Coca-Cola appoints Kaushali Kusumapala as Country Director

Coca-Cola announced this week the appointment of Kaushali Kusumapala as the new Country Director for Sri Lanka and Maldives, effective from 1st April 2024. Kaushali succeeds former Country Director, Pankaj Sinha, who assumed the role in 2019. In this position, Kaushali will closely collaborate with bottling teams, customers, partners, consumers and external stakeholders in Sri Lanka and Maldives. Kaushali is a graduate of the University of Melbo

Environment Ministry makes registration of HFC imports compulsory

The Ministry of Environment this week called for applications for the compulsory registration of businesses and individuals who wish to import hydrofluorocarbons (HFC) based imports for 2024. Completed applications along with supporting documents are to be submitted to the ministry before May 7. “Business entities/ individuals are not eligible to import HFCs for any purpose without registration,” the notice cautioned. The announcement comes after

IMF endorses reforms to help faster debt restructuring

The International Monetary Fund (IMF) announced this week that it endorsed a set of reforms that would help speed up processes in supporting the countries struggling with debt restructurings. According to the recommendations in the IMF staff paper ‘Policy Reform Proposals to Promote the Fund’s Capacity to Support Countries Undertaking Debt Restructurings’, the reforms are designed to ensure a more agile approach to the IMF support to the countri

SL’s economic progress under spotlight at G-24 Finance Ministers and CB Governors’ meeting

After years of grappling with economic challenges on the international stage, Sri Lanka is now showcasing its rapid recovery efforts this year. At the G-24 Finance Ministers and Central Bank Governors’ meeting during the IMF/WB Spring Meetings in Washington, Sri Lanka was able to tell an audience comprising of top delegates that progress has been achieved. According to Finance State Minister Shehan Semasinghe’s update on social media platform X,

Restructuring talks with bondholders only bump in the road

Contrary to the claims that the current economic recovery could get derailed due to the parties coming short in reaching an agreement on restructuring the commercial debt, the evidence showed that the two parties have come a long way in closing the gaps and it is natural there could be bumps in the road toward reaching consensus. Sri Lanka concluded its first round of restricted discussions with the so-called ad hoc group of bondholders, comprisi

Tea exporters renew call to stabilise rupee

The tea exporters urged the government to step up in its efforts towards stabilising the rupee, so that the industry can continue to service the economy at its full potential. Tea Exporters Association (TEA) Chairman Ganesh Deivanayagam asserted that the industry is becoming less competitive and is at risk. “Because of this, the industry is already at a fragile situation. The rupee appreciation puts the exporters in a very challenging situation.

Yield curve stable as dull sentiment extends

The secondary market yield curve remained broadly unchanged during yesterday, with investors adopting a cautious stance amidst uncertainties surrounding external debt restructuring talks and the ongoing holiday season, which limited market participation. Despite subdued trading activity, there were some transactions observed in liquid maturities during today’s session. Accordingly, 01.08.2026 registered trades at 11.15 percent whilst 15.12.2026

Indices record highest daily loss for the year

Indices closed in red as a result of price losses in counters such as Commercial Bank, Sampath Bank and Hatton National Bank with the turnover crossing Rs. 1.4 bn. High net worth and institutional investor participation was noted in Lanka IOC, John Keells Holdings and John Keells Hotels. Mixed interest was observed in Ambeon Capital, Browns Investments and LOLC Finance whilst retail interest was noted in Hikkaduwa Beach Resort Rights, Lanka Cred

Fits Air launches new direct flights between Colombo and Dhaka from today

Fits Air is expanding its wings, adding Colombo-Dhaka direct flights from today, the Airport and Aviation Services (Sri Lanka) (Pvt) Limited announced.

Addressing gender inequality key priority for Sri Lanka: ADB

As Sri Lanka looks to reach higher growth aspirations, addressing gender inequality is a key priority, the Asian Development Bank said.

Recovery at stake as deal with bondholders delays: Economists

Economists yesterday cautioned that Sri Lanka failing to reach an agreement with its bondholders on restructuring terms within the set deadline....

Cartoon of the Day 17-04-2024

Cartoon of the Day 17-04-2024

Commercial Bank appoints new Chairman and Deputy Chairman

Commercial Bank of Ceylon PLC yesterday announced the appointment of international investment banker Sharhan Muhseen as....

March PMI indicates faster expansion in economic activities

Further strengthening the health of the economy, the Purchasing Managers’ Index (PMI) showed continuous expansion in activities across manufacturing and services sectors, rekindling hopes that the ongoing recovery is going to be durable and solid.

