s digital banking landscape and expanding access to secure global payments.

Hilton Colombo earns global recognition at 2026 Haute Grandeur Global Excellence Awards

Hilton Colombo has been recognized on the global stage at the 2026 Haute Grandeur Global Excellence Awards, receiving four distinguished accolades that celebrate the hotel’s excellence in hospitality, culinary experiences, and guest service.

David Pieris Automobiles partners with NTB to enhance vehicle financing solutions for BAIC, GWM range

David Pieris Automobiles (Private) Limited (DPA), the four-wheeler sales arm of the David Pieris Group of Companies, has entered into a strategic partnership with Nations Trust Bank PLC to offer flexible and customer-centric vehicle financing solutions for BAIC and GWM vehicles.

CIPM SL conducts 9th Certified HRD Auditor Programme

The internationally acclaimed Certified HRD Auditor Programme 2026 was conducted for the 9th time at the CIPM Members’ Lounge with the participation of 21 HR professionals representing leading organizations across Sri Lanka.

ComBank enables seamless account opening through enhanced self-onboarding platform

Commercial Bank of Ceylon has further enhanced its Self-Onboarding Platform, enabling new-to-bank customers to open accounts through a more seamless, secure and fully paperless digital experience, eliminating the need to visit a branch.

Evolution Auto and EVO Charge launch fast charging station in Peliyagoda

Reinforcing its commitment to advancing electric mobility in Sri Lanka, Evolution Auto, in collaboration with EVO Charge, has officially launched a 60kW dual-gun DC fast charging station at the Evolution Auto After Sales Complex in Peliyagoda.

BWIO holds International Awards Ceremony at Mount Lavinia Hotel

The Business World International Organization INC-USA hosted the Business World International Awards 2026 on 16 May at Mount Lavinia Hotel, bringing together leading business personalities, diplomats, entrepreneurs, and distinguished guests from Sri Lanka and overseas.

Laugfs Power expands renewable energy portfolio with new mini hydro power project

Laugfs Power PLC, has recently strengthened its clean energy portfolio with the commissioning of the Kehelgamu Oya 2 MW Mini Hydro Power Project in Ginigathhena.

DB Automation wins ‘Zebra Technologies Partner of the Year’ Award

DB Automation, recognised as the largest Zebra Technologies partner in Sri Lanka, has been honoured with the Partner of the Year Award, reaffirming the company’s leadership in enterprise technology, automation, and digital transformation solutions.

Large number of models, designers audition for Sri Lanka’s first Women’s Fashion Week

The Ceylon Chamber of Women Entrepreneurs (CCWE) held its Model & Designer Open Call recently at the City of Dreams CMB, Colombo, in a step toward Sri Lanka’s first-ever fashion week dedicated exclusively to women entrepreneurs.

Dr. Rohitha Silva appointed new FCCISL President

Dr. Rohitha Silva has been appointed President of the Federation of Chambers of Commerce and Industry of Sri Lanka.

Thai Sumeda wins ‘Business of the Year 2026’ Award for Manufacturing Excellence

Thai Sumeda Enterprises Pvt Ltd, one of Sri Lanka’s pioneering manufacturers and distributors of incense sticks and related products, has once again earned international recognition by winning the ‘Business of the Year 2026’ Award in the Large Category for manufacturing incense products. The award was presented by the BWIO (USA–Sri Lanka) Council in recognition of the company’s outstanding contribution to the manufacturing sector and export indus

BAN Group signals Sri Lanka’s next big leap in advertising innovation

Boutique Agency Network Group (BAN Group), one of Sri Lanka’s award winning integrated advertising companies, has upgraded its Boutique Marketing AI Ecosystem with the latest capabilities in Agentic AI, introducing a new level of speed, intelligence, and precision to creative and media deployment.

APFASL explores implications of new Electricity Acts and CEB restructuring

The Association of Public Finance Accountants of Sri Lanka (APFASL), the public sector wing of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), recently conducted a highly informative seminar on “Electricity/Energy Sector Reforms in Sri Lanka via the CEB Restructuring Exercise”, focusing on the implications of the Electricity Act No. 36 of 2024 and the subsequent Electricity (Amendment) Act of 2025.

An 18% penalty for being Sri Lankan

Picture a Sri Lankan manufacturer trying to supply some raw materials to a BOI industry. Yet every time he quotes, he loses the order to a supplier abroad. Not because the foreign product is better. Not because it is cheaper to make. But because the Sri Lankan government adds eighteen percent to his price as VAT the moment he quotes, while the same item arrives from abroad at zero VAT.

Rooso Ramachandran appointed Global CEO of EFL Global

EFL Global, a member of the SG Holdings Group, a leading Japanese comprehensive global logistics group, announced the appointment of Rooso Ramachandran as the new Global Chief Executive Officer of EFL Global, marking an important leadership transition as part of a broader organizational realignment aimed at strengthening global integration and improving execution across markets.

ICC unveils architectural scale model of Bay One Residences Colombo

International Construction Consortium (Pvt) Ltd marked a major milestone with the unveiling of the 3D architectural scale model of its newest luxury residential project at the Bay One Residences Colombo sales gallery in Port City.