Concerns emerge on unauthorised players entering local lubricant sector

While Sri Lanka’s petroleum industry awaits the establishment of a new regulator, concerns are being raised about the potential for unauthorised players to enter the market, particularly in the lubricant sector.

A Hollow Rupee

Politics and economics are concepts that are fundamentally intertwined. Yet the unprecedented economic crisis of 2022 highlighted the complex challenges of aligning short-term political goals with long-term economic strategies. While the sharp appreciation of the Sri Lankan rupee in recent months has been roundly welcomed by most sectors of society as a positive signal, this optimism overlooks the nuanced factors influencing our currency’s streng

IFC Regional VP signals support for Sri Lanka’s reforms and growth agenda

Concluding a two-day visit, IFC’s Vice President for Asia Pacific, Riccardo Puliti, signaled IFC’s commitment to supporting Sri Lanka’s ongoing reforms and growth agenda, while emphasizing the importance of private sector-led development for inclusive economic growth. The visit served as an opportunity for Puliti to engage with key stakeholders, including meeting President Ranil Wickremasinghe, Minister of Power and Energy Kanchana Wijesekera, G

Janashakthi Group appoints Minette and Vishnu to Board

Janashakthi Group (JXG) has appointed Minette Perera and Vishnu Balachandran as Independent, Non-Executive Directors to the company’s director board. Minette Perera has a career as the former Group Finance Director of the MJF Group, where she played a pivotal role in managing finance functions across a vertically integrated tea operation. During her employment with the MJF Group, Minette was appointed a Director of the MJF Group of Companies, in

NDB Bank introduces country’s first wearable pay band

NDB Bank announced a groundbreaking leap in the realm of banking technology with the introduction of the country’s first wearable pay band, NDB WriztPay, in collaboration with VISA. This innovative offering redefines convenience and security in financial transactions, heralding a new era in Sri Lanka’s banking landscape. The NDB WriztPay Band, designed to seamlessly integrate into the lifestyles of our tech-savvy customers, provides unparalleled

HNB General Insurance launches hotline ‘1303’

HNB General Insurance has recently launched their dedicated hotline ‘1303’, unleashing their latest initiative for enhanced customer experience. The new hotline ‘1303’ is set to be a game changer for both the company and for customers alike by elevating convenience and accessibility to new heights. HNB General Insurance has long been committed to delivering exceptional service and care to its customers across Sri Lanka. And the significance of

Vallibel Finance opens new branch in Athurugiriya

Vallibel Finance opened a new branch in Athurugiriya recently. The Managing Director of Vallibel Finance Jayantha Rangamuwa, graced the occasion of the inaugural ceremony and declared opened the branch to the public. During the inaugural ceremony, Rangamuwa, highlighted the relationship Vallibel Finance has built with the community in Athurugiriya. He emphasized the company’s dedication to enhancing its offerings and delivering innovative fin

HNB Operations Department achieves ISO certification

HNB PLC announced the achievement of ISO 9001:2015 certification for its Inward Remittance, Outward Remittance, and Centralized Operations Departments. The certification not only highlights HNB’s commitment to service excellence but also further strengthens its position in the local and global markets given its alignment to global standards, setting the benchmark for strong Quality Management Systems. “The establishment of centres of excellence

Online financial fraud on the rise: Financial sector stakeholders warn

As online financial fraud incidents are on the rise, financial sector stakeholders have called on the public to be cautious and be more vigilant. In a joint statement to the public, the Central Bank of Sri Lanka (CBSL), Sri Lanka’s Bankers Association (SLBA), LankaPay and FinCSIRT said that they have received several reports of online scams targeting mobile devices. “We have been alerted to several incidents of financial fraud which were disguis

Week commences with foreign buying

Indices closed in red as a result of price losses in counters such as Commercial Bank, John Keells Holdings and DFCC Bank with the turnover crossing Rs 2.1 Bn. High net worth and institutional investor participation was noted in John Keells Holdings, Diesel & Motor Engineering and Sierra Cables. Mixed interest was observed in National Development Bank, Sunshine Holdings and Royal Ceramics whilst retail interest was noted in SMB Leasing nonvoting,

Slight drop in yields across curve

The secondary market continues to observe buying interest amidst moderate volumes, pushing down the rates across the yield curve. Thus, the buying interest was enticed on 15.05.26, 01.06.26 and 15.12.26 between 10.70 percent and 10.50 percent, whilst the 01.05.27 and 15.09.27 maturities traded between 11.07 percent and 10.95 percent. Moreover, mixed activities were seen on the 15.03.28 and 01.07.28 maturities between 11.45 percent and 11.58 per