Domestic growth and improving investor sentiments fuelling rupee gains: BI

Sri Lanka’s strengthening recovery and improving investor sentiment have been fuelling recent rupee gains against US$ in defying....

AHRP to host 6th HR Think Tank

In line with its mandate to significantly uplift the standards of the human resources (HR) profession in Sri Lanka, the Association of Human Resource Professionals (AHRP) will host its sixth Human Resources....

Foreign journalists join hands with SL Tourism to promote new tagline

Sri Lanka Tourism welcomed a group of mainstream international journalists and travel influencers to promote the destination for upcoming summer and winter seasons (2024/25) while highlighting....

HNB launches UnionPay International acceptance for e-commerce transactions

In alignment with its strategic roadmap and unwavering commitment to advancing customer experiences while bolstering payment acceptance capabilities in the market, Sri Lanka’s....

Hapag-Lloyd Lanka continues to triumph in customer excellence

Hapag-Lloyd Lanka, a subsidiary of Aitken Spence PLC and the local representation for Hapag-Lloyd-AG-Hamburg, won two Customer Service Awards for the Europe Trade and Mediterranean Trade....

RAK-SL Trade and Business Forum to kick off in May

Ras-Al-Khaimah (RAK) - Sri Lanka Trade Fair and Business Forum 2024 is set to be held from May 17 to 19, in the United Arab Emirates (UAE). The event, organised by the Chamber....

NTB-Amex introduce Sri Lanka’s first Metal Payment Card

Sri Lanka’s first Metal Payment Card has been introduced by Nations Trust Bank and American Express. The launch of this payment Card – ‘The American....

Stock market aims high for 2024

The stock market is a critical pillar of any nation’s economy, providing companies with a platform to raise capital by issuing shares to investors. This process fuels business expansion, fosters investment....

Tesla laying off more than 10% of staff globally as sales fall

Tesla, opens new tab is laying off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs).

Global expansion of single-origin Sri Lankan chocolate a major struggle: Mendis

Sri Lanka’s celebrity chocolatier, chef and agriculture enthusiast Gerard Mendis faces an uphill battle in his bid to take single-origin Sri Lankan chocolates global. This is primarily due to the shortage of cocoa beans and absence of active cooperation of authorities.

Central Bank’s March dollar purchases hit record high

The Central Bank has purchased the most amount of dollars for a single month in March, a sign that the country is currently in a very comfortable position in its foreign currency liquidity, after two years into the worst currency crisis in the country.

​Assessing Sri Lanka’s legal system for investment mgt: Insights from Germany

Sri Lanka is currently at a critical juncture where luring foreign investors is imperative for its development agenda. However, lack of transparency and policy inconsistency has made this a rather challenging task. Mirror Business recently sat with Chief Delegate of the Delegation of German Industry and Commerce in Sri Lanka, Marie Antonia von Schönburg for an exclusive interview to gain insights on the experience of foreign investors who are kee

Union Assurance honours top performers with overseas tours

Union Assurance had organised exclusive overseas tours to recognise and reward the outstanding performance of its Agency and Bancassurance divisions. These tours reflect Union Assurance’s commitment to providing best-in-class rewards and recognition programmes to its team members, along with celebrating their achievements. The Agency division rewarded participants with tours to Malaysia and Vietnam, while the Bancassurance division rewarded part

SLPBC pays courtesy call on new Pakistani envoy

The Sri Lanka Pakistan Business Council (SLPBC) of The Ceylon Chamber of Commerce recently paid a courtesy call on the newly appointed High Commissioner of Pakistan in Sri Lanka, Major General (R) Faheem Ul Aziz, HI (M). During the visit, both parties expressed their intention to collaborate closely for the future development of economic, tourism, and investment opportunities between the two countries. Additionally, they discussed the potential

BOC financially supports agriculture drone pilot project

Sri Lanka recently witnessed a groundbreaking moment in its agricultural sector as the first 100 agriculture drones took flight at Sooriyawewa KDU Southern Campus ground, marking a significant leap forward in modernizing the country’s farming practices. The financial initiative, spearheaded by the Bank of Ceylon, provided a loan facility for the importation of 250 drones aiming to revolutionize Sri Lanka’s agriculture by supporting to introduce

Hayleys Fabric celebrates triple triumph at ISPO Textrends

Hayleys Fabric PLC recently announced that three of its innovations were recognized at the ISPO Textrends Spring/Summer 2026 in Germany. Serving as a key global benchmark for innovation in the textile industry, the German platform showcases breakthrough advancements of the world’s most innovative and high-performance fabrics. “We are delighted to have our relentless pursuit of sustainable innovation recognised again, as it underscores our dedicat