Vital for SL to remain a competitive location for apparel manufacturing: JAAF

As Sri Lanka looks to build back its exports, it is vital that the island nation remains a competitive location for the manufacture of apparel, the Joint Apparel Association Forum (JAAF) said. JAAF Secretary General Yohan Lawrence noted it is prudent to call out the appreciation of the Sri Lankan rupee, as it does not augur well. “We are likely to see a reduction in the value of exports in the next eight to nine months, as the strengthening Sri

Huawei’s comeback gathers pace as quarterly profit surges

REUTERS: Huawei Technologies’s net profit leapt 564 percent to 19.65 billion yuan (US $ 2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from US sanctions. Huawei’s revenue for the quarter to the end of March rose 37 percent to 178.5 billion yuan, the filing to China’s National Interbank Funding Center showed. It did not break down how business units, such as consumer and

Heineken to reopen more than 60 closed pubs

BBC: Brewing giant Heineken will reopen 62 pubs that were closed in recent years and invest £39 million in refurbishing hundreds of sites across the UK. The company said the cash injection into its Star Pubs & Bars chain will create more than 1,000 new jobs. The UK pubs industry has been hard hit by closures both during the Covid pandemic and afterwards as cost of living pressures weighed on consumer spending. Between 2021 and 2023, pubs have shu

Colombo bourse to include sukuk products by end-May

The Colombo Stock Exchange (CSE) said that efforts are being actively rolled out to introduce sukuk products to the Sri Lankan capital market by the end of this month. A sukuk is an Islamic financial instrument, similar to conventional debt securities and is linked to an underlying asset (normally tangible). From the perspective of the investors, holding a sukuk represents partial ownership of the relevant asset. “Rules are being drafted. Probab

VFS gears up to promote Sri Lanka amid visa woes

VFS Global, which is currently facing a backlash, vows to boost Sri Lanka’s global image through a robust marketing plan with Sri Lanka Tourism. However, the details remain under wraps from the tourism authorities, Mirror Business learns.

EQT to acquire WSO2

Open source technology provider WSO2 announced on Friday that it has signed a definitive agreement to be acquired by EQT.

Tourist arrivals miss 200,000 mark in April

Sri Lanka tourism witnessed a drop in momentum in April with the number of international visitors falling below the 200,000....

CSE remains bullish on 10 new listings

The Colombo Stock Exchange (CSE) remains bullish on adding 10 new equity listings to the exchange by end ....

Gearing up for Yala season

As the Yala season approaches, farmers are hard at work preparing their paddy fields. A farmer in Gampaha...

IFC to invest Rs. 3.27 bn in Sunshine Healthcare Lanka

The International Finance Corporation (IFC) has entered into an agreement with Sunshine Healthcare Lanka (SHL), the healthcare....

SL loses Russian charters to competitors this summer

Sri Lanka’s tourism industry faces a setback this summer as it is losing Russian charters to competitors. The decline comes...

Budget deficit narrows to single digits on higher taxes, recovery in economy

Sri Lanka has managed to trim its budget deficit to 8.3 percent of the Gross Domestic Product (GDP) in 2023, from 10.2 percent....

Expolanka Holdings ends FY24 with net loss of Rs. 17.6 bn

Expolanka Holdings PLC for the twelve months ended 31 March 2024 reported Revenue of Rs. 249.9 billion, Gross Profit....

Steamer “went missing” 115 years ago located in Lake Superior

The mystery of a wooden steamship that went missing 115 years ago on Lake Superior with 14 sailors on board has finally....

Dubai reveals massive plans for world’s busiest airport

When it comes to airport expansion projects, the Gulf States are abuzz and the competition is fierce. A mammoth....

Regional performance

In March 2024, all regions experienced robust growth in international passenger markets compared to the same period...

Global passenger demand sees 13.8% surge in March: IATA

The International Air Transport Association (IATA) released its March 2024 report on Wednesday, revealing a notable.....

Classic Travel wins Gold at Emirates Awards Night

Classic Travel, a leading IATA-accredited travel agent based in Sri Lanka and a member of the renowned Expolanka Group....

Sri Lanka-India ferry service to kick off on May 13

Passenger vessel ‘Sivagangai’ is all set to resume ferry services between Kankesanthurai in Sri Lanka and Nagapattinam